Analyst Consensus ?
ConsensusBuy46 ratings
Bullish3167.4%
Neutral1532.6%
Bearish00.0%
United Airlines Holdings, Inc. · UAL · FY2026 Q2 · Calendar Q3 2026
United Airlines Beats Q2 Estimates on 16% Revenue Growth Despite Fuel Headwind
United Airlines posted a strong Q2 2026, beating consensus on both revenue ($17.67B vs. $17.60B estimate) and EPS ($1.99 vs. $1.88 estimate), despite a $2.3 billion fuel cost headwind. Revenue rose 16% year-over-year, with RASM up 12.1%. Management raised full-year guidance, citing confidence in recovering 80-90% of the fuel impact by Q4 and continued strength in premium demand and loyalty-driven revenue. The company also raised $3.7 billion in low-cost debt at a roughly 5% fixed rate, bolstering liquidity to $19.6 billion and moving closer to investment-grade credit status. Key strategic initiatives including free Starlink Wi-Fi across approximately 1,000 aircraft by year-end, fleet up-gauging with MAX 10 and A321 XLR/Coastliner aircraft, and MileagePlus and co-branded credit card growth remain on track. Risks from fuel price volatility, FAA hub capacity caps, and cost inflation…
Reported After market closeNASDAQIndustrials
$38.76B market cap
100quality score
Company context
Snapshot as of publicationUnited Airlines Holdings, Inc., through its various subsidiaries, delivers air travel solutions on a global scale. Its vast network extends across North America, Europe, Asia, Africa, the Pacific, the Middle East, and Latin America, facilitating the movement of both passengers and freight. The company operates these services using a combination of its primary and regional aircraft fleets. Beyond its core transportation offerings, United also provides specialized support to external clients, encompassing catering, ground handling, aviation training, and aircraft maintenance. Established in 1968, the enterprise has its principal offices in Chicago, Illinois. Notably, it adopted its current name, United Airlines Holdings, Inc., in June 2019, having previously operated as United Continental Holdings, Inc.
Earnings scorecard
Reported versus consensus
Reported EPS
$1.99
Consensus $2
EPS surprise
+5.9%
Reported versus consensus
Reported revenue
$17.67B
Consensus $17.62B
Revenue surprise
+0.3%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$119.42Current
$33Low
$111.54Average
$190High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Susquehanna | Positive | Positive | Maintain | Jul 17, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 17, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 17, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 2, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jul 2, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Jul 2, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jul 1, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 1, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jun 30, 2026 |
| Citigroup | Buy | Buy | Maintain | Jun 26, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jun 25, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jun 25, 2026 |
| UBS | Buy | Buy | Maintain | Jun 23, 2026 |
| Jefferies | Buy | Buy | Maintain | Apr 27, 2026 |
| Rothschild & Co | Buy | Buy | Maintain | Mar 5, 2026 |
| Freedom Broker | Buy | Buy | Maintain | Jan 23, 2026 |
| Argus Research | Buy | Buy | Maintain | Jan 22, 2026 |
| Seaport Global | Buy | Buy | Maintain | May 15, 2025 |
| Raymond James | Market Perform | Outperform | Downgrade | Apr 2, 2025 |
| Redburn Atlantic | Buy | Neutral | Upgrade | Jun 6, 2024 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | May 17, 2024 |
| Redburn Partners | Buy | Neutral | Upgrade | Aug 7, 2023 |
| Deutsche Bank | Buy | Buy | Maintain | Jul 20, 2023 |
| Exane BNP Paribas | Outperform | Underperform | Upgrade | Mar 7, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jul 22, 2022 |
| Stifel | Hold | Hold | Maintain | Jul 22, 2021 |
| MKM Partners | Neutral | Neutral | Maintain | Jun 10, 2021 |
| Credit Suisse | Neutral | Outperform | Downgrade | Jun 12, 2020 |
| Bank of America | Neutral | Neutral | Maintain | Mar 26, 2020 |
| Buckingham Research | Neutral | Buy | Downgrade | Feb 27, 2020 |
| CFRA | Hold | Buy | Downgrade | Feb 24, 2020 |
| Berenberg | Hold | Hold | Maintain | Sep 6, 2019 |
| Imperial Capital | In Line | Underperform | Upgrade | Jul 24, 2019 |
| Buckingham | Buy | Buy | Maintain | Apr 17, 2019 |
| Stephens & Co. | Overweight | Overweight | Maintain | Oct 18, 2018 |
| Macquarie | Outperform | Neutral | Upgrade | Oct 18, 2018 |
| Standpoint Research | Buy | Hold | Upgrade | Dec 18, 2017 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Oct 24, 2017 |
| Stifel Nicolaus | Buy | Buy | Maintain | Apr 22, 2016 |
| Sterne Agee CRT | Neutral | Buy | Downgrade | Apr 22, 2016 |
| Sterne Agee | Neutral | Buy | Downgrade | Apr 22, 2016 |
| CRT Capital | Hold | Buy | Downgrade | Apr 27, 2015 |
| Avondale Partners | Market Outperform | Market Perform | Upgrade | Oct 15, 2014 |
| Dahlman Rose | Buy | Buy | Maintain | Mar 8, 2013 |
| S&P Capital IQ | Hold | Buy | Downgrade | Jul 26, 2012 |
| Bank oferica | Neutral | Neutral | Maintain | Mar 30, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $119.42. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Sheila Kahyaoglu | $155 | $115.41 | +29.8% | Jul 19, 2026 |
| Susquehanna | Christopher Stathoulopoulos | $165 | $118.81 | +38.2% | Jul 17, 2026 |
| Morgan Stanley | Ravi Shanker | $190 | $118.81 | +59.1% | Jul 16, 2026 |
| Susquehanna | Analyst unavailable | $172 | $132.5 | +44.0% | Jul 7, 2026 |
| Morgan Stanley | Analyst unavailable | $185 | $135.07 | +54.9% | Jul 6, 2026 |
| Goldman Sachs | Catherine O'Brien | $162 | $135.13 | +35.7% | Jul 2, 2026 |
| Bernstein | Analyst unavailable | $153 | $134.8 | +28.1% | Jul 1, 2026 |
| Wells Fargo | Analyst unavailable | $165 | $135.19 | +38.2% | Jun 30, 2026 |
| Barclays | Brandon Oglenski | $175 | $130.54 | +46.5% | Jun 25, 2026 |
| UBS | Analyst unavailable | $153 | $118.68 | +28.1% | Jun 23, 2026 |
| Morgan Stanley | Analyst unavailable | $182 | $111.24 | +52.4% | Jun 1, 2026 |
| UBS | Analyst unavailable | $148 | $106.08 | +23.9% | May 26, 2026 |
| Jefferies | Sheila Kahyaoglu | $112 | $91.9 | -6.2% | Apr 27, 2026 |
| UBS | Atul Maheswari | $139 | $90.96 | +16.4% | Apr 24, 2026 |
| BMO Capital | Analyst unavailable | $130 | $92.85 | +8.9% | Apr 23, 2026 |
| Susquehanna | Analyst unavailable | $135 | $91.71 | +13.0% | Apr 23, 2026 |
| Jefferies | Sheila Kahyaoglu | $148 | $109.96 | +23.9% | Feb 19, 2026 |
| Bernstein | Analyst unavailable | $136 | $107.76 | +13.9% | Jan 27, 2026 |
| Argus Research | John Staszak | $135 | $113.77 | +13.0% | Jan 22, 2026 |
| BMO Capital | Analyst unavailable | $132.5 | $110.96 | +11.0% | Jan 22, 2026 |
| UBS | Analyst unavailable | $147 | $110.96 | +23.1% | Jan 22, 2026 |
| Goldman Sachs | Catherine O'Brien | $129 | $115.29 | +8.0% | Jan 13, 2026 |
| Barclays | Analyst unavailable | $150 | $117.32 | +25.6% | Jan 12, 2026 |
| Susquehanna | Analyst unavailable | $150 | $117.26 | +25.6% | Jan 9, 2026 |
| Morgan Stanley | Ravi Shanker | $150 | $116.88 | +25.6% | Jan 8, 2026 |
| UBS | Analyst unavailable | $145 | $116.42 | +21.4% | Jan 6, 2026 |
| Wells Fargo | Analyst unavailable | $145 | $110.27 | +21.4% | Dec 18, 2025 |
| UBS | Analyst unavailable | $142 | $108.4 | +18.9% | Dec 12, 2025 |
| BMO Capital | Analyst unavailable | $125 | $104.5 | +4.7% | Dec 8, 2025 |
| Loop Capital Markets | Sergey Glinyanov | $110 | $100.45 | -7.9% | Oct 21, 2025 |
| Morgan Stanley | Ravi Shanker | $140 | $98.88 | +17.2% | Oct 17, 2025 |
| UBS | Thomas Wadewitz | $128 | $98.19 | +7.2% | Oct 17, 2025 |
| Barclays | Analyst unavailable | $135 | $98.19 | +13.0% | Oct 17, 2025 |
| Seaport Global | Analyst unavailable | $130 | $100.12 | +8.9% | Oct 16, 2025 |
| Susquehanna | Analyst unavailable | $115 | $94.83 | -3.7% | Oct 3, 2025 |
| Barclays | Brandon Oglenski | $115 | $96.5 | -3.7% | Oct 1, 2025 |
| Jefferies | Analyst unavailable | $125 | $95.03 | +4.7% | Oct 1, 2025 |
| Evercore ISI | Analyst unavailable | $135 | $97.91 | +13.0% | Sep 29, 2025 |
| UBS | Analyst unavailable | $131 | $98.13 | +9.7% | Sep 26, 2025 |
| Evercore ISI | Duane Pfennigwerth | $105 | $91.22 | -12.1% | Jul 17, 2025 |
| Barclays | Brandon Oglenski | $94 | $88.94 | -21.3% | Jul 15, 2025 |
| Cantor Fitzgerald | Tom Fitzgerald | $88 | $66.97 | -26.3% | Apr 22, 2025 |
| UBS | Thomas Wadewitz | $59 | $60.23 | -50.6% | Apr 7, 2025 |
| Jefferies | Analyst unavailable | $80 | $68.2 | -33.0% | Apr 1, 2025 |
| Barclays | Brandon Oglenski | $140 | $72.19 | +17.2% | Mar 12, 2025 |
| Susquehanna | Christopher Stathoulopoulos | $130 | $108.67 | +8.9% | Feb 4, 2025 |
| Goldman Sachs | Catherine O’Brien | $119 | $91.16 | -0.4% | Nov 15, 2024 |
| Jefferies | Sheila Kahyaoglu | $95 | $74.15 | -20.4% | Oct 21, 2024 |
| Morgan Stanley | Ravi Shanker | $88 | $72.02 | -26.3% | Oct 17, 2024 |
| Susquehanna | Christopher Stathoulopoulos | $85 | $72.02 | -28.8% | Oct 17, 2024 |
| Seaport Global | Daniel McKenzie | $97 | $72.02 | -18.8% | Oct 17, 2024 |
| Bernstein | David Vernon | $85 | $72.02 | -28.8% | Oct 17, 2024 |
| Evercore ISI | Duane Pfennigwerth | $85 | $72.02 | -28.8% | Oct 16, 2024 |
| Deutsche Bank | Michael Linenberg | $80 | $64.05 | -33.0% | Oct 16, 2024 |
| Barclays | Brandon Oglenski | $75 | $64.05 | -37.2% | Oct 16, 2024 |
| Barclays | Brandon Oglenski | $66 | $61.8 | -44.7% | Oct 14, 2024 |
| Redburn Partners | James Goodall | $70 | $53.56 | -41.4% | Jun 6, 2024 |
| Jefferies | Sheila Kahyaoglu | $65 | $50.64 | -45.6% | May 29, 2024 |
| HSBC | Achal Kumar | $69.2 | $52.72 | -42.1% | May 13, 2024 |
| Susquehanna | Christopher Stathoulopoulos | $60 | $48.74 | -49.8% | Apr 18, 2024 |
| Barclays | Brandon Oglenski | $60 | $48.46 | -49.8% | Apr 17, 2024 |
| Jefferies | Sheila Kahyaoglu | $52 | $47.35 | -56.5% | Apr 2, 2024 |
| Jefferies | Sheila Kahyaoglu | $50 | $44.89 | -58.1% | Mar 25, 2024 |
| UBS | Atul Maheswari | $47 | $43.91 | -60.6% | Mar 19, 2024 |
| Raymond James | Savanthi Syth | $70 | $39.92 | -41.4% | Oct 17, 2023 |
| Raymond James | Savanthi Syth | $76 | $57.61 | -36.4% | Jul 21, 2023 |
| Citigroup | Analyst unavailable | $56 | $36.14 | -53.1% | Jul 25, 2022 |
| Cowen & Co. | Analyst unavailable | $75 | $36.83 | -37.2% | Jul 22, 2022 |
| Susquehanna | Christopher Stathoulopoulos | $43 | $41.68 | -64.0% | Jul 20, 2022 |
| Barclays | Analyst unavailable | $45 | $36.69 | -62.3% | Jul 8, 2022 |
| BNP Paribas | James Hollins | $33 | $36.54 | -72.4% | Jul 7, 2022 |
| Evercore ISI | Analyst unavailable | $45 | $37.78 | -62.3% | Jun 27, 2022 |
| Raymond James | Savanthi Syth | $48 | $35.66 | -59.8% | Jun 23, 2022 |
| Goldman Sachs | Analyst unavailable | $59 | $52.08 | -50.6% | Apr 22, 2022 |
| Morgan Stanley | Analyst unavailable | $67 | $51.95 | -43.9% | Apr 22, 2022 |
| Cowen & Co. | Analyst unavailable | $86.5 | $50.85 | -27.6% | Apr 22, 2022 |
| Barclays | Brandon Oglenski | $58 | $50.85 | -51.4% | Apr 21, 2022 |
| Deutsche Bank | Michael Linenberg | $60 | $50.85 | -49.8% | Apr 21, 2022 |
| Evercore ISI | Duane Pfennigwerth | $50 | $50.85 | -58.1% | Apr 21, 2022 |
| Piper Sandler | Analyst unavailable | $51 | $45.95 | -57.3% | Apr 19, 2022 |
| BNP Paribas | James Hollins | $38 | $43.86 | -68.2% | Mar 28, 2022 |
| Redburn Partners | James Goodall | $35 | $42.82 | -70.7% | Feb 6, 2022 |
| Susquehanna | Christopher Stathoulopoulos | $55 | $41.65 | -53.9% | Jan 21, 2022 |
| J.P. Morgan | Jamie Baker | $63 | $41.65 | -47.2% | Jan 21, 2022 |
| Deutsche Bank | Michael Linenberg | $60 | $44.4 | -49.8% | Jan 19, 2022 |
| Bernstein | David Vernon | $73 | $47.31 | -38.9% | Jan 7, 2022 |
| MKM Partners | Conor Cunningham | $54 | $45.49 | -54.8% | Jan 3, 2022 |
| Cowen & Co. | Helane Becker | $78 | $46.72 | -34.7% | Oct 21, 2021 |
| UBS | Myles Walton | $58 | $46.72 | -51.4% | Oct 21, 2021 |
| Goldman Sachs | Catherine O'Brien | $65 | $50.22 | -45.6% | Oct 6, 2021 |
| Stifel Nicolaus | Joseph DeNardi | $54 | $47.95 | -54.8% | Jul 22, 2021 |
Track every rating change on UAL the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-1.8%
Event window
SPY move
-0.5%
Same window
Abnormal move
-1.2%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
+0.5%
Up to 20 sessions
UALSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
In Q1 2026, United reported record revenue of $14.6 billion with EPS up 31% to $1.19, maintained guidance, and expected to pass through 100% of fuel cost increases by year-end. This quarter, revenue accelerated to $17.67 billion (up 16% YoY) with EPS of $1.99, management raised guidance, and the fuel recovery expectation was revised to 80-90% by Q4. New developments include the Starlink Wi-Fi rollout plan, $3.7 billion in newly raised low-cost debt at roughly 5% fixed rate, and the plan to retire 80 aircraft in 2026 as part of fleet up-gauging. Capex outlook shifted from increasing (Q1) to stable (Q2).
Guidance delta
United raised its full-year guidance this quarter, a step up from the prior quarter's maintained stance. The revised guidance incorporates higher fuel costs, with management expecting to recover 80-90% of the fuel impact by Q4. The company continues to target double-digit pretax margins by 2027 and mid-teens margins beyond, consistent with prior quarter commentary. Capex outlook moved from increasing to stable.
Key takeaways
- Revenue and EPS beat estimates: $17.67B revenue (vs. $17.60B estimate) and $1.99 EPS (vs. $1.88 estimate), with RASM up 12.1% YoY and strong premium growth.
- Fuel headwind managed: Despite a $2.3B fuel cost increase, United hit the top end of guidance and expects to recover 80-90% of the impact by Q4.
- Guidance raised: Management raised full-year guidance, up from the maintained stance in Q1, reflecting confidence in demand and revenue initiatives.
- Brand-loyal strategy gaining traction: MileagePlus and co-branded credit card programs saw record growth, with higher NPS and share gains.
- Liquidity strengthening: $19.6B in liquidity, $3.7B in new low-cost debt at roughly 5% fixed rate, positioning United near investment-grade credit status.
Management priorities
- Complete Starlink Wi-Fi rollout across approximately 1,000 aircraft by year-end.
- Accelerate premium narrow-body fleet with MAX 10, A321 XLR, and Coastliner aircraft.
- Advance United Next initiatives: larger gauge aircraft, new cabin products, and de-commoditized revenue streams.
- Target double-digit pretax margins by 2027 and mid-teens margins beyond.
- Continue debt reduction and pursue investment-grade credit rating.
Related earnings events
IndustrialsURI · FY2026 Q2 · Calendar Q3 2026United Rentals Q2: Record Revenue, Raised Guidance, and a Possible Investment-Grade UpgradeNSC · FY2026 Q2 · Calendar Q3 2026Norfolk Southern Beats on Volume Strength as Intermodal and Coal Drive Q2 GrowthHON · FY2026 Q2 · Calendar Q3 2026Honeywell Q2: Beat and Raise as Portfolio Reshaping Nears Completion
Sources
- Earnings call transcript and parsed analysis · 2026-07-16T17:03:34.139136+00:00
- FN2 earnings calendar · 2026-07-30T01:23:13.872335+00:00
- Polygon adjusted daily market bars · 2026-07-30T05:21:38.820860+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T05:21:38.818180+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.