UAL Filings — United Airlines Holdings, Inc. - FilingSpy
UAL
United Airlines Holdings, Inc.
A global airline that runs a hub-and-spoke network from seven U.S. mainland hubs, carrying passengers and cargo across six continents. It operates regional flights under the United Express brand through partner carriers, belongs to the Star Alliance, and runs the MileagePlus loyalty program. Its United Next plan is adding hundreds of new aircraft with signature interiors and Starlink Wi-Fi.
Q2 2026 operating income fell 17.3% to $1.1B as fuel expense rose 84.1% to $5.1B
Fuel costs erased the quarter's gain. Revenue rose 16.0% to $17.7B and fell from $2.97 to $2.14 as an 84.1% increase in aircraft fuel expense to $5.1B drove down 17.3% to $1.1B. The company carries higher fuel exposure into the second half with no hedging in place.
Key takeaways
fell 17.3% to $1.1B as operating expenses rose 19.2%, outpacing the 16.0% increase to $17.7B, with up 15.2% to 18.99 cents.
Aircraft fuel expense rose 84.1% to $5.1B from a 79% higher average fuel price per gallon ($4.19 vs. $2.34) and 2.7% more consumption, tied by management to Middle East geopolitical conflicts that disrupted flying and lifted prices.
Passenger rose 16.4% on a 12.1% higher yield and 5.4% more passengers, the top-line driver that was offset by the fuel move.
Section summaries
Management's Discussion and Analysis
Q2 2026 operating income fell 17.3% to $1.1B as an 84% fuel cost surge offset 16% revenue growth driven by higher yields and passenger volumes.
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Total operating rose 16.0% to $17.7B, led by a 16.4% increase in passenger revenue on 12.1% higher and 5.4% more passengers.
Salaries and related costs increased 6.2% to $4.7B from a 5.6% headcount rise, higher flying, and a new AFA contract.
and short-term investments rose to $16.6B from $12.2B at year-end 2025, supported by $6.4B in .
What changed
Q2 2025 flagged the $411M special charges base rolling off and salary growth of 7.7%; this quarter special charges were not a cited driver and salaries rose 6.2%, while fuel — up 12.6% in Q1 — became the dominant cost at +84.1%.
Q1 2026 flagged fuel up 12.6% and a 6.8% ; Q2 operating margin compressed further as fuel rose, with growth (16.0%) the strongest quarterly top-line gain in the provided record versus Q2 2025's 1.7%.
FY2025 flagged the 2.9% decline and salary/landing-fee persistence; Q2 2026 shows yield up 12.1% in passenger , a reversal of the prior yield declines, but from a fuel-driven cost shock rather than demand weakness.
was $21.9B at Q1 2026, up 6.7% from Q4 2025 on $2.0B new senior notes; the table shows it at $20.9B for Q2 2025 and $21.9B for Q1 2026, with Q2 2026 not separately stated in the quarterly table provided.
What to watch
Q3 2026 as the 84.1% fuel increase base rolls off and Middle East disruption effects persist
Passenger yield trajectory after the 12.1% Q2 increase as capacity and market conditions shift
Boeing 737 MAX 10 certification status and 2026 delivery counts against the schedule
balance after the Q1 rise to $21.9B on new senior notes
Aircraft fuel expense jumped 84.1% to $5.1B due to a 79% higher average fuel price per gallon ($4.19 vs. $2.34) and 2.7% greater consumption.
declined 17.3% to $1.1B as expense growth of 19.2% outpaced growth, with up 15.2% to 18.99 cents.
Salaries and related costs increased 6.2% to $4.7B, reflecting a 5.6% headcount rise, higher flying activity, and pay rate increases including a new AFA contract.
Liquidity remained strong with $16.6B in unrestricted cash and short-term investments, up from $12.2B at year-end 2025, supported by $6.4B in .
Geopolitical conflicts in the Middle East disrupted flying and drove materially higher fuel prices, prompting capacity reductions and fare adjustments.
Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes in market risk from the information provided in Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk, in our 2025 Form 10-K.
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There have been no material changes in market risk from the information provided in Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk, in our 2025 Form 10-K.