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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Conor Cunningham | Melius Research | 12 | 0% |
| Jamie Baker | JPMorgan | 11 | 18% |
| Tom Fitzgerald | TD Cowen | 8 | 0% |
| Catherine O'Brien | Goldman Sachs | 8 | 0% |
| Andy Didora | Bank of America | 8 | 13% |
| Duane Pfennigwerth | Evercore ISI | 7 | 0% |
| Ravi Shanker | Morgan Stanley | 7 | 0% |
| Sheila Kahyaoglu | Jefferies | 7 | 0% |
| Brandon Oglenski | Barclays | 6 | 0% |
| Scott Group | Wolfe Research | 6 | 17% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Melius Research | 1 | 12 | 0% |
| JPMorgan | 1 | 11 | 18% |
| TD Cowen | 1 | 8 | 0% |
| Goldman Sachs | 1 |
| 8 |
| 0% |
| Bank of America | 1 | 8 | 13% |
| Jefferies | 1 | 7 | 0% |
| Evercore ISI | 1 | 7 | 0% |
| Morgan Stanley | 1 | 7 | 0% |
United delivered record Q1 revenue of $14.6B with TRASM up 6.9% and EPS of $1.19, up 31% year-over-year, but lowered FY2026 guidance sharply from $12-14 to $7-11 as an Iran conflict doubled fuel costs and added $340M to the Q1 fuel bill. Rapid fuel pass-through was underway with yields up 20% year-over-year and five price increases implemented, while capacity was cut approximately 5 points for the rest of the year to support yield recovery. The balance sheet was strengthened with $3.1B in debt paydown and the first unsecured bond since 2019, and seven major commercial initiatives were launched spanning merchandising, fleet, and loyalty.
Competitive Dynamics | Margin | Pricing | Cost Pressure | Demand | Capex Investment | Macroeconomic | Revenue Growth | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 1 | 2 | 1 | 2 | 2 | ||
| 2025Q1 | 4 | 5 | 2 | 3 | 1 | 1 | 3 | |
| 2025Q2 | 5 | 6 | 4 | 4 | 7 | 4 | 4 | 1 |
| 2025Q3 | 5 | 5 | 4 | 5 | 6 | 3 | 2 | 3 |
| 2025Q4 | 8 | 7 | 2 | 3 | 4 | 2 | 2 | 3 |
| 2026Q1 | 8 | 5 | 6 | 3 | 1 | 1 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 4 | 4 | 5 | 5 | 8 | 8 |
| Margin | 1 | 5 | 6 | 5 | 7 | 5 |
| Pricing | 2 | 2 | 4 | 4 | 2 | 6 |
| Cost Pressure | 1 | 3 | 4 | 5 | 3 | 3 |
| Demand | 1 | 7 | 6 | 4 | 1 | |
| Capex Investment | 2 | 1 | 4 | 3 | 2 | 1 |
| Macroeconomic | 3 | 4 | 2 | 2 | 1 | |
| Revenue Growth | 2 | 1 | 3 | 3 | 2 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
UAL United Airlines Holdings | 6 | +10.6% | |
| DAL Delta Air Lines | 6 | +12.9% | |
| LUV Southwest Airlines | 8 | +12.8% |