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UAL · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 16.0% y/y to $17.67B, operating margin 6.2% vs 8.7%, net income $805M (−17.3% y/y).
Net income
$805M
down 17.3% y/y
Total operating revenue
$17,672M
up 16.0% y/y
Operating income
$1,096M
down 17.3% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Total operating revenue | $17,672 · +16.0% |
| Salaries and related costs | $4,686 · +6.2% |
| Aircraft fuel | $5,110 · +84.1% |
| Landing fees and other rent | $1,056 · +9.9% |
| Aircraft maintenance materials and outside repairs | $906 · +4.7% |
| Depreciation and amortization | $762 · +4.0% |
| Regional capacity purchase | $743 · +9.9% |
| Distribution expenses | $644 · +32.2% |
| Aircraft rent | $112 · +67.2% |
| Special charges | $145 · vs −$447 |
| Other operating expenses | $2,702 · +8.6% |
| Operating income | $1,096 · −17.3% · 6.2% margin |
| Interest expense | $343 · −5.0% |
| Interest income | $148 · −11.4% |
| Interest capitalized | $59 · +15.7% |
| Unrealized gains on investments, net | $40 · +53.8% |
| Miscellaneous, net | $26 · −36.6% |
| Income before income taxes | $1,026 · −17.8% |
| Income tax expense | $221 · −19.6% · 21.5% effective rate |
| Net income | $805 · −17.3% · $2.46/sh · 4.6% margin |
Verdict: revenue grew 16.0% y/y to $17.67B, operating margin 6.2% vs 8.7%, net income $805M (−17.3% y/y).
Full-year adjusted diluted earnings per share guidance was raised to $9.00 to $11.00.
Source and notation
Source: United Airlines press release, 8-K EX-99.1 of 07/15/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
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<figure> <a href="https://whoreportstoday.com/t/ual/q2-2026"><img src="https://whoreportstoday.com/t/ual/q2-2026/sankey.png" alt="UAL Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/ual/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/ual/q2-2026">UAL Q2 2026 earnings chart (Who Reports Today)</a>
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- Total operating revenue rose 16% year over year, and total revenue per available seat mile rose 12%.
- Operating income was $1.10B, a 6.2% margin vs 8.7% a year earlier.
- The effective tax rate was 21.5% vs 22.0% a year earlier.
- Diluted EPS was $2.46 vs $2.97 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Heads-up
- net income fell 17% y/y in Q2 2026
Most likely because operating income was $1.10B, a 6.2% margin vs 8.7% a year earlier; the effective tax rate was 21.5% vs 22.0% a year earlier; costs grew faster than revenue (aircraft fuel +84% y/y, distribution expenses +32% y/y, aircraft rent +67% y/y). Based on the Q2 2026 report.
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