United Airlines reported first quarter 2026 revenue of $14.6 billion, an increase of 10.6% year-over-year, beating consensus estimates. The company delivered adjusted earnings per share of $1.19, a 31% increase from the prior year and also above analyst expectations.
Key Highlights
- Total revenue per available seat mile (TRASM), a key measure of pricing power, increased 6.9% year-over-year, with positive growth across all geographic regions.
- Non-fuel unit costs (CASM-ex) rose 5.9% compared to the first quarter of 2025, reflecting persistent inflationary and labor cost pressures.
- In response to higher fuel prices, United plans to reduce its 2026 capacity growth plan by 5 percentage points, now expecting capacity in the third and fourth quarters to be flat to up 2% year-over-year.
- Demand for premium products and business travel remained robust, with revenue from both categories increasing 14% year-over-year.