Q1 26 EPS
$1.19
Q1 26 Revenue
$14.61B
BEAT +1.61%
Est. $14.38B
vs S&P Since Q1 26
-7.9%
TRAILING MARKET
UAL -6.6% vs S&P +1.3%
Market Reaction
Did UAL Beat Earnings? Q1 2026 Results
United Airlines Holdings kicked off 2026 with a strong first quarter, posting adjusted diluted EPS of $1.19 against a consensus estimate of $1.09, a beat of 8.93%, while revenue climbed 10.6% year-over-year to $14.61 billion, edging past the $14.38 b… Read more United Airlines Holdings kicked off 2026 with a strong first quarter, posting adjusted diluted EPS of $1.19 against a consensus estimate of $1.09, a beat of 8.93%, while revenue climbed 10.6% year-over-year to $14.61 billion, edging past the $14.38 billion analysts had expected. The standout driver behind the results was broad-based demand strength across cabin classes and geographies, with premium revenue up 14%, business revenue up 14%, and international routes delivering outsized growth, particularly the Middle East, India, and Africa corridor, which saw passenger revenue rise 23.9%. That momentum helped absorb a meaningful headwind: fuel costs rose to $2.78 per gallon from $2.53 a year ago, a $340 million year-over-year increase in total fuel expense. Looking ahead, United guided full-year 2026 adjusted EPS of $7.00 to $11.00, with the outcome hinging largely on fuel, as the company expects to recover only 40-50% of fuel price increases in Q2, improving to 85-100% by Q4, while trimming capacity plans by five points for the remainder of the year.
Key Takeaways
- • Premium revenue up 14% year-over-year
- • Loyalty revenue up 13% year-over-year
- • Business revenue up 14% year-over-year
- • Basic Economy revenue up 7% year-over-year
- • Positive PRASM growth in every region
- • TRASM up 6.9% year-over-year
- • Passenger load factor improved 2.4 points to 81.6%
- • Capacity up 3.4% year-over-year
- • Carried most passengers in a first quarter in company history
UAL Forward Guidance & Outlook
For Q2 2026, United guides adjusted diluted EPS of $1.00–$2.00 with average aircraft fuel price per gallon of approximately $4.30. Full-year 2026 adjusted diluted EPS is guided at $7.00–$11.00 with adjusted total capital expenditures of less than $8 billion. The company expects to recover 40–50% of fuel price increases in Q2, 70–80% in Q3, and 85–100% in Q4. Capacity is targeted at flat to up approximately 2% year-over-year in both Q3 and Q4 2026, reflecting a 5-point reduction from the original plan. If fuel prices trend downward, the company expects to be in the upper half of guidance ranges; if fuel re-escalates, in the lower half. United expects delivery of more than 250 new aircraft by April 2028 and fleet-wide Starlink Wi-Fi by end of 2027. Q2 profit sharing accrual is expected between $50 million and $95 million.
UAL YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
UAL Revenue by Segment
With YoY comparisons, source: SEC Filings
UAL Revenue by Geography
With YoY comparisons, source: SEC Filings
“These are results our employees can be proud of, and they show the resilience of our long-term strategy, even in the face of escalating fuel expense. Our strong financial position and success in winning brand-loyal customers enabled United to quickly make tactical adjustments to higher fuel prices while maintaining our long-term focus.”
— Scott Kirby, Q1 2026 Earnings Press Release
UAL Earnings Trends
UAL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
UAL EPS Trend
Earnings per share: estimate vs actual
UAL Revenue Trend
Quarterly revenue: estimate vs actual
UAL Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $1.19 | — | $14.61B | +1.61% |
| Q4 25 BEAT FY | $2.94 | $3.10 | +5.44% | $15.40B | +0.34% |
| FY Full Year | $10.49 | $10.62 | +1.29% | $59.07B | +0.09% |
| Q3 25 BEAT | $2.67 | $2.78 | +3.98% | $15.23B | -0.43% |
| Q2 25 MISS | $3.88 | $3.87 | -0.22% | $15.24B | -0.61% |
| Q1 25 BEAT | $0.74 | $0.91 | +23.79% | $13.21B | +0.22% |