- Company name
- United Airlines
- Sector
- Airlines
- About
- United Airlines Holdings, Inc. (United) is one of the largest airlines in the world. It is based in Chicago and runs hubs across the United States. At September 30, 2026, it had 1,143 mainline aircraft and 432 regional aircraft. In Q3 2026, it carried a record 49.5 million customers and served 241 airports in the United States and Canada. It had 117,900 employees at September 30, 2026. Revenue comes from tickets in the Premium, Economy and Basic Economy cabins, from its MileagePlus loyalty program, and from cargo. In Q3 2026, total operating revenue was $17.9 billion, the highest of any quarter in its history. United offers Starlink Wi-Fi on more than 640 aircraft. Scott Kirby is Chief Executive Officer. The shares trade on Nasdaq in US dollars.
- Thesis
- The market prices United on fuel. Fuel expense rose 62% in Q3 2026 to $4,843 million, because the average price rose to $3.90 a gallon from $2.43. Adjusted diluted EPS for nine months was $5.72, against $7.53 a year earlier, even though revenue grew 14.8%. For Q4 2026, United assumes fuel of about $4.80 a gallon and guides adjusted diluted EPS of $0.50 to $1.50. The company says every $0.01 change in the fuel price changes EPS by about 2.5 cents for the quarter. Debt of $26.4 billion, including finance leases, adds risk when profit falls. For the price to rise, three things must be true. Fares and demand must keep unit revenue growth above unit cost growth, as in Q3 2026, when unit revenue rose 15.9% and unit cost without fuel rose 7.8%. The fuel price must stop rising or fall. Net leverage, now 2.4 times, must keep falling toward the investment-grade goal of the company. The next test is the Q4 2026 report in January 2027, which shows whether revenue growth is above 20% and EPS is within guidance, and the first guidance for 2027.
- Risks
- The fuel price can rise again. Fuel expense was $12,993 million for nine months of 2026, up from $8,473 million. The company says that every $0.01 change in the price moves Q4 EPS by about 2.5 cents.
Debt and leases are large. Total debt, finance lease obligations and other financial liabilities were $26.4 billion at September 30, 2026, and net leverage was 2.4 times. Interest and aircraft payments continue when profit falls.
Demand can weaken quickly. Airline profit follows the economy, and a fall in business or leisure travel hurts a company that carries many fixed costs, such as salaries of $14,209 million for nine months.
Aircraft deliveries can slip. United has firm orders for 142 Boeing 787, 167 Boeing 737 MAX 10, 108 Airbus A321neo, 48 Airbus A321XLR and 45 Airbus A350 aircraft, and it adjusts delivery plans when the makers change dates.
Labor costs are rising. Salaries and related costs grew 8.9% in Q3 2026, and profit sharing for employees takes part of any rise in profit.
United holds an 8.6% equity interest in Azul, a Brazilian airline, at September 30, 2026. The value of this stake can change.
- Balance sheet
- At September 30, 2026, United had total debt, finance lease obligations and other financial liabilities of $26.4 billion. Long-term debt, finance leases and other financial liabilities were $24,550 million, against $20,562 million at December 31, 2025. Trailing 12-month net leverage was 2.4 times. Cash and cash equivalents were $6,648 million, and available liquidity was $17.7 billion. Available liquidity includes cash, cash equivalents, short-term investments and undrawn credit facilities. On October 16, 2026, United expanded its revolving credit facility, and the liquidity under it rose from $3 billion to $5 billion. The company expects adjusted capital spending of about $7.5 billion for 2026. Its goal is an investment-grade credit rating.
As of Sep 30, 2026.
- Checkpoints
- Dec 31, 2026: Starlink on 61% of United flights. Pending. Watch: Starlink is on about 61% of United flights by the end of 2026, as the company says, and this passes; a clear delay fails.
Jan 19, 2027 (estimate): Q4 2026 results: fuel and revenue growth. Pending. Watch: Adjusted diluted EPS is within the guided $0.50 to $1.50 and revenue grows more than 20%, and this passes; EPS below $0.50 fails.
- Recent events
- Oct 20, 2026: United reported Q3 2026 results. Total operating revenue was $17.9 billion, up 17.4%, and unit revenue (TRASM) rose 15.9%. Adjusted diluted EPS was $2.54, against $2.78 a year earlier, and diluted EPS was $3.14. The average fuel price was $3.90 a gallon. The company also announced service to 10 new destinations, which start in summer 2027 and need government approval.
Oct 20, 2026: United guided Q4 2026 adjusted diluted EPS of $0.50 to $1.50, with an average fuel price of about $4.80 a gallon, and adjusted capital spending of about $7.5 billion for 2026. It expects Q4 revenue to grow more than 20% from the year before, and unit cost without fuel to grow less than in Q3.
Oct 16, 2026: United expanded its revolving credit facility. Available liquidity under it rose from $3 billion to $5 billion.
Sep 17, 2026: United began to show live professional and college football on seatback screens of aircraft that have Starlink. Starlink is free for MileagePlus members in every class of service.