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- United’s second-quarter earnings topped estimates and the airline expects full-year adjusted earnings per share to come in between $9 to $11.
- Jet fuel prices have spiked anew this month amid on-and-off U.S.-Iran conflict.
- United said customers continue to book despite higher fares.
A United Airlines plane takes off from the Fort Lauderdale-Hollywood International Airport on June 9, 2026 in Fort Lauderdale, Florida. Joe Raedle | Getty Images
United Airlines‘ second-quarter results came in ahead of Wall Street estimates, but billions of dollars in added fuel costs continue to weigh on earnings, the carrier said Wednesday.
Here is what United Airlines reported for the quarter that ended June 30 compared with what Wall Street was expecting, based on estimates compiled by LSEG:
- Earnings per share: $1.99 adjusted vs. $1.88 expected
- Revenue: $17.67 billion vs. $17.61 billion expected
United forecast third-quarter adjusted earnings per share of between $2.50 and $3.50, compared with analysts’ estimates for $3.60 a share. It estimated full-year adjusted earnings per share of between $9 and $11, the higher end of the range of the adjusted $7 to $11 a share it forecast in April, when it cut its January forecast after the U.S. and Israel attacked Iran in late February.
According to Argus data published by industry group Airlines for America, jet fuel prices at major U.S. airports are up 34% in July alone through Tuesday amid a rollercoaster of escalating and deescalating conflict between the U.S. and Iran. Jet fuel is the largest cost for airlines after labor.
United said the higher fuel prices could add nearly $6 billion to its expenses this year compared with what it expected at the start of 2026, and that its second-quarter fuel costs rose 84% from last year to $2.3 billion. Those estimates were made based on Tuesday’s fuel prices. It said it would cover up to as much as 90% of its higher costs this quarter and all of it in the fourth quarter.
Rival Delta Air Lines also said it is passing on more of those higher costs to flyers. The airlines said demand has remained strong despite higher fares.
United said it is updating its forecast to include the most recent fuel prices because costs have been so volatile. Since the beginning of July, fuel prices have hit adjusted earnings for the third quarter by $1.12 per share, it said.
The carrier could further cut its capacity plans because of higher fuel costs this year, it said in a filing.
United expanded flying 3.5% second quarter. Its revenue rose 16% from a year earlier to $17.67 billion, with total unit revenue up 12.1% in the second quarter from last year. That was the highest unit revenue growth since early 2023, according to FactSet.
The airline reported higher revenue for premium, corporate and no-frills basic economy tickets, as well as rising unit revenue for both domestic and international trips.
Net income fell more than 17% to $805 million, or $2.46 a share. Adjusting for one-time items United reported $649 million, or $1.99 a share on an adjusted basis.
United executives will hold an earnings call Thursday at 10:30 a.m. ET.
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