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United Airlines
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Latest analysis
Updated Oct 21, 2026
United Airlines Q3 2026: Revenue surges 17.4% to $17.9B on 16.8% yield expansion, but fuel costs jump 61.6% as geopolitical conflicts reshape cost structure
United Airlines delivered Q3 2026 operating revenue of $17.9 billion, up 17.4% year-over-year, driven almost entirely by yield expansion of 16.8% across all geographies rather than capacity growth — a clear signal of pricing power in a supply-constrained environment. The gain was partially absorbed by a 61.6% surge in aircraft fuel expense, the direct consequence of geopolitical conflict-driven fuel price increases that lifted the average price per gallon from $2.43 to $3.90. Net income of $1.0 billion still grew 8.5% despite the fuel headwind, supported by expanding loyalty revenues from JPMorgan Chase co-branded card spending and strong cargo freight yields.
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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