UAL Q2 revenue +16% but operating income falls 17% as Middle East conflicts drive fuel 84% higher

Filed July 16, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 17, 2025 · ~2 min read

Key Changes

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  Operating income fell 17% YoY to $1.1B despite 16.0% revenue growth, as fuel costs surged 84% ($2.3B increase) driven by Middle East geopolitical conflicts that disrupted regional flying and elevated global fuel prices.

  MD&A: Operating Results verify on EDGAR →
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  Average fuel price jumped 79% YoY to $4.19/gallon (vs. $2.34 prior year), reversing prior-year declines. UAL responded with capacity cuts and fare adjustments but flags ongoing volatility risk if conflicts escalate.

  MD&A: Fuel Costs verify on EDGAR →
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  Yield rose 12.1% YoY to 22.13¢ and PRASM improved 12.5%, reversing prior-year declines, as fare and fee adjustments offset fuel-cost pressures and drove revenue per passenger higher.

  MD&A: Unit Revenue verify on EDGAR →