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United Airlines
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Latest analysis
Updated Jul 16, 2026
United Airlines Q2 2026: Revenue up 16% to $17.7B but fuel cost surge drives operating income down 17% YoY
A $2.3 billion fuel cost spike — average price per gallon up 79.4% to $4.19 — erased the benefit of strong demand in Q2 2026, compressing United's operating income to $1.1 billion from $1.3 billion in Q2 2025 despite a 16.4% passenger revenue gain driven by a 12.1% yield increase. The Middle East conflict is identified as the direct cause of both higher fuel prices and regional flying disruptions, forcing capacity reductions and fare adjustments mid-quarter. For the first half of 2026, operating income improved 8.3% to $2.1 billion, supported by $3.8 billion in incremental revenue, but fuel expense consumed $2.7 billion of that gain, signaling sustained earnings pressure for as long as the conflict persists.
Tone: mixedRevenue
$59.1B
UAL 10-K · FY 2025
Employees
113,200
Revenue FY2024
$57.1B
Headquarters
Chicago, IL
Profile
UAL 10-K Item 1 · Feb 12, 2026United Airlines Holdings is a Delaware-incorporated holding company whose wholly-owned subsidiary, United Airlines, Inc., operates the most comprehensive route network among North American carriers. The airline connects approximately 181 million passengers annually to more than 380 destinations across six continents, anchored by seven U.S. mainland hubs. Its United Next strategic plan targets delivery of over 630 new aircraft by end of 2034 to expand gauge, fuel efficiency, and network breadth.
Read filing description ↓ Collapse description ↑
United Airlines Holdings, Inc. is a holding company whose wholly-owned subsidiary is United Airlines, Inc. United's shared purpose is 'Connecting People. Uniting the World.' United has the most comprehensive route network among North American carriers, including U.S. mainland hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C. The Company transports people and cargo throughout North America and to destinations in Asia, Europe, Africa, the Pacific, the Middle East and Latin America. UAL, through United and its regional carriers, operates across six continents, with hubs at Chicago O'Hare International Airport, Denver International Airport, George Bush Intercontinental Airport, Los Angeles International Airport, Newark Liberty International Airport, San Francisco International Airport, Washington Dulles International Airport and A.B. Won Pat International Airport. United is a member of Star Alliance, the world's largest alliance network. The Company participates in four passenger joint business arrangements covering transatlantic, transpacific, United States-New Zealand and United States-Canada transborder routes. United's MileagePlus loyalty program builds customer loyalty by offering awards, benefits and services to program participants. The Company also provides Air Cargo services and generates third-party business revenue including maintenance services, frequent flyer award non-travel redemptions, flight academy and ground handling.
Primary products
- Passenger revenue
- Cargo revenue
- Other operating revenue
- MileagePlus loyalty program
- United Express regional service
- Kinective Media
End markets
Geographies
Named customers
“United has the most comprehensive route network among North American carriers, including U.S. mainland hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total operating revenue increased from $57.1 billion in 2024 to $59.1 billion in 2025, driven by growth across passenger, cargo, and other operating revenue lines.
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