United Airlines Holdings (UAL) Q1 FY2026 earnings: revenue $14.6 billion, up 10.6% on the year

United Airlines Holdings, Inc. (UAL) reported revenue of $14.6 billion for Q1 FY2026, the quarter ended 31 March 2026, up 10.6% on the same quarter a year earlier. Net income was $699 million, up 80.6% on the year, and diluted earnings per share $2.14. The figures are the company's own, from the 10-Q it filed with the SEC on 22 April 2026.

Revenue

$14.6 billion

+10.6% on the year · -5.1% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

6.8%

4.6% a year earlier

Q2 FY2024Q1 FY2026

Net income

$699 million

+80.6% on the year · -33.0% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$2.14

+84.5% on the year · -32.9% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 lowered, 1 new.

Revenue rose 10.6% year over year: Total operating revenue was $14.6 billion, with passenger revenue up 11.0% to $13.2 billion. Operating income was $997 million, up 64.2%.
Diluted EPS of $2.14: Diluted EPS was $2.14 against $1.16 a year earlier. Adjusted diluted EPS was $1.19 against $0.91, within the initial range of $1.00 to $1.50.
Best on-time rate among eight largest: Management said the on-time departure rate for the quarter was the best among the eight largest U.S. carriers, and March was the fourth month in a row at the top.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	14,608	15,396	13,213	-5.1%	+10.6%
Operating income	997	1,386	607	-28.1%	+64.3%
Operating margin	6.8%	9.0%	4.6%
Interest expense	327	325	356	+0.6%	-8.1%
Pre-tax income	870	1,325	478	-34.3%	+82.0%
Income tax	172	281	91.0	-38.8%	+89.0%
Effective tax rate	19.8%	21.2%	19.0%
Net income	699	1,044	387	-33.0%	+80.6%
Net margin	4.8%	6.8%	2.9%
Diluted EPS	$2.14	$3.19	$1.16	-32.9%	+84.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	4,799	1,286	3,710	+273.2%	+29.4%
Capital expenditure	1,672	1,890	1,233	-11.5%	+35.6%
Free cash flow	3,127	-604	2,477		+26.2%
Free cash flow margin	21.4%	-3.9%	18.7%
Cash from investing	-1,894	-1,565	-1,462
Cash from financing	-976	-509	-1,457
Depreciation and amortisation	756	749	727	+0.9%	+4.0%
Buybacks	27.0	27.0	349	0.0%	-92.3%
Diluted shares, weighted	327m	327m	333m	-0.1%	-1.9%
Shares outstanding at period end	325m	323m	327m	+0.4%	-0.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	15,876	15,282	12,616	+3.9%	+25.8%
Debt	24,193	24,988	27,663	-3.2%	-12.5%
Operating lease liabilities	6,030	5,417	4,756	+11.3%	+26.8%
Finance lease liabilities	n/a	378	n/a
Other liabilities	34,842	30,383	31,076	+14.7%	+12.1%
Total liabilities and equity	80,941	76,448	76,111	+5.9%	+6.3%
Fixed assets	47,071	46,121	43,430	+2.1%	+8.4%
Goodwill	4,527	4,527	4,527	0.0%	0.0%
Intangible assets	2,650	2,655	2,676	-0.2%	-1.0%
Investments	6,298	6,298	5,960	0.0%	+5.7%
Loans	54.0	54.0	79.0	0.0%	-31.6%
Cash and equivalents	7,869	5,942	9,370	+32.4%	-16.0%
Receivables	2,660	2,391	2,288	+11.3%	+16.3%
Other assets	9,812	8,460	7,781	+16.0%	+26.1%
Total assets	80,941	76,448	76,111	+5.9%	+6.3%

Questions

What was United Airlines Holdings' revenue in Q1 FY2026?

United Airlines Holdings (UAL) reported revenue of $14.6 billion for Q1 FY2026, the quarter ended 31 March 2026, up 10.6% on the same quarter a year earlier.

How much did United Airlines Holdings earn in Q1 FY2026?

Net income for Q1 FY2026 was $699 million, up 80.6% on the year, and diluted earnings per share $2.14.

When did United Airlines Holdings report Q1 FY2026 results?

United Airlines Holdings filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 22 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	8,192	7,566	12,112	12,877	12,400	11,429	14,178	14,484	13,626	12,539	14,986	14,843	14,695	13,213	15,236	15,225	15,396	14,608	17,672	17,875
Operating income	-408	-1,376	878	1,458	1,377	-43.0	1,517	1,739	998	99.0	1,929	1,565	1,503	607	1,325	1,395	1,386	997	1,096	1,446
Operating margin	-5%	-18%	7%	11%	11%	-0%	11%	12%	7%	1%	13%	11%	10%	5%	9%	9%	9%	7%	6%	8%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	493	n/a	454	427	379	369	356	361	331	325	327	343	359
Pre-tax income	-845	-1,752	459	1,153	1,130	-256	1,387	1,485	771	-164	1,739	1,286	1,307	478	1,248	1,255	1,325	870	1,026	1,311
Tax rate	n/a	n/a	28%	18%	25%	n/a	22%	23%	22%	n/a	24%	25%	25%	19%	22%	24%	21%	20%	22%	22%
Net income	-646	-1,377	329	942	843	-194	1,075	1,137	600	-124	1,323	965	985	387	973	949	1,044	699	805	1,029
Net margin	-8%	-18%	3%	7%	7%	-2%	8%	8%	4%	-1%	9%	7%	7%	3%	6%	6%	7%	5%	5%	6%
Diluted EPS	-$1.91	-$4.24	$1.00	$2.86	$2.55	-$0.59	$3.24	$3.42	$1.81	-$0.38	$3.96	$2.90	$2.95	$1.16	$2.97	$2.90	$3.19	$2.14	$2.46	$3.14
Operating cash flow	-269	1,476	2,691	741	1,158	3,142	3,799	880	-910	2,847	2,876	1,498	2,224	3,710	2,217	1,218	1,286	4,799	1,610	465
Capital expenditure	536	402	550	1,328	2,539	1,843	1,420	1,842	2,066	1,366	1,164	1,410	1,675	1,233	1,287	1,464	1,890	1,672	1,343	2,139
Free cash flow	-805	1,074	2,141	-587	-1,381	1,299	2,379	-962	-2,976	1,481	1,712	88.0	549	2,477	930	-246	-604	3,127	267	-1,674
Buybacks	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	82.0	80.0	349	240	21.0	27.0	27.0	0.0	0.0
Shares outstanding	324m	327m	327m	327m	327m	328m	328m	328m	328m	329m	329m	329m	328m	327m	324m	324m	323m	325m	325m	325m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 22 April 2026: the filing.