United Airlines (UAL) 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 earnings of $0.5 billion, with an adjusted pre-tax margin of 3.4%, up 0.4 points year-over-year.

United delivered strong first-quarter results despite challenges, including a $340 million increase in fuel expense compared to the first quarter of 2025. 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 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 initial expectations. At the end of the first quarter, net leverage was 2.0x for the last twelve months.

"Moments of uncertainty for the airline industry may also create opportunity for United", its CEO Scott Kirby said it. "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".