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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Conor Cunningham | Melius Research | 13 (0%) |
| Jamie Baker | JPMorgan | 12 (17%) |
| Catherine O'Brien | Goldman Sachs | 9 (0%) |
| Andrew Didora | Bank of America | 9 (11%) |
| Sheila Kahyaoglu | Jefferies | 8 (0%) |
| Ravi Shanker | Morgan Stanley | 8 (0%) |
| Duane Pfennigwerth | Evercore ISI | 8 (0%) |
| Tom Fitzgerald | TD Cowen | 8 (0%) |
| Mike Linenberg | Deutsche Bank | 7 (14%) |
| Brandon Oglenski | Barclays | 7 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Melius Research | 1 | 13 (0%) |
| JPMorgan | 1 | 12 (17%) |
| Bank of America | 1 | 9 (11%) |
| Goldman Sachs | 1 |
| 9 (0%) |
| TD Cowen | 1 | 8 (0%) |
| Evercore ISI | 1 | 8 (0%) |
| Morgan Stanley | 1 | 8 (0%) |
| Jefferies | 1 | 8 (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 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $14.70B | +7.8% | $2.94 | +62.4% | 10.2% | 6.7% | $549M |
| FY2025 Q1 | $13.21B | +5.4% | $1.16 | +405.3% | 4.6% | 2.9% | $2.48B |
| FY2025 Q2 | $15.24B | +1.7% | $2.97 | -25.0% | 8.7% | 6.4% | $930M |
| FY2025 Q3 | $15.22B | +2.6% | $2.90 | 0.0% | 9.2% | 6.2% | $-246M |
| FY2025 Q4 | $15.40B | +4.8% | $3.19 | +8.5% | 9.0% | 6.8% | $-604M |
| FY2026 Q1 | $14.61B | +10.6% | $2.14 | +84.5% | 6.8% | 4.8% | $3.13B |
| FY2026 Q2 | $17.67B | +16.0% | $2.46 | -17.2% | 6.2% | 4.6% | $266M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What UAL and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“United has made -- the executives have made some comments about trying to catch up to Delta in terms of profit and including getting some more customers and more up-for-grab markets like L.A.”
A media questioner noted United is publicly targeting profit catch-up with Delta and pursuing more customers in contested markets like L.A.
“United, also celebrating one hundred years this month, selected 300 GE9X engines for its 787 fleet, making it the largest GE9X operator globally.”
GE cites United selecting 300 GE9X engines for its 787 fleet, making it the largest GE9X operator globally — a major widebody engine win.
“And Mastercard will now be the network of choice on the new United Airlines Canada co-brand program.”
Mastercard won the network position on United Airlines' new Canada co-brand card program.
“Fourth, we unveiled United's new Airbus A321 XLR onboard products. These products on each XLR are consistent with the Coastliner.”
United is committing to a 100-aircraft premium-configured A321 platform (Coastliner + XLR) — meaningful narrowbody demand signal for Airbus.
“This was the first high-yield bond issued with a coupon below 5% since Ford did it 4 years ago.”
United benchmarks its sub-5% high-yield bond pricing against Ford's issuance four years ago — credit-market comparison only.
“I think you look at like what Dubai, not just Emirates, but Dubai, City State of Dubai have accomplished is remarkable and impressive. And if I had to make a bet, I'd bet on Dubai. I think it's going to come back fully.”
United expects Middle East hub carriers' current disruption to be temporary and Emirates/Dubai traffic to recover fully — no structural transatlantic share shift assumed.
“And to your point, Spirit was -- I feel bad for the people of Spirit, but it's been pretty obvious that Spirit's business model was fundamentally flawed and the airline was not going to be able to make it or ever cover their cash operating costs.”
United's CEO says Spirit's business model is fundamentally broken and dismisses a potential government rescue as irrelevant to brand-loyal carriers.
“And we're working with Chase. They're a great partner and run a really sophisticated program, which is required by United given the size and magnitude of our co-brand portfolio.”
Management praises the Chase co-brand relationship while noting the contract expiration is approaching — constructive backdrop for renewal negotiations with JPMorgan.
“While we continue to work under a long-term co-brand contract with our partners from Chase, we're making changes to what we can control today. In due course, we expect to have a new contract optimized for all stakeholders to the current market dynamics.”
United signals it wants a renegotiated co-brand card contract with Chase — the existing JPMorgan co-brand economics may be reset when the deal expires.
“We're really pleased with Boeing increasing production rates on the narrowbody. They've been a great partner to us. It is financially advantageous to take the new aircraft, both from a margin and a return on invested capital standpoint.”
A major customer confirms Boeing narrowbody production rates are increasing and intends to keep taking deliveries even in a high-fuel environment — positive read-through on Boeing's ramp.
“We have taken delivery of four high premium Boeing 787-9s with up to 16 more expected to be added in 2026 and a total of 33 planned over the next two years.”
United confirms 787-9 deliveries on schedule with 16 more in 2026 and 33 over two years — steady widebody demand and delivery execution for Boeing.
| 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% |