United Airlines (UAL): revenue up 16%, nearly $6 billion of extra fuel costs, and a stock 21% off its June high
By Gabriel Zacarkim · Published Oct 11, 2026 · Data as of Oct 9, 2026 close (13F positions as of June 30, 2026)
United Airlines closed at $107.46 on October 9, 2026, worth $35 billion, at about 10 times trailing earnings. The stock is up 6.0% over twelve months but 21.0% below its high of $136.11 on June 26, 2026, and 21.0% below its June 30 close.
Higher fares against higher fuel
In the second quarter of 2026, United’s revenue rose 16% to $17.7 billion, with revenue per available seat mile up 12%. Fuel expense rose $2.3 billion, or 84%, and the company says it recovered about half of that increase; it expects to recover 80% to 90% in the third quarter. Based on oil prices on July 14, it now expects nearly $6 billion more fuel expense in 2026 than it expected at the start of the year. Even so, it raised its full-year adjusted earnings guidance to $9.00 to $11.00 per share. Chief executive Scott Kirby said that “when oil prices spiked in March,” the airline adjusted its schedules. United also raised $3.7 billion of new liquidity in private bank transactions during the quarter, which it describes as insurance against an extreme spike in oil prices.
| Period | Revenue | Net income | Net margin |
|---|---|---|---|
| 2019 | $43.3B | $3.01B | 7.0% |
| 2020 | $15.4B | −$7.07B | −46.0% |
| 2023 | $53.7B | $2.62B | 4.9% |
| 2024 | $57.1B | $3.15B | 5.5% |
| 2025 | $59.1B | $3.35B | 5.7% |
| Q1 2026 | $14.6B | $0.70B | 4.8% |
| Q2 2026 | $17.7B | $0.81B | 4.6% |
Second-quarter net income was $805 million, down from $973 million a year earlier, and diluted earnings per share $2.46. Airline margins are thin: from 2023 to 2025 United kept less than 6 cents of each dollar of revenue as profit.
Who held it at the end of June
| Manager | Shares, Jun 30 | Value, Jun 30 | Change in shares vs. Mar 31 |
|---|---|---|---|
| Ken Griffin (Citadel) | 4,331,239 | $589.0M | +5.8% |
| Cliff Asness (AQR) | 2,631,391 | $357.8M | −28.5% |
| Steve Cohen (Point72) | 1,803,428 | $245.2M | +10.4% |
| Lansdowne Partners (Lansdowne) | 1,549,179 | $210.7M | +1.2% |
| Israel Englander (Millennium) | 1,151,697 | $156.6M | +50.1% |
| Stanley Druckenmiller (Duquesne) | 794,795 | $108.1M | +202.8% |
| Two Sigma | 780,663 | $106.2M | +879.5% |
| Renaissance Technologies | 465,763 | $63.3M | new (held in 2025) |
| Ray Dalio (Bridgewater) | 218,601 | $29.7M | +172.4% |
Nine of the 38 managers held United at the end of June, up from eight, with 13.7 million shares against 12.1 million. Most added: Stanley Druckenmiller’s Duquesne tripled its stake and Two Sigma’s grew almost tenfold; Cliff Asness’s AQR was the only one to cut. These positions are valued at the June 30 close, near the stock’s peak; at the October 9 price they were 21% lower.
Insiders
From late July to late August, executives sold $27.6 million of stock and none bought. Most of it, $18.8 million, was one sale by chief executive Scott Kirby that the filing classifies as a sale to cover taxes on vesting shares. President Brett Hart ($3.6 million), operations chief Torbjorn Enqvist ($2.4 million) and commercial chief Andrew Nocella ($1.5 million) sold without a 10b5-1 plan marked on the form. Daily data is on the United Airlines page. Not investment advice.
Sources
For information only, not investment advice. The figures come from the filings listed above and describe what happened, not what will.