United Q3 2026: record $17.9 billion revenue, up 17.4%, but adjusted EPS misses
United's quarter was a demand story, not a profit story. Revenue jumped 17.4% to a record $17.875 billion, yet adjusted EPS of $2.54 came in below the $2.6127 consensus and fell 8.6% year over year. The gap between GAAP EPS of $3.14 and adjusted $2.54 is $213 million of aircraft sale gains, and the villain is a 61.6% fuel jump.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS of $3.14 beat last year's $2.90, but $213 million of net gains on aircraft sale-leaseback transactions flattered it. Adjusted EPS of $2.54 missed the $2.6127 consensus by roughly $0.07 a share and fell 8.6% from $2.78. Adjusted pre-tax margin dropped 1.8 points to 6.2%, so the pricing power did not reach the bottom line.
Revenue of $17.875 billion rose 17.4% from $15.225 billion while capacity grew only 1.3%, so nearly all the growth came from price and mix. Total revenue per available seat mile rose 15.9%, the best quarterly unit revenue growth since the pandemic. Premium revenue rose 17%, loyalty 17% and cargo 23%, so the strength was broad rather than one cabin.
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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 2026-10-21
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