United Expects Fourth-Quarter Revenue Growth to Accelerate

The Tip Desk · October 21, 2026 · 3 min read

Third-quarter operating revenue hit a record $17.9 billion, up 17.4%, and the airline said fourth-quarter growth should exceed 20%.

United Airlines Holdings (UAL) reported third-quarter total operating revenue of $17.9 billion, up 17.4% from a year earlier and an all-time record, after 16% year-over-year growth in the second quarter.

The airline said it expects fourth-quarter total operating revenue growth to accelerate versus the third quarter and set another record with an over 20% year-over-year increase.

Total revenue per available seat mile rose 15.9% year-over-year, which United called the best quarterly unit-revenue growth since the pandemic, after a 12% increase in the second quarter. Passenger revenue was $16.24 billion, up 17.6%, with passenger revenue per available seat mile up 16.1% and yield up 16.8% on 1.3% more available seat miles. Consolidated load factor was 83.9%.

Capacity of 1.3% year-over-year sat within the range United had set after reducing its original planned capacity by five percentage points for the rest of 2026, when it had said third- and fourth-quarter capacity would be flat to up about 2%. The carrier carried a record 49.5 million revenue passengers, measured by flight segment, averaging about 538,000 daily customers, and recorded six of its 10 highest-volume travel days for the year so far.

Pre-tax earnings were $1.3 billion, with a 7.3% pre-tax margin, versus $1.0 billion and a 5.8% margin in the second quarter. Adjusted pre-tax earnings were $1.1 billion, with a 6.2% adjusted pre-tax margin. Diluted earnings per share were $3.14; adjusted diluted earnings per share were $2.54, within guidance.

Aircraft fuel expense was $4.84 billion, up 61.6% year-over-year, after a $2.3 billion, or 84%, year-over-year increase in the second quarter. Average fuel price was $3.90 a gallon. Cost per available seat mile rose 17.3% year-over-year; CASM-ex rose 7.8%.

Domestic passenger revenue was $9.71 billion, up 19.9%, with PRASM up 14.5% and yield up 15.7% on 4.7% more ASMs. International passenger revenue was $6.53 billion, up 14.3%, with PRASM and yield each up 17.4% on 2.7% fewer ASMs. Latin America passenger revenue rose 24.2% and Pacific rose 16.5%, while Middle East/India/Africa passenger revenue fell 17.3%.

Premium revenue was up 17% year-over-year, after a 16% increase in the second quarter. Basic Economy revenue was up 16%, loyalty revenue up 17%, and contracted business revenue up 26%. Economy cabin unit revenue was up 17%, the third consecutive quarter of economy revenue growth. Cargo revenue was $529 million, up 22.9%, after a 23% year-over-year increase in the second quarter; United transported more than 352 million pounds of cargo, the largest third quarter in company history.

Starlink was installed on more than 640 aircraft, versus 450 in the second quarter, and is available on about half of all United flights. United said availability is expected to reach 61% by the end of 2026, 87% by June 1, and fleet-wide by the end of 2027. The Airbus A321XLR named “Born to Explore” debuted with domestic service in September.

United announced the largest-ever international network expansion, with service to 10 new destinations planned to start in summer 2027, and operated the largest domestic schedule in company history, serving 241 airports across the U.S. and Canada. On October 16, it expanded its revolving credit facility, raising available liquidity from $3 billion previously to $5 billion under the new facility. Ending available liquidity was $17.7 billion. Total debt, finance lease obligations and other financial liabilities were $26.4 billion at quarter end.