United Airlines reported its second-quarter 2026 results ahead of Wall Street expectations, even as the carrier cautioned that higher jet-fuel costs could weigh on earnings for the year. The airline posted adjusted earnings per share of $1.99 for the quarter ended June 30, above consensus of $1.88 per share, on revenue of $17.67 billion, versus a $17.61 billion estimate. On a year-over-year basis, net income declined to $805 million, or $2.46 per share, as fuel and other costs rose.
United expanded flying by 3.5% in the quarter, helping lift overall revenue. Management said customer demand remained robust even with higher fares, and the company will refresh its forecasts to reflect the latest fuel-price environment given ongoing volatility tied to regional tensions and supply dynamics.
For the third quarter, United projected adjusted earnings per share in a range of $2.50 to $3.50, versus analysts’ expectations near $3.60. For the full year, the company reiterated an adjusted earnings-per-share target of $9 to $11, at the higher end of its prior guidance after an earlier forecast cut following the U.S. and Israel actions in late February.
United estimated that higher jet-fuel costs could add almost $6 billion to expenses this year compared with initial 2026 plans. Second-quarter fuel costs rose 84% year over year to about $2.3 billion, with fuel prices cited as the largest cost after labor. The airline said it would cover up to 90% of the higher fuel costs in the current quarter and absorb all of the increased costs in the fourth quarter.
Fuel-price volatility has coincided with a rise in jet-fuel prices at major U.S. airports, contributing to the higher cost environment. Rival Delta Air Lines also indicated that it is passing more of these higher costs to customers, while United noted that demand remained strong despite higher fares.
Additionally, United said it would update its forecast to incorporate the latest fuel prices given the volatility, and the carrier expanded flying in the quarter. The results were announced ahead of an investor call scheduled for Thursday morning.
