United Airlines Holdings, Inc. (UAL) Earnings Call Transcripts
United Airlines Holdings, Inc.'s Latest Earnings Call - Q2 FY2026
In the second quarter of 2026, United Airlines reported a revenue increase of 16% year-over-year, reaching $17.7 billion, and earnings per share (EPS) of $1.99, at the high end of their guidance range of $1 to $2. The company adjusted its guidance for the third quarter, now expecting EPS between $2.50 and $3.50, reflecting increased fuel costs. Management highlighted strong demand, particularly in corporate travel, and indicated that RASM is expected to grow faster in the third and fourth quarters compared to the second quarter's 12% growth.
Reported metrics
| Metric | Value |
|---|---|
| Total Revenue | $17.7B (beat) |
| EPS | $1.99 (beat) |
| RASM Growth | 12.1% (inline) |
| Corporate Revenue Growth | 27% (positive) |
| Fuel Price Impact on EPS | $1.12 (negative) |
| CASM-ex Increase | 6.1% (negative) |
Guidance from management
United expects third quarter EPS between $2.50 and $3.50, reflecting the impact of recent fuel price increases. The full-year EPS guidance has been tightened to a range of $9 to $11.
What management said
Andrew, thanks very much for the question. We're focused free cash flow, uniquely focused on free cash flow. We've talked about a 50% conversion rate for the next few years, heading to 75% as we exit the decade. The CapEx is going to vary based on our results. We're determined to get to double-digit margins, as I said in my script, mid-teens margins longer term. As we get there faster, we may allow CapEx to be a litt...
Thanks, Conor. And to answer the question simply, I think you should. As we roll into 2027, we remain committed and expect the CASM-ex in the 2% to 3% range, core CASM-ex. That includes some investment -- continued investment in the consumer. I also think you are thinking about the pacing of CASM-ex in 2026 correctly. I expect Q3 will be peak, and everything is working to plan. We're doing a great job of managing cor...
What analysts pressed on
Analysts expressed concerns regarding the potential impact of rising fuel prices on profitability and future capacity adjustments. There were questions about how United plans to manage costs amid increasing operational pressures and whether the competitive landscape could affect pricing power.
Main topics on the call
- Revenue Growth Acceleration — United Airlines experienced a 16% increase in total operating revenue, reaching $17.7 billion. Management noted, "Overall, revenue performance was exceptional in the quarter," indicating strong demand across both domesti...
- Fuel Cost Impact — Management acknowledged a significant increase in fuel costs, stating, "The fuel price spike this month is equal to $1.12 of EPS." This led to an adjustment in guidance, reflecting a more cautious outlook due to rising f...
- Corporate Travel Recovery — Corporate travel demand showed robust growth, with contracted business revenues up 27% year-over-year. Andrew Nocella stated, "Close-in business travel was exceptionally strong in Q2," indicating a positive trend for fut...
- Operational Efficiency — United reported its best on-time departure rate in the second quarter since the pandemic and noted a significant improvement in operational metrics. Brett Hart mentioned, "We had top-tier on-time departures for the sixth...
Read the full United Airlines Holdings, Inc. transcript (Q2 FY2026) → 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 — 56 calls on record spanning January 22, 2020 to July 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 56 United Airlines Holdings, Inc. earnings call transcripts on record, spanning January 22, 2020 to July 16, 2026. Based on this history, United Airlines Holdings, Inc. reports quarterly. The most recent call on file is dated July 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
- 56
- First call
- January 22, 2020
- Most recent
- July 16, 2026
- Reporting cadence
- quarterly