United Airlines Holdings, Inc. (UAL) Q2 FY2026 Financial Statements: Revenue $17.67B, Net income $805.00M
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PeriodQ2 FY2026
Published
United Airlines Holdings reported $17.67 billion in operating revenue for Q2 FY2026, the quarter ended June 30, 2026, up 16.0% from a year earlier, but net income fell to $805 million from $973 million and diluted EPS was $2.46, against $2.97. Aircraft fuel expense rose to $5.11 billion, up 84.1%, after conflict in the Middle East contributed to materially higher global fuel prices, and operating income was $1.10 billion, down 17.3%. Both earnings lines include a net credit from special items, chiefly gains on aircraft sale-leasebacks that outweighed labor contract ratification bonuses; the year-ago quarter instead carried a net special charge, chiefly an accrual for the then-tentative flight attendant agreement, so the reported declines understate the drop in underlying earnings.
| Metric | Amount | vs. year ago |
|---|---|---|
| Revenue | $17,672,000,000 | up 16.0% |
| Net income | $805,000,000 | down 17.3% |
| Diluted EPS | $2.46 | down 17.2% |
| Operating income | $1,096,000,000 | down 17.3% |
| Fuel expense | $5,110,000,000 | up 84.1% |
Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.
About this file
| Ticker | UAL |
|---|---|
| CIK | 0000100517 |
| Company | United Airlines Holdings, Inc. |
| Business type | airline |
| Schema template | airline: operating revenue by type (passenger, cargo, other), operating expense by line as the statement prints it, operating income, nonoperating items, net income, EPS and weighted shares; full balance sheet including advance ticket sales, frequent flyer deferred revenue, and debt, finance leases and other financial liabilities; operating, investing and financing cash flow with capital expenditures and free cash flow; airline operating statistics (passengers, traffic, capacity, load factor, unit revenue and unit cost, fuel) |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual dollars (not millions); per-share amounts in dollars; share counts in actual shares; passengers, revenue passenger miles, available seat miles, cargo revenue ton miles and fuel gallons in actual units; unit revenue, unit cost and yield in cents; load factor in percent; fuel price in dollars per gallon |
UAL annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| Period end | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 10-K | 10-K | 10-K |
| Income statement | |||
| Passenger revenue | 53,438,000,000 | 51,829,000,000 | 49,046,000,000 |
| Cargo revenue | 1,779,000,000 | 1,743,000,000 | 1,495,000,000 |
| Other operating revenue | 3,853,000,000 | 3,491,000,000 | 3,176,000,000 |
| Total operating revenue | 59,070,000,000 | 57,063,000,000 | 53,717,000,000 |
| Salaries and related costs | 17,647,000,000 | 16,678,000,000 | 14,787,000,000 |
| Aircraft fuel | 11,396,000,000 | 11,756,000,000 | 12,651,000,000 |
| Landing fees and other rent | 3,849,000,000 | 3,437,000,000 | 3,076,000,000 |
| Aircraft maintenance materials and outside repairs | 3,294,000,000 | 3,063,000,000 | 2,736,000,000 |
| Depreciation and amortization | 2,939,000,000 | 2,928,000,000 | 2,671,000,000 |
| Regional capacity purchase | 2,693,000,000 | 2,516,000,000 | 2,400,000,000 |
| Distribution expenses | 2,109,000,000 | 2,231,000,000 | 1,977,000,000 |
| Aircraft rent | 252,000,000 | 193,000,000 | 197,000,000 |
| Special charges | 259,000,000 | 112,000,000 | 949,000,000 |
| Other operating expenses | 9,919,000,000 | 9,053,000,000 | 8,062,000,000 |
| Total operating expense | 54,356,000,000 | 51,967,000,000 | 49,506,000,000 |
| Operating income | 4,713,000,000 | 5,096,000,000 | 4,211,000,000 |
| Interest expense | -1,373,000,000 | -1,629,000,000 | -1,956,000,000 |
| Interest income | 611,000,000 | 726,000,000 | 827,000,000 |
| Interest capitalized | 206,000,000 | 227,000,000 | 182,000,000 |
| Unrealized gains losses on investments net | 4,000,000 | -199,000,000 | 27,000,000 |
| Miscellaneous net | 144,000,000 | -53,000,000 | 96,000,000 |
| Total nonoperating expense net | -408,000,000 | -928,000,000 | -824,000,000 |
| Income before income taxes | 4,306,000,000 | 4,168,000,000 | 3,387,000,000 |
| Income tax expense | 953,000,000 | 1,019,000,000 | 769,000,000 |
| Net income | 3,353,000,000 | 3,149,000,000 | 2,618,000,000 |
| Basic EPS | 10.32 | 9.58 | 7.98 |
| Diluted EPS | 10.20 | 9.45 | 7.89 |
| Basic shares | 324,900,000 | 328,600,000 | 327,800,000 |
| Diluted shares | 328,500,000 | 333,200,000 | 331,900,000 |
| Balance sheet | |||
| Cash and cash equivalents | 5,942,000,000 | 8,769,000,000 | |
| Short term investments | 6,298,000,000 | 5,706,000,000 | |
| Receivables net | 2,391,000,000 | 2,163,000,000 | |
| Aircraft fuel spare parts and supplies net | 1,556,000,000 | 1,572,000,000 | |
| Prepaid expenses and other | 671,000,000 | 673,000,000 | |
| Total current assets | 16,857,000,000 | 18,883,000,000 | |
| Operating property and equipment net | 46,121,000,000 | 42,908,000,000 | |
| Operating lease right of use assets | 4,958,000,000 | 3,815,000,000 | |
| Goodwill | 4,527,000,000 | 4,527,000,000 | |
| Intangible assets net | 2,655,000,000 | 2,683,000,000 | |
| Investments in affiliates and other net | 1,330,000,000 | 1,267,000,000 | |
| Total noncurrent assets | 59,591,000,000 | 55,200,000,000 | |
| Total assets | 76,448,000,000 | 74,083,000,000 | |
| Accounts payable | 4,567,000,000 | 4,193,000,000 | |
| Accrued salaries and benefits | 3,900,000,000 | 3,289,000,000 | |
| Advance ticket sales | 8,131,000,000 | 7,561,000,000 | |
| Frequent flyer deferred revenue current | 3,721,000,000 | 3,403,000,000 | |
| Current maturities of long term debt finance leases and other financial liabilities | 4,426,000,000 | 3,453,000,000 | |
| Current maturities of operating leases | 631,000,000 | 467,000,000 | |
| Other current liabilities | 757,000,000 | 948,000,000 | |
| Total current liabilities | 26,133,000,000 | 23,314,000,000 | |
| Long term debt finance leases and other financial liabilities | 20,562,000,000 | 25,203,000,000 | |
| Long term obligations under operating leases | 5,417,000,000 | 4,510,000,000 | |
| Frequent flyer deferred revenue noncurrent | 4,056,000,000 | 4,038,000,000 | |
| Pension and postretirement benefit liability | 1,058,000,000 | 1,233,000,000 | |
| Deferred income taxes | 2,463,000,000 | 1,580,000,000 | |
| Other noncurrent liabilities | 1,478,000,000 | 1,530,000,000 | |
| Total noncurrent liabilities | 35,033,000,000 | 38,094,000,000 | |
| Common stock at par | 4,000,000 | 4,000,000 | |
| Additional capital invested | 8,911,000,000 | 8,980,000,000 | |
| Stock held in treasury at cost | -3,773,000,000 | -3,377,000,000 | |
| Retained earnings | 10,092,000,000 | 6,880,000,000 | |
| Accumulated other comprehensive income | 48,000,000 | 188,000,000 | |
| Total stockholders equity | 15,282,000,000 | 12,675,000,000 | |
| Total liabilities and stockholders equity | 76,448,000,000 | 74,083,000,000 | |
| Total liabilities | 61,166,000,000 | 61,408,000,000 | |
| Total debt finance leases and other financial liabilities | 24,988,000,000 | 28,656,000,000 | |
| Common shares outstanding | 323,470,682 | 327,899,771 | |
| Cash flow | |||
| Net income | 3,353,000,000 | 3,149,000,000 | 2,618,000,000 |
| Deferred income tax | 925,000,000 | 935,000,000 | 756,000,000 |
| Depreciation and amortization | 2,939,000,000 | 2,928,000,000 | 2,671,000,000 |
| Special charges non cash portion | 13,000,000 | 158,000,000 | 84,000,000 |
| Unrealized gains losses on investments | -4,000,000 | 199,000,000 | -27,000,000 |
| Amortization of debt discount and issuance costs | 77,000,000 | 166,000,000 | 139,000,000 |
| Other operating activities | -62,000,000 | 9,000,000 | 6,000,000 |
| Change in receivables | -297,000,000 | 280,000,000 | -100,000,000 |
| Change in prepaids and other assets | -264,000,000 | -166,000,000 | -463,000,000 |
| Change in advance ticket sales | 570,000,000 | 857,000,000 | -851,000,000 |
| Change in frequent flyer deferred revenue | 336,000,000 | 298,000,000 | 468,000,000 |
| Change in accounts payable | 674,000,000 | 178,000,000 | 572,000,000 |
| Change in other liabilities | 171,000,000 | 454,000,000 | 1,038,000,000 |
| Net cash provided by operating activities | 8,431,000,000 | 9,445,000,000 | 6,911,000,000 |
| Capital expenditures | -5,874,000,000 | -5,615,000,000 | -7,171,000,000 |
| Purchases of short term and other investments | -7,763,000,000 | -5,809,000,000 | -9,470,000,000 |
| Proceeds from sale of short term and other investments | 7,284,000,000 | 8,661,000,000 | 10,519,000,000 |
| Proceeds from sale of property and equipment | 98,000,000 | 109,000,000 | 39,000,000 |
| Other investing net | -96,000,000 | 3,000,000 | -23,000,000 |
| Net cash used in investing activities | -6,350,000,000 | -2,651,000,000 | -6,106,000,000 |
| Proceeds from issuance of debt and other financial liabilities | 578,000,000 | 6,139,000,000 | 2,388,000,000 |
| Payments of long term debt finance leases and other financial liabilities | -4,771,000,000 | -10,138,000,000 | -4,248,000,000 |
| Repurchases of common stock | -637,000,000 | -162,000,000 | 0 |
| Other financing net | -115,000,000 | -21,000,000 | -32,000,000 |
| Net cash provided by used in financing activities | -4,945,000,000 | -4,182,000,000 | -1,892,000,000 |
| Net change in cash cash equivalents and restricted cash | -2,865,000,000 | 2,612,000,000 | -1,087,000,000 |
| Cash cash equivalents and restricted cash beginning of period | 8,946,000,000 | 6,334,000,000 | 7,421,000,000 |
| Cash cash equivalents and restricted cash end of period | 6,081,000,000 | 8,946,000,000 | 6,334,000,000 |
| Interest paid | 1,330,000,000 | 1,494,000,000 | 1,848,000,000 |
| Income taxes paid | 62,000,000 | 88,000,000 | 7,000,000 |
| Free cash flow | 2,557,000,000 | 3,830,000,000 | -260,000,000 |
| Operating metrics | |||
| Passengers | 181,053,000 | 173,603,000 | 164,927,000 |
| Revenue passenger miles | 271,619,000,000 | 258,503,000,000 | 244,435,000,000 |
| Available seat miles | 330,284,000,000 | 311,185,000,000 | 291,333,000,000 |
| Cargo revenue ton miles | 3,626,000,000 | 3,604,000,000 | 3,159,000,000 |
| Passenger load factor % | 82.2% | 83.1% | 83.9% |
| Prasm cents | 16.18 | 16.66 | 16.84 |
| Trasm cents | 17.88 | 18.34 | 18.44 |
| Yield cents | 19.67 | 20.05 | 20.07 |
| Casm cents | 16.46 | 16.70 | 16.99 |
| Average fuel price per gallon | 2.44 | 2.65 | 3.01 |
| Fuel gallons consumed | 4,663,000,000 | 4,444,000,000 | 4,205,000,000 |
| Average stage length miles | 1,488 | 1,490 | 1,479 |
| Employee headcount | 113,200 | 107,300 | 103,300 |
UAL quarterly income statement, balance sheet and cash flow
| Q2 FY2026 | Q2 FY2025 | |
|---|---|---|
| Fiscal quarter | 2 | 2 |
| Period start | 2026-04-01 | 2025-04-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | three months | three months |
| Source accession | 10-Q | 10-Q |
| Income statement | ||
| Passenger revenue | 16,100,000,000 | 13,836,000,000 |
| Cargo revenue | 527,000,000 | 430,000,000 |
| Other operating revenue | 1,045,000,000 | 970,000,000 |
| Total operating revenue | 17,672,000,000 | 15,236,000,000 |
| Salaries and related costs | 4,686,000,000 | 4,413,000,000 |
| Aircraft fuel | 5,110,000,000 | 2,775,000,000 |
| Landing fees and other rent | 1,056,000,000 | 961,000,000 |
| Aircraft maintenance materials and outside repairs | 906,000,000 | 865,000,000 |
| Depreciation and amortization | 762,000,000 | 733,000,000 |
| Regional capacity purchase | 743,000,000 | 676,000,000 |
| Distribution expenses | 644,000,000 | 487,000,000 |
| Aircraft rent | 112,000,000 | 67,000,000 |
| Special charges | -145,000,000 | 447,000,000 |
| Other operating expenses | 2,702,000,000 | 2,487,000,000 |
| Total operating expense | 16,576,000,000 | 13,911,000,000 |
| Operating income | 1,096,000,000 | 1,325,000,000 |
| Interest expense | -343,000,000 | -361,000,000 |
| Interest income | 148,000,000 | 167,000,000 |
| Interest capitalized | 59,000,000 | 51,000,000 |
| Unrealized gains losses on investments net | 40,000,000 | 26,000,000 |
| Miscellaneous net | 26,000,000 | 41,000,000 |
| Total nonoperating expense net | -69,000,000 | -77,000,000 |
| Income before income taxes | 1,026,000,000 | 1,248,000,000 |
| Income tax expense | 221,000,000 | 275,000,000 |
| Net income | 805,000,000 | 973,000,000 |
| Basic EPS | 2.48 | 3.00 |
| Diluted EPS | 2.46 | 2.97 |
| Basic shares | 324,600,000 | 324,600,000 |
| Diluted shares | 326,600,000 | 327,200,000 |
| Balance sheet | ||
| Cash and cash equivalents | 10,166,000,000 | |
| Short term investments | 6,471,000,000 | |
| Receivables net | 2,473,000,000 | |
| Aircraft fuel spare parts and supplies net | 1,795,000,000 | |
| Prepaid expenses and other | 759,000,000 | |
| Total current assets | 21,664,000,000 | |
| Operating property and equipment net | 47,958,000,000 | |
| Operating lease right of use assets | 6,161,000,000 | |
| Goodwill | 4,527,000,000 | |
| Intangible assets net | 2,645,000,000 | |
| Investments in affiliates and other net | 1,614,000,000 | |
| Total noncurrent assets | 62,905,000,000 | |
| Total assets | 84,569,000,000 | |
| Accounts payable | 5,772,000,000 | |
| Accrued salaries and benefits | 3,458,000,000 | |
| Advance ticket sales | 10,752,000,000 | |
| Frequent flyer deferred revenue current | 3,939,000,000 | |
| Current maturities of long term debt finance leases and other financial liabilities | 2,170,000,000 | |
| Current maturities of operating leases | 818,000,000 | |
| Other current liabilities | 854,000,000 | |
| Total current liabilities | 27,764,000,000 | |
| Long term debt finance leases and other financial liabilities | 24,294,000,000 | |
| Long term obligations under operating leases | 6,386,000,000 | |
| Frequent flyer deferred revenue noncurrent | 4,032,000,000 | |
| Pension and postretirement benefit liability | 1,074,000,000 | |
| Deferred income taxes | 2,822,000,000 | |
| Other noncurrent liabilities | 1,500,000,000 | |
| Total noncurrent liabilities | 40,108,000,000 | |
| Common stock at par | 4,000,000 | |
| Additional capital invested | 8,879,000,000 | |
| Stock held in treasury at cost | -3,724,000,000 | |
| Retained earnings | 11,535,000,000 | |
| Accumulated other comprehensive income | 3,000,000 | |
| Total stockholders equity | 16,697,000,000 | |
| Total liabilities and stockholders equity | 84,569,000,000 | |
| Total liabilities | 67,872,000,000 | |
| Total debt finance leases and other financial liabilities | 26,464,000,000 | |
| Common shares outstanding | 324,583,772 | |
| Operating metrics | ||
| Passengers | 48,692,000 | 46,186,000 |
| Revenue passenger miles | 72,765,000,000 | 70,088,000,000 |
| Available seat miles | 87,279,000,000 | 84,347,000,000 |
| Passenger load factor % | 83.4% | 83.1% |
| Prasm cents | 18.45 | 16.40 |
| Trasm cents | 20.25 | 18.06 |
| Yield cents | 22.13 | 19.74 |
| Cargo revenue ton miles | 932,000,000 | 885,000,000 |
| Casm cents | 18.99 | 16.49 |
| Average fuel price per gallon | 4.19 | 2.34 |
| Fuel gallons consumed | 1,219,000,000 | 1,188,000,000 |
| Employee headcount | 117,500 | 111,300 |
| Cash flow | ||
| Net cash provided by operating activities | 1,609,000,000 | 2,217,000,000 |
| Capital expenditures | -1,343,000,000 | -1,287,000,000 |
| Free cash flow | 266,000,000 | 930,000,000 |
UAL year-to-date income statement and cash flow
| Six months ended June 30, 2026 | Six months ended June 30, 2025 | |
|---|---|---|
| Period start | 2026-01-01 | 2025-01-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | six months | six months |
| Source accession | 10-Q | 10-Q |
| Income statement | ||
| Passenger revenue | 29,267,000,000 | 25,696,000,000 |
| Cargo revenue | 949,000,000 | 859,000,000 |
| Other operating revenue | 2,064,000,000 | 1,893,000,000 |
| Total operating revenue | 32,280,000,000 | 28,448,000,000 |
| Salaries and related costs | 9,248,000,000 | 8,568,000,000 |
| Aircraft fuel | 8,150,000,000 | 5,476,000,000 |
| Landing fees and other rent | 2,004,000,000 | 1,834,000,000 |
| Aircraft maintenance materials and outside repairs | 1,760,000,000 | 1,596,000,000 |
| Depreciation and amortization | 1,518,000,000 | 1,461,000,000 |
| Regional capacity purchase | 1,435,000,000 | 1,326,000,000 |
| Distribution expenses | 1,167,000,000 | 983,000,000 |
| Aircraft rent | 195,000,000 | 118,000,000 |
| Special charges | -534,000,000 | 340,000,000 |
| Other operating expenses | 5,245,000,000 | 4,814,000,000 |
| Total operating expense | 30,187,000,000 | 26,516,000,000 |
| Operating income | 2,093,000,000 | 1,932,000,000 |
| Interest expense | -670,000,000 | -717,000,000 |
| Interest income | 284,000,000 | 331,000,000 |
| Interest capitalized | 113,000,000 | 98,000,000 |
| Unrealized gains losses on investments net | 26,000,000 | 5,000,000 |
| Miscellaneous net | 50,000,000 | 77,000,000 |
| Total nonoperating expense net | -196,000,000 | -206,000,000 |
| Income before income taxes | 1,897,000,000 | 1,727,000,000 |
| Income tax expense | 393,000,000 | 366,000,000 |
| Net income | 1,504,000,000 | 1,361,000,000 |
| Basic EPS | 4.64 | 4.17 |
| Diluted EPS | 4.60 | 4.12 |
| Basic shares | 324,300,000 | 326,200,000 |
| Diluted shares | 326,700,000 | 330,100,000 |
| Cash flow | ||
| Net cash provided by operating activities | 6,409,000,000 | 5,927,000,000 |
| Capital expenditures | -3,015,000,000 | -2,520,000,000 |
| Purchases of short term and other investments | -4,439,000,000 | -4,722,000,000 |
| Proceeds from sale of short term and other investments | 4,179,000,000 | 4,222,000,000 |
| Proceeds from sale of property and equipment | 33,000,000 | 48,000,000 |
| Other investing net | -111,000,000 | -70,000,000 |
| Net cash used in investing activities | -3,354,000,000 | -3,042,000,000 |
| Proceeds from issuance of debt and other financial liabilities | 5,829,000,000 | 0 |
| Payments of long term debt finance leases and other financial liabilities | -4,537,000,000 | -1,611,000,000 |
| Repurchases of common stock | -27,000,000 | -589,000,000 |
| Other financing net | -93,000,000 | -99,000,000 |
| Net cash provided by used in financing activities | 1,172,000,000 | -2,300,000,000 |
| Net change in cash cash equivalents and restricted cash | 4,227,000,000 | 585,000,000 |
| Cash cash equivalents and restricted cash beginning of period | 6,081,000,000 | 8,946,000,000 |
| Cash cash equivalents and restricted cash end of period | 10,308,000,000 | 9,531,000,000 |
| Free cash flow | 3,394,000,000 | 3,407,000,000 |
UAL trailing twelve month income statement and cash flow
| Twelve months ended June 30, 2026 | |
|---|---|
| Period start | 2025-07-01 |
| Period end | 2026-06-30 |
| Period type | trailing twelve months |
| Source accession | 10-Q |
| Derived from accessions | 10-K, 10-Q |
| Income statement | |
| Passenger revenue | 57,009,000,000 |
| Cargo revenue | 1,869,000,000 |
| Other operating revenue | 4,024,000,000 |
| Total operating revenue | 62,902,000,000 |
| Salaries and related costs | 18,327,000,000 |
| Aircraft fuel | 14,070,000,000 |
| Depreciation and amortization | 2,996,000,000 |
| Special charges | -615,000,000 |
| Total operating expense | 58,027,000,000 |
| Operating income | 4,874,000,000 |
| Total nonoperating expense net | -398,000,000 |
| Income before income taxes | 4,476,000,000 |
| Income tax expense | 980,000,000 |
| Net income | 3,496,000,000 |
| Cash flow | |
| Net cash provided by operating activities | 8,913,000,000 |
| Capital expenditures | -6,369,000,000 |
| Free cash flow | 2,544,000,000 |
Adjustments
| Splits applied | none |
|---|---|
| ADR ratio | n/a |
| FX | None. United Airlines Holdings reports in U.S. dollars, so no currency translation was applied. |
| Splits | None. No stock split occurred in the periods covered; per-share figures are as printed. |
| ADR | Not applicable. United Airlines Holdings common stock trades directly on the Nasdaq Stock Market. |
Notes
- Figures are those of United Airlines Holdings, Inc. (the listed parent). The 10-K and 10-Q are combined filings that also present the statements of its wholly owned subsidiary United Airlines, Inc.; those subsidiary statements are not used here.
- Annual figures for 2025, 2024 and 2023 come from the FY2025 10-K (accession 0000100517-26-000023). That filing prints the income statement and cash flow statement for all three years but the balance sheet only at December 31, 2025 and 2024, so FY2023 carries no balance sheet.
- Quarterly figures for the three months ended June 30, 2026 and June 30, 2025, the six-month year-to-date figures, and the June 30, 2026 balance sheet come from the Q2 2026 10-Q (accession 0000100517-26-000139). The 10-Q's December 31, 2025 balance sheet column matches the 10-K's.
- The trailing-twelve-month figures for the twelve months ended June 30, 2026 are derived, not printed: full-year 2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025. Trailing operating income ($4,874 million) is derived from the printed operating income lines; derived instead from trailing revenue less trailing operating expense it is $4,875 million, a $1 million difference from the company's rounding to whole millions.
- Free cash flow is computed here as net cash provided by operating activities less capital expenditures as printed on the cash flow statement. United's capital expenditures line is stated net of flight equipment purchase deposit returns. This is a simple computed measure and may differ from the free cash flow figure United presents in its earnings releases.
- Total debt, finance leases and other financial liabilities is the sum of the two balance sheet lines United prints: current maturities of long-term debt, finance leases and other financial liabilities, and long-term debt, finance leases and other financial liabilities. Operating lease liabilities are excluded. Total liabilities is total current liabilities plus total noncurrent liabilities.
- The special charges line is labelled "Special charges (credits)" in the 10-Q because it was a net credit in 2026 (a credit of $145 million in the second quarter and $534 million in the first half). It carries the same name in every period here; a negative value is a net credit that reduced operating expense.
- Weighted-average basic and diluted share counts come from the earnings per share notes. Common shares outstanding are point-in-time counts from the balance sheet: 324,583,772 at June 30, 2026, 323,470,682 at December 31, 2025 and 327,899,771 at December 31, 2024.
- Operating statistics come from the FY2025 10-K's results of operations table and the Q2 2026 10-Q's statistical information table for the three months ended June 30. The 10-Q does not print these statistics for the six-month period, so the year-to-date block has none. Average stage length is printed only in the 10-K.
- United reports in U.S. dollars, has no stock split in the periods covered, and its common stock is listed directly on the Nasdaq Stock Market, so no currency, split or depositary-share adjustment was applied.
- United states that from 2025 it rounds reported amounts to the nearest whole million, so some columns and rows in its statements may not sum exactly.
- Three-month cash flow figures for the quarters ended June 30, 2026 and June 30, 2025 (net cash provided by operating activities, and capital expenditures net of flight equipment purchase deposit returns) come from the second-quarter 2026 earnings release (Form 8-K, accession 0000100517-26-000135, Exhibit 99.1), which prints them in its non-GAAP reconciliation tables; the Q2 2026 10-Q's cash flow statement covers only the six-month periods. They agree with the six-month figures in the 10-Q less the three-month figures in the first-quarter 2026 earnings release (Form 8-K, accession 0000100517-26-000089, Exhibit 99.1), except that differencing gives $1,610 million of second-quarter 2026 operating cash flow against the $1,609 million printed, a $1 million difference from rounding to whole millions; the printed figure is used. Quarterly free cash flow is computed the same way as elsewhere here: operating cash flow less capital expenditures.
Uncertainties
- No balance sheet is given for June 30, 2025. The Q2 2026 10-Q compares June 30, 2026 with December 31, 2025 only.
- Trailing-twelve-month earnings per share are not given, because per-share amounts cannot be added across periods with different weighted share counts.
Company details
| Name | United Airlines Holdings, Inc. |
|---|---|
| Ticker | UAL |
| CIK | 0000100517 |
| Exchange | Nasdaq |
| State | Illinois |
| Incorporation | Delaware |
| SIC | 4512 |
| Office | Energy & Transportation |
| Industry | Air Transportation, Scheduled |
Fiscal period
| Fiscal year | 2026 |
|---|---|
| Fiscal period | Q2 |
| Tag | FY26Q2 |
| Period end | 2026-06-30 |
| Form | 10-Q |
| Accession | 0000100517-26-000139 |
| Fiscal year end | 1231 |
| Source | facts |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Source |
|---|---|---|---|---|---|---|---|---|---|
| annual | no | 10-K | 2025 | FY | FY25 | 2025-12-31 | 2026-02-12 | 0000100517-26-000023 | reported |
| quarterly | yes | 10-Q | 2026 | Q2 | FY26Q2 | 2026-06-30 | 2026-07-16 | 0000100517-26-000139 | facts |
FAQ · United Airlines financial statements
How much revenue did United Airlines make in Q2 FY2026?
United Airlines Holdings reported $17.67 billion in operating revenue for Q2 FY2026, the quarter ended June 30, 2026. That is up 16.0% from $15.24 billion in the same quarter a year earlier.
What was United Airlines net income and EPS in Q2 FY2026?
United Airlines Holdings earned net income of $805 million in Q2 FY2026, down 17.3% from $973 million a year earlier. Diluted earnings per share were $2.46, against $2.97. This quarter's earnings include a net credit from special items, while the year-ago quarter was held down by a net special charge, chiefly for the then-tentative flight attendant agreement, so the decline understates the drop in underlying earnings.
How much did United Airlines spend on fuel in Q2 FY2026?
United Airlines Holdings recorded aircraft fuel expense of $5.11 billion in Q2 FY2026, up 84.1% from the same quarter a year earlier, after conflict in the Middle East contributed to materially higher global fuel prices.
Why did United Airlines operating income fall in Q2 FY2026?
United Airlines Holdings reported operating income of $1.10 billion in Q2 FY2026, down 17.3% from the same quarter a year earlier, because operating expense, led by aircraft fuel, grew faster than revenue.
Where can I get United Airlines Holdings, Inc. (UAL) financial data in machine-readable form?
Ticker Scout publishes United Airlines Holdings, Inc.'s financial statements as JSON at https://tickerscout.ai/ual/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/ual/narrative.md and https://tickerscout.ai/ual/events.md. United Airlines Holdings, Inc.'s SEC CIK is 0000100517. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does United Airlines Holdings, Inc. (UAL) next file with the SEC?
United Airlines Holdings, Inc. (UAL) is due to file its next Form 10-Q with the SEC. The projected date, October 15, 2026, has passed, which means the filing is due or overdue rather than already reported here. That date is a projection rather than a company-announced date: it is derived from United Airlines Holdings, Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0000100517-26-000139.
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How this page was built
This page was built from four of United Airlines Holdings, Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names two such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
Published by Ticker Scout, an independent publisher of company filings data. About Ticker Scout · Disclaimer
Built from United Airlines Holdings, Inc.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.