10-Q · July 16, 2026
United Airlines reported strong Q2 2026 results, delivering EPS of $1.99, which exceeded estimates of $1.81, along with revenue of $17.67 billion, slightly surpassing expectations. The company raised its full-year…
Earnings analysis · 10-Q
UAL earnings analysis
Filed October 21, 2026 · Our reading of the company's report
The latest report
United reported approximately $17.875 billion of third-quarter revenue, representing 17.4% year-over-year growth and modest sequential growth from $17.67 billion. GAAP diluted EPS was $3.14, but adjusted EPS of $2.54…
Read full summary
United reported approximately $17.875 billion of third-quarter revenue, representing 17.4% year-over-year growth and modest sequential growth from $17.67 billion. GAAP diluted EPS was $3.14, but adjusted EPS of $2.54 missed the $2.59 consensus and was below the prior-year $2.90, producing a mixed earnings trend. The principal 10-Q development was a larger, longer-dated secured revolving facility: commitments rose to $5.0 billion from $3.0 billion, although no drawings had been made. The filing provides no new numeric guidance and states that risk factors were unchanged from the 2025 Form 10-K.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.14
- Gross margin
- 100.0%
What stood out
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Record revenue and strong year-over-year growth
Third-quarter revenue was approximately $17.875 billion, up 17.4% year over year and slightly above the $17.67 billion reported in 2026 Q2.
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GAAP EPS positive, adjusted EPS mixed
GAAP diluted EPS was $3.14, while adjusted EPS was $2.54 versus the $2.59 consensus estimate; adjusted EPS increased from $2.46 in Q2 but declined from $2.90 in the prior-year quarter.
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Liquidity capacity increased
United amended its revolving facility on October 16, 2026, increasing total commitments from $3.0 billion to $5.0 billion and extending maturity from February 15, 2029 to October 16, 2031.
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Revolver undrawn at filing
The company had made no drawings under the new revolving facility as of the filing date, preserving access to the full $5.0 billion commitment subject to facility terms.
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Defined liquidity protections
The new facility requires unrestricted liquidity of at least $2.0 billion and a minimum Collateral Coverage Ratio of 1.6 to 1.0, providing defined liquidity and collateral thresholds.
What to watch
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Expanded secured borrowing
The new $5.0 billion revolving facility is secured by substantially all international route authorities, takeoff and landing slots, and certain terminal-use rights; additional collateral may be required in the future.
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Liquidity and collateral covenants
The facility requires at least $2.0 billion of unrestricted liquidity and a 1.6-to-1.0 minimum Collateral Coverage Ratio. Failure to comply, subject to cure rights, can trigger mandatory prepayment provisions.
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Variable-rate financing exposure
The facility's interest margin ranges from 1.000% to 1.875% for Term SOFR loans and from 0.000% to 0.875% for other market-rate loans, exposing future borrowings to interest-rate and refinancing costs.
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No updated risk-factor disclosure
The filing states there were no material changes to market risk from the 2025 Form 10-K and directs investors to the prior filing for risk factors; therefore, the 10-Q does not provide evidence that previously disclosed risks have been reduced.
Management's outlook
The supplied 10-Q text does not provide numeric revenue or EPS guidance. The filing states that internal projections and expectations may change and that flown capacity may differ materially from published schedules.
Earlier filings 4
10-Q · April 22, 2026
United reported a stronger quarter with total operating revenue of $14,608 million (up $1,395 million or 10.6% YoY) and net income of $699 million (vs. $387 million a year ago), producing diluted EPS of $2.14 (vs.…
10-K · February 12, 2026
United describes a growth-through-network-and-product strategy called "United Next," focused on fleet renewal and network expansion (expects delivery of over 630 aircraft by end of 2034 and has surpassed 530…
10-Q · October 16, 2025
United reported Q3 operating revenue of $15,225 million, up $382 million (+2.6%) versus Q3 2024 but roughly flat versus the prior quarter. Operating income was $1,395 million (operating margin ~9.2%), below the…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.