United Airlines Holdings, Inc. (UAL) Earnings Call Transcripts
United Airlines Holdings, Inc.'s Latest Earnings Call - September 16, 2026
In the third quarter of fiscal year 2026, United Airlines Holdings, Inc. reported strong demand resilience and a robust outlook, driving potential stock movement. Revenue reached $13.5 billion, exceeding estimates by $0.5 billion, while earnings per share (EPS) came in at $3.25, beating expectations by $0.15. Management maintained guidance for the fourth quarter, projecting continued strength in bookings and a full recovery of fuel costs, indicating a positive trajectory for profitability and margins going forward.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | $13.5B (beat) |
| EPS | $3.25 (beat) |
| Operating Margin | 9.5% (positive) |
| Corporate Travel Recovery | 4.5 points below pre-pandemic levels (neutral) |
| Fuel Cost Recovery | 100% (positive) |
| Loyalty Program Accounts Growth | 22% (positive) |
Guidance from management
Management maintained guidance for the fourth quarter, projecting strong bookings and a full recovery of fuel costs, indicating confidence in continued profitability and margin expansion.
What management said
Thank you, Ravi, and good morning. It's a great time in the airline industry. This industry is continuing to decommoditize. You've seen the winners in this industry really create a value proposition for the consumer that's differentiated, and that's creating, I think, healthy financials through cycle. We're starting to see that in the valuations for our stocks and I'm thrilled to talk a little bit more about it today...
Absolutely. Jet fuel price gets passed through with the lag period. We were talking about 100% recovery in the fourth quarter. Fuel prices have spiked pretty rapidly. We've got about 35% of our tickets booked already in the fourth quarter. So you can't go back and reprice those tickets. So there's a lag and you all should think about that when you when you run your models. But there is nothing that is changing that c...
What analysts pressed on
Analysts expressed concerns regarding the sustainability of pricing improvements and potential impacts of fluctuating fuel prices on margins. There were questions about the recovery trajectory of corporate travel and how it aligns with pre-pandemic levels.
Main topics on the call
- Strong Demand Resilience — Management emphasized that 'demand is incredibly resilient,' with strong bookings for the fourth quarter and minimal evidence of demand destruction. This resilience is expected to support revenue growth despite rising fu...
- Fuel Cost Management — United Airlines plans to pass through 100% of fuel costs with a lag, as stated by CFO Michael Leskinen: 'Fuel prices have spiked pretty rapidly... we will be able to pass through 100% of fuel with that lag.' This strateg...
- Corporate Travel Recovery — Management noted a 'little bit of an uptick in corporate and premium' travel, although still 4.5 points below pre-pandemic levels. This suggests potential for further recovery in a key revenue segment.
- Innovative Product Offerings — United's focus on enhancing customer experience through product differentiation was highlighted, with management stating, 'customers love our clubs' and are willing to pay for premium experiences. This strategy is expect...
Read the full United Airlines Holdings, Inc. transcript (September 16, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About United Airlines Holdings, Inc.
United Airlines Holdings, Inc. (UAL) is a publicly listed company in the Passenger Airlines industry, within the Industrials sector. It trades on NasdaqGS and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 57 calls on record spanning January 22, 2020 to September 16, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 57 United Airlines Holdings, Inc. earnings call transcripts on record, spanning January 22, 2020 to September 16, 2026. Based on this history, United Airlines Holdings, Inc. reports quarterly. The most recent call on file is dated September 16, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- UAL
- Exchange
- NasdaqGS
- Country
- US
- Sector
- Industrials
- Industry
- Passenger Airlines
- Calls on record
- 57
- First call
- January 22, 2020
- Most recent
- September 16, 2026
- Reporting cadence
- quarterly