United Airlines reported a strong first quarter with significant year-over-year growth in revenue and earnings, driven by increased capacity, premium revenue streams, and operational improvements. Despite a substantial increase in fuel costs, the company demonstrated resilience through tactical capacity adjustments and a focus on its long-term strategy of winning brand-loyal customers.
Total operating revenue increased 10.6% year-over-year to $14.6 billion.
positiveDiluted earnings per share (EPS) of $2.14, up 84.5% year-over-year.
positiveAdjusted diluted EPS of $1.19, up 30.8% year-over-year and within guidance.
positiveAchieved the best Q1 on-time departure rate among the eight largest U.S. carriers.
positiveGenerated $4.8 billion in operating cash flow and $2.9 billion in free cash flow.
positivePremium revenue increased 14% and loyalty revenue increased 13% compared to Q1 2025.
positiveFuel expense increased by $340 million compared to Q1 2025.
attentionPlanned capacity reduction of 5 points for the remainder of the year due to higher fuel prices.
attentionCASM-ex (cost per available seat mile excluding fuel) increased 5.9% year-over-year.
attentionTotal debt, finance lease obligations and other financial liabilities were $24.2 billion at quarter end.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Domestic | N/A | — | — | — |
Europe | N/A | — | — | — |
Middle East/India/Africa | N/A | — | — | — |
Atlantic | N/A | — | — | — |
Pacific | N/A | — | — | — |
Latin America | N/A | — | — | — |
International | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| revenue | $41 billion to $41.3 billion | FY2026 | tight_range | New |
| revenue | $10.1 billion to $10.2 billion | Q2 2026 | tight_range | New |
| non-GAAP operating margin | 34% | FY2026 | point | New |
| GAAP operating margin | 21.6% | FY2026 | point | New |
| operating cash flow growth | 10% to 11% | FY2026 | tight_range | New |
| free cash flow growth | 9% to 10% | FY2026 | tight_range | New |
| cRPO growth | 10% | Q2 2026 | point | New |
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Our strong financial position and success in winning brand-loyal customers enabled United to quickly make tactical adjustments to higher fuel prices while maintaining our long-term focus.
Moments of uncertainty for the airline industry may also create opportunity for United. We have demonstrated quarter after quarter that we are built to withstand disruptions, and this moment is no different. We'll stay nimble in the short term while continuing to grow the airline and invest in our customers, product and people.
United's capacity and revenue initiatives are intended to recapture this increase over the long term while maintaining the offerings that are winning brand-loyal customers.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.