United Airlines Holdings, Inc.
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ITEM 1. BUSINESS.
Overview
United Airlines Holdings, Inc. (together with its consolidated subsidiaries, "UAL" or the "Company") is a holding company and its wholly-owned subsidiary is United Airlines, Inc. (together with its consolidated subsidiaries, "United"). United's shared purpose is "Connecting People. Uniting the World." United has the most comprehensive route network among North American carriers, including U.S. mainland hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C.
As UAL consolidates United for financial statement purposes, disclosures that relate to activities of United also apply to UAL, unless otherwise noted. United's operating revenues and operating expenses comprise nearly 100% of UAL's revenues and operating expenses. In addition, United comprises approximately the entire balance of UAL's assets, liabilities and operating cash flows. When appropriate, UAL and United are named specifically for their individual contractual obligations and related disclosures and any significant differences between the operations and results of UAL and United are separately disclosed and explained. We sometimes use the words "we," "our," "us," and the "Company" in this report for disclosures that relate to all of UAL and United.
The Company's principal executive office is located at 233 South Wacker Drive, Chicago, Illinois 60606 (telephone number (872) 825-4000). The Company's website is located at www.united.com and its investor relations website is located at ir.united.com. The information contained on or connected to the Company's websites is not incorporated by reference into this Form 10-K and should not be considered part of this or any other report filed with the U.S. Securities and Exchange Commission ("SEC"). The Company's filings with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports, as well as UAL's proxy statement for its annual meeting of stockholders, are accessible without charge on the Company's investor relations website, as soon as reasonably practicable, after we electronically file such material with, or furnish such material to, the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act. Such filings are also available on the SEC's website at www.sec.gov.
Operations
The Company transports people and cargo throughout North America and to destinations in Asia, Europe, Africa, the Pacific, the Middle East and Latin America. UAL, through United and its regional carriers, operates across six continents, with hubs at Chicago O'Hare International Airport ("ORD"), Denver International Airport ("DEN"), George Bush Intercontinental Airport ("IAH"), Los Angeles International Airport ("LAX"), Newark Liberty International Airport ("EWR"), San Francisco International Airport ("SFO"), Washington Dulles International Airport ("IAD") and A.B. Won Pat International Airport ("GUM").
All of the Company's domestic hubs are located in large business and population centers, contributing to a large amount of "origin and destination" traffic. The hub and spoke system allows us to transport passengers between a large number of destinations with substantially more frequent service than if each route were served directly. The hub system also allows us to add service to a new destination from a large number of cities using only one or a limited number of aircraft. As discussed under Alliances below, United is a member of Star Alliance, the world's largest alliance network.
United Next. In 2025 the Company continued to make progress with its United Next plan to align its network and product with the potential of its hubs while remaining focused on protecting the safety of its employees and customers and providing a superior customer experience. United Next aims to increase customer choice and win brand-loyal customers by offering a diversity of products ranging from Basic Economy to Polaris and growing our leading global network, which the Company believes will lead to diverse revenue streams for the Company. As part of its United Next growth plan, the Company expects to
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take delivery of over 630 new narrow- and widebody aircraft by the end of 2034. The new aircraft that the Company has taken delivery of to date have increased the Company's gauge, scale and connectivity as well as improved the Company's fuel efficiency. Other key highlights of its United Next plan include:
•increasing our employee headcount by more than 38,000 employees since 2020;
•surpassing 530 new and retrofit aircraft featuring United's signature interior with bigger bins, seatback screens at every seat and Bluetooth connectivity;
•expanding the Company's leading global network to destinations like Bangkok, Thailand; Ho Chi Minh City, Vietnam; and Adelaide, Australia.
•inaugurating service to eight new destinations: Nuuk, Greenland; Ulaanbaatar, Mongolia; Faro, Portugal; Puerto Escondido, Mexico; Palermo, Italy; Bilbao, Spain; and Madeira Island, Portugal.
•launching Kinective MediaSM – the first media network that uses insights from travel behaviors to connect customers to personalized advertising, experiences and offers from leading brands;
•bringing Starlink's Wi-Fi service (the world's fastest, most reliable Wi-Fi in the sky) to our United Express regional aircraft and beginning installation on our mainline aircraft; and
•making significant technology changes that empower the Company's employees and improve the customer experience.
Regional. The Company's business and operations are dependent on its regional flight network, with regional capacity accounting for approximately 6.1% of the Company's total capacity for the year ended December 31, 2025. The Company has contractual relationships with various regional carriers to provide regional aircraft service branded as United Express. This regional service complements our operations by carrying traffic that connects to our hubs and allows flights to smaller cities that cannot be provided economically with mainline aircraft. CommuteAir LLC ("CommuteAir"), GoJet Airlines, LLC ("GoJet"), Mesa Airlines, Inc. ("Mesa"), Republic Airways Inc. ("Republic") and SkyWest Airlines, Inc. ("SkyWest") are all regional carriers that operate with capacity contracted to United under capacity purchase agreements ("CPAs"). Under these CPAs, the Company pays the regional carriers contractually agreed fees (carrier costs) for operating these flights plus a variable rate adjustment based on agreed performance metrics, subject to annual adjustments. The fees are based on rates multiplied by specific operating statistics (e.g., block hours, departures), as well as fixed monthly amounts. Under these CPAs, the Company is also responsible for all fuel costs incurred, as well as landing fees and other costs, which are either passed through by the regional carrier to the Company without any markup or directly incurred by the Company. In some cases, the Company owns some or all of the aircraft subject to the CPA and leases such aircraft to the regional carrier. In return, the regional carriers operate the capacity of the aircraft included within the scope of such CPA exclusively for United, on schedules determined by the Company. The Company also determines pricing and revenue management, assumes the inventory and distribution risk for the available seats and permits mileage accrual and redemption for regional flights through its MileagePlus loyalty program.
Alliances. United is a member of Star Alliance, a global integrated airline network and the largest and most comprehensive airline alliance in the world. In 2025, Star Alliance member carriers continued to serve more than 1,150 airports in more than 190 countries and territories with 17,500 average daily departures. Star Alliance members, in addition to United, are Aegean Airlines, Air Canada, Air China, Air India, Air New Zealand, All Nippon Airways ("ANA"), Asiana Airlines, Austrian Airlines, Aerovías del Continente Americano (Avianca), Brussels Airlines, Copa Airlines, Croatia Airlines, EGYPTAIR, Ethiopian Airlines, EVA Air, LOT Polish Airlines, Lufthansa, Shenzhen Airlines, Singapore Airlines, South African Airways, SWISS, TAP Air Portugal, THAI Airways International and Turkish Airlines. In addition to its members, Star Alliance includes Shanghai-based Juneyao Airlines as a connecting partner and Germany-based Deutsche Bahn and Austria-based ÖBB – Austrian Federal Railways as railway intermodal partners. Lufthansa City Airlines joined Star Alliance as part of Lufthansa.
United has a variety of bilateral commercial alliance agreements and obligations with Star Alliance members, addressing, among other things, reciprocal earning and redemption of frequent flyer miles, access to airport lounges and, with certain Star Alliance members, codesharing of flight operations (whereby one carrier's selected flights can be marketed under the brand name of another carrier). In addition to the alliance agreements with Star Alliance members, United currently maintains independent alliance agreements with other air carriers, including Aer Lingus, Air Dolomiti, Airlink, Azul Linhas Aéreas Brasileiras, Cape Air, Discover Airlines, Edelweiss Air, Emirates, Eurowings, flydubai, Hawaiian Airlines, ITA Airways, JetBlue, JetSuiteX, Olympic Air and Virgin Australia Airlines.
United also participates in four passenger joint business arrangements ("JBAs"): one with Air Canada and the Lufthansa Group (which includes Lufthansa and its affiliates Air Dolomiti, Austrian Airlines, Brussels Airlines, Discover Airlines, Edelweiss, Eurowings, Lufthansa City Airlines and SWISS) covering transatlantic routes, one with ANA covering certain transpacific
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routes, one with Air New Zealand covering certain routes between the United States and New Zealand, and one with Air Canada covering certain United States and Canada transborder routes. These passenger JBAs enable the participating carriers to integrate the services they provide in the respective regions, capturing revenue synergies and delivering enhanced customer benefits, such as highly competitive flight schedules, fares and services. Separate from the passenger JBAs, United is also a party to a JBA with Lufthansa for transatlantic cargo services. This cargo JBA offers expanded and more seamless access to cargo space across the carriers' respective combined networks.
Loyalty Program. United's MileagePlus loyalty program builds customer loyalty by offering awards, benefits and services to program participants. Members in this program earn miles for flights on United, United Express, Star Alliance members and certain other airlines that participate in the program. Members can also earn miles by purchasing goods and services from our network of non-airline partners, such as domestic and international credit card issuers, retail merchants, hotels and car rental companies. Members can redeem miles for free (other than taxes and government-imposed fees), discounted or upgraded travel and non-travel awards.
United has an agreement with JPMorgan Chase Bank, N.A. ("Chase"), pursuant to which members of United's MileagePlus loyalty program who are residents of the United States can earn miles for making purchases using a MileagePlus credit card issued by Chase (the "Co-Brand Agreement"). The Co-Brand Agreement also provides for joint marketing and other support for the MileagePlus credit card and provides Chase with other benefits such as permission to market to the Company's customer database.
In 2025, approximately 10.9 million MileagePlus flight awards were used on United and United Express. These awards represented approximately 10.3% of United's total revenue passenger miles. Total miles redeemed for flights on United and United Express, including class-of-service upgrades, represented approximately 90% of the total miles redeemed. In addition, excluding miles redeemed for flights on United and United Express, MileagePlus members redeemed miles for approximately 4.3 million other awards. These awards include United Club memberships, car and hotel awards, merchandise and flights on other air carriers.
Air Cargo. The Company provides freight and mail transportation services ("Air Cargo"). The majority of Air Cargo services are provided to commercial businesses, freight forwarders, logistics firms and national postal services. Through our global network, the Company's Air Cargo operations are able to connect the world's major freight gateways. The Company generates Air Cargo revenues in domestic and international markets through the use of cargo capacity on regularly scheduled passenger flights, interline and charter flights, and ground trucking arrangements.
Distribution Channels. The Company sells airline tickets and ancillary products through a wide range of distribution channels, including direct channels such as the Company's website at www.united.com and the Company's mobile app, as well as traditional travel agencies, online travel agencies ("OTAs") and other intermediaries. The Company seeks to make its products available across these channels to support customer choice, subject to the technological capabilities and commercial arrangements applicable to each channel.
The Company continues to invest in modernizing its distribution systems, including enhancements to its direct channels and implementing New Distribution Capability ("NDC"), to support the marketing and sale of its products. Direct channels, including the Company's website, the Company's mobile app and NDC-enabled channels, provide opportunities to better differentiate the Company's offerings, present richer content, deliver more relevant offers, strengthen customer relationships, improve customer service, enhance brand engagement and reduce ticket distribution costs. However, a portion of the Company's ticket sales continues to be distributed through legacy distribution technology, which may involve higher costs and more limited functionality compared to the Company's direct and NDC channels.
Third-Party Business. United generates third-party business revenue that includes maintenance services, frequent flyer award non-travel redemptions, flight academy and ground handling.
Aircraft Fuel. The table below summarizes the fuel consumption and expense of UAL's aircraft (including the operations of our regional carriers operating under CPAs) during the last three years.
| Year | Gallons Consumed (in millions) | Fuel Expense (in millions) | Average Price Per Gallon | Percentage of Total Operating Expense | ||||||||||||||||||||||
| 2025 | 4,663 | $ | 11,396 | $ | 2.44 | 21 | % | |||||||||||||||||||
| 2024 | 4,444 | $ | 11,756 | |||||||||||||||||||||||
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
This Management's Discussion and Analysis of Financial Condition and Results of Operations is provided as a supplement to and should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "2025 Form 10-K") to enhance the understanding of our results of operations, financial condition and cash flows.
United Airlines Holdings, Inc. (together with its consolidated subsidiaries, "UAL" or the "Company") is a holding company incorporated in Delaware and its wholly-owned subsidiary is United Airlines, Inc. (together with its consolidated subsidiaries, "United"). As UAL consolidates United for financial statement purposes, and United comprises substantially all of UAL's operating revenues, operating expenses, assets, liabilities and operating cash flows, disclosures that relate to activities of United also apply to UAL, unless otherwise noted. We sometimes use the words "we," "our," "us," and the "Company" in this report for disclosures that relate to all of UAL and United.
Key Trends Impacting Our Business
Our industry is dynamic, highly competitive and subject to a number of industry-specific factors and global macroeconomic conditions that may cause our actual results of operations to differ from our historical results of operations or current expectations. The economic, market and legal factors and trends that we currently believe are or will be most impactful to our results of operations and financial condition include the following:
•Geopolitical Conflicts in the Middle East: During the first half of 2026, geopolitical conflicts in the Middle East caused disruption of flying in the region and contributed to materially higher global fuel prices. In response, we took immediate and decisive actions to mitigate the impact of the operational disruptions and rising fuel costs, including reducing capacity and adjusting fares and fees. While our long-term outlook is positive due to our expectation that customer demand will remain strong, we may continue to be impacted by future volatility in the fuel market, especially if the geopolitical conflicts in the Middle East escalate or expand.
•Regulatory or Court Decisions Restricting Our Capacity Targets: We remain vulnerable to regulatory actions (including by the Federal Aviation Administration) or court decisions that would force us to adjust our planned capacity at our hub locations.
•Governmental Funding Constraints: We are working with our U.S. federal government partners to reduce passenger travel disruptions due to potential budgetary decisions limiting or delaying government spending or reducing staffing of government agencies with which we interact routinely, including as a result of a federal government shutdown.
We will monitor the potential favorable or unfavorable impacts of these and other factors on our business, operations, financial condition, future results of operations, liquidity and financial flexibility, which are dependent on future developments, including as a result of those factors discussed in Part I, Item 1A. Risk Factors, of our 2025 Form 10-K.
RESULTS OF OPERATIONS
The following discussion provides an analysis of our results of operations and reasons for material changes therein for the three and six months ended June 30, 2026, as compared to the corresponding period in 2025.
Second Quarter 2026 Compared to Second Quarter 2025
Significant components of the Company's operating results for the three months ended June 30 are as follows (in millions, except percentage changes):
| 2026 | 2025 | Increase (Decrease) | % Change | |||||||||||||||||||
| Operating revenue | $ | 17,672 | $ | 15,236 | $ | 2,436 | 16.0 | |||||||||||||||
| Operating expense | 16,576 | 13,911 | 2,665 | 19.2 | ||||||||||||||||||
| Operating income | 1,096 | 1,325 | (229) | (17.3) | ||||||||||||||||||
| Nonoperating expense, net | (69) | (77) | (7) | (9.5) | ||||||||||||||||||
| Income before income taxes | 1,026 | 1,248 | (222) | (17.8) | ||||||||||||||||||
| Income tax expense | 221 | 275 | (53) | (19.4) | ||||||||||||||||||
| Net income | $ | 805 | $ | 973 | $ | (168) | (17.3) | |||||||||||||||
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Certain consolidated statistical information for the Company's operations for the three months ended June 30 is as follows:
| 2026 | 2025 | Increase (Decrease) | % Change | ||||||||||||||||||||
| Passengers (thousands) (a) | 48,692 | 46,186 | 2,506 | 5.4 | |||||||||||||||||||
| Revenue passenger miles ("RPMs" or "traffic") (millions) (b) | 72,765 | 70,088 | 2,677 | 3.8 | |||||||||||||||||||
| Available seat miles ("ASMs" or "capacity") (millions) (c) | 87,279 | 84,347 | 2,932 | 3.5 | |||||||||||||||||||
| Passenger load factor (d) | 83.4 | % | 83.1 | % | 0.3 | pts. | N/A | ||||||||||||||||
| Passenger revenue per available seat mile ("PRASM") (cents) | 18.45 | 16.40 | 2.04 | 12.5 | |||||||||||||||||||
| Total revenue per ASM ("TRASM") (cents) | 20.25 | 18.06 | 2.18 | 12.1 | |||||||||||||||||||
| Average yield per revenue passenger mile ("Yield") (cents) (e) | 22.13 | 19.74 | 2.39 | 12.1 | |||||||||||||||||||
| Cargo revenue ton miles ("CTM") (millions) (f) | 932 | 885 | 47 | 5.3 | |||||||||||||||||||
| Cost per ASM ("CASM") (cents) | 18.99 | 16.49 | 2.50 | 15.2 | |||||||||||||||||||
| Average price per gallon of fuel, including fuel taxes | $ | 4.19 | $ | 2.34 | $ | 1.85 | 79.4 | ||||||||||||||||
| Fuel gallons consumed (millions) | 1,219 | 1,188 | 32 | 2.7 | |||||||||||||||||||
Employee headcount, as of June 30 | 117,500 | 111,300 | 6,200 | 5.6 | |||||||||||||||||||
| (a) The number of revenue passengers measured by each flight segment flown. | |||||||||||||||||||||||
| (b) The number of scheduled miles flown by revenue passengers. | |||||||||||||||||||||||
| (c) The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown. | |||||||||||||||||||||||
| (d) Revenue passenger miles divided by available seat miles. | |||||||||||||||||||||||
| (e) The average passenger revenue received for each revenue passenger mile flown. | |||||||||||||||||||||||
| (f) The number of cargo revenue tons transported multiplied by the number of miles flown. | |||||||||||||||||||||||
Operating Revenue. The table below shows year-over-year comparisons by type of operating revenue for the three months ended June 30 (in millions, except for percentage changes):
| 2026 | 2025 | Increase (Decrease) | % Change | |||||||||||||||||
| Passenger revenue | $ | 16,100 | $ | 13,836 | $ | 2,265 | 16.4 | |||||||||||||
| Cargo revenue | 527 | 430 | 97 | 22.6 | ||||||||||||||||
| Other operating revenue | 1,045 | 970 | 75 | 7.7 | ||||||||||||||||
| Total operating revenue | $ | 17,672 | $ | 15,236 | $ | 2,436 | 16.0 | |||||||||||||
The table below presents selected passenger revenue and operating data, broken out by geographic region, expressed as year-over-year changes for the three months ended June 30:
Increase (Decrease) from 2025: | |||||||||||||||||||||||||||||
| Domestic | Atlantic | Pacific | Latin | Total | |||||||||||||||||||||||||
| Passenger revenue (in millions) | $ | 1,601 | $ | 251 | $ | 281 | $ | 131 | $ | 2,265 | |||||||||||||||||||
| Passenger revenue | 20.3 | % | 7.9 | % | 18.7 | % | 10.5 | % | 16.4 | % | |||||||||||||||||||
| Average fare per passenger | 12.8 | % | 9.4 | % | 8.4 | % | 11.5 | % | 10.4 | % | |||||||||||||||||||
| Yield | 13.0 | % | 10.6 | % | 10.9 | % | 10.7 | % | 12.1 | % | |||||||||||||||||||
| PRASM | 12.2 | % | 12.1 | % | 14.0 | % | 10.7 | % | 12.5 | % | |||||||||||||||||||
| Passengers | 6.6 | % | (1.4) | % | 9.4 | % | (0.9) | % | 5.4 | % | |||||||||||||||||||
| RPMs | 6.4 | % | (2.4) | % | 7.0 | % | (0.2) | % | 3.8 | % | |||||||||||||||||||
| ASMs | 7.2 | % | (3.8) | % | 4.1 | % | (0.2) | % | 3.5 | % | |||||||||||||||||||
| Passenger load factor (points) | (0.6) | 1.1 | 2.3 | — | 0.3 | ||||||||||||||||||||||||
Passenger revenue increased $2.3 billion, or 16.4%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a 12.1% increase in yield and a 5.4% increase in the number of passengers flown.
Cargo revenue increased $97 million, or 22.6%, in the second quarter of 2026 as compared to the year-ago period, primarily due to an increase in freight yields.
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Other operating revenue increased $75 million, or 7.7%, in the second quarter of 2026 as compared to the year-ago period, primarily due to an increase in mileage revenue from non-airline partners, including credit card spending with our co-branded credit card partner, JPMorgan Chase Bank, N.A., and an increase in visitor volumes at United Club lounges.
Operating Expenses. The table below includes data related to the Company's operating expenses for the three months ended June 30 (in millions, except for percentage changes):
| 2026 | 2025 | Increase (Decrease) | % Change | |||||||||||||||||
| Salaries and related costs | $ | 4,686 | $ | 4,413 | $ | 274 | 6.2 | |||||||||||||
| Aircraft fuel | 5,110 | 2,775 | 2,335 | 84.1 | ||||||||||||||||
| Landing fees and other rent | 1,056 | 961 | 95 | 9.9 | ||||||||||||||||
| Aircraft maintenance materials and outside repairs | 906 | 865 | 41 | 4.7 | ||||||||||||||||
| Depreciation and amortization | 762 | 733 | 29 | 3.9 | ||||||||||||||||
| Regional capacity purchase | 743 | 676 | 67 | 9.8 | ||||||||||||||||
| Distribution expenses | 644 | 487 | 157 | 32.3 | ||||||||||||||||
| Aircraft rent | 112 | 67 | 45 | 67.4 | ||||||||||||||||
| Special charges (credits) | (145) | 447 | (592) | NM | ||||||||||||||||
| Other operating expenses | 2,702 | 2,487 | 215 | 8.6 | ||||||||||||||||
| Total operating expense | $ | 16,576 | $ | 13,911 | $ | 2,665 | 19.2 | |||||||||||||
| NM - Greater than 100% change or otherwise not meaningful. | ||||||||||||||||||||
Salaries and related costs increased $274 million, or 6.2%, in the second quarter of 2026 as compared to the year-ago period, primarily due to increased pay as a result of the increase in flying activity, a 5.6% increase in headcount and pay rate increases for various eligible employee groups, most recently the employees represented by the Association of Flight Attendants ("AFA") per the new collective bargaining agreement.
Aircraft fuel expense increased $2.3 billion, or 84.1%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a higher average price per gallon of fuel and increased consumption from increased flight activity.
Landing fees and other rent increased $95 million, or 9.9%, in the second quarter of 2026 as compared to the year-ago period, primarily due to rate increases at various airports as well as higher landed weight volume from increased flight activity.
Regional capacity purchase increased $67 million, or 9.8%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a 6% increase in regional flying activity and annual rate increases under United's capacity purchase agreements ("CPAs").
Distribution expense increased $157 million, or 32.3%, in the second quarter of 2026 as compared to the year-ago period, primarily due to higher credit card fees and agency commissions driven by the overall increase in passenger revenue as well as the refinement of assumptions used in determining our credit card fees expense in the year-ago period.
For details on the Company's Special charges (credits), see Note 10 to the financial statements included in Part I, Item 1 of this report.
Other operating expenses increased $215 million, or 8.6%, in the second quarter of 2026 as compared to the year-ago period, primarily due to an increase in flight activity and number of passengers, including increased costs for catering, ground handling and passenger services, crew-related expenses, as well as expenditures related to information technology projects and services.
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Nonoperating Income (Expense). The table below shows year-over-year comparisons of the Company's nonoperating income (expense) for the three months ended June 30 (in millions, except for percentage changes):
| 2026 | 2025 | Increase (Decrease) | % Change | |||||||||||||||||
| Interest expense | $ | (343) | $ | (361) | $ | (18) | (5.1) | |||||||||||||
| Interest income | 148 | 167 | (18) | (10.8) | ||||||||||||||||
| Interest capitalized | 59 | 51 | 8 | 16.7 | ||||||||||||||||
| Unrealized gains on investments, net | 40 | 26 | 14 | NM | ||||||||||||||||
| Miscellaneous, net | 26 | 41 | (15) | (37.4) | ||||||||||||||||
| Total nonoperating expense, net | $ | (69) | $ | (77) | $ | (7) | (9.5) | |||||||||||||
Income Taxes. See Note 5 to the financial statements included in Part I, Item 1 of this report for information related to income taxes.
First Six Months 2026 Compared to First Six Months 2025
Significant components of the Company's operating results for the six months ended June 30 are as follows (in millions, except percentage changes):
| 2026 | 2025 | Increase (Decrease) | % Change | |||||||||||||||||||
| Operating revenue | $ | 32,280 | $ | 28,448 | $ | 3,832 | 13.5 | |||||||||||||||
| Operating expense | 30,187 | 26,516 | 3,671 | 13.8 | ||||||||||||||||||
| Operating income | 2,093 | 1,932 | 161 | 8.3 | ||||||||||||||||||
| Nonoperating expense, net | (196) | (206) | (9) | (4.6) | ||||||||||||||||||
| Income before income taxes | 1,897 | 1,727 | 170 | 9.9 | ||||||||||||||||||
| Income tax expense | 393 | 366 | 27 | 7.4 | ||||||||||||||||||
| Net income | $ | 1,504 | $ | 1,361 | $ | 143 | 10.5 | |||||||||||||||
Certain consolidated statistical information for the Company's operations for the six months ended June 30 is as follows:
| 2026 | 2025 | Increase (Decrease) | % Change | ||||||||||||||||||
| Passengers (thousands) | 91,178 | 86,992 | 4,186 | 4.8 | |||||||||||||||||
| RPMs (millions) | 136,150 | 129,604 | 6,545 | 5.1 | |||||||||||||||||
| ASMs (millions) | 164,977 | 159,503 | 5,475 | 3.4 | |||||||||||||||||
| Passenger load factor | 82.5 | % | 81.3 | % | 1.3 | pts. | N/A | ||||||||||||||
| PRASM (cents) | 17.74 | 16.11 | 1.63 | 10.1 | |||||||||||||||||
| TRASM (cents) | 19.57 | 17.84 | 1.73 | 9.7 | |||||||||||||||||
| Yield (cents) | 21.50 | 19.83 | 1.67 | 8.4 | |||||||||||||||||
| CTM (millions) | 1,810 | 1,774 | 36 | 2.0 | |||||||||||||||||
| CASM (cents) | 18.30 | 16.62 | 1.67 | 10.1 | |||||||||||||||||
| Average price per gallon of fuel, including fuel taxes | $ | 3.53 | $ | 2.43 | $ | 1.10 | 45.1 | ||||||||||||||
| Fuel gallons consumed (millions) | 2,312 | 2,254 | 58 | 2.6 | |||||||||||||||||
Employee headcount, as of June 30 | 117,500 | 111,300 | 6,200 | 5.6 | |||||||||||||||||
Operating Revenue. The table below shows year-over-year comparisons by type of operating revenue for the six months ended June 30 (in millions, except for percentage changes):
| 2026 | 2025 | Increase (Decrease) | % Change | |||||||||||||||||
| Passenger revenue | $ | 29,267 | $ | 25,696 | $ | 3,570 | 13.9 | |||||||||||||
| Cargo revenue | 949 | 859 | 90 | 10.5 | ||||||||||||||||
| Other operating revenue | 2,064 | 1,893 | ||||||||||||||||||
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-07-21 | KIRBY J SCOTT | Chief Executive Officer | Sell | -159,321 | $118.05 | -$18,807,047 |
| 2026-06-16 | KIRBY J SCOTT | Chief Executive Officer | Sell | -1,078 | $120.74 | -$130,154 |
| 2026-06-15 | KIRBY J SCOTT | Chief Executive Officer | Sell | -48,303 | $121.30 | -$5,859,202 |
| 2026-05-26 | Gebo Kate indirect | EVP HR and Labor Relations | Sell | -5,331 | $105.51 | -$562,474 |
| 2026-05-26 | Gebo Kate | EVP HR and Labor Relations | Sell | -34,669 | $105.41 | -$3,654,598 |
| 2026-05-01 | Nocella Andrew P | EVP & Chief Commercial Officer | Sell | -7,000 | $90.19 | -$631,330 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-10-15 10-Q expected by 2026-11-07 (in 85 days)
- ~2027-02-11 10-K expected by 2027-02-18 (in 204 days)
- ~2027-04-21 10-Q expected by 2027-05-14 (in 273 days)
- ~2027-07-15 10-Q expected by 2027-08-07 (in 358 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-07-16 10-Q Quarterly Report
- 2026-07-15 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-04-22 10-Q Quarterly Report
- 2026-04-21 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-04-07 DEF 14A Proxy Statement
- 2026-02-12 10-K Annual Report
- 2026-02-06 8-K Material Agreement Entered; Material Financial Obligation; Other Events; Financial Statements and Exhibits
- 2026-02-02 8-K Material Agreement Entered; Material Financial Obligation; Other Events; Financial Statements and Exhibits
- 2026-01-20 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-10-16 10-Q Quarterly Report
- 2025-10-15 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-07-17 10-Q Quarterly Report
- 2025-07-16 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-07-09 8-K Material Agreement Terminated; Earnings Release
- 2025-05-28 8-K/A Officer/Director Change