United Airlines Holdings (UAL) Q2 FY2026 earnings: revenue $17.7 billion, up 16.0% on the year
United Airlines Holdings, Inc. (UAL) reported revenue of $17.7 billion for Q2 FY2026, the quarter ended 30 June 2026, up 16.0% on the same quarter a year earlier. Net income was $805 million, down 17.3% on the year, and diluted earnings per share $2.46. The figures are the company's own, from the 10-Q it filed with the SEC on 16 July 2026.
Revenue
$17.7 billion
+16.0% on the year · +21.0% on the quarter
Q3 FY2024Q2 FY2026
Operating margin
6.2%
8.7% a year earlier
Q3 FY2024Q2 FY2026
Net income
$805 million
-17.3% on the year · +15.2% on the quarter
Q3 FY2024Q2 FY2026
Diluted EPS
$2.46
-17.2% on the year · +15.0% on the quarter
Q3 FY2024Q2 FY2026
this quarterthe same quarter a year earlierHover a bar for its figure.
What management said
Guidance figures: 1 raised, 4 new.
Operating revenue rose 16% year-over-year: Total operating revenue was $17.7 billion, with capacity up 3.5% and TRASM up 12.1% against second-quarter 2025. Passenger revenue was $16.1 billion, up 16.4%.
Adjusted diluted EPS was $1.99: Diluted EPS was $2.46, against $2.97 a year earlier. Adjusted diluted EPS excludes special charges, unrealized investment gains and related tax, and was $3.87 a year earlier.
Domestic passenger revenue rose 20.3%: Domestic passenger revenue was $9.5 billion. Yield rose 13.0% and PRASM rose 12.2%, with ASMs up 7.2% against second-quarter 2025.
$ million except per share. Read moreFree 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
Q2 FY2026
Q1 FY2026
Q2 FY2025
On the quarter
On the year
Last 8 quarters
Operating cash flow
1,610
4,799
2,217
-66.5%
-27.4%
Capital expenditure
1,343
1,672
1,287
-19.7%
+4.4%
Free cash flow
267
3,127
930
-91.5%
-71.3%
Free cash flow margin
1.5%
21.4%
6.1%
Cash from investing
-1,460
-1,894
-1,580
Cash from financing
2,148
-976
-843
Depreciation and amortisation
762
756
733
+0.8%
+4.0%
Buybacks
0.0
27.0
240
Diluted shares, weighted
327m
327m
327m
-0.1%
-0.2%
Shares outstanding at period end
325m
325m
324m
-0.0%
+0.2%
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
Q2 FY2026
Q1 FY2026
Q2 FY2025
On the quarter
On the year
Last 8 quarters
Shareholders' equity
16,697
15,876
13,373
+5.2%
+24.9%
Debt
26,464
24,193
27,079
+9.4%
-2.3%
Operating lease liabilities
6,386
6,030
5,166
+5.9%
+23.6%
Other liabilities
35,022
34,842
31,545
+0.5%
+11.0%
Total liabilities and equity
84,569
80,941
77,163
+4.5%
+9.6%
Fixed assets
47,958
47,071
43,896
+1.9%
+9.3%
Goodwill
4,527
4,527
4,527
0.0%
0.0%
Intangible assets
2,645
2,650
2,669
-0.2%
-0.9%
Investments
6,471
6,298
6,262
+2.7%
+3.3%
Loans
54.0
54.0
74.0
0.0%
-27.0%
Cash and equivalents
10,166
7,869
9,354
+29.2%
+8.7%
Receivables
2,473
2,660
2,286
-7.0%
+8.2%
Other assets
10,275
9,812
8,095
+4.7%
+26.9%
Total assets
84,569
80,941
77,163
+4.5%
+9.6%
Questions
What was United Airlines Holdings' revenue in Q2 FY2026?
United Airlines Holdings (UAL) reported revenue of $17.7 billion for Q2 FY2026, the quarter ended 30 June 2026, up 16.0% on the same quarter a year earlier.
How much did United Airlines Holdings earn in Q2 FY2026?
Net income for Q2 FY2026 was $805 million, down 17.3% on the year, and diluted earnings per share $2.46.
When did United Airlines Holdings report Q2 FY2026 results?
United Airlines Holdings filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 16 July 2026.
Each quarter as filed, linked to its filing. Read more* 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 30 June 2026, filed 16 July 2026: the filing.