United Airlines Posts $699M Profit in Q1 2026, Up 81% on Revenue Gains

United Airlines (NYSE: UAL), a major U.S. air carrier, reported net income of $699 million for the three months ending March 31, 2026, up 81% from $387 million in the same quarter a year earlier. The airline posted diluted earnings per share of $2.14, compared with $1.16 in Q1 2025. Read more earnings reports.

Total revenue rose 11% to $14.61 billion from $13.21 billion a year earlier. Passenger revenue, the airline's core business, increased to $13.17 billion from $11.86 billion in the prior-year quarter. Cargo revenue edged down to $422 million from $429 million, while other operating revenue climbed to $1.02 billion from $923 million.

Operating income nearly doubled to $997 million from $607 million in Q1 2025. The airline paid $172 million in income taxes for the quarter, up from $91 million in the year-ago period.

Operating Expenses Rise

Labor and related costs climbed to $4.56 billion from $4.16 billion in the first quarter of 2025. Total operating expenses for the period increased across all major categories as the airline expanded operations.

Balance Sheet Strengthens

United ended the quarter with total assets of $80.94 billion, up from $76.45 billion at year-end 2025. Cash and cash equivalents stood at $7.87 billion on March 31, 2026, compared with $5.94 billion at the end of December 2025.

Long-term debt decreased to $20.63 billion from $21.27 billion at year-end. Total stockholders' equity rose to $15.88 billion from $15.28 billion three months earlier. Retained earnings increased to $10.73 billion from $10.09 billion at December 31, 2025.

Cash Flow

The airline generated $4.80 billion in cash from operations during the quarter, up from $3.71 billion in Q1 2025. Cash used in investing activities totaled $1.89 billion, compared with $1.46 billion a year earlier. Financing activities consumed $976 million in cash versus $1.46 billion in the prior-year quarter.

Property, plant, and equipment stood at $47.07 billion at quarter-end, up from $46.12 billion at December 31, 2025. The airline held $6.30 billion in short-term investments as of March 31, 2026, unchanged from year-end.

Common shares outstanding totaled 324.6 million at March 31, 2026, compared with 323.5 million at the end of 2025.

Financial Summary