Form 8-K

8-K — United Airlines Holdings, Inc.

Accession: 0000100517-26-000089

Filed: 2026-04-21

Period: 2026-04-21

CIK: 0000100517

SIC: 4512 (AIR TRANSPORTATION, SCHEDULED)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — ual-20260421.htm (Primary)

EX-99.1 (ual_erx03312026xex991.htm)

EX-99.2 (ual_erx03312026xex992.htm)

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8-K

8-K (Primary)

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8-Kfalse4/21/2600001005170000319687☐☐☐☐Common Stock, $0.01 par valueUALThe Nasdaq Stock Market LLC☐00001005172026-04-212026-04-210000100517ual:UnitedAirLinesIncMember2026-04-212026-04-210000100517us-gaap:CommonStockMember2026-04-212026-04-210000100517us-gaap:WarrantMember2026-04-212026-04-21

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): April 21, 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

(Address of principal executive offices) (Zip Code)

(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:

Registrant Title of Each Class Trading Symbol Name of Each Exchange on Which Registered

United Airlines Holdings, Inc. Common Stock, $0.01 par value UAL The Nasdaq Stock Market LLC

United Airlines Holdings, Inc. Preferred Stock Purchase Rights None The Nasdaq Stock Market LLC

United Airlines, Inc. None None None

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 April 21, 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 first quarter of 2026. 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 April 21, 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.

99.1

Press Release issued by United Airlines Holdings, Inc. dated April 21, 2026

99.2

Investor Update issued by United Airlines Holdings, Inc. dated April 21, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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 the undersigned hereunto duly authorized.

UNITED AIRLINES HOLDINGS, INC.

UNITED AIRLINES, INC.

By: /s/ Michael Leskinen

Name:

Michael Leskinen

Title:

Executive Vice President and Chief Financial Officer

Date: April 21, 2026

EX-99.1

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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 initial expectations. At the end of the first quarter, net leverage1 was 2.0x for the last twelve months.

2 Regions include Domestic, Atlantic, Pacific, and Latin America. Details can be found in the "Passenger Revenue Information and Statistics" table below.

United Airlines Reports First-Quarter 2026 Results

First-Quarter Financial Results

•Capacity up 3.4% compared to first-quarter 2025.

•Total operating revenue of $14.6 billion, up 10.6% compared to first-quarter 2025.

•TRASM up 6.9% compared to first-quarter 2025.

•CASM up 4.4%, and CASM-ex1 up 5.9%, compared to first-quarter 2025.

•Pre-tax earnings of $0.9 billion, with a pre-tax margin of 6.0%; adjusted pre-tax earnings1 of $0.5 billion, with an adjusted pre-tax margin1 of 3.4%.

•Net income of $0.7 billion; adjusted net income1 of $0.4 billion.

•Diluted earnings per share of $2.14; adjusted diluted earnings per share1 of $1.19.

•Average fuel price per gallon of $2.78.

•Generated $4.8 billion of operating cash flow.

•Generated $2.9 billion of free cash flow1.

•Ending available liquidity3 of $17.2 billion.

•Total debt, finance lease obligations and other financial liabilities of $24.2 billion at quarter end.

•Trailing twelve months net leverage1 of 2.0x.

•Repurchased approximately $27 million of shares in the first quarter 2026.

Key Highlights

•Unveiled United Relax Row, a set of United Economy seats that transform into a couch for long-haul international flights. United will be the first North American airline to offer this exclusive design.

•Announced the planned introduction of the United A321neo “Coastliner” and CRJ-450 in the second half of 2026, as part of the anticipated delivery of more than 250 new aircraft by April 2028.

•Completed Starlink Wi-Fi installations on a total of 327 dual-class United Express aircraft, with Starlink installations expected fleet-wide by the end of 2027.

•Reached a tentative agreement with the Association of Flight Attendants; if ratified, United's 30,000 flight attendants will receive industry-leading wages, better scheduling and other quality-of-life improvements.

•Enhanced miles earnings for United MileagePlus primary cardholders, offering up to twice as many miles per dollar for United flights than non-cardholders, and at least 10% off award tickets and access to special inventory.

Customer Experience

•Achieved the best first-quarter customer satisfaction scores for on-time customers as measured by the Net Promoter Score, including categories such as inflight entertainment, gate, boarding and security. On April 1, United unveiled TSA wait times within the United mobile app. Nearly 1.6 million customers used this feature in the first two weeks.

3 Includes cash, cash equivalents, short-term investments and undrawn credit facilities.

United Airlines Reports First-Quarter 2026 Results

•An all-time high of 87% of customers used digital check-in, and a record 86% of customers used the United app on the day of travel.

•Expanded Touchless ID so customers traveling with their family or other multi-passenger reservations can opt-in independently of others in their group. Roughly 141% more customers in multi-passenger itineraries opted-in to Touchless ID with the change.

•Embedded live weather maps directly into customer messages.

•Announced a collaboration with Chef’s Table to introduce 10 exclusive meals to United Polaris® dining starting August 1.

•Launched the next phase of the BlueSky collaboration with JetBlue, enabling customers to book directly within each airline’s booking path.

Operations

•Carried the most passengers in the first quarter in United's history, and set the record for the most narrowbody departures scheduled for the first quarter among U.S carriers.

•Achieved a per-seat cancellation rate averaged 44% lower than the next two largest U.S. carriers by available seat miles.

•During the spring break travel period, offered the most daily available seat miles on average of all major U.S. carriers and achieved United's best on-time departure performance since 2019.

•Achieved the best on-time departure rate for the quarter among the eight largest U.S. carriers, closing out March as the fourth consecutive month with the best on-time departure rate among this group, the longest streak in United’s history.

Network

•Began selling tickets from San Francisco to Singapore for the first 787-9 Dreamliner with the new Elevated interior, introducing customers to the new aircraft with 99 total premium seats, including 64 United Polaris seats and the new United Polaris Studio℠ product.

•Amid the spring break travel season, United flew the largest Florida schedule in United’s history.

•Launched 14 domestic routes to new destinations including Carlsbad, California; Abilene, Texas; Lynchburg, Virginia; Paducah, Kentucky; and Roswell, New Mexico.

•Unveiled the first Guam-based Boeing 737 MAX 8 in March, significantly improving the customer experience on Micronesia and intra-Asia routes with seatback entertainment at every seat, larger overhead bins and Wi-Fi.

Employees, Communities and Investments

•Named to Fortune's "World's Most Admired Companies" and TIME's "America's Most Iconic Companies," while the MileagePlus program was recognized as one of Newsweek's "Most Trusted Brands in the U.S.”

United Airlines Reports First-Quarter 2026 Results

•Recognized as a leading workplace in Forbes list of “Best Large Employers,” Newsweek’s “America’s Greatest Workplaces for Women” and Handshake’s “Early Talent Award.”

•Named a finalist for two 2026 Halo Awards from Engage for Good in recognition of disaster relief efforts, including Los Angeles Wildfire recovery support.

•Transported over 322 million pounds of cargo, including nearly 9 million pounds of medical shipments and 257 thousand pounds of military shipments.

•Employees volunteered nearly 7,000 hours in local communities across hub communities, participating in meal packing events, young adult aviation programs and more.

•Donated 9.8 million miles to non-profit organizations in partnership with MileagePlus members.

•Hosted the Special Olympics Service Ambassador Summit (SOSA) to celebrate and further the leadership skills in United’s SOSA Program. In February, United supported the advocacy of more than 300 Special Olympics athletes, organizers and partners in the annual Special Olympics Capitol Hill Day.

United Airlines Reports First-Quarter 2026 Results

Earnings Call

UAL will hold a conference call to discuss first-quarter 2026 financial results, as well as its financial and operational outlook for the second-quarter 2026 and beyond, on Wednesday, April 22, 2026 at 9:30 a.m. CDT/10:30 a.m. EDT. A live, listen-only webcast of the conference call will be available at ir.united.com. The webcast will be available for replay within 24 hours of the conference call and then archived on the website.

Outlook

This press release should be read in conjunction with the company's Investor Update issued in connection with this quarterly earnings announcement, which provides additional information on the company's business outlook (including certain financial and operational guidance) and is furnished with this press release to the U.S. Securities and Exchange Commission on a Current Report on Form 8-K. The Investor Update is also available at ir.united.com. Management will also discuss certain business outlook items, including providing certain second quarter 2026 and beyond financial targets, during the quarterly earnings conference call.

The company's business outlook is subject to risks and uncertainties applicable to all forward-looking statements as described elsewhere in this press release. Please see the section entitled "Cautionary Statement Regarding Forward-Looking Statements."

About United

At United, Good Leads The Way. With hubs in Chicago, Denver, Houston, Los Angeles, New York/Newark, San Francisco and Washington, D.C., United operates the most comprehensive global route network among North American carriers, and is now the largest airline in the world. For more about how to join the United team, please visit www.united.com/careers and more information about the company is at www.united.com. United Airlines Holdings, Inc., the parent company of United Airlines, Inc., is traded on the Nasdaq under the symbol "UAL".

Website and Social Media Information

We routinely post important news and information regarding United on our corporate website, www.united.com, and our investor relations website, ir.united.com. We use our investor relations website as a primary channel for disclosing key information to our investors, including the timing of future investor conferences and earnings calls, press releases and other information about financial performance (including financial guidance), reports filed or furnished with the U.S. Securities and Exchange Commission, information on corporate governance and details related to our annual meeting of shareholders. We may use our investor relations website as a means of disclosing material, non-public information (including financial guidance) and for complying with our disclosure obligations under Regulation FD. We encourage investors, the media and others interested in the company to visit this website from time to time, as information is updated and new information is posted. We may also use social media channels to communicate with our investors and the public about our company and other matters, and those communications could be deemed to be material information. Our executive officers may also use certain social media channels, such as X and LinkedIn, to communicate information about earnings results and company updates, which may be of interest to our investors or could be deemed to be material information. The information contained on, or that may be accessed through, our website or social media channels are not incorporated by reference into, and are not a part of, this document.

Cautionary Statement Regarding Forward-Looking Statements:

This press release and the related attachments and Investor Update (as well as the oral statements made with respect to information contained in this release and the attachments) contain certain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to, among other things, goals, plans and projections regarding the company's financial position, results of operations, capital allocation and investments, market position, airline capacity, fleet plan strategy, fares, announced routes (which may be subject to government approval), booking trends, product development, corporate citizenship-related strategy initiatives and business strategy. Such forward-looking statements are based on historical performance and current expectations, estimates, forecasts and projections about the company's future financial results, goals, plans, commitments, strategies and objectives and involve inherent risks, assumptions and uncertainties, known or unknown, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond the company's control and could cause the company's future financial results, goals, plans, commitments, strategies and objectives to differ materially from those expressed in, or implied by, the statements. Words such as "should," "could," "would," "will," "may," "expects," "plans," "intends," "anticipates," "indicates," "remains," "believes," "estimates," "projects," "forecast," "guidance," "outlook," "goals," "targets," "pledge," "confident," "optimistic," "dedicated," "positioned," "on track", "path" and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking

United Airlines Reports First-Quarter 2026 Results

statements contain such terms. All statements, other than those that relate solely to historical facts, are forward-looking statements.

Additionally, forward-looking statements include conditional statements and statements that identify uncertainties or trends, discuss the possible future effects of known trends or uncertainties, or that indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this release are based upon information available to us on the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law or regulation.

Our actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the following: execution risks associated with our strategic operating plan; changes in our fleet and network strategy or other factors outside our control resulting in less economic aircraft orders, costs related to modification or termination of aircraft orders or entry into aircraft orders on less favorable terms, as well as any inability to accept or integrate new aircraft into our fleet as planned, including as a result of any mandatory groundings of aircraft; any failure to effectively manage, and receive anticipated benefits and returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions, or related exposures to unknown liabilities or other issues or underperformance as compared to our expectations; adverse publicity, increased regulatory scrutiny, harm to our brand, reduced travel demand, potential tort liability and operational restrictions as a result of an accident, catastrophe or incident involving us, our regional carriers, our codeshare partners or another airline; the highly competitive nature of the global airline industry and susceptibility of the industry to price discounting and changes in capacity, including as a result of alliances, joint business arrangements or other consolidations; unfavorable developments affecting our MileagePlus loyalty program our reliance on a limited number of suppliers to source a majority of our aircraft, engines and certain parts, and the impact of any failure to obtain timely deliveries, additional equipment or support from any of these suppliers; disruptions to our regional network and United Express flights provided by third-party regional carriers; unfavorable economic and political conditions in the United States and globally; reliance on third-party service providers and the impact of any significant failure of these parties to perform as expected, or interruptions in our relationships with these providers or their provision of services; extended interruptions or disruptions in service at major airports where we operate and space, facility and infrastructure constraints at our hubs or other airports (including as a result of government shutdowns); geopolitical conflict, terrorist attacks or security events (including the suspension of our overflying in Russian airspace as a result of the Russia-Ukraine military conflict and interruptions of our flying as a result of the military conflicts across the globe, as well as any escalation of the broader economic consequences of any conflicts beyond their current scope or a delay in any planned resumption of service to area impacted by conflict); any damage to our reputation or brand image; our reliance on technology and automated systems to operate our business and the impact of any significant failure or disruption of, or failure to effectively integrate and implement, these technologies or systems; increasing privacy, data security and cybersecurity obligations or a significant data breach; increased use of social media platforms by us, our employees and others; the impacts of union disputes, employee strikes or slowdowns, and other labor-related disruptions or regulatory compliance costs on our operations or financial performance; any failure to attract, train or retain skilled personnel, including our senior management team or other key employees; the monetary and operational costs of compliance with extensive government regulation of the airline industry; current or future litigation and regulatory actions, or failure to comply with the terms of any settlement, order or agreement relating to these actions; costs, liabilities and risks associated with environmental regulation and climate change; high and/or volatile fuel prices or significant disruptions in the supply of aircraft fuel, including as a result of the military conflict in Iran; the impacts of our significant amount of financial leverage from fixed obligations and the impacts of insufficient liquidity on our financial condition and business; failure to comply with financial and other covenants governing our debt; limitations on our ability to use our net operating loss carryforwards and certain other tax attributes to offset future taxable income for U.S. federal income tax purposes; our failure to realize the full value of our intangible assets or our long-lived assets, causing us to record impairments; fluctuations in the price of our common stock; the impacts of seasonality, and other factors associated with the airline industry; increases in insurance costs or inadequate insurance coverage; risks relating to our repurchase program for shares of common stock and certain warrants exercisable for common stock; and other risks and uncertainties set forth in Part I, Item 1A. Risk Factors and in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as other risks and uncertainties set forth from time to time in the reports we file with the U.S. Securities and Exchange Commission.

Non-GAAP Financial Information:

In discussing financial results and guidance, the company refers to financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management believes that they supplement or enhance management's, analysts' and investors' overall understanding of the company's underlying financial performance and trends and facilitate comparisons among current, past and future periods. Non-GAAP financial measures typically have exclusions or adjustments that include

United Airlines Reports First-Quarter 2026 Results

one or more of the following characteristics, such as being highly variable, difficult to project, unusual in nature, significant to the results of a particular period or not indicative of past or future operating results. These items are excluded because the company believes they neither relate to the ordinary course of the company's business nor reflect the company's underlying business performance.

Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in the press release and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. We encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. The company does not provide a reconciliation of forward-looking measures where the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the company's control or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Please refer to the tables accompanying this release for a description of the non-GAAP adjustments and reconciliations of the historical non-GAAP financial measures used to the most comparable GAAP financial measure and related disclosures.

-tables attached-

United Airlines Reports First-Quarter 2026 Results

UNITED AIRLINES HOLDINGS, INC.

STATEMENTS OF CONSOLIDATED OPERATIONS (UNAUDITED)

Three Months Ended March 31, %

Increase/

(Decrease)

(In millions, except for percentage changes and per share data) 2026 2025

Operating revenue:

Passenger revenue $ 13,166 $ 11,860 11.0

Cargo revenue 422 429 (1.6)

Other operating revenue 1,020 923 10.5

Total operating revenue 14,608 13,213 10.6

Operating expense:

Salaries and related costs 4,562 4,155 9.8

Aircraft fuel 3,041 2,701 12.6

Landing fees and other rent 948 873 8.6

Aircraft maintenance materials and outside repairs 854 731 16.8

Depreciation and amortization 756 727 4.0

Regional capacity purchase 692 650 6.5

Distribution expenses 522 496 5.2

Aircraft rent 83 51 62.0

Special charges (credits) (389) (108) NM

Other operating expenses 2,542 2,326 9.3

Total operating expense 13,611 12,605 8.0

Operating income 997 607 64.2

Nonoperating income (expense):

Interest expense (327) (356) (8.1)

Interest income 135 164 (17.7)

Interest capitalized 54 48 13.7

Unrealized losses on investments, net (13) (21) (35.4)

Miscellaneous, net 24 36 (32.1)

Total nonoperating expense, net (127) (129) (1.6)

Income before income taxes 870 478 81.9

Income tax expense 172 91 88.4

Net income $ 699 $ 387 80.4

Earnings per share, diluted $ 2.14 $ 1.16 84.5

Diluted weighted-average shares outstanding 326.8 333.0 (1.9)

NM-Greater than 100% change or otherwise not meaningful.

United Airlines Reports First-Quarter 2026 Results

UNITED AIRLINES HOLDINGS, INC.

PASSENGER REVENUE INFORMATION AND STATISTICS (UNAUDITED)

Information is as follows (in millions, except for percentage changes):

1Q 2026

Passenger Revenue Passenger

Revenue

vs.

1Q 2025 Passenger Revenue per Available Seat Mile ("PRASM") vs. 1Q 2025 Yield vs. 1Q 2025 Available

Seat Miles ("ASMs")

vs.

1Q 2025 1Q 2026 ASMs 1Q 2026 Revenue Passenger Miles ("RPMs")

Domestic $ 7,915 10.2% 7.9% 5.9% 2.2% 42,713 34,915

Europe 1,742 18.0% 12.6% 5.3% 4.8% 10,677 8,328

Middle East/India/Africa 322 23.9% 3.6% 1.7% 19.6% 2,205 1,808

Atlantic 2,064 18.9% 11.0% 4.6% 7.1% 12,882 10,136

Pacific 1,730 14.5% 8.1% 1.6% 5.9% 12,608 10,319

Latin America 1,456 1.8% 0.9% 0.1% 0.8% 9,494 8,015

International 5,251 12.2% 7.0% 2.3% 4.9% 34,985 28,470

Consolidated $ 13,166 11.0% 7.4% 4.2% 3.4% 77,698 63,385

Select operating statistics are as follows:

Three Months Ended March 31, %

Increase/

(Decrease)

2026 2025

Passengers (thousands) (a) 42,486 40,806 4.1

RPMs (millions) (b) 63,385 59,517 6.5

ASMs (millions) (c) 77,698 75,155 3.4

Passenger load factor: (d)

Consolidated 81.6 % 79.2 % 2.4 pts.

Domestic 81.7 % 80.3 % 1.5 pts.

International 81.4 % 77.8 % 3.5 pts.

PRASM (cents) 16.95 15.78 7.4

Total revenue per available seat mile ("TRASM") (cents) 18.80 17.58 6.9

Average yield per RPM (cents) (e) 20.77 19.93 4.2

Cargo revenue ton miles (millions) (f) 878 889 (1.2)

Aircraft in fleet at end of period 1,526 1,442 5.8

Average stage length (miles) (g) 1,465 1,454 0.7

Employee headcount, as of March 31 (thousands) 115.6 109.2 5.9

Cost per ASM ("CASM") (cents) 17.52 16.77 4.4

CASM-ex (cents) (h) 13.95 13.17 5.9

Average aircraft fuel price per gallon $ 2.78 $ 2.53 9.9

Fuel gallons consumed (millions) 1,093 1,067 2.4

(a) The number of revenue passengers measured by each flight segment flown.

(b) The number of scheduled miles flown by revenue passengers.

(d) RPMs divided by ASMs.

(e) The average passenger revenue received for each RPM flown.

(f) The number of cargo revenue tons transported multiplied by the number of miles flown.

(g) Average distance a flight travels weighted for size of aircraft.

(h) CASM-ex is CASM less the impact of fuel expense, profit sharing, special charges and third-party business expenses. See NON-GAAP FINANCIAL INFORMATION for a reconciliation of CASM-ex to CASM, the most comparable GAAP measure.

United Airlines Reports First-Quarter 2026 Results

UNITED AIRLINES HOLDINGS, INC.

1 NON-GAAP FINANCIAL INFORMATION

UAL evaluates its financial performance utilizing various accounting principles generally accepted in the United States of America (GAAP) and non-GAAP financial measures. The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this press release that are calculated and presented in accordance with GAAP and are presented because management believes that they supplement or enhance management's, analysts' and investors' overall understanding of the company's underlying financial performance and trends and facilitate comparisons among current, past and future periods.

The information below provides an explanation of certain adjustments reflected in the non-GAAP financial measures and shows a reconciliation of non-GAAP financial measures reported in this press release to the most directly comparable GAAP financial measures. Within the financial tables presented, certain columns and rows may not add due to the use of rounded numbers. Percentages, ratios and earnings per share amounts presented are calculated from the underlying amounts.

CASM-ex: CASM is a common metric used in the airline industry to measure an airline's cost structure and efficiency. UAL reports CASM excluding special charges, third-party business expenses, fuel expense, and profit sharing. UAL believes that adjusting for special charges is useful to investors because those items are not indicative of UAL's ongoing performance. UAL also believes that excluding third-party business expenses, such as maintenance, flight academy, ground handling and catering services for third parties, provides more meaningful disclosure because these expenses are not directly related to UAL's core business. UAL also believes that excluding fuel expense from certain measures is useful to investors because it provides an additional measure of management's performance excluding the effects of a significant cost item over which management has limited influence. UAL excludes profit sharing because it believes that this exclusion allows investors to better understand and analyze UAL's operating cost performance and provides a more meaningful comparison of our core operating costs to the airline industry.

Adjusted EBITDA and Adjusted EBITDAR: We calculate Adjusted EBITDA by adding interest, taxes, depreciation and amortization to net income and adjusting for special charges, nonoperating unrealized (gains) losses on investments, net and nonoperating debt extinguishment and modification fees. UAL believes that adjusting for these items is useful to investors because they are not indicative of UAL's ongoing performance. Adjusted EBITDA is further adjusted by the fixed portion of operating lease expense to calculate Adjusted EBITDAR to provide investors with enhanced comparability to our peers and better reflect our performance.

Adjusted Capital Expenditures: UAL believes that adjusting capital expenditures for assets acquired through the issuance or modification of debt, finance leases and other financial liabilities is useful to investors in order to appropriately reflect the total amounts spent on capital expenditures.

Free Cash Flow: We define free cash flow as the sum of net cash from operating activities and net cash from investing activities, adjusted for the net change in short-term investments and the net change in restricted cash. We believe adjusting for short-term investments and restricted cash activity provides investors a better understanding of the company's free cash flow generated by our core operations. We also believe our methodology provides investors with enhanced comparability to our peers and better reflects our performance.

Free Cash Conversion: Free cash conversion is a non-GAAP financial measure that is equal to free cash flow divided by adjusted net income. UAL provides free cash conversion because it provides a better understanding of the company's free cash flow generated by our core operations relative to our profitability. We are not providing a target for or a reconciliation to net cash provided by operating activities or net income, the most directly comparable GAAP measures, because we are unable to predict the excluded items contained in the GAAP measure without unreasonable efforts, and therefore we also are not able to determine the probable significance of such items.

Adjusted Total Debt and Adjusted Net Debt: Adjusted total debt is a non-GAAP financial measure that includes current and long-term debt, finance lease obligations and other financial liabilities, current and noncurrent operating lease obligations and noncurrent pension and postretirement obligations. Adjusted net debt is adjusted total debt minus cash, cash equivalents and short-term investments. UAL provides adjusted total debt and adjusted net debt because we believe these measures provide useful supplemental information for assessing the company's debt and debt-like obligation profile.

Net Leverage: Net leverage is a non-GAAP financial measure that is equal to adjusted net debt divided by trailing twelve month Adjusted EBITDAR. UAL provides net leverage because we believe it provides useful supplemental information for assessing the company's debt level. See the above descriptions of Adjusted Net Debt and Adjusted EBITDAR.

Three Months Ended March 31, %

Increase/

(Decrease)

CASM-ex (in cents, except for percentage changes)

2026 2025

CASM (GAAP) 17.52 16.77 4.4

Fuel expense 3.91 3.59 8.9

Profit sharing 0.08 0.06 32.5

Third-party business expenses 0.08 0.09 (8.3)

Special charges (credits) (0.50) (0.14) NM

CASM-ex (Non-GAAP)

13.95 13.17 5.9

United Airlines Reports First-Quarter 2026 Results

UNITED AIRLINES HOLDINGS, INC.

NON-GAAP FINANCIAL INFORMATION (Continued)

Three Months Ended March 31, Twelve Months Ended March 31,

Adjusted EBITDA and Adjusted EBITDAR (in millions)

2026 2025 2026 2025

Net income (GAAP) $ 699 $ 387 $ 3,665 $ 3,660

Adjusted for:

Depreciation and amortization 756 727 2,968 2,947

Interest expense, net of capitalized interest and interest income 138 144 550 606

Income tax expense 172 91 1,033 1,150

Special charges (credits) (389) (108) (23) (8)

Nonoperating unrealized (gains) losses on investments, net 13 21 (12) 183

Nonoperating debt extinguishment and modification fees 4 — 24 93

Adjusted EBITDA (non-GAAP) $ 1,392 $ 1,263 $ 8,205 $ 8,631

Adjusted EBITDA margin (non-GAAP) 9.5 % 9.6 % 13.6 % 14.9 %

Adjusted EBITDA (non-GAAP) $ 1,392 $ 1,263 $ 8,205 $ 8,631

Fixed portion of operating lease expense 245 212 927 848

Adjusted EBITDAR (non-GAAP) $ 1,637 $ 1,475 $ 9,132 $ 9,479

Three Months Ended March 31,

Adjusted Capital Expenditures (in millions)

2026 2025

Capital expenditures, net of flight equipment purchase deposit returns (GAAP) $ 1,672 $ 1,233

Property and equipment acquired through the issuance or modification of debt, finance leases and other financial liabilities 23 (1)

Operating leases converted to finance leases 24 —

Adjusted capital expenditures (Non-GAAP) $ 1,719 $ 1,232

Three Months Ended March 31, Twelve Months Ended March 31,

Free Cash Flow (in millions)

2026 2025 2026 2025

Net cash provided by operating activities (GAAP) $ 4,799 $ 3,710 $ 9,520 $ 10,307

Net cash used in investing activities (GAAP) (1,894) (1,462) (6,783) (5,554)

Adjusted for:

Net change in short-term investments — 254 338 369

Net change in restricted cash (2) (190) 225 (83)

Free cash flow (Non-GAAP) $ 2,903 $ 2,312 $ 3,301 $ 5,039

March 31,

Increase/

(Decrease)

Adjusted Total Debt, Adjusted Net Debt and Net Leverage (in millions)

2026 2025

Debt, finance lease obligations and other financial liabilities - current and noncurrent (GAAP) $ 24,193 $ 27,663 $ (3,470)

Operating lease obligations - current and noncurrent 6,778 5,262 1,516

Pension and postretirement liabilities - noncurrent 1,077 1,252 (175)

Adjusted total debt (Non-GAAP) $ 32,047 $ 34,177 (2,130)

Less: Cash and cash equivalents $ 7,869 $ 9,370 (1,501)

Short-term investments 6,298 5,960 338

Adjusted net debt (Non-GAAP) $ 17,880 $ 18,847 (967)

Net leverage (Non-GAAP) 2.0 2.0 — pts.

United Airlines Reports First-Quarter 2026 Results

UNITED AIRLINES HOLDINGS, INC.

NON-GAAP FINANCIAL INFORMATION (Continued)

Three Months Ended March 31, %

Increase/

(Decrease)

(in millions, except for percentage changes and per share data) 2026 2025

Operating expenses (GAAP) $ 13,611 $ 12,605 8.0

Special charges (credits) (389) (108) NM

Operating expenses, excluding special charges 14,001 12,713 10.1

Adjusted to exclude:

Fuel expense 3,041 2,701 12.6

Profit sharing 59 43 37.0

Third-party business expenses 65 68 (5.2)

Adjusted operating expenses (Non-GAAP) $ 10,836 $ 9,900 9.5

Operating income (GAAP) $ 997 $ 607 64.2

Special charges (credits) (389) (108) NM

Adjusted operating income (Non-GAAP) $ 608 $ 500 21.7

Operating margin 6.8 % 4.6 % 2.2 pts.

Adjusted operating margin (Non-GAAP) 4.2 % 3.8 % 0.4 pts.

Pre-tax income (GAAP) $ 870 $ 478 81.9

Adjusted to exclude:

Special charges (credits) (389) (108) NM

Unrealized losses on investments, net 13 21 (35.4)

Debt extinguishment and modification fees 4 — NM

Adjusted pre-tax income (Non-GAAP) $ 498 $ 391 27.3

Pre-tax margin (GAAP) 6.0 % 3.6 % 2.3 pts.

Adjusted pre-tax margin (Non-GAAP) 3.4 % 3.0 % 0.4 pts.

Net income (GAAP) $ 699 $ 387 80.4

Adjusted to exclude:

Special charges (credits) (389) (108) NM

Unrealized losses on investments, net 13 21 (35.4)

Debt extinguishment and modification fees 4 — NM

Income tax expense on adjustments, net 62 2 NM

Adjusted net income (Non-GAAP) $ 389 $ 302 28.8

Diluted earnings per share (GAAP) $ 2.14 $ 1.16 84.5

Adjusted to exclude:

Special charges (credits) (1.19) (0.32) NM

Unrealized losses on investments, net 0.04 0.06 NM

Debt extinguishment and modification fees 0.01 — NM

Income tax expense on adjustments, net 0.19 0.01 NM

Adjusted diluted earnings per share (Non-GAAP) $ 1.19 $ 0.91 30.8

United Airlines Reports First-Quarter 2026 Results

UNITED AIRLINES HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in millions) March 31, 2026 (UNAUDITED) December 31, 2025

ASSETS

Cash and cash equivalents $ 7,869 $ 5,942

Short-term investments 6,298 6,298

Receivables, net 2,660 2,391

Aircraft fuel, spare parts and supplies, net 1,718 1,556

Prepaid expenses and other 847 671

Total current assets 19,392 16,857

Operating property and equipment, net 47,071 46,121

Operating lease right-of-use assets 5,740 4,958

Goodwill 4,527 4,527

Intangible assets, net 2,650 2,655

Investments in affiliates and other, net 1,561 1,330

Total noncurrent assets 61,549 59,591

Total assets $ 80,941 $ 76,448

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable $ 5,377 $ 4,567

Accrued salaries and benefits 3,071 3,900

Advance ticket sales 11,670 8,131

Frequent flyer deferred revenue 3,832 3,721

Current maturities of long-term debt, finance leases, and other financial liabilities 2,253 4,426

Current maturities of operating leases 748 631

Other 830 757

Total current liabilities 27,781 26,133

Long-term debt, finance leases, and other financial liabilities 21,940 20,562

Long-term obligations under operating leases 6,030 5,417

Frequent flyer deferred revenue 4,103 4,056

Pension and postretirement benefit liability 1,077 1,058

Deferred income taxes 2,617 2,463

Other 1,518 1,478

Total noncurrent liabilities 37,284 35,033

Total stockholders' equity 15,876 15,282

Total liabilities and stockholders' equity $ 80,941 $ 76,448

United Airlines Reports First-Quarter 2026 Results

UNITED AIRLINES HOLDINGS, INC.

CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS (UNAUDITED)

(in millions) Three Months Ended March 31,

2026 2025

Operating Activities:

Net cash provided by operating activities $ 4,799 $ 3,710

Investing Activities:

Capital expenditures, net of flight equipment purchase deposit returns (1,672) (1,233)

Purchases of short-term and other investments (2,356) (2,246)

Proceeds from sale of short-term and other investments 2,269 2,023

Proceeds from sale of property and equipment 9 29

Other, net (144) (35)

Net cash used in investing activities (1,894) (1,462)

Financing Activities:

Proceeds from issuance of debt and other financial liabilities, net of discounts and fees 2,233 (3)

Payments of long-term debt, finance leases and other financial liabilities (3,092) (1,011)

Repurchases of common stock (27) (349)

Other, net (90) (94)

Net cash used in financing activities (976) (1,457)

Net increase in cash, cash equivalents and restricted cash 1,929 791

Cash, cash equivalents and restricted cash at beginning of the period 6,081 8,946

Cash, cash equivalents and restricted cash at end of the period (a) $ 8,011 $ 9,737

Investing and Financing Activities Not Affecting Cash:

Right-of-use assets acquired or modified through operating leases $ 902 $ 419

Property and equipment acquired through the issuance or modification of debt, finance leases and other financial liabilities 23 (1)

Operating leases converted to finance leases 24 —

Investment interests received in exchange for loans, goods and services 50 —

(a) The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the condensed consolidated balance sheets:

Cash and cash equivalents $ 7,869 $ 9,370

Restricted cash in Prepaid expenses and other — 200

Restricted cash in Investments in affiliates and other, net 142 167

Total cash, cash equivalents and restricted cash $ 8,011 $ 9,737

United Airlines Reports First-Quarter 2026 Results

UNITED AIRLINES HOLDINGS, INC.

NOTES (UNAUDITED)

Special charges (credits) and unrealized losses on investments, net include the following:

Three Months Ended March 31,

(in millions) 2026 2025

Operating:

(Gains) losses on sale of assets and other special charges $ (389) $ (108)

Total operating special charges (credits) (389) (108)

Nonoperating:

Nonoperating unrealized losses on investments, net 13 21

Nonoperating debt extinguishment and modification fees 4 —

Total nonoperating special charges and unrealized losses on investments, net 18 21

Total operating and nonoperating special charges (credits) and unrealized losses on investments, net (372) (87)

Income tax expense, net of valuation allowance 62 2

Total operating and nonoperating special charges (credits) and unrealized losses on investments, net of income taxes $ (310) $ (85)

During the three months ended March 31, 2026, and 2025, the company recorded $389 million and $108 million, respectively, of net gains on sale of assets and other special charges, which were primarily comprised of $444 million and $110 million, respectively, of gains on various aircraft sale-leaseback transactions.

The company's effective tax rates were as follows:

Three Months Ended March 31,

2026 2025

Effective tax rate 19.7 % 19.0 %

The provision for income taxes is based on the estimated annual effective tax rate, which represents a blend of federal, state and foreign taxes and includes the impact of certain nondeductible items.

# # #

EX-99.2

Filename: ual_erx03312026xex992.htm · Sequence: 3

Document

Exhibit 99.2

Investor Update1 Issue Date: April 21, 2026

This Investor Update provides guidance and certain other forward-looking statements about United Airlines Holdings, Inc. (the "Company"). The information in this Investor Update contains the preliminary financial and operational outlook for the second-quarter 2026 and beyond, among other items.

Estimated

2Q 2026 Estimated

FY 2026

Adjusted diluted earnings per share2 $1.00 - $2.00 $7.00 - $11.00

Average aircraft fuel price per gallon ~$4.30 -

Adjusted total capital expenditures (in billions)3 - Less than $8

Revenue

Guidance assumes United’s revenue recovers 40% to 50% of the fuel price increases in the second quarter, 70% to 80% of the fuel price increases in the third quarter and 85% to 100% of the fuel price increases in the fourth quarter 2026.

Capacity

Based on the current fuel environment, the Company is targeting year-over-year capacity to be flat to up approximately 2% in both the third and fourth quarters of 2026.

Fuel

The Company’s adjusted diluted earnings per share2 guidance for the second quarter and full-year 2026 assumes the Gulf Coast jet forward curve as of Friday, April 17, 2026. Fuel remains highly volatile. If prices remain on a downward trend the Company expects to be in the upper half of the adjusted diluted earnings per share2 guidance ranges for each of the second quarter and full year 2026, and if fuel re-escalates the Company expects to be in the lower half of the adjusted diluted earnings per share2 guidance ranges for each of the second quarter and full year 2026.

1 The guidance provided in this Investor Update reflects our current expectations and assumptions and our actual results and timing may vary materially based on various factors that include, but are not limited to, those discussed below under "Cautionary Statement Regarding Forward-Looking Statements" and in Part I, Item 1A. Risk Factors and in "Economic and Market Factors" and "Governmental Actions" in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as well as other risks and uncertainties set forth from time to time in the reports we file with the U.S. Securities and Exchange Commission (the "SEC"). The guidance is only effective as of the date given and should not be considered updated or affirmed unless and until we publicly announce updated or affirmed guidance. We undertake no obligation to update our guidance. Management will also discuss certain business outlook items during its regularly scheduled quarterly earnings conference call on April 22, 2026. This Investor Update should be read in conjunction with the Company's earnings release issued in connection with this Investor Update and its filings with the SEC.

2 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.

3 Adjusted total capital expenditures is a non-GAAP financial measure calculated as capital expenditures, net of flight equipment purchase deposit returns, plus property and equipment acquired through the issuance or modification of debt, finance leases, and other financial liabilities and operating leases converted to finance leases. We are not providing a target for or a reconciliation to capital expenditures, net of flight equipment purchase deposit returns, the most directly comparable GAAP measure, because we are not able to predict non-cash capital expenditures without unreasonable efforts, and therefore we also are not able to determine the probable significance of such items.

Profit Sharing: Based on profit sharing plans in current labor agreements, the Company expects to accrue between $50 million and $95 million in the second quarter of 2026. The accrual is based on the sum of the methodology below.

•Approximately 3.7% of total adjusted pre-tax earnings up to a 6.9% adjusted pre-tax margin, plus approximately 3.6% of total adjusted pre-tax earnings above a 6.9% adjusted pre-tax margin.

•Approximately 5.9% of total adjusted pre-tax earnings up to $2.5 billion adjusted pre-tax earnings, plus approximately 11.7% of total adjusted pre-tax earnings above $2.5 billion adjusted pre-tax earnings.

•Approximately 3.3% for all adjusted pre-tax earnings above the prior year’s adjusted pre-tax earnings.

In reference to the above calculation, profit sharing adjusted pre-tax earnings and adjusted pre-tax margin are non-GAAP financial measures that are defined in the Company’s profit sharing plan document and calculated as GAAP pre-tax income (loss) and pre-tax margin, excluding operating and non-operating special charges and unrealized (gains) losses on investments, net, profit sharing expense and share-based compensation program expense. The Company estimates that share-based compensation expense for the purposes of the profit sharing adjusted pre-tax earnings calculation will be approximately $42 million for the second quarter of 2026.

Fleet Plan: As of April 21, 2026, the Company's fleet plan was as follows:

1Q 2026 2Q 2026E 3Q 2026E YE 2026E

B777-200/300 96 96 96 96

B787-8/9/10 85 89 95 101

B767-300/400 53 53 53 53

B757-200/300 61 61 61 61

B737 MAX

268 284 303 323

B737-700/800/900 329 329 329 329

A319/A320 142 142 131 126

A321neo/XLR 66 72 82 91

Total Mainline Aircraft 1,100 1,126 1,150 1,180

50-seat (ERJ145XR, CRJ550, CRJ450, CRJ200) 171 174 180 185

70/76-seat (E175, E170, CRJ700) 255 255 255 255

Total Regional Aircraft 426 429 435 440

Note: Above figures correspond with current expectations for future delivery dates, which are subject to change.

Cautionary Statement Regarding Forward-Looking Statements

This Investor Update contains certain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to, among other things, the Company’s anticipated financial results and guidance, anticipated fuel prices, capacity, profit sharing accruals and share-based compensation expense, and fleet plans. Such forward-looking statements are based on historical performance and current expectations, estimates, forecasts and projections about the Company's future financial results, goals, plans, commitments, strategies and objectives and involve inherent risks, assumptions and uncertainties, known or unknown, including internal or external factors that could delay, divert or change any of them, that are difficult to predict, may be beyond the Company's control and could cause the Company's future financial results, goals, plans, commitments, strategies and objectives to differ materially from those expressed in, or implied by, the statements. Words such as "should," "could," "would," "will," "may," "expects," "plans," "intends," "anticipates," "indicates," "remains," "believes," "estimates," "projects," "forecast," "guidance," "outlook," "goals," "targets," "pledge," "confident," "optimistic," "dedicated," "positioned", "on track", "path" and other words and terms of similar meaning and expression are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. All statements, other than those that relate solely to historical facts, are forward-looking statements. Additionally, forward-looking statements include conditional statements and statements that identify uncertainties or trends, discuss the possible future effects of known trends or uncertainties, or that indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this Investor Update are based upon information available to the Company on the date of this Investor Update. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except as required by applicable law or regulation.

The Company’s actual results could differ materially from these forward-looking statements due to numerous factors including, without limitation, the following: execution risks associated with our strategic operating plan; changes in our fleet and network strategy or other factors outside our control resulting in less economic aircraft orders, costs related to modification or termination of aircraft orders or entry into aircraft orders on less favorable terms, as well as any inability to accept or integrate new aircraft into our fleet as planned, including as a result of any mandatory groundings of aircraft; any failure to effectively manage, and receive anticipated benefits and returns from, acquisitions, divestitures, investments, joint ventures and other portfolio actions, or related exposures to unknown liabilities or other issues or underperformance as compared to our expectations; adverse publicity, increased regulatory scrutiny, harm to our brand, reduced travel demand, potential tort liability and operational restrictions as a result of an accident, catastrophe or incident involving us, our regional carriers, our codeshare partners or another airline; the highly competitive nature of the global airline industry and susceptibility of the industry to price discounting and changes in capacity, including as a result of alliances, joint business arrangements or other consolidations; unfavorable developments affecting our MileagePlus loyalty program; our reliance on a limited number of suppliers to source a majority of our aircraft, engines and certain parts, and the impact of any failure to obtain timely deliveries, additional equipment or support from any of these suppliers; disruptions to our regional network and United Express flights provided by third-party regional carriers; unfavorable economic and political conditions in the United States and globally; reliance on third-party service providers and the impact of any significant failure of these parties to perform as expected, or interruptions in our relationships with these providers or their provision of services; extended interruptions or disruptions in service at major airports where we operate and space, facility and infrastructure constraints at our hubs or other airports (including as result of government shutdowns); geopolitical conflict, terrorist attacks or security events (including the suspension of our overflying in Russian airspace as a result of the Russia-Ukraine military conflict and interruptions of our flying as a result of the military conflicts across the globe, as well as any escalation of the broader economic consequences of any conflicts beyond their current scope or a delay in any planned resumption of service to area impacted by a conflict); any damage to our reputation or brand image; our reliance on technology and automated systems to operate our business and the impact of any significant failure or disruption of, or failure to effectively integrate and implement, these technologies or systems; increasing privacy, data security and cybersecurity obligations or a significant data breach; increased use of social media platforms by us, our employees and others; the impacts of union disputes, employee strikes or slowdowns, and other labor-related disruptions or regulatory compliance costs on our operations or financial performance; any failure to attract, train or retain skilled personnel, including our senior management team or other key employees; the monetary and operational costs of compliance with extensive government regulation of the airline industry; current or future litigation and regulatory actions, or failure to comply with the terms of any settlement, order or agreement relating to these actions; costs, liabilities and risks associated with environmental regulation and climate change; high and/or volatile fuel prices or significant disruptions in the supply of aircraft fuel, including as a result of the military conflict in Iran; the impacts of our significant amount of financial leverage from fixed obligations and the impacts of insufficient liquidity on our financial condition and business; failure to comply with financial and other covenants governing our debt; limitations on our ability to use our net operating loss carryforwards and certain other tax attributes to offset future taxable income for U.S. federal income tax purposes; our failure to realize the full value of our intangible assets or our long-lived assets, causing us to record impairments; fluctuations in the price of our common stock; the impacts of seasonality and other factors associated with the airline industry; increases in insurance costs or inadequate insurance coverage; risks relating to our repurchase program for shares of common stock and certain warrants exercisable for common stock; and other risks and uncertainties set forth in Part I, Item 1A. Risk Factors and in Part II, Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations"

of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as other risks and uncertainties set forth from time to time in the reports we file with the SEC.

Non-GAAP Financial Information and Financial Guidance

The Company refers to financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The non-GAAP financial measures are provided as supplemental information to the financial measures presented in this Investor Update that are calculated and presented in accordance with GAAP and are presented because management believes that they supplement or enhance management's, analysts' and investors' overall understanding of the Company's underlying financial performance and trends and facilitate comparisons among current, past and future periods. Because the non-GAAP financial measures are not calculated in accordance with GAAP, they should not be considered superior to and are not intended to be considered in isolation or as a substitute for the related GAAP financial measures presented in the Company’s filings with the SEC and may not be the same as or comparable to similarly titled measures presented by other companies due to possible differences in method and in the items being adjusted. The Company encourages investors to review its financial statements and publicly-filed reports in their entirety and not to rely on any single financial

measure. The Company does not provide a reconciliation of forward-looking measures where the Company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

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Apr. 21, 2026

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825-4000

Entity Tax Identification Number

74-2099724

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_EntityInformationLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true only for a security having no trading symbol.

+ References

No definition available.

+ Details

Name:

dei_NoTradingSymbolFlag

Namespace Prefix:

dei_

Data Type:

dei:trueItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_WarrantMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

dei_LegalEntityAxis=ual_UnitedAirLinesIncMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type: