United Airlines Q3 Earnings Miss and Q4 Profit Outlook Fall Short as Fuel Costs Surge 62%

United Airlines reported third-quarter adjusted earnings per share of $2.54, missing Wall Street estimates by $0.03 to $0.04, while revenue of $17.88 billion fell short of consensus by about $30 million. Fuel expenses surged 61.6% to $4.84 billion in the quarter, erasing much of the benefit from record passenger demand. The company's stock fell following the release.

Looking ahead, United guided fourth-quarter adjusted EPS of $0.50 to $1.50, well below the $1.88 analysts had expected on average. The company anticipates Q4 total operating revenue growth will accelerate past Q3's 17% year-over-year increase to top 20%, but the sharply weaker profit outlook underscores how elevated jet fuel prices continue to weigh on margins even as travel demand holds up.

On an unadjusted GAAP basis, Q3 diluted EPS was $3.14. The airline carried a record 49.5 million customers during the quarter and posted the lowest seat cancellation rate among the three largest U.S. carriers, but those operational gains were overshadowed by the fuel cost headwind that has added roughly $6 billion to the company's full-year expense base relative to its initial 2026 projections.