United Airlines Holdings Inc
UAL - Insider Information
Get informed when a big investor buys or sells
+ FollowMarket Cap$37.9B
Close$
Earnings Call Q3 2026
October 21, 2026 - AI Summary
Q3 performance: strong revenue momentum but margin pressured by fuel
- Revenues up +17.4% YoY to a record ~$17.9B; TRASM up +15.9% with yields up +17% and modestly lower load factor.
- Pretax margin 6.2% and EPS $2.54 (within guidance).
- Fuel expense tailwind/fail: fuel prices accelerated in Q3; fuel drove a ~$1.8B YoY expense increase, and United recaptured 72% of that increase (with most recapture coming late in the quarter, not fully “caught up” yet).
Guidance/outlook: Q4 EPS range set; fuel recapture expected to stay meaningful but lags 100%
- Q4 EPS guidance: $0.50 to $1.50 assuming all-in fuel ~$4.80/gal (per forward curve).
- Underlying expectation: CASM ex decelerates and TRASM accelerates vs Q3.
- Fuel recapture in Q4 expected similar to Q3, but below the 100% level they had previously anticipated due to the rapid late-Q3 jet fuel spike.
- They emphasized Q3 as the “high watermark” for CASM ex/expense growth, then step down in Q4 and materially lower in 2027.
2027 plan & “what it takes” to reach double-digit pretax margins: requires either macro relief or sustained competitive RASM
- CEO stated fuel likely remains elevated through 2027 and industry capacity may accelerate—so the path to double-digit pretax margins in 2027 is not automatic.
- They likely need at least one of these for 2027 to reach double digits:
- Lower fuel
- Lower industry capacity
- Industry willingness to trade load factor for yield (i.e., less discounting)
- Starlink is a key controllable RASM tailwind, but management admitted it probably isn’t enough by itself to get to double digits.
- Opportunity framed as: United’s competitive “brand loyalty + product/tech” stack should keep share gains and improve RASM even in tougher fuel/capacity conditions.
Exclusive for Stockcircle Pro members
Sign up
$242.22
109.2% upside
Current Fair Value
109.2% upsideUndervalued by 109.2% based on the discounted cash flow analysis.
Insider Trades
Loading insider trades…
Congress Trades
Loading congress trades…
Share Statistics
| Market cap | $37.90 Billion |
|---|---|
| Enterprise Value | $80.30 Billion |
| Earnings per Share | $10.21 |
| Beta | 1.3 |
| Outstanding Shares | 327,400,000 |
Return
| Return on Equity | 20.15% |
|---|---|
| Return on Assets | 4.20% |
| Return on Invested Capital | 8.79% |
Valuation & Multiples
| P/E Ratio | 9.54 |
|---|---|
| PEG | 113.13 |
| Price to Sales | 0.58 |
| Price to Book Ratio | 2.14 |
| Enterprise Value to Revenue | 1.23 |
| Enterprise Value to EBIT | 15.63 |
| Enterprise Value to Net Income | 22 |
| Total Debt to Enterprise | 0.61 |
| Debt to Equity | 2.76 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 21, 2026
EPS Estimate
$2.80
Consensus analyst estimateRevenue Estimate
$17.85 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 19, 2027
EPS Estimate
$1.22
Consensus analyst estimateRevenue Estimate
$18.61 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 81.10% |
|---|---|
| Total Calls | 300▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.70%▼ 86.87% |
|---|---|
| Total Invested | $822.23M▼ 97.93% |
| Investors Holding | 326▼ 816.00% |
About United Airlines Holdings Inc
113,200 employees
CEO: Jeffery Smisek
United Airlines Holdings, Inc., along with its various subsidiary companies, delivers comprehensive air travel solutions across an expansive international footprint. Its operations span continents including North America, Asia, Europe, A...