Earnings Preview: What To Expect From United Airlines' Report

With a market cap of $42.4 billion, United Airlines Holdings, Inc. (UAL) is a leading airline holding company that provides passenger and cargo air transportation services across the United States, Canada, the Atlantic, Pacific, and Latin America through its mainline and regional fleets. It also offers loyalty programs, maintenance and ground handling services, and distributes its services through direct digital channels, travel agencies, and other intermediaries.

The Chicago, Illinois-based company is expected to unveil its fiscal Q2 2026 results soon. Prior to the event, analysts anticipate UAL to report an adjusted EPS of $1.89, a 51.2% decline from $3.87 in the same quarter last year. However, the company has exceeded Wall Street's earnings expectations in each of the last four quarters.

For fiscal 2026, analysts expect UAL to post adjusted EPS of $10.01, down 5.7% from $10.62 in fiscal 2025. Nevertheless, adjusted EPS is anticipated to rebound in fiscal 2027, increasing nearly 38% to $13.81.

United Airlines' shares have jumped 77.2% over the past 52 weeks, outperforming the S&P 500 Index's ($SPX) 21.1% gain and the State Street Industrial Select Sector SPDR ETF's (XLI) 28.7% increase over the same period.

Shares of United Airlines fell 5.6% following its Q1 2026 results on Apr. 21 as the company issued weaker-than-expected guidance, forecasting Q2 adjusted EPS of $1 - $2 (midpoint $1.50), and full-year EPS of $7 - $11. The disappointing outlook was driven by a sharp rise in fuel costs linked to the Iran conflict, with United expecting to pay about $4.30 per gallon for jet fuel in Q2 and recover only 40% - 50% of the fuel-price increase through fares and other revenue measures during the quarter. 

Although Q1 adjusted EPS of $1.19 beat expectations and revenue increased 10.6% to $14.6 billion, investors focused on margin pressure from higher fuel expenses, which rose 12.6% year-over-year to $340 million, and the weaker profit outlook.

Analysts' consensus rating on United Airlines stock is bullish, with a "Strong Buy" rating overall. Out of 25 analysts covering the stock, opinions include 21 "Strong Buys," two "Moderate Buys," and two "Holds." As of writing, the stock is trading above the average analyst price target of $132.65.