UAL

EX-99.1

2 ual_erx06302026xex991.htm

EX-99.1

Document

Exhibit 99.1

News Release

United Airlines

Worldwide Media Relations

872.825.8640

media.relations@united.com

United Posts Q2 Results Above Wall Street Expectations and Raises Full-Year 2026 Adjusted EPS Guidance1 Despite a Nearly $6 Billion Increase In Anticipated Fuel Costs

Q2 diluted earnings per share were $2.46; Q2 adjusted diluted earnings per share2 were $1.99

Full-year adjusted diluted earnings per share guidance1 raised to $9.00 to $11.00

Total operating revenue up 16% year-over-year; Total revenue per available seat mile up 12% year-over-year

Nose-to-tail investments propel revenue growth — and rising customer satisfaction scores — in every cabin; Starlink remains a standout, with 450 aircraft installed and nearly 1,000 expected by year end

United continues to optimize its balance sheet and is targeting an investment-grade rating in 2026

Systemwide on-time departure rate was best Q2 since 2021; Newark posts best-ever Q2 on-time departure results

CHICAGO, July 15, 2026 – United Airlines (UAL) today reported a second-quarter profit that exceeded expectations and is near the top-end of guidance. United delivered pre-tax earnings of $1.0 billion, with a pre-tax margin of 5.8%. Adjusted pre-tax earnings2 were $843 million, with an adjusted pre-tax margin2 of 4.8%.

"Our results show why we have been investing in customer improvements throughout every cabin and winning brand-loyal customers," said United CEO Scott Kirby. "United is built to thrive in every environment, and when oil prices spiked in March, we quickly and decisively acted to adjust our schedules, while simultaneously doubling down on our customer investments. Our brand-loyal customers value their travel on United whether they are in Polaris or in Economy. Our network expansions, investment in Starlink, and innovations such as Relax Row are giving customers new reasons to choose United."

Based on oil prices as of July 14th, United expects nearly $6 billion in added fuel expense for full-year 2026 compared to the expectation at the start of the year. In the second quarter fuel expense was up $2.3 billion, or 84% year-over-year and the Company recovered approximately half of this increase. In the third quarter the Company expects to recover approximately 80% to 90% of the increase, and 100% by the fourth quarter. Yields were up 12% during the quarter, showing strong demand for United's product.

Diverse revenue streams all contributed to this quarter's success and United's ongoing resilience: Premium revenue was up 16% compared to the second quarter of 2025, revenue from Basic Economy was up 11%, loyalty revenue was up 11% and cargo revenue was up 23%. Close-in demand remained robust with contracted business revenue up 27% in the quarter. The economy cabin continues to recover with unit revenue up 12%, marking two consecutive quarters of positive growth.

1 Adjusted diluted earnings per share is a non-GAAP financial measure that excludes operating and non-operating special charges, unrealized (gains) losses on investments, net, and income tax expense (benefit) on adjustments, net. We are not providing a target for or a reconciliation to diluted earnings per share, the most directly comparable GAAP measure, because we are unable to predict the excluded items noted above contained in the GAAP measure without unreasonable efforts, and therefore we also are not able to determine the probable significance of such items. Please see the Investor Update issued in connection with this quarterly earnings release for more information.

2 For additional information about the non-GAAP financial measures used in this press release, see "Non-GAAP Financial Information" below.

1

United Airlines Announces Second-Quarter 2026 Results

United is investing in customers throughout the aircraft, including the United Relax Row℠ across a row of United Economy®-class seats. During the quarter United installed Starlink on its first widebody aircraft and Starlink is now installed on 450 United mainline and United Express aircraft. United remains on track to bring Starlink to the whole fleet by the end of 2027 — ahead of its large U.S. competitors. Starlink is free for MileagePlus® members and offers the fastest connectivity available for every customer on board. Customer satisfaction scores on flights with Starlink are twice as high as other United flights.

United's first "Born to Explore" Airbus A321XLR is expected to enter domestic service this fall, and will be connecting the U.S. to international destinations by early next year.

United employees delivered for customers throughout the quarter, which included the 10 highest-volume passenger days in United history including a company record for 640,717 customers flown on June 18. United's second-quarter on-time departure rate was its best for the second quarter since 2021, and United achieved the lowest second-quarter seat cancellation rate in

EX-99.1

2 ual_erx03312026xex991.htm

EX-99.1

Document

Exhibit 99.1

News Release

United Airlines

Worldwide Media Relations

872.825.8640

media.relations@united.com

United's Long-Term Strategy Remains Focused on Winning Brand-Loyal Customers, Boosted by Q1 Growth in Earnings and Margins

Q1 diluted earnings per share of $2.14 up 85% year-over-year; Q1 adjusted diluted earnings per share1 of $1.19 up 31% year-over-year and within initial guidance of $1.00 to $1.50

Total operating revenue up 10.6% year-over-year; Total revenue per available seat mile up 6.9% year-over-year

Operation delivered best Q1 on-time departure rate among eight largest U.S. carriers

Plan to reduce 5 points of planned capacity for the rest of the year and expect capacity in Q3 and Q4 to be flat to up approximately 2% year-over-year

United remains focused on the long term with announcement of recent initiatives including further premium and economy cabin segmentation and enhancements to the MileagePlus program

CHICAGO, April 21, 2026 – United Airlines (UAL) today reported a first-quarter profit, delivering first-quarter pre-tax earnings of $0.9 billion, with a pre-tax margin of 6.0%, up 2.3 points year-over-year. United delivered adjusted pre-tax earnings1 of $0.5 billion, with an adjusted pre-tax margin1 of 3.4%, up 0.4 points year-over-year.

"These are results our employees can be proud of, and they show the resilience of our long-term strategy, even in the face of escalating fuel expense," said United CEO Scott Kirby. "Our strong financial position and success in winning brand-loyal customers enabled United to quickly make tactical adjustments to higher fuel prices while maintaining our long-term focus."

"Moments of uncertainty for the airline industry may also create opportunity for United," Kirby said. "We have demonstrated quarter after quarter that we are built to withstand disruptions, and this moment is no different. We'll stay nimble in the short term while continuing to grow the airline and invest in our customers, product and people."

United delivered strong first-quarter results despite challenges, including a $340 million increase in fuel expense compared to the first quarter of 2025. United's capacity and revenue initiatives are intended to recapture this increase over the long term while maintaining the offerings that are winning brand-loyal customers. United's diverse revenue streams remained resilient, including premium revenue up 14% compared to the first quarter of 2025, loyalty revenue up 13%, and revenue from Basic Economy up 7%. Business revenue also remained strong at

1 For additional information about the non-GAAP financial measures used in this press release, see "Non-GAAP Financial Information" below.

United Airlines Announces First-Quarter 2026 Results

up 14% for the first quarter. The first quarter was United's highest-revenue first quarter ever, with positive PRASM growth in every region2.

Oil prices remain volatile and elevated versus the start of the year. United has already begun adjusting its schedule for the rest of 2026 to account for higher fuel prices with an expected 5-point capacity reduction versus its original plan. As a result, the Company expects capacity in the third and fourth quarters of 2026 to be flat to up approximately 2% year-over-year. United will continue to be nimble with capacity, with additional reductions or restored flying as appropriate to meet anticipated demand.

United expects to take delivery of more than 250 new aircraft by April 2028, and customers are benefiting from United innovations throughout every cabin. The airline announced several industry-leading customer enhancements during the quarter, including its planned "Coastliner" Airbus A321neo, the "Born to Explore" Airbus A321XLR, the new CRJ450 with its spacious United First cabin, and the United Relax Row℠ across a row of United Economy®-class seats. Starlink installations are accelerating and United expects to bring fast, free Wi-Fi for MileagePlus® members to the whole fleet by the end of 2027. On April 1, United announced a new way to monitor TSA wait times in its mobile app. Nearly 1.6 million customers used this feature in the first two weeks after rollout.

United carried the most passengers in a first quarter in its history and achieved the best on-time departure rate for the quarter among the eight largest U.S. carriers. March was the fourth month in a row United achieved the best on-time departure rate among U.S. carriers. For the quarter, United's per-seat cancellation rate averaged 44% lower than the next two largest U.S. carriers by available seat miles.

United continued to strengthen its balance sheet as it works toward its goal of investment grade credit ratings by paying down $3.1 billion in debt during the quarter. Additionally, for the first time since 2019, United returned to the unsecured market and successfully raised $2 billion across two unsecured bond issuances — exceeding in

ual-202601208-Kfalse1/20/2600001005170000319687☐☐☐☐Common Stock, $0.01 par valueUALThe Nasdaq Stock Market LLC☐00001005172026-01-202026-01-200000100517ual:UnitedAirLinesIncMember2026-01-202026-01-200000100517us-gaap:CommonStockMember2026-01-202026-01-200000100517us-gaap:WarrantMember2026-01-202026-01-20

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 20, 2026

UNITED AIRLINES HOLDINGS, INC.

UNITED AIRLINES, INC.

(Exact name of registrant as specified in its charter)

Delaware 001-06033 36-2675207 Delaware 001-10323 74-2099724 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation)  Identification Number)

233 S. Wacker Drive,Chicago,IL 60606 233 S. Wacker Drive,Chicago,IL 60606 (Address of principal executive offices) (Zip Code)

(872) 825-4000 (872) 825-4000 Registrant's telephone number, including area code (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

RegistrantTitle of Each ClassTrading SymbolName of Each Exchange on Which Registered United Airlines Holdings, Inc.Common Stock, $0.01 par valueUALThe Nasdaq Stock Market LLC United Airlines Holdings, Inc.Preferred Stock Purchase RightsNoneThe Nasdaq Stock Market LLC United Airlines, Inc.NoneNoneNone

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging  growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operations and Financial Condition. On January 20, 2026, United Airlines Holdings, Inc. ("UAL"), the holding company whose subsidiary is United Airlines, Inc. ("United," and together with UAL, the "Company"), issued a press release (the "Earnings Press Release") announcing the financial results of the Company for the fourth quarter and full year of 2025. A copy of the Earnings Press Release is furnished pursuant to this Item 2.02 as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. Item 7.01 Regulation FD Disclosure. On January 20, 2026, the Company posted on its investor relations website at ir.united.com an investor update (the "Investor Update") providing additional information on the Company's business outlook (including certain financial and operational guidance). A copy of the Investor Update is furnished pursuant to this Item 7.01 as Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein in its entirety. The Investor Update should be read in conjunction with the Earnings Press Release. The Company reserves the right to discontinue availability of the Investor Update from its website at any time. Pursuant to General Instruction B.2. to Form 8-K, the information set forth in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities thereof, nor shall it be incorporated by reference into future filings by the Company under the Exchange Act or under the Securities Act of 1933, as amended, except to the extent specifically provided in any such filing. Additionally, the submission of the information set forth in this Item 7.01 is not deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely by Regulation FD. Item 9.01 Financial Statements and Exhibits.

99.1Press Release issued by United Airlines Holdings, Inc. dated January 20, 2026

99.2Investor Update issued by United Airlines Holdings, Inc. dated January 20, 2026

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by t