United Airlines (UAL): Record Revenue Growth Meets Elevated Fuel Costs
Why it is trending
United Airlines delivered record quarterly revenue as stronger premium, loyalty and corporate travel demand supported pricing. Management expects revenue growth to accelerate in the fourth quarter, although elevated fuel costs continue to constrain profitability.
Sector
Industrials. United provides passenger and cargo air transportation through its global network.
Company information
Metric | Company profile |
Sector | Industrials |
Industry | Passenger airlines |
Market capitalization | $34.00 billion, October 21, 2026, 12:56 p.m. Central Time |
YTD stock price return | −12.56% through October 20, 2026 |
Dividend yield | 0%; no regular cash dividend |
Forward P/E | 7.73× FY2027 consensus adjusted EPS |
Price-dependent calculations use the October 20, 2026 regular-session close of $97.77. Market capitalization is a separately dated intraday figure. Consensus estimates are not company guidance.
Recent earnings
Metric | Q3 2026 results / outlook |
Operating revenue | $17.875 billion; +17.4% year over year |
GAAP diluted EPS | $3.14 versus $2.90; +8.3% |
Adjusted diluted EPS, non-GAAP | $2.54 versus $2.78; −8.6% |
Total revenue per available seat mile | +15.9% year over year |
Aircraft fuel expense | $4.843 billion; +61.6% |
Adjusted pretax margin, non-GAAP | 6.2% |
Q4 revenue outlook, forecast | Growth of more than 20% year over year |
Q4 adjusted diluted EPS outlook, non-GAAP forecast | $0.50–$1.50, assuming approximately $4.80 per gallon for aircraft fuel |
Earnings trend | Mixed: GAAP diluted EPS YoY growth of +84.5% in Q1, −17.2% in Q2 and +8.3% in Q3 2026 |
Sales trend | Improving: reported operating revenue YoY growth of +10.6% in Q1, +16.0% in Q2 and +17.4% in Q3 2026 |
Reported results are historical. Outlook is management’s forecast, and the trend classifications describe reported growth rather than future performance.
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Wednesday October 21, 2026