United Airlines posts record $17.9 billion third-quarter revenue as fuel costs jump 62%

United Airlines set a quarterly revenue record in the third quarter, but a surge in fuel costs ate into its adjusted profit, and its fourth-quarter outlook assumes even pricier jet fuel.

Total operating revenue rose 17.4% to $17.88 billion from $15.23 billion, according to the earnings release United filed with an 8-K on Tuesday. Diluted earnings were $3.14 a share, up from $2.90, and net income rose to $1.03 billion from $949 million.

Excluding special items and other adjustments, earnings fell to $2.54 a share from $2.78, which United said was within its guidance. Aircraft fuel expense climbed 61.6% to $4.84 billion, and the average fuel price was $3.90 a gallon.

Demand held up

Capacity rose just 1.3%, while total revenue per available seat mile climbed 15.9%, which United called its best quarterly unit revenue growth since the pandemic. Premium revenue rose 17%, Basic Economy revenue 16%, loyalty revenue 17% and cargo revenue 23%, the release said. Contracted business revenue rose 26%.

United carried a record 49.5 million customers in the quarter. It said Starlink Wi-Fi is installed on more than 640 aircraft and is expected to be available fleet-wide by the end of 2027.

Fourth-quarter outlook

In an investor update filed with the same 8-K, United guided to fourth-quarter adjusted diluted EPS of $0.50 to $1.50. That assumes an average fuel price of about $4.80 a gallon. The company said consensus expectations assume about $4.35, a gap it estimated is worth roughly $1.00 a share for the quarter.

United expects fourth-quarter total operating revenue to rise more than 20% from a year earlier, which would be another record. It expects full-year adjusted capital expenditures of about $7.5 billion.

Balance sheet

United ended the quarter with $17.7 billion in available liquidity and $26.4 billion of total debt, finance leases and other financial liabilities. On Oct. 16 it expanded its revolving credit facility, raising available liquidity under the facility to $5 billion from $3 billion.

By the numbers

• Operating revenue: $17.88 billion, up 17.4%
• Diluted EPS: $3.14, vs. $2.90
• Adjusted diluted EPS: $2.54, vs. $2.78
• Fuel expense: $4.84 billion, up 61.6%
• Q4 adjusted EPS guidance: $0.50 to $1.50
• Available liquidity: $17.7 billion

Sources

1. United Airlines Holdings, Inc., Form 8-K (Items 2.02 and 7.01) with Exhibit 99.1 earnings release and Exhibit 99.2 investor update, filed Oct. 20, 2026, accession 0000100517-26-000184

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