Earnings call analysis

United Airlines (UAL) Q3 2026 Earnings Call: Guidance and Outlook

The company provided earnings guidance for the fourth quarter of 2026. No specific annual guidance for 2027 was provided, though management discussed long-term goals.

About United Airlines. , 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.

Call date

Oct 21, 2026

Sentiment score

+35 Balanced

Management tone, -100 to +100

Sentiment change

vs Q2 2026 call

Sector

Industrials, Passenger Airlines

Next report

Jan 19, 2027

View calendar

Quarterly guidance

Earnings per share: Expected to be between $0.50 and $1.50 for the fourth quarter.
Fuel price: Assumed all-in fuel price per gallon of approximately $4.80.

Annual guidance

Annual guidance: No specific annual guidance was provided for 2027.

Outlook

Fuel costs: Management expects fuel to remain elevated throughout 2027.
Industry capacity: Industry capacity is expected to accelerate, though management believes supply rationalization will eventually occur.
Starlink: Starlink is expected to be a significant RASM tailwind in 2027, with fleet-wide installation by year-end.
CASM ex: The company targets 2% to 3% CASM ex growth in 2027.
Loyalty: United expects loyalty revenue to grow in the mid-teens for the next few years.
Chicago capacity: Domestic industry capacity growth at O'Hare is expected to be minimal due to FAA constraints.

Sources and method

Dombey's summary of the United Airlines Q3 2026 earnings call held Oct 21, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.

Updated Nov 9, 2026. All earnings call analyses

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