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United (UAL) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

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For the quarter ended June 2026, United Airlines (UAL - Free Report) reported revenue of $17.67 billion, up 16% over the same period last year. EPS came in at $1.99, compared to $3.87 in the year-ago quarter.

The reported revenue represents a surprise of -0.05% over the Zacks Consensus Estimate of $17.68 billion. With the consensus EPS estimate being $1.92, the EPS surprise was +3.65%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how United performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
  • Passenger load factor - Consolidated: 83.4% compared to the 84.4% average estimate based on four analysts.
  • Total revenue per available seat mile (TRASM): 20.25 cents versus the three-analyst average estimate of 20.36 cents.
  • CASM-ex (excluding special charges, third-party business expenses, fuel, and profit sharing): 13.12 cents versus the three-analyst average estimate of 13.05 cents.
  • Average aircraft fuel price per gallon: $4.19 compared to the $4.23 average estimate based on three analysts.
  • ASMs (Available seat miles): 87.28 billion versus 86.89 billion estimated by three analysts on average.
  • PRASM (Passenger revenue per available seat mile): 18.45 cents versus the three-analyst average estimate of 18.61 cents.
  • RPMs (Revenue passenger miles): 72.77 billion compared to the 73.71 billion average estimate based on three analysts.
  • Cost per ASM (CASM): 18.99 cents compared to the 19.16 cents average estimate based on two analysts.
  • Fuel gallons consumed: 1,219.00 MGal versus 1,217.52 MGal estimated by two analysts on average.
  • Operating revenue- Passenger revenue: $16.1 billion versus $16.12 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +16.4% change.
  • Operating revenue- Other operating revenue: $1.05 billion compared to the $1.06 billion average estimate based on four analysts. The reported number represents a change of +7.7% year over year.
  • Operating revenue- Cargo: $527 million versus the four-analyst average estimate of $458.59 million. The reported number represents a year-over-year change of +22.6%.

View all Key Company Metrics for United here>>>

Shares of United have returned +1.6% over the past month versus the Zacks S&P 500 composite's +1.6% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

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