United Airlines Holdings Inc
UAL.US Full Coverage
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Volume
52W avg
Day Range
52W High
52W Low
Market Cap
Div Yield
Forward P/E
P/B
Headlines
FY2026 Q2
United raised its full‑year adjusted EPS outlook to $9.00‑$11.00, tightening the range from the prior $7.00‑$11.00, reflecting confidence in sustained revenue momentum and pricing power. In Q2, United posted adjusted EPS of $1.99 at the top of its guidance while total operating revenue jumped 16% YoY to $17.7 billion despite a $2.3 billion fuel cost headwind, driven by a 27% YoY surge in contracted business revenue and a 12.1% rise in unit revenue (TRASM). Management expects TRASM growth to accelerate in Q3 and Q4, with Q4 booked yields currently up 19% YoY, and attributes 90% of recent fare hikes to a lasting rise in non‑fuel costs.
Adj. EPS (Q2 2026)
$1.99
-48.6% YoY
Total Operating Revenue (Q2 2026)
$17.7B
+16.0% YoY
Total Revenue per ASM (TRASM)
20.25¢
+12.1% YoY
FY 2026 Adj. EPS Guidance
$9.00 - $11.00
Raised
Contracted Business Revenue
+27.0% YoY
vs +14% in Q1'26
What We're Watching
Strategic / Opportunity
Starlink Rollout & Customer Impact
📅
Ongoing / YE 2026
What to Monitor
Progress toward the accelerated target of nearly 1,000 equipped aircraft by year-end. Monitor for any quantification of its impact on Net Promoter Scores (NPS) or market share gains, particularly among high-value corporate travelers.
Why It Matters
Management has positioned Starlink as potentially the "biggest" customer-facing initiative undertaken, describing it as a "step function increase" in attractiveness. Validating this claim with measurable gains in share or loyalty is critical to the "brand-loyal" investment thesis.
Strategic / Risk
Sustainability of Industry Pricing Discipline
📅
Ongoing
What to Monitor
Monitor industry-wide fare trends, especially if fuel prices moderate. Watch for any signs of competitors re-introducing low-margin capacity, which would challenge management's thesis that higher fares are driven 90% by permanent, structural cost increases rather than temporary factors.
Why It Matters
The durability of the current pricing environment is fundamental to management's long-term forecast for "mid-teens margins." A reversion to past competitive behavior would undermine this core thesis and pressure profitability across the sector.
Operational / Opportunity
Corporate Travel Momentum
📅
Next Quarter / Ongoing
What to Monitor
Whether the +27% year-over-year growth rate in contracted business revenue can be sustained or if it decelerates. Continued strength in this high-yield segment is a key indicator of underlying economic health and United's competitive positioning.
Why It Matters
Corporate travel was a standout driver of Q2's revenue outperformance. Its continued strength is crucial for achieving the guided TRASM acceleration in Q3 and Q4 and supports management's decision to hold back inventory for close-in bookings.
Risk / Strategic
MAX 10 Delivery Timeline Clarity
📅
2026-2027
What to Monitor
Resolution of the conflicting delivery timelines provided on the call ("mid to late 2026" vs. "July delivery of next year [2027]"). Any firm updates from Boeing or management on the aircraft's certification and entry-into-service schedule.
Why It Matters
The MAX 10 is a cornerstone of the company's fleet up-gauging strategy, which is essential for driving future CASM-ex efficiencies and expanding the number of premium seats. Further delays could impact cost targets and the pace of margin expansion.
Operational
Main Cabin Revenue Performance
📅
Next Quarter / Ongoing
What to Monitor
Whether Main Cabin RASM growth can remain positive and keep pace with premium cabin performance. After years of underperformance, this segment's recovery is a key element of a full revenue turnaround.
Why It Matters
While premium cabins continue to lead, the main cabin represents a significant portion of inventory. Sustaining the recovery in this segment is necessary to close the margin gap between domestic and international operations and achieve broad-based profitability.
