United Airlines

Q2 FY2026 EarningsQ2 FY26 total operating revenue rose 16.0% YoY to $17.7B, driven by a 16.4% increase in passenger revenue and a 12.1% improvement in yield. Net income declined 17.3% YoY to $805M as operating expenses surged 19.2% to $16.6B, largely due to an 84.1% spike in aircraft fuel costs and increased labor expenses. Available seat miles (ASM) grew 3.5%, while passenger load factor edged up 0.3pct to 83.4%. Cash and short-term investments strengthened to $16.6B, providing substantial liquidity despite high fuel volatility and geopolitical headwinds.