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# United's Fuel Bill Rose 61.6% To $4.8 Billion, Trimming Adjusted Profit On Record Sales
- URL: https://www.bullished.co/uniteds-fuel-bill-rose-61-6-to-4-8-billion-trimming-adjusted-profit-on-record-sales-3431b564/
- Published: 2026-10-20T20:07:16.000Z
- Updated: 2026-10-28T19:38:41.000Z
- Description: Adjusted earnings per share fell to $2.54 from $2.78, and the airline guided to $0.50 to $1.50 for the fourth quarter.
- Author: Matteo Parrino
- Tags: Earnings, UAL, Industry: Industrials

[United Airlines](https://www.bullished.co/tag/ual/)' [adjusted earnings per share](https://www.sec.gov/Archives/edgar/data/0000100517/000010051726000184/ual%5Ferx09302026xex991.htm?ref=bullished.co) fell to $2.54 in the third quarter from $2.78 a year earlier, even as revenue set a record of $17.9 billion, according to an [8-K](https://www.bullished.co/learn/8-k-items-explained/) filed Tuesday. Fuel expense rose 61.6% to $4.8 billion, and the average fuel price climbed to $3.90 per gallon from $2.43.

## What the earnings release says

Revenue rose 17.4% from the third quarter of 2025\. Revenue per available seat mile, a measure of sales per seat flown a mile, rose 15.9%, while capacity grew only 1.3%.

Diluted earnings per share under standard accounting rose to $3.14 from $2.90\. Net special credits, mostly gains on aircraft sale-leaseback deals, lifted that figure: operating special credits were $215 million before tax, and the company's adjusted measure strips them out. Net income was $1.0 billion, against adjusted net income of $833 million.

Adjusted pre-tax margin, the share of sales kept as profit before taxes and one-time items, narrowed to 6.2% from 8.0%. Adjusted pre-tax earnings were $1.1 billion, down 8.7% from $1.215 billion a year earlier.

CEO Scott Kirby said in the release: "Our employees met the challenge of our ever-changing environment and our results prove the resilience of focusing on building a brand-loyal airline for customers."

## The fourth-quarter outlook

In its [investor update](https://www.sec.gov/Archives/edgar/data/0000100517/000010051726000184/ual%5Ferx09302026xex992.htm?ref=bullished.co), United guided to fourth-quarter adjusted earnings of $0.50 to $1.50 per share. That assumes an average fuel price of about $4.80 per gallon, based on the Gulf Coast jet forward curve as of October 16.

The company says each $0.01 change in fuel price moves quarterly earnings by about 2.5 cents per share. It also says consensus expectations assume about $4.35 a gallon, roughly $0.45 lower, which it puts at about $1.00 of earnings per share.

United expects unit revenue growth to accelerate from the third quarter, with total revenue growth above 20% year over year. It expects growth in unit costs excluding fuel to step down. Full-year adjusted capital spending is about $7.5 billion.

## Balance sheet and cash

Ending available liquidity, which includes cash, short-term investments and undrawn credit lines, was $17.7 billion. On October 16 United expanded its revolving credit facility, raising available liquidity under it to $5 billion from $3 billion.

Total debt, finance lease obligations and other financial liabilities were $26.4 billion at quarter end. Net leverage stood at 2.4 times, up from 2.1\. Free cash flow was negative $1.8 billion for the quarter, as the company's own adjusted measure shows, against negative $153 million a year earlier.

In Tuesday trading, UAL shares rose 2.63% to $98.11, a move that came before the filing.

## What to watch

United holds its earnings call Wednesday at 10:30 a.m. ET, where management will discuss fourth-quarter targets and the outlook beyond.

The fourth-quarter range rests on a fuel price roughly $0.45 above what the company says consensus assumes.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — United Airlines Holdings, Inc. (UAL)](https://www.sec.gov/Archives/edgar/data/0000100517/000010051726000184/ual-20261020.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ual\_erx09302026xex991.htm — United Airlines Holdings, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000100517/000010051726000184/ual%5Ferx09302026xex991.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ual\_erx09302026xex992.htm — United Airlines Holdings, Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000100517/000010051726000184/ual%5Ferx09302026xex992.htm?ref=bullished.co) — SEC EDGAR
- [United (UAL) Q3 Earnings on the Horizon: Analysts' Insights on Key Performance Measures](https://finance.yahoo.com/markets/stocks/articles/united-ual-q3-earnings-horizon-121524601.html?ref=bullished.co) — Yahoo Finance

### More on United Airlines Holdings

- [United's Third-Quarter Profit Rose, But Adjusted Operating Income Fell To $1.231 Billion](https://www.bullished.co/uniteds-third-quarter-profit-rose-but-adjusted-operating-income-fell-to-1-231-billion-d4fbc10a/)
- [United's Kirby: Starlink 'Probably Isn't Enough On Its Own' To Hit 2027 Margin Goal](https://www.bullished.co/uniteds-kirby-starlink-probably-isnt-enough-on-its-own-to-hit-2027-margin-goal-d45a324d/)

[All United Airlines Holdings (UAL) coverage →](https://www.bullished.co/tag/ual/)