United Airlines Delivers Q2 Double Beat, Shares Slip as Fuel Costs Remain Volatile

United Airlines Holdings Inc (NASDAQ: UAL ) reported financial results for the second quarter on Wednesday after the closing bell.

Here’s a look at the key details from the print.

United Airlines Holdings stock is trending.

Where is UAL stock headed? United Airlines Q2 Highlights United posted second-quarter revenue of $17.67 billion, beating the consensus estimate of $17.62 billion, according to Pro.

The airline company reported adjusted earnings of $1.99 per share for the quarter, beating analyst estimates of $1.87 per share.

Total operating revenue was up 16% on a year-over-year basis.

Here’s a breakdown of revenue by category.

Premium Cabin: up 16% Basic Economy: up 11% Loyalty: up 11% Cargo: up 23% Capacity was up 3.5% on a year-over-year basis.

TRASM (total revenue per available seat mile) was up 12.1% and CASM (cost per available seat mile) increased 15.2% year-over-year.

United exited the quarter with $19.6 billion in total liquidity and $26.5 billion in total debt and finance lease obligations. “Our results show why we have been investing in customer improvements throughout every cabin and winning brand-loyal customers,” said Scott Kirby, CEO of United Airlines. “United is built to thrive in every environment, and when oil prices spiked in March, we quickly and decisively acted to adjust our schedules, while simultaneously doubling down on our customer investments.” United guided for third-quarter adjusted earnings of $2.50 to $3.50 per share.

The company expects full-year 2026 adjusted earnings to be in the range of $9 to $11 per share, versus prior guidance of $7 to $11 per share.

Current analyst estimates call for $10.36 per share.

United also said it expects adjusted capital expenditures to be $7.5 billion this year. “Based on oil prices as of July 14, United expects nearly $6 billion in added fuel expense for full-year 2026 compared to the expectation at the start of the year,” the company said.

United executives will further discuss the quarter on an earnings call set for 10:30 a.m.

ET Thursday morning.

UAL Shares Trade Lower After The Close UAL Price Action: United Airlines shares were down 3.55% in after-hours on Wednesday, trading at $116.67 at the time of publication, according to Pro.

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