United Airlines Q2 2026: revenue up 16.0%, EPS beats, guidance raised
United grew revenue 16.0% and adjusted EPS beat the $1.8947 consensus, and management raised full-year adjusted EPS guidance to $9.00–$11.00. Yet net income fell 17.3% as fuel expense jumped 84.1%. Read the quarter as a demand win and a cost loss: pricing power is real, but profitability now depends on United recovering fuel costs through fares.
1 · Expected vs. Actual
Free preview belowDiluted GAAP EPS of $2.46 was down from $2.97, but adjusted diluted EPS of $1.99 beat the $1.8947 consensus by roughly $0.10, or 5.0%. GAAP came in above adjusted this quarter because results include a $145 million special credit that the adjusted figure strips out. Net income of $805 million fell 17.3% year over year as aircraft fuel expense climbed to $5.110 billion.
Total operating revenue rose 16.0% to $17.672 billion from $15.236 billion a year earlier, with capacity up only 3.5%, so most of the gain came from price: yield rose 12.1% and TRASM rose 12.1%. Domestic passenger revenue of $9.506 billion was up 20.3%, and premium revenue rose 16%. That is real pricing power, not just more seats flying.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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