SHARPE
Reported results
- Q3 2026 total operating revenue of $17.9 billion, up 17.4% compared to Q3 2025
- Q3 2026 diluted earnings per share of $3.14 (GAAP); adjusted diluted earnings per share of $2.54 (non-GAAP)
- Q3 2026 pre-tax earnings of $1.3 billion with pre-tax margin of 7.3% (GAAP); adjusted pre-tax earnings of $1.1 billion with adjusted pre-tax margin of 6.2% (non-GAAP)
- Q3 2026 net income of $1.029 billion (GAAP); adjusted net income of $833 million (non-GAAP)
- Q3 2026 total revenue per available seat mile (TRASM) up 15.9% compared to Q3 2025
- Aircraft fuel expense was $4.843 billion in Q3 2026, up 61.6% compared to Q3 2025; average fuel price per gallon of $3.90
Guidance
- United expects Q4 total operating revenue growth to accelerate versus Q3 and set another record with an over 20% year-over-year increase
Notes
Q3 diluted EPS of $3.14 includes special charges (credits) and unrealized gains/losses on investments. Adjusted EPS of $2.54 excludes these non-GAAP adjustments. The release notes that adjusted pre-tax earnings of $1.1 billion were within guidance despite a 62% increase in fuel expense. Company will provide additional financial and operational guidance during its October 21, 2026 earnings conference call and in its separate Investor Update furnished on Form 8-K.
Price and volatility reaction
The stock moved +4.0% on the print. No front-expiry chain was on file, so there is no straddle expected move.
| Measure | Value | Basis |
|---|---|---|
| Close before release | 97.77 | 2026-10-20 |
| Close after release | 101.67 | 2026-10-21 |
| Realised move | +4.0% | close to close |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-10-20 (8-K, Item 2.02). Read the original filing on sec.gov.