United Airlines Forecasts Record Q4 Revenue Growth Above 20% Despite Surging Fuel Costs

United Airlines Holdings posted third-quarter pre-tax earnings of $1.3 billion, with a pre-tax margin of 7.3%, and projected fourth-quarter revenue growth exceeding 20% year over year, accelerating from the 17% increase recorded in the third quarter. The results reflect broad strength across the carrier's revenue streams: Premium revenue rose 17%, Basic Economy revenue climbed 16%, loyalty revenue gained 17%, cargo revenue jumped 23%, and contracted business revenue surged 26%, all compared to the third quarter of 2025.

The strong outlook came despite a steep rise in fuel costs. Fuel expense was up $1.8 billion versus the year-ago third quarter, and CEO Scott Kirby told investors the company expects to pay an average of $4.80 per gallon for jet fuel in the fourth quarter, up sharply from $3.90 per gallon in Q3. United said it expects to recover 80% to 90% of the fuel price increase in the third quarter and 100% of the increase by the fourth quarter. The company plans full-year 2026 capital expenditures of approximately $7.5 billion.

Investors responded positively, sending United shares up roughly 6% to around $103. Rival carriers also rose in sympathy, with American Airlines climbing about 4% and Delta gaining approximately 3%.