[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","a3ersxj174x7po8wkhw20lghb","revision",2,"title","联合航空2026年三季度财报：营收178.75亿美元，净利润10.29亿美元","originalTitle","10-Q - UNITED AIRLINES, INC. (0000319687) (Filer)","summary","联合航空2026年三季度总营收178.75亿美元，同比增长17.4%；净利润10.29亿美元，同比增长8.4%；每股收益3.17美元。截至2026年9月30日，公司总资产851.20亿美元，现金及现金等价物66.48亿美元，债务总额343亿美元。公司已将循环信贷额度从30亿美元增至50亿美元，并发行了10亿美元2031年5.375%高级票据和10亿美元2029年4.875%高级票据。","reason","财报显示营收与利润增长，但运营支出与燃料成本显著上升，公司通过增加信贷额度和发行票据优化债务结构，需关注高油价及劳动力成本对后续盈利能力的持续影响。","source",{"_12":89,"_90":91,"_9":92,"_93":42,"_94":95,"_96":97},"links",{"_86":87,"_78":88},"publishedAt","2026-10-21T20:20:56.000Z","discoveredAt","2026-10-22T00:29:24.495Z","timelineAt","category","ai-products","tags",[83,84,85],"stockSymbols",[],"score",80,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":72},"hasTranslation","bodyLanguage","zh","factId","faOZFOXvnJEs",{"_73":74,"_16":75},"reportCount","additionalSourceCount",0,"developmentCount",1,"publicId","97984541-d457-40cb-a45c-2b0241de9627","美国航空与美联航发布2026年Q3财报",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549


	表格	10-Q


☒	根据1934年证券交易法第13或15(d)条的季度报告
	截至2026年9月30日的季度

或


☐	根据1934年证券交易法第13或15(d)条的过渡报告
	从到

$\"united_logo_h_rgb_r$

委员会
文件编号

注册人根据其章程指定的名称

主要执行办公室地址

电话号码

注册州

IRS 雇主
识别号码

001-06033

美国航空集团有限公司

233 South Wacker Drive,

芝加哥,

伊利诺伊州

60606

(872)

825-4000

特拉华州

36-2675207

001-10323

美国航空有限公司

233 South Wacker Drive,

芝加哥,

伊利诺伊州

60606

(872)

825-4000

特拉华州

74-2099724

根据1934年证券交易法第12(b)条注册的证券：

每类的名称

交易符号

每类证券注册的交易所名称

美国航空集团有限公司

普通股，面值0.01美元

UAL

纳斯达克股票市场有限责任公司

优先股购买权

无

纳斯达克股票市场有限责任公司

美国航空有限公司

无

通过勾选方框表明注册人（1）是否已提交根据1934年证券交易法第13或15(d)条在前12个月内（或注册人需提交此类报告的较短期间）要求提交的所有报告，以及（2）是否在过去90天内受到此类提交要求的约束。

美国航空集团有限公司

是

☒

否

☐

美国航空有限公司

是

☒

否

☐

通过勾选方框表明注册人是否在前12个月内（或注册人需提交此类文件的较短期间）根据S-T条例第405条（本章第232.405条）提交了所有要求提交的交互式数据文件。

美国航空集团有限公司

是

☒

否

☐

美国航空有限公司

是

☒

否

☐

通过勾选方框表明注册人是大型加速申报者、加速申报者、非加速申报者、较小报告公司或新兴成长公司。请参见《交易法》第12b-2条中对“大型加速申报者”、“加速申报者”、“较小报告公司”和“新兴成长公司”的定义。

美国航空集团有限公司

大型加速申报者

☒

加速申报者

☐

非加速申报者

☐

较小报告公司

☐

新兴成长公司

☐

美国航空有限公司

大型加速申报者

☐

加速申报者

☐

非加速申报者

☒

小规模报告公司

☐

新兴成长公司

☐

如果是新兴成长公司，请勾选方框表示发行人是否选择不使用根据《证券交易法》第13(a)条规定的任何新修订的财务会计标准的延长过渡期。

美国航空集团有限公司

☐

美国航空公司有限公司

☐

请勾选方框表示发行人是否为壳公司（根据《证券交易法》第12b-2条定义）。

美国航空集团有限公司

是

☐

否

☒

美国航空公司有限公司

是

☐

否

☒

截至2026年10月15日，发行人各类普通股的流通股数量如下所示：


美国航空集团有限公司	324,894,375	普通股（面值0.01美元）
美国航空公司有限公司	1,000	普通股（面值0.01美元）（100%由美国航空集团有限公司拥有）

某些信息的省略

本合并季度报告10-Q由美国航空集团有限公司和美国航空公司有限公司分别提交。美国航空公司有限公司符合10-Q表格通用说明H(1)(a)和(b)中规定的条件，因此根据该通用说明允许的简化披露格式提交本表格。

美国航空集团有限公司

美国航空公司有限公司

10-Q表格的季度报告

截至2026年9月30日的季度期间


	页码
第一部分：财务信息

第1项：财务报表
美国航空集团有限公司：
合并运营报表	3
合并综合收益（亏损）报表	4
合并资产负债表	5
合并现金流量表（摘要）	6
合并股东权益报表	7

美国航空公司有限公司：
合并运营报表	8
合并综合收益（亏损）报表	9
合并资产负债表	10
合并现金流量表（摘要）	11
合并股东权益报表	12

合并摘要财务报表附注（美国航空集团有限公司和美国航空公司有限公司）	13

注释1 - 报告基础	13
注释2 - 收入确认	13
注释3 - 每股收益	14
注释4 - 累计其他综合收益（亏损）	15
注释5 - 所得税	15
注释6 - 养老金和其他退休后福利计划	16
注释7 - 公允价值计量、投资和应收票据	16
注释8 - 债务	18
注释9 - 承诺和或有事项	19
注释10 - 特殊费用（收益）	20
项目 2. 管理层讨论与分析财务状况和经营成果	21
项目 3. 关于市场风险的定量和定性披露	31
项目 4. 控制和程序	31

第二部分。其他信息

项目 1. 法律诉讼	31
项目 1A. 风险因素	31
项目 2. 未注册股权证券的销售和资金用途	31
项目 5. 其他信息	31
项目 6. 附件	33
附件索引	33

签名	34


目录

第一部分。财务信息

项目 1. 财务报表。

美国航空公司控股公司

合并运营状况表（未经审计））

（单位为百万美元，每股金额除外）


	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2026		2025		2026		2025
运营收入：
乘客收入	$	16,241			$	13,815		$	45,507	$	39,512
货运收入	529			431			1,478		1,290
其他运营收入	1,106			979			3,170		2,872
总运营收入	17,875			15,225			50,156		43,673

运营费用：
工资及相关费用	4,961			4,555			14,209		13,123
航空燃油	4,843			2,997			12,993		8,473

着陆费和其他租金	1,046			1,002			3,050		2,836
飞机维修材料和外部维修	806			779			2,565		2,374
折旧和摊销	777			730			2,295		2,191
区域容量采购	725			686			2,160		2,012
分销费用	632			555			1,799		1,538

飞机租金	116			54			311		172
特别费用（收益）	(215)			(73)			(749)		266
其他运营费用	2,739			2,546			7,984		7,359
总运营费用	16,429			13,830			46,617		40,345
运营收入	1,446			1,395			3,539		3,328

非运营收入（费用）：
利息费用	(359)			(331)			(1,029)		(1,048)
利息收入	157			142			440		473
资本化的利息	56			53			169		152
投资的未实现收益（损失）净额	(13)			(13)			13		(8)
其他，净额	24			9			74		86
总非运营费用，净额	(135)			(141)			(331)		(346)
税前收入	1,311			1,255			3,208		2,981
所得税费用	282			306			675		672
净收入	$	1,029			$	949		$	2,533	$	2,309

基本每股收益	$	3.17			$	2.93		$	7.80	$	7.10
稀释每股收益	$	3.14			$	2.90		$	7.74	$	7.02

附注：合并的简明合并财务报表附注是这些报表的组成部分。


目录

美国航空公司控股公司

合并综合收益（损失）表（未经审计）

（单位为百万美元）


	截至 9 月 30 日的三个月		截至 9 月 30 日的九个月
	2026		2025		2026		2025
净收入	$	1,029			$	949		$	2,533	$	2,309

其他综合收益（损失），税后：
员工福利计划	(12)			(23)			(40)		(72)
投资和其他	(17)			4			(33)		8
税后其他综合损失总额	(28)			(19)			(73)		(64)

税后综合收益总额	$	1,001			$	930		$	2,459	$	2,245

附注：合并的简明合并财务报表附注是这些报表的组成部分。


目录

美国航空公司控股公司

合并资产负债表（未经审计）

（单位为百万美元，股份数除外）


	2026 年 9 月 30 日		2025 年 12 月 31 日
资产
现金及现金等价物	$	6,648			$	5,942
短期投资	8,005			6,298
应收账款，净额	2,636			2,391
航空燃油、备件和物资，净额	1,954			1,556
预付费用和其他	746			671
总资产	19,988			16,857
运营资产和设备，净值	49,368			46,121
经营租赁的使用权资产	6,992			4,958
商誉	4,527			4,527
无形资产，净值	2,641			2,655
对联营公司和其他的投资，净值	1,604			1,330
非流动资产总额	65,132			59,591
资产总额	$	85,120			$	76,448
负债和股东权益
应付账款	$	5,403			$	4,567
应计工资和福利	3,007			3,900
提前售票	10,672			8,131
常旅客递延收入	4,084			3,721
长期债务、融资租赁和其他金融负债的短期到期部分	1,848			4,426
经营租赁的短期到期部分	934			631
其他	691			757
流动负债总额	26,639			26,133
长期债务、融资租赁和其他金融负债	24,550			20,562
经营租赁的长期义务	6,962			5,417
常旅客递延收入	3,881			4,056
养老金和退休后福利负债	825			1,058
递延所得税负债	3,093			2,463
其他	1,415			1,478
非流动负债总额	40,727			35,033
承诺和或有事项
股东权益：
优先股	—			—
普通股面值，$0.01面值；授权10亿股；截至2026年9月30日和2025年12月31日分别发行324,889,913股和323,470,682股	4			4
额外投资资本	8,936			8,911
库存股，按成本计算	(3,718)			(3,773)
留存收益	12,557			10,092
其他综合收益（亏损）累计	(26)			48
股东权益总额	17,754			15,282
负债和股东权益总额	$	85,120			$	76,448

附注：上述合并的简要合并财务报表附注是这些报表不可分割的一部分。


目录

美国航空公司控股公司

合并现金流量表（未经审计）

（单位：百万美元）


	截至9月30日的九个月
	2026		2025
经营活动：
经营活动产生的净现金	$	6,874			$	7,145

投资活动：
净资本支出（扣除航班设备购买存款返还）	(5,154)			(3,984)
购买短期和其他投资	(7,583)			(6,454)
出售短期和其他投资所得	5,779			5,654
出售资产和设备所得	54			63
其他，净额	(289)			(64)
投资活动使用的净现金	(7,192)			(4,785)

筹资活动：
发行债务和其他金融负债所得，扣除折扣和费用	6,698			485
偿还长期债务、融资租赁和其他金融负债	(5,541)			(4,196)
回购普通股	(27)			(610)
其他，净额	(98)			(114)
筹资活动产生的净现金	1,031			(4,436)
现金、现金等价物和受限现金的净增加（减少）	713			(2,075)
期初现金、现金等价物和受限现金	6,081			8,946
期末现金、现金等价物和受限现金（a）	$	6,794			$	6,871

不影响现金的投资和筹资活动：
通过经营租赁获得或修改的使用权资产	$	2,488			$	1,382
通过发行或修改债务、融资租赁和其他金融负债获得的资产和设备	140			(52)
经营租赁转换为融资租赁	66			417
以贷款、货物和服务交换获得的投资权益	60			16

(a) 下表提供了现金、现金等价物和受限现金与合并资产负债表中报告的金额之间的调节说明：


现金及现金等价物	$	6,648		$	6,730

投资于联营公司和其他项目的受限现金	146		141
现金、现金等价物和受限现金总计	$	6,794		$	6,871

附注：合并的简要合并财务报表的综合附注是这些报表的组成部分。


目录

美国航空公司控股公司

合并股东权益表（未经审计）

（以百万美元计）


	普通股票	额外投资资本		库藏股票	留存收益		其他综合收益（损失）累计		总计
	股数	金额
截至2026年6月30日的余额	324.6		$	4		$	8,879			$	(3,724)		$	11,535		$	3		$	16,697
净利润	—		—		—			—			1,029		—		1,029
其他综合损失	—		—		—			—			—		(28)		(28)
以股票结算的股权激励	—		—		59			—			—		—		59


股票期权行权所得	0.2		—		9			—			—		—		9
以股票结算的股权奖励，扣除用于缴税的股票	0.1		—		(12)			6			(7)		—		(12)
截至2026年9月30日的余额	324.9	$	4		$	8,936			$	(3,718)		$	12,557		$	(26)		$	17,754

截至2025年12月31日的余额	323.5	$	4		$	8,911			$	(3,773)		$	10,092		$	48		$	15,282
净利润	—		—		—			—			2,533		—		2,533
其他综合损失	—		—		—			—			—		(73)		(73)
以股票结算的股权激励	—		—		133			—			—		—		133
股票期权行权所得	0.2		—		9			—			—		—		9
普通股回购	(0.3)		—		—			(27)			—		—		(27)

以股票结算的股权奖励，扣除用于缴税的股票	1.6		—		(117)			83			(67)		—		(101)
截至2026年9月30日的余额	324.9	$	4		$	8,936			$	(3,718)		$	12,557		$	(26)		$	17,754

截至2025年6月30日的余额	323.8	$	4		$	8,855			$	(3,737)		$	8,110		$	142		$	13,373
净利润	—		—		—			—			949		—		949
其他综合损失	—		—		—			—			—		(19)		(19)
以股票结算的股权激励	—		—		38			—			—		—		38
普通股回购	(0.3)		—		—			(19)			—		—		(19)

以股票结算的股权奖励，扣除用于缴税的股票	0.2		—		(15)			12			(10)		—		(13)
截至2025年9月30日的余额	323.7		$	4		$	8,878			$	(3,745)		$	9,049		$	123		$	14,309

截至2024年12月31日的余额	327.9	$	4		$	8,980			$	(3,377)		$	6,880		$	188		$	12,675
净利润	—		—		—			—			2,309		—		2,309
其他综合损失	—		—		—			—			—		(64)		(64)
以股票结算的股权激励	—		—		109			—			—		—		109
普通股回购	(7.8)		—		—			(612)			—		—		(612)
以股票结算的认股权证结算	1.8		—		(99)			133			(34)		—		—
以股票结算的股权奖励，扣除用于缴税的股票	1.9		—		(112)			111			(107)		—		(108)
截至2025年9月30日的余额	323.7		$	4		$	8,878			$	(3,745)		$	9,049		$	123		$	14,309

附注：合并的简要合并财务报表的综合附注是这些报表的组成部分。


目录

美国航空公司

合并运营报表（未经审计）

（以百万美元计）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
运营收入：
乘客收入	$	16,241			$	13,815		$	45,507	$	39,512
货运收入	529			431			1,478		1,290
其他运营收入	1,106			979			3,170		2,872
总运营收入	17,875			15,225			50,156		43,673

运营费用：
员工薪资及相关费用	4,961			4,555			14,209		13,123
飞机燃油	4,843			2,997			12,993		8,473

着陆费及其他租金	1,046			1,002			3,050		2,836
飞机维修材料及外部维修	806			779			2,565		2,374
折旧与摊销	777			730			2,295		2,191
区域运力采购	725			686			2,160		2,012
分销费用	632			555			1,799		1,538

飞机租金	116			54			311		172
特别费用（收益）	(215)			(73)			(749)		266
其他运营费用	2,739			2,545			7,983		7,358
总运营费用	16,429			13,829			46,615		40,344
运营收入	1,447			1,396			3,541		3,329

非运营收入（费用）：
利息费用	(359)			(331)			(1,029)		(1,048)
利息收入	157			142			440		473
资本化利息	56			53			169		152
投资净未实现损益	(13)			(13)			13		(8)
其他，净额	24			9			74		86
净非运营费用	(135)			(141)			(331)		(346)
税前收入	1,312			1,255			3,209		2,982
所得税费用	282			306			676		672
净收入	$	1,030			$	949		$	2,534	$	2,310

附注：合并的简明合并财务报表附注是这些报表的不可分割的一部分。


目录

美国航空公司，股份有限公司

合并综合收益（亏损）表（未经审计）

（单位：百万美元）


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
净收入	$	1,030			$	949		$	2,534	$	2,310

其他综合收益（亏损），税后：
员工福利计划	(12)			(23)			(40)		(72)
投资和其他	(17)			4			(33)		8
税后其他综合亏损总额	(28)			(19)			(73)		(64)

税后综合收益总额	$	1,001			$	930		$	2,461	$	2,246

附注：合并的简明合并财务报表附注是这些报表的不可分割的一部分。


目录

美国航空公司，股份有限公司

合并资产负债表（未经审计）

（单位：百万美元，除股份外）


	2026年9月30日		2025年12月31日
资产
现金及现金等价物	$	6,648			$	5,942
短期投资	8,005			6,298
应收账款，净额	2,636			2,391
飞机燃油、备件和供应品，净额	1,954			1,556
预付费用和其他	746			671
流动资产总额	19,988			16,857
运营财产和设备，净额	49,368			46,121
经营租赁使用权资产	6,992			4,958
商誉	4,527			4,527
无形资产，净额	2,641			2,655
对联营公司和其他的投资，净额	1,604			1,330
非流动资产总额	65,132			59,591
总资产	$	85,120			$	76,448
负债和股东权益
应付账款	$	5,403			$	4,567
应计工资和福利	3,007			3,900
提前售票	10,672			8,131
常旅客递延收入	4,084			3,721
长期债务、融资租赁和其他财务负债的短期到期	1,848			4,426
经营租赁的短期到期	934			631
其他	692			754
流动负债总额	26,640			26,130
长期债务、融资租赁和其他财务负债	24,550			20,562
经营租赁的长期义务	6,962			5,417
常旅客递延收入	3,881			4,056
养老金和退休后福利负债	825			1,058
递延所得税	3,123			2,493
其他	1,415			1,478
非流动负债总额	40,757			35,064
承诺和或有事项
股东权益：
面值为0.01美元的普通股；授权1000股；在2026年9月30日和2025年12月31日已发行和流通1000股	—			—
额外投资资本	900			760
留存收益	15,376			12,842
其他综合收益（亏损）累计	(25)			48
应付母公司	1,471			1,604
股东权益总额	17,722			15,254
负债和股东权益总额	$	85,120			$	76,448

附注：合并的简明合并财务报表附注是这些报表的不可分割的一部分。


目录

美国航空公司，股份有限公司

合并简明现金流量表（未经审计）

（单位：百万美元）


	截至9月30日的九个月
	2026		2025
经营活动：
经营活动产生的净现金	$	6,754			$	6,428

投资活动：
净资本支出，扣除航班设备购买存款返还	(5,154)			(3,984)
短期投资和其他投资的购买	(7,583)			(6,454)
出售短期投资和其他投资所得	5,779			5,654
出售固定资产所得	54			63
其他，净额	(289)			(64)
投资活动使用的净现金	(7,192)			(4,785)

筹资活动：
发行债务和其他金融负债所得，扣除折扣和费用后的净额	6,698			485
长期债务、融资租赁和其他金融负债的支付	(5,541)			(4,196)
其他，净额	(5)			(7)
筹资活动提供的（使用的）净现金	1,151			(3,718)
现金、现金等价物和受限现金的净增加（减少）	713			(2,075)
期初的现金、现金等价物和受限现金	6,081			8,946
期末的现金、现金等价物和受限现金（a）	$	6,794			$	6,871

不影响现金的投资和筹资活动：
通过经营租赁获得或修改的使用权资产	$	2,488			$	1,382
通过发行或修改债务、融资租赁和其他金融负债获得的固定资产	140			(52)
经营租赁转换为融资租赁	66			417
以贷款、商品和服务交换获得的投资权益	60			16

（a）下表提供了现金、现金等价物和受限现金与合并资产负债表中报告金额的调节说明：


现金和现金等价物	$	6,648		$	6,730

投资中关联方和其他的受限现金，净额	146		141
现金、现金等价物和受限现金总额	$	6,794		$	6,871

附注：合并的简要合并财务报表的附注是这些报表不可分割的一部分。


目录

美国航空公司，股份有限公司

合并股东权益表（未经审计）

（以百万计）


	额外资本投入		留存收益		累计其他综合收益（损失）		应付（应收）关联方净额	总计

2026年6月30日的余额	$	832			$	14,346		$	3	$	1,484	$	16,666
净利润	—			1,030			—		—	1,030
其他综合损失	—			—			(28)		—	(28)
以股票结算的股权激励	59			—			—		—	59

其他	9			—			—		(13)	(3)
2026年9月30日的余额	$	900			$	15,376		$	(25)	$	1,471	$	17,722

2025年12月31日的余额	$	760			$	12,842		$	48	$	1,604	$	15,254
净利润	—			2,534			—		—	2,534
其他综合损失	—			—			(73)		—	(73)
以股票结算的股权激励	133			—			—		—	133
UAL股份回购的影响	—			—			—		(27)	(27)
其他	8			—			—		(106)	(98)
2026年9月30日的余额	$	900			$	15,376		$	(25)	$	1,471	$	17,722

2025年6月30日的余额	$	688			$	10,848		$	142	$	1,667	$	13,347
净利润	—			949			—		—	949
其他综合损失	—			—			(19)		—	(19)
以股票结算的股权激励	38			—			—		—	38
UAL股份回购的影响	—			—			—		(20)	(20)
其他	—			—			—		(14)	(13)
2025年9月30日的余额	$	727			$	11,798		$	123	$	1,633	$	14,281

2024年12月31日的余额	$	617			$	9,487		$	188	$	2,352	$	12,644
净利润	—			2,310			—		—	2,310
其他综合损失	—			—			(64)		—	(64)
以股票结算的股权激励	109			—			—		—	109
UAL股份回购的影响	—			—			—		(609)	(609)
其他	—			—			—		(109)	(109)
2025年9月30日的余额	$	727			$	11,798		$	123	$	1,633	$	14,281

附注：合并的简要合并财务报表的附注是这些报表不可分割的一部分。


目录

美国航空公司控股公司，股份有限公司

美国航空公司，股份有限公司

合并的简要合并财务报表的附注（未经审计）

注1 - 报告基础

美国航空集团有限公司（其合并子公司合计为“UAL”或“公司”）是一家在特拉华州注册的控股公司，其全资子公司为美国航空有限公司（其合并子公司合计为“美国航空”）。由于UAL在财务报表编制中合并了美国航空，因此有关美国航空活动的披露同样适用于UAL，除非另有说明。美国航空几乎涵盖了UAL的所有运营收入、运营费用、资产、负债和运营现金流。在适当的情况下，会具体提及UAL和美国航空以说明其各自的合同义务及相关披露，UAL和美国航空运营和结果之间的任何重大差异也会单独披露和解释。

公司的合并财务报表是根据美国通用会计原则（“GAAP”）编制的。根据美国证券交易委员会（“SEC””）的规定，某些通常包含在财务报表中的信息和附注披露已进行了压缩或省略。UAL和美国航空的财务报表应与公司2025财年12月31日止的年度报告10-K表格（“2025年10-K表格”）中包含的信息一起阅读。财务报表包括所有调整，包括正常的经常性调整和其他调整，这些调整被认为对于公允列报所披露期间的公司财务状况和经营成果是必要的。公司的季度财务数据会受到季节性波动的影响，其第二和第三季度的财务结果通常比第一和第四季度的财务结果更高。由于这些波动，季度财务结果不一定能代表全年的财务结果。

公司会在确定其为这些实体运营的主要受益人时合并可变利益实体。合并过程中已消除所有重要的内部账户和交易。在所呈现的财务报表和表格中，某些列和行可能由于四舍五入而无法相加。单位金额是根据基础整美元金额计算的。

分部。公司将其运营作为一个分部进行管理。公司的首席执行官是其首席运营决策者（“CODM”）。CODM根据公司合并运营报表中报告的净收入评估公司的业绩并做出资源分配决策。定期提供给CODM的重要分部费用是在公司合并运营报表中呈现的费用。分部资产的衡量标准在公司合并资产负债表中以总资产列示。

注释2 - 收入确认

按地区划分的收入。下表列示了公司按主要地理区域划分的运营收入（以百万美元为单位）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
国内（美国和加拿大）	$	10,725			$	8,990		$	30,049	$	25,808
大西洋	3,853			3,486			9,725		8,755
太平洋	1,844			1,568			5,857		5,009
拉丁美洲	1,454			1,181			4,524		4,100
总计	$	17,875			$	15,225		$	50,156	$	43,673

提前售票销售。在截至2026年9月30日和2025年9月30日的九个月内，公司分别确认了63亿美元和58亿美元的乘客收入，这些收入是这些期间开始时包含在提前售票中的票款。

附加服务。公司在截至2026年9月30日的三个月和九个月内，分别确认了14亿美元和40亿美元的附加费用，计入乘客收入。公司在截至2025年9月30日的三个月和九个月内，分别确认了13亿美元和35亿美元的附加费用，计入乘客收入。


目录

常旅客递延收入。下表展示了常旅客递延收入的变动情况（以百万美元为单位）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
期初余额	$	7,971			$	7,665		$	7,777	$	7,441
获得的里程数	1,096			968			3,214		2,878
用于旅行的里程数	(1,072)			(896)			(2,920)		(2,514)
非旅行用途的里程数	(31)			(36)			(106)		(103)
期末余额	$	7,965			$	7,702		$	7,965	$	7,702

在截至2026年9月30日的三个月和九个月内，公司确认了2.7亿美元和9亿美元的其他运营收入，分别与我们各种合作伙伴协议（包括但不限于与JPMorgan Chase Bank, N.A.的MileagePlus联名协议）相关的营销、广告、非旅行里程数兑换（扣除相关成本）和其他旅行相关福利的里程收入有关。在截至2025年9月30日的三个月和九个月内，公司确认了2.4亿美元和8亿美元的其他运营收入，分别与这些协议有关。从我们各种合作伙伴协议中收到的总金额中与MileagePlus里程数相关的部分被递延，并在上表中作为常旅客递延收入的增加额列示。

注3 - 每股收益

下表显示了UAL的基本每股收益和稀释每股收益的计算，后者使用库存股法计算UAL潜在普通股的稀释影响（以百万美元为单位，每股金额除外）：


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026		2025
归属于普通股股东的收益	$	1,029			$	949		$	2,533	$	2,309

基本加权平均股数	324.9			323.7			324.5		325.3
股票认股权证的稀释影响	—			—			—		0.4
员工股票奖励的稀释影响	2.5			3.2			2.5		3.3
稀释加权平均股数	327.4			326.9			326.9		329.0

基本每股收益	$	3.17			$	2.93		$	7.80	$	7.10
稀释每股收益	$	3.14			$	2.90		$	7.74	$	7.02

在所列期间内，被排除在稀释每股收益计算之外的反稀释性基于股票的奖励是不重要的。

2020年和2021年，公司向美国财政部（\"美国财政部\"）发行了认股权证（\"认股权证\"），以购买9,928,349股UAL普通股，这是根据《冠状病毒援助、救济和经济安全法案》（\"CARES法案\"）第A部分、第IV标题、第B子标题设立的薪酬支持计划（\"PSP\"），根据《2021年综合拨款法案》第N部分、第IV标题、第A子标题设立的薪酬支持计划延期，根据《2021年美国救援计划法案》第VII标题、第C子标题设立的薪酬支持计划3，以及根据《CARES法案》第A部分、第IV标题、第A子标题设立的航空公司贷款计划。2024年，认股权证的持有者以净股结算方式行权了6,414,635份认股权证，获得2,043,906股UAL普通股。2025年3月，剩余的3,513,714份认股权证以净股结算方式行权，获得1,801,430股UAL普通股。

2024年10月15日，公司宣布其董事会批准了一项新的股票回购计划，该计划没有规定到期日，允许累计购买最多15亿美元的流通UAL普通股及购买UAL普通股的某些认股权证。在截至2026年9月30日的九个月内，公司通过公开市场购买回购了0.3百万股UAL普通股，总金额为2700万美元，作为其股票回购计划的一部分。在截至2025年9月30日的三个月和九个月内，公司通过公开市场购买回购了0.2百万股和7.8百万股UAL普通股，总金额分别为1900万美元和6.12亿美元，作为其股票回购计划的一部分。截至2026年9月30日的三个月内，公司未进行任何回购。截至2026年10月15日，根据股票回购计划尚可购买的股票金额为7.55亿美元。


目录

注4 - 累计其他综合收益（损失）

下表列示了公司累计其他综合收益（损失）的组成部分，税后（\"AOCI\"）（以百万美元为单位）：


	养老金和其他退休后负债		投资和其他		递延税项（a）		总计

2026年6月30日余额	$	380			$	(11)		$	(366)	$	3
价值变动	3			(22)			4		(15)
重新分类至收益	(18)		（b）	—			4		(14)
2026年9月30日余额	$	365			$	(32)		$	(359)	$	(26)

2025年12月31日余额	$	417			$	10		$	(379)	$	48
价值变动	2			(39)			8		(29)
重新分类至收益	(54)		（b）	(3)			13		(44)
2026年9月30日余额	$	365			$	(32)		$	(359)	$	(26)

2025年6月30日余额	$	544			$	4		$	(406)	$	142
价值变动	1			6			(2)		5
重新分类至收益	(31)		（b）	—			7		(24)
2025年9月30日余额	$	514			$	10		$	(401)	$	123

2024年12月31日余额	$	607			$	—		$	(419)	$	188
价值变动	(1)			12			(3)		9
重新分类至收益	(92)		（b）	(2)			21		(73)
2025年9月30日余额	$	514			$	10		$	(401)	$	123

（a）包括2.85亿美元的递延所得税费用，该费用将在相关养老金和退休后福利义务完全清偿之前不会被确认为净收入。我们在确定分配给运营结果的税项收益金额时，会考虑所有收入来源，包括其他综合收益。
(b) 这个AOCI组成部分包含在净定期养老金和其他退休后成本的计算中，具体包括以下组成部分：未确认（收益）/损失的摊销，以及以前服务信用和其他的摊销。有关养老金和其他退休后负债的更多信息，请参见本报告第6号注释。

注释5 - 所得税

公司截至2026年9月30日的三个月和九个月的有效税率分别为21.5%和21.0%。公司截至2025年9月30日的三个月和九个月的有效税率分别为24.4%和22.5%。所得税拨备是基于预计的年度有效税率计算的，该税率是联邦、州和外国税的综合，并包括某些不可扣除项目的相关影响。与2025年同期相比，截至2026年9月30日的三个月和九个月有效税率下降主要是由于与实现的资本收益相关的估值准备金的释放。


目录

注释6 - 养老金和其他退休后福利计划

公司净定期福利成本包括截至2026年9月30日三个月的以下组成部分（以百万美元计）：


	养老金福利		其他退休后福利		影响的行项目在合并运营报表中
	2026		2025		2026		2025
服务成本	$	33			$	32		$	2	$	1	工资及相关成本
利息成本	64			61			7		8	其他，净额
计划资产的预期回报	(80)			(68)			—		—	其他，净额
未确认收益的摊销	—			(2)			(7)		(8)	其他，净额
以前服务信用的摊销	—			—			(11)		(22)	其他，净额

总计	$	17			$	23		$	(9)	$	(20)

公司净定期福利成本包括截至2026年9月30日九个月的以下组成部分（以百万美元计）：


	养老金福利		其他退休后福利		影响的行项目在合并运营报表中
	2026		2025		2026		2025
服务成本	$	98			$	95		$	5	$	4	工资及相关成本
利息成本	193			182			21		24	其他，净额
计划资产的预期回报	(239)			(205)			(1)		(1)	其他，净额
未确认收益的摊销	(1)			(5)			(21)		(23)	其他，净额
以前服务信用的摊销	—			—			(32)		(65)	其他，净额
其他	—			1			—		—	其他，净额
总计	$	51			$	68		$	(28)	$	(61)

在截至2026年9月30日的三个月和九个月内，该公司分别向其美国国内税务合格的固定收益养老金计划注资2.5亿美元和2.59亿美元。

注7 - 公允价值计量、投资和应收票据

下表列示了公司在财务报表中按公允价值持续计量的金融资产价值（单位：百万美元）：


	2026年9月30日		2025年12月31日
	总计		第1级		第2级		第3级	总计		第1级	第2级		第3级
现金及现金等价物	$	6,648			$	6,648		$	—		$	—			$	5,942		$	5,942	$	—	$	—

受限现金 — 非流动	146			146			—		—		139			139			—		—
短期投资：
公司债务	4,547			—			4,547		—		3,399			—			3,399		—
美国政府及机构票据	2,977			—			2,977		—		2,465			—			2,465		—
其他固定收益证券	480			—			480		—		433			—			433		—

长期投资：
权益证券	150			150			—		—		34			34			—		—

上表中列示的投资公允价值与其账面金额相同。

短期投资 — 上表中列示的短期投资被归类为可供出售证券，剩余到期日少于两年。


目录

长期投资：权益证券 — 代表构成联合航空对巴西航空（\"Azul\"）、Archer Aviation Inc. 和 Eve Holding, Inc. 投资的权益证券和与权益相关的证券（如已行权的认股权证）。2026年2月17日，联合航空、Azul 以及 Azul 的某些子公司签订了一份修订和重述的投资协议，根据该协议，联合航空同意认购价值1亿美元的美国存托凭证（\"ADS\"），每份 ADS 最初代表 Azul 的500,000股无面值普通股（在考虑了2026年3月25日批准的反向股票分割和 ADS 比例变更后，每份 ADS 代表2股 Azul 普通股）。2026年2月20日，Azul 完成了其重组流程，因此向联合航空出售了截至该日期已发行和流通的 Azul 普通股的约8.7%。截至2026年9月30日，联合航空在 Azul 拥有8.6%的权益性持股。

其他公允价值信息。下表列示了未在上表中列示的金融工具的账面金额（包括任何相关折扣、溢价和发行成本）和估计公允价值（以百万美元为单位）：


	2026年9月30日		2025年12月31日
	账面金额		公允价值	账面金额		公允价值
			总计	第1级		第2级	第3级		总计		第1级	第2级		第3级
长期债务	$	22,964		$	22,955		$	—	$	12,154		$	10,801		$	21,266	$	21,489	$	—	$	14,030	$	7,458

上述表格中包含的金融工具的公允价值确定方式如下：


描述	公允价值方法
现金及现金等价物和受限现金（流动和非流动）	这些资产的账面金额近似于公允价值。
短期和长期投资	公允价值基于（a）投资或类似工具的交易价格，或（b）通过第三方估值服务获得的经纪人报价。
长期债务	公允价值基于市场价或使用我们当前对类似负债的增量借款利率对未来现金流进行折现的金额。

权益法投资。截至2026年9月30日，联合航空采用权益法核算的投资的合计账面金额为3.35亿美元，包括以下内容：

•Republic Airways Holdings Inc. (\"Republic Airways\"). United 持有 Republic Airways 约 22% 的少数股权，Republic Airways 是 Republic Airways Inc. (\"Republic\") 和 Mesa Airlines, Inc. (\"Mesa\") 的母公司。作为对 United 承诺协助 2025 年 11 月 25 日 Republic 和 Mesa 合并相关交易的回报，公司于 2026 年 2 月 3 日获得了额外的 2,744,348 股，约占 Republic Airways 的 5.8%，使总持股比例达到约 Republic Airways 已发行和流通普通股的 22%。Republic 目前根据与 United 的容量购买协议（\"CPAs\"）运营 66 架区域飞机，协议期限至 2038 年，Mesa 根据一项期限至 2036 年的 CPAs 运营 60 架区域飞机。

•CommuteAir LLC (\"CommuteAir\"). United 持有 CommuteAir 40% 的少数股权。CommuteAir 目前根据与 United 的 CPAs 运营 46 架区域飞机，协议期限至 2028 年。

•United Airlines Ventures Sustainable Flight Fund (the \"Fund\"). United 通过其企业风险投资部门 United Airlines Ventures, Ltd. 持有该基金 33% 的股权。该基金是一个投资工具，旨在投资于开发专注于航空脱碳及其相关能源供应链技术的初创公司，包括通过研究和生产，以及与可持续航空燃料（SAF）相关的技术。

其他投资。截至 2026 年 9 月 30 日，United 在多家公司有股权投资，包括一家跨国航空公司控股公司、一家独立航空公司以及其他拥有新兴技术和可持续解决方案的公司。这些投资没有可确定的公允价值。这些投资按成本减去任何减值后，调整为同一发行人相同或类似投资的有序交易中可观察的价格变动进行记录。截至 2026 年 9 月 30 日，这些投资的账面金额为 3.38 亿美元。

应收票据。截至 2026 年 9 月 30 日，公司有 4800 万美元的应收票据，已扣除信用损失准备，其中大部分来自其某些区域航空公司。应收票据的当期部分记录在“净应收账款”中，长期部分记录在公司合并资产负债表的“对联营公司和其他的股权投资”中。


目录

第 8 号注释 - 债务

截至 2026 年 9 月 30 日，公司有 30 亿美元未提取且可使用的循环信用额度。

后续事件。 2026年10月16日，美国航空修订并重述了其循环信用额度（“循环信用额度”），将总承诺金额从30亿美元增加到50亿美元，并将到期日从2029年2月15日延长至2031年10月16日。循环信用额度下的借款将按照定期SOFR利率计息，或在美国航空选择的情况下，按照另一种指定的基于市场的利率计息，每种情况下均受最低利率限制，并加上指定的利差。此外，根据公司信用评级的不同，公司需就循环信用额度下未使用的总承诺部分支付0.080%至0.275%的承诺费。循环信用额度仍由UAL提供担保，并在某些排除条款下，由美国航空的所有国际航线权、其几乎所有的国内外起飞和降落时段权利，以及在必要时为履行由适用航线权授权的定期航空服务而需要的机场航站楼空间权利进行担保，这些权利也担保了公司的定期贷款信用和担保协议以及2029年到期的4.625%高级担保债券。

下表显示了截至2026年9月30日，根据当时未到期的长期债务协议（以百万美元为单位）公司合同本金支付情况（不包括1.52亿美元未摊销债务折扣、溢价和债务发行成本）：


	2026年最后三个月		2027	2028		2029	2030		2030年后	总计
合同本金支付	$	245		$	2,073		$	2,041		$	5,276	$	2,194	$	11,286	$	23,116

我们的债务协议包含常规条款和条件以及各种积极、消极和财务契约，这些契约在其他事项中限制了公司在某些情况下增加债务、支付股息或回购股票的能力。截至2026年9月30日，公司已遵守这些债务协议中的契约。

2026年2月2日，UAL通过公开募股发行了本金金额为10亿美元的5.375%高级债券，2031年到期（“2031年债券”），该债券由美国航空担保。2031年债券以面值的100%发行，年利率为5.375%，每年3月1日和9月1日支付利息，首次支付时间为2026年9月1日，到期日为2031年3月1日。UAL可以选择在2030年9月1日之前，全部或部分以等于被赎回2031年债券本金金额的100%或任何应付金额（如有）加上被赎回本金金额至赎回日的应付未付利息的金额进行赎回。在2030年9月1日或之后的任何时候，UAL可以选择全部或部分以等于被赎回2031年债券本金金额的100%加上被赎回本金金额至赎回日的应付未付利息的金额进行赎回。

2026年2月3日，该公司签署了第4号《定期贷款信贷和担保协议修正案》，将定期SOFR（根据2021年4月21日签署并经修订的《定期贷款信贷和担保协议》中定义的术语）贷款的利率利差从2.00%降低至1.75%，将其他市场利率贷款的利差从1.00%降低至0.75%。

2026年2月6日，UAL通过公开发行，发行了本金总额为10亿美元的4.875%高级票据，期限至2029年（“2029年票据”），由United提供担保。2029年票据以本金金额的100%价格发行，年利率为4.875%，每年3月1日和9月1日支付利息，首次支付时间为2026年9月1日，到期日为2029年3月1日。UAL可以选择在2028年12月1日之前，以赎回价格等于（1）被赎回的2029年票据本金金额的100%和（2）任何应付金额加上被赎回本金金额至赎回日的应计未付利息中的较高者，全部或部分赎回2029年票据。在2028年12月1日或之后，UAL可以选择全部或部分以等于被赎回的2029年票据本金金额的100%加上被赎回本金金额至赎回日的应计未付利息的价格赎回2029年票据。

此外，在截至2026年9月30日的九个月期间，United通过飞机担保借款了46亿美元的本金总额。这些贷款的到期日介于2029年至2038年之间，利息等于定期SOFR加上平均利差1.4%。在满足某些条件的情况下，公司可以随时全部或部分提前偿还贷款并终止承诺，包括在初始期限内支付合同规定的提前还款溢价，但之后按面值进行。


目录

在截至2026年9月30日的九个月期间，公司偿还了49亿美元的债务，包括在第二季度偿还了0.5亿美元的飞机债务，这些债务的原始到期日介于2026年至2035年之间，以及以下所述的赎回和提前还款交易。

2026年2月24日，United全额赎回了其所有20亿美元的本金总额的4.375%高级担保票据（“担保票据”），该票据是根据United、UAL和Wilmington Trust, National Association（作为受托人和担保受托人）于2021年4月21日签署的《担保协议》发行的。与赎回相关，担保协议已就担保票据解除并终止。担保协议仍就United的4.625%高级担保票据（2029年到期）有效。

2026年6月23日，公司部分提前偿还了15亿美元美国财政部应付2030年到期的票据中0.6亿美元的本金总额。公司还持有两项未担保的应付票据，总额分别为0.9亿美元和0.8亿美元，均是根据薪资支持计划向美国财政部发行的，到期日为2031年。

注9 - 承诺和或有事项

地区会计师。截至2026年9月30日的九个月期间，联合航空对其部分地区的承运人修改了某些CPA，以修改某些飞机的条款，并修改了支付给这些承运人的合同约定费用。我们未来在CPA下的承诺取决于众多变量，因此很难预测。这些变量中最重要的一个是计划的飞行小时数。尽管我们并不需要在某些CPA下购买最低数量的飞行小时数，但我们其他CPA中确实有合同规定的最低利用率，我们下面根据当前假设列出了未来在CPA下支付的估计值。我们根据CPA向地区运营商实际支付的金额可能与这些估计值有重大差异。联合航空对其所有CPA下未来支付的估计值不包括任何租赁给地区承运人或被视为从其他地区承运人租赁的飞机的底层义务部分，或设施租金。为了计算这些估计值，我们假设（1）飞行小时数是基于我们预期的飞行活动水平，或者在适用的情况下，基于合同规定的最低利用率，以较高者为准；（2）我们将根据每个CPA中合同允许的速度尽快缩减机队；（3）飞机利用率、航段长度和载客率将保持不变；（4）每个承运商的运营表现将保持在最近的历史水平；（5）预计年通货膨胀率。这些金额不包括某些可变的转嫁成本，如燃油和着陆费等。根据这些假设，截至2026年9月30日，我们预计在CPA条款结束时的未来支付金额如下表所示（以十亿美元为单位）：


	2026年最后三个月		2027	2028		2029	2030		2030年后	总计
CPA下的未来承诺	$	0.7		$	3.3		$	3.1		$	2.6	$	2.2	$	6.7	$	18.7

成本增加条款。在包含联合航空作为借款人的贷款的融资交易中，联合航空通常同意就由于任何资本要求变化而导致的贷款回报减少，向贷款人进行补偿，对于以隔夜担保融资利率（SOFR）为基础利率的贷款，还同意就贷款人因任何法律变化而产生的某些其他成本增加进行补偿，但大多数情况下，贷款人需采取某些有限措施以减轻此类成本增加的要求或金额。截至2026年9月30日，公司有118亿美元的浮动利率债务，剩余期限最长约为12年，这些债务受这些成本增加条款的约束。在剩余期限最长约为12年、总本金余额为92亿美元的几笔融资交易中，公司承担了任何税法变化导致根据这些贷款支付受到预提税影响的风险，但受常规排除条款的限制。

劳动力.截至2026年9月30日，公司约有117,900名员工，其中83%由各种美国劳工组织代表。

In May 2026, the Company's flight attendants, represented by the Association of Flight Attendants (\"AFA\"), ratified a five-year agreement, effective May 31, 2026, with the Company that included improvements with respect to scheduling, reserve requirements and other quality of life improvements, as well as pay rate increases. The agreement also included a provision for a one-time ratification payment, which was paid on September 15, 2026 and totaled $740 million. See Note 10 for additional information on the amount recognized in the nine months ended September 30, 2026 related to this ratification payment.


Table of Contents

NOTE 10 - SPECIAL CHARGES (CREDITS)

Operating and nonoperating special charges (credits) and unrealized (gains) losses on investments in the statements of consolidated operations consisted of the following (in millions):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026		2025		2026		2025
Labor contract ratification bonuses	$	(2)			$	—		$	182	$	561
(Gains) losses on sale of assets and other special charges	(213)			(73)			(931)		(295)
Total operating special charges (credits)	(215)			(73)			(749)		266
Nonoperating unrealized (gains) losses on investments, net	13			13			(13)		8
Nonoperating debt extinguishment and modification fees	—			20			6		20
Total nonoperating special charges and unrealized (gains) losses on investments, net	13			33			(8)		28
Total operating and nonoperating special charges (credits) and unrealized (gains) losses on investments, net	(202)			(40)			(757)		295
Income tax expense (benefit), net of valuation allowance	6			—			95		(127)
Total operating and nonoperating special charges (credits) and unrealized (gains) losses on investments, net of income taxes	$	(197)			$	(40)		$	(662)	$	168

During the nine months ended September 30, 2026, the Company recorded $182 million of expense associated with the agreements with the Company's flight attendants represented by the AFA that was ratified in May 2026, as discussed in Note 9, and the Company's fleet technical instructors, storekeepers, maintenance instructors and security officers represented by the International Association of Machinists and Aerospace Workers. During the nine months ended September 30, 2025, the Company recorded a $561 million special charge in connection with the then-existing tentative agreement with its flight attendants represented by the AFA.

During the three and nine months ended September 30, 2026, the Company recorded $213 million and $931 million, respectively, of net gains on sale of assets and other special charges, which were primarily comprised of $294 million and $1.1 billion, respectively, of gains on various aircraft sale-leaseback transactions. During the three and nine months ended September 30, 2025, the Company recorded $73 million and $295 million, respectively, of net gains on sale of assets and other special charges, which were primarily comprised of $75 million and $336 million, respectively, of gains on various aircraft sale-leaseback transactions.


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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

This Management's Discussion and Analysis of Financial Condition and Results of Operations is provided as a supplement to and should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the \"2025 Form 10-K\") to enhance the understanding of our results of operations, financial condition and cash flows.

United Airlines Holdings, Inc. (together with its consolidated subsidiaries, \"UAL\" or the \"Company\") is a holding company incorporated in Delaware and its wholly-owned subsidiary is United Airlines, Inc. (together with its consolidated subsidiaries, \"United\"). As UAL consolidates United for financial statement purposes, and United comprises substantially all of UAL's operating revenues, operating expenses, assets, liabilities and operating cash flows, disclosures that relate to activities of United also apply to UAL, unless otherwise noted. We sometimes use the words \"we,\" \"our,\" \"us,\" and the \"Company\" in this report for disclosures that relate to all of UAL and United.

Key Trends Impacting Our Business

Our industry is dynamic, highly competitive and subject to a number of industry-specific factors and global macroeconomic conditions that may cause our actual results of operations to differ from our historical results of operations or current expectations. The economic, market and legal factors and trends that we currently believe are or will be most impactful to our results of operations and financial condition include the following:

•Geopolitical Conflicts Elevating Fuel Prices. The ongoing geopolitical conflicts in the Middle East and in other regions have caused disruption of flying and/or have contributed to materially higher global fuel prices. In response to the conflicts in the Middle East that arose earlier this year, we have taken immediate and decisive actions to mitigate the impact of the operational disruptions and rising fuel costs, including reducing capacity and adjusting fares and fees. While our long-term outlook is positive due to our expectation that customer demand will remain strong, we may continue to be impacted by future volatility in the fuel market, especially if the geopolitical conflicts in the Middle East or other regions escalate further or expand.

•Regulatory or Court Decisions Restricting Our Capacity Targets. We remain vulnerable to regulatory actions (including by the Federal Aviation Administration) or court decisions that would require us to adjust our planned capacity at our hub locations.

•Governmental Funding Constraints. We have been working with our U.S. federal government partners to reduce passenger travel disruptions due to potential budgetary decisions limiting or delaying government spending or reducing staffing of government agencies with which we interact routinely, including as a result of a federal government shutdown.

We will monitor the potential favorable or unfavorable impacts of these and other factors on our business, operations, financial condition, results of operations, liquidity and financial flexibility, which are dependent on future developments, including as a result of the factors discussed in Part I, Item 1A. Risk Factors, of our 2025 Form 10-K.

RESULTS OF OPERATIONS

The following discussion provides an analysis of our results of operations and reasons for material changes therein for the three and nine months ended September 30, 2026, as compared to the corresponding periods in 2025.

Third Quarter 2026 Compared to Third Quarter 2025


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Significant components of the Company's operating results for the three months ended September 30 are as follows (in millions, except percentage changes):


	2026		2025		Increase (Decrease)		% Change
Operating revenue	$	17,875			$	15,225		$	2,651	17.4
Operating expense	16,429			13,830			2,600		18.8
Operating income	1,446			1,395			51		3.6
Nonoperating expense, net	(135)			(141)			(6)		(4.1)
Income before income taxes	1,311			1,255			57		4.5
Income tax expense	282			306			(24)		(7.8)
Net income	$	1,029			$	949		$	80	8.5

Certain consolidated statistical information for the Company's operations for the three months ended September 30 is as follows:


	2026		2025		Increase (Decrease)		% Change
Passengers (thousands) (a)	49,527			48,382			1,145		2.4
Revenue passenger miles (\"RPMs\" or \"traffic\") (millions) (b)	74,278			73,769			509		0.7
Available seat miles (\"ASMs\" or \"capacity\") (millions) (c)	88,538			87,417			1,122		1.3
Passenger load factor (d)	83.9	%		84.4	%		(0.5)	pts.	N/A
Passenger revenue per available seat mile (\"PRASM\") (cents)	18.34			15.80			2.54		16.1
Total revenue per ASM (\"TRASM\") (cents)	20.19			17.42			2.77		15.9
Average yield per revenue passenger mile (\"Yield\") (cents) (e)	21.86			18.73			3.14		16.8
Cargo revenue ton miles (\"CTM\") (millions) (f)	936			890			46		5.2
Cost per ASM (\"CASM\") (cents)	18.56			15.82			2.74		17.3
Average price per gallon of fuel, including fuel taxes	$	3.90			$	2.43		$	1.47	60.3
Fuel gallons consumed (millions)	1,243			1,233			10		0.8
Employee headcount, as of September 30	117,900			111,900			6,000		5.4
(a) The number of revenue passengers measured by each flight segment flown.
(b) The number of scheduled miles flown by revenue passengers.
(c) The number of seats available for passengers multiplied by the number of scheduled miles those seats are flown.
(d) Revenue passenger miles divided by available seat miles.
(e) The average passenger revenue received for each revenue passenger mile flown.
(f) The number of cargo revenue tons transported multiplied by the number of miles flown.


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Operating Revenue. The table below shows year-over-year comparisons by type of operating revenue for the three months ended September 30 (in millions, except for percentage changes):


	2026		2025		Increase (Decrease)		% Change
Passenger revenue	$	16,241			$	13,815		$	2,425	17.6
Cargo revenue	529			431			99		22.9
Other operating revenue	1,106			979			127		12.9
Total operating revenue	$	17,875			$	15,225		$	2,651	17.4

The table below presents selected passenger revenue and operating data, broken out by geographic region, expressed as year-over-year changes for the three months ended September 30:


	Increase (Decrease) from 2025:
	Domestic		Atlantic		Pacific		Latin		Total
Passenger revenue (in millions)	$	1,609			$	332			$	224		$	261	$	2,425
Passenger revenue	19.9	%		10.1	%		16.5	%		24.2	%	17.6	%
Average fare per passenger	15.6	%		16.3	%		10.3	%		28.7	%	14.8	%
Yield	15.7	%		17.8	%		10.8	%		27.4	%	16.8	%
PRASM	14.5	%		16.9	%		10.9	%		30.5	%	16.1	%
Passengers	3.7	%		(5.3)	%		5.6	%		(3.5)	%	2.4	%
RPMs	3.6	%		(6.5)	%		5.1	%		(2.6)	%	0.7	%
ASMs	4.7	%		(5.8)	%		5.0	%		(4.9)	%	1.3	%
Passenger load factor (points)	(0.9)			(0.7)			0.1			2.1		(0.5)

Passenger revenue increased $2.4 billion, or 17.6%, in the third quarter of 2026 as compared to the year-ago period, primarily due to a 16.8% increase in yield and a 2.4% increase in the number of passengers flown.

Cargo revenue increased $99 million, or 22.9%, in the third quarter of 2026 as compared to the year-ago period, primarily due to an increase in freight yields as well as a slight increase in tonnage.

Other operating revenue increased $127 million, or 12.9%, in the third quarter of 2026 as compared to the year-ago period, primarily due to an increase in mileage revenue from non-airline partners, including credit card spending with our co-branded credit card partner, JPMorgan Chase Bank, N.A., and an increase in visitor volumes at United Club lounges.

Operating Expenses. The table below includes data related to the Company's operating expenses for the three months ended September 30 (in millions, except for percentage changes):


	2026		2025		Increase (Decrease)		% Change
Salaries and related costs	$	4,961			$	4,555		$	406	8.9
Aircraft fuel	4,843			2,997			1,846		61.6

Landing fees and other rent	1,046			1,002			44		4.4
Aircraft maintenance materials and outside repairs	806			779			27		3.5
Depreciation and amortization	777			730			47		6.4
Regional capacity purchase	725			686			39		5.7
Distribution expenses	632			555			77		13.9

Aircraft rent	116			54			62		NM
Special charges (credits)	(215)			(73)			142		NM
Other operating expenses	2,739			2,546			194		7.6
Total operating expense	$	16,429			$	13,830		$	2,600	18.8
NM - Greater than 100% change or otherwise not meaningful.

Salaries and related costs increased $406 million, or 8.9%, in the third quarter of 2026 as compared to the year-ago period, primarily due to increased pay as a result of the increase in flying activity, a 5.4% increase in headcount and pay rate increases for various eligible employee groups, including employees represented by the Association of Flight Attendants (\"AFA\") pursuant to the collective bargaining agreement that was ratified in May 2026.


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Aircraft fuel expense increased $1.8 billion, or 61.6%, in the third quarter of 2026 as compared to the year-ago period, primarily due to a higher average price per gallon of fuel.

Distribution expense increased $77 million, or 13.9%, in the third quarter of 2026 as compared to the year-ago period, primarily due to higher credit card fees and agency commissions driven by the overall increase in passenger revenue.

Aircraft rent increased $62 million, in the third quarter of 2026 as compared to the year-ago period, primarily due to the addition of new leased aircraft to the Company's fleet.

For details on the Company's Special charges (credits), see Note 10 to the financial statements included in Part I, Item 1 of this report.

Other operating expenses increased $194 million, or 7.6%, in the third quarter of 2026 as compared to the year-ago period, primarily due to an increase in flight activity and number of passengers, including increased costs for catering, ground handling and passenger services, crew-related expenses, as well as expenditures related to information technology projects and services.

Nonoperating Income (Expense). The table below shows year-over-year comparisons of the Company's nonoperating income (expense) for the three months ended September 30 (in millions, except for percentage changes):


	2026		2025		Increase (Decrease)		% Change
Interest expense	$	(359)			$	(331)		$	28	8.3
Interest income	157			142			14		10.1
Interest capitalized	56			53			3		5.1
Unrealized losses on investments, net	(13)			(13)			—		NM
Miscellaneous, net	24			9			16		NM
Total nonoperating expense, net	$	(135)			$	(141)		$	(6)	(4.1)

Interest expense increased $28 million, or 8.3%, in the third quarter of 2026 as compared to the year-ago period, primarily due to new debt issuances in the current year.

Income Taxes. See Note 5 to the financial statements included in Part I, Item 1 of this report for information related to income taxes.

First Nine Months 2026 Compared to First Nine Months 2025

Significant components of the Company's operating results for the nine months ended September 30 are as follows (in millions, except percentage changes):


	2026		2025		Increase (Decrease)		% Change
Operating revenue	$	50,156			$	43,673		$	6,483	14.8
Operating expense	46,617			40,345			6,271		15.5
Operating income	3,539			3,328			212		6.4
Nonoperating expense, net	(331)			(346)			(15)		(4.4)
Income before income taxes	3,208			2,981			227		7.6
Income tax expense	675			672			3		0.5
Net income	$	2,533			$	2,309		$	223	9.7


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Certain consolidated statistical information for the Company's operations for the nine months ended September 30 is as follows:


	2026		2025		Increase (Decrease)		% Change
Passengers (thousands)	140,705			135,374			5,332		3.9
RPMs (millions)	210,428			203,374			7,054		3.5
ASMs (millions)	253,516			246,919			6,597		2.7
Passenger load factor	83.0	%		82.4	%		0.6	pts.	N/A
PRASM (cents)	17.95			16.00			1.95		12.2
TRASM (cents)	19.78			17.69			2.10		11.9
Yield (cents)	21.63			19.43			2.20		11.3
CTM (millions)	2,746			2,663			83		3.1
CASM (cents)	18.39			16.34			2.05		12.5
Average price per gallon of fuel, including fuel taxes	$	3.65			$	2.43		$	1.23	50.4
Fuel gallons consumed (millions)	3,555			3,488			67		1.9
Employee headcount, as of September 30	117,900			111,900			6,000		5.4

Operating Revenue. The table below shows year-over-year comparisons by type of operating revenue for the nine months ended September 30 (in millions, except for percentage changes):


	2026		2025		Increase (Decrease)		% Change
Passenger revenue	$	45,507			$	39,512		$	5,996	15.2
Cargo revenue	1,478			1,290			189		14.7
Other operating revenue	3,170			2,872			298		10.4
Total operating revenue	$	50,156			$	43,673		$	6,483	14.8

The table below presents selected passenger revenue and operating data, broken out by geographic region, expressed as year-over-year changes for the nine months ended September 30:


	Increase (Decrease) from 2025:
	Domestic		Atlantic		Pacific		Latin		Total
Passenger revenue (in millions)	$	3,944			$	911			$	724		$	417	$	5,996
Passenger revenue	17.0	%		11.1	%		16.5	%		11.1	%	15.2	%
Average fare per passenger	11.8	%		11.2	%		5.9	%		12.9	%	10.8	%
Yield	11.8	%		12.0	%		7.6	%		11.4	%	11.3	%
PRASM	11.7	%		13.5	%		11.0	%		12.6	%	12.2	%
Passengers	4.7	%		—	%		10.1	%		(1.6)	%	3.9	%
RPMs	4.7	%		(0.8)	%		8.3	%		(0.3)	%	3.5	%
ASMs	4.7	%		(2.1)	%		5.0	%		(1.3)	%	2.7	%
Passenger load factor (points)	—			1.1			2.5			0.9		0.6

Passenger revenue increased $6.0 billion, or 15.2%, in the first nine months of 2026 as compared to the year-ago period, primarily due to an 11.3% increase in yield and a 3.9% increase in the number of passengers flown.

Cargo revenue increased $189 million, or 14.7%, in the first nine months of 2026 as compared to the year-ago period, primarily due to an increase in freight yields as well as a slight increase in tonnage.

Other operating revenue increased $298 million, or 10.4%, in the first nine months of 2026 as compared to the year-ago period, primarily due to an increase in mileage revenue from non-airline partners, including credit card spending with our co-branded credit card partner, JPMorgan Chase Bank, N.A., and an increase in visitor volumes at United Club lounges.


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Operating Expenses. The table below presents data related to the Company's operating expenses for the nine months ended September 30 (in millions, except for percentage changes):


	2026		2025		Increase (Decrease)		% Change
Salaries and related costs	$	14,209			$	13,123		$	1,086	8.3
Aircraft fuel	12,993			8,473			4,520		53.3
Landing fees and other rent	3,050			2,836			214		7.6
Aircraft maintenance materials and outside repairs	2,565			2,374			191		8.0
Depreciation and amortization	2,295			2,191			104		4.8
Regional capacity purchase	2,160			2,012			148		7.3
Distribution expenses	1,799			1,538			260		16.9
Aircraft rent	311			172			139		80.4
Special charges (credits)	(749)			266			(1,016)		NM
Other operating expenses	7,984			7,359			625		8.5
Total operating expense	$	46,617			$	40,345		$	6,271	15.5

Salaries and related costs increased $1.1 billion, or 8.3%, in the first nine months of 2026 as compared to the year-ago period, primarily due to increased pay as a result of the increase in flying activity, a 5.4% increase in headcount and pay rate increases for various eligible employee groups, including employees represented by the AFA pursuant to the collective bargaining agreement that was ratified in May 2026.

Aircraft fuel expense increased $4.5 billion, or 53.3%, in the first nine months of 2026 as compared to the year-ago period, primarily due to a higher average price per gallon of fuel as well as increased consumption from increased flight activity.

Landing fees and other rent increased $214 million, or 7.6%, in the first nine months of 2026 as compared to the year-ago period, primarily due to rate increases at various airports and higher landed weight volume due to increased flight activity.

Aircraft maintenance materials and outside repairs increased $191 million, or 8.0%, in the first nine months of 2026 as compared to the year-ago period, primarily due to higher volumes of engine overhauls and component part repairs as well as contractual rate increases.

Depreciation and amortization increased $104 million, or 4.8%, in the first nine months of 2026 as compared to the year-ago period, primarily due to the induction of new aircraft as well as certain aircraft improvements.

Regional capacity purchase increased $148 million, or 7.3%, in the first nine months of 2026 as compared to the year-ago period, primarily due to a 2% increase in regional flying activity and annual rate increases under United's capacity purchase agreements.

Distribution expenses increased $260 million, or 16.9%, in the first nine months of 2026 as compared to the year-ago period, primarily due to higher credit card fees and agency commissions driven by the overall increase in passenger revenue as well as the refinement of assumptions used in determining our credit card fees expense in the year-ago period.

Aircraft rent increased $139 million, or 80.4%, in the first nine months of 2026 as compared to the year-ago period, primarily due to the addition of new leased aircraft to the Company's fleet.

For details on the Company's Special charges (credits), see Note 10 to the financial statements included in Part I, Item 1 of this report.

Other operating expenses increased $625 million, or 8.5%, in the first nine months of 2026 as compared to the year-ago period, primarily due to an increase in flight activity and number of passengers, including increased costs for catering, ground handling and passenger services, crew-related expenses, as well as expenditures related to information technology projects and services.

Nonoperating Income (Expense). The following table illustrates the year-over-year dollar and percentage changes in the Company's nonoperating income (expense) for the nine months ended September 30 (in millions, except for percentage


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changes):


	2026		2025		Increase (Decrease)		% Change
Interest expense	$	(1,029)			$	(1,048)		$	(20)	(1.9)
Interest income	440			473			(33)		(6.9)
Interest capitalized	169			152			18		11.7
Unrealized gains (losses) on investments, net	13			(8)			22		NM
Miscellaneous, net	74			86			(11)		(12.9)
Total nonoperating expense, net	$	(331)			$	(346)		$	(15)	(4.4)

Interest income decreased $33 million, or 6.9%, in the first nine months of 2026 as compared to the year-ago period, primarily due to lower interest rates.

Income Taxes. See Note 5 to the financial statements included in Part I, Item 1 of this report for information related to income taxes.

LIQUIDITY AND CAPITAL RESOURCES

Current Liquidity

As of September 30, 2026, the Company had $14.7 billion in unrestricted cash, cash equivalents and short-term investments, as compared to $12.2 billion at December 31, 2025. We believe that our existing cash, cash equivalents and short-term investments, together with cash generated from operations, will be sufficient to satisfy our anticipated liquidity needs for the next 12 months, and we expect to meet our long-term liquidity needs with our anticipated access to the capital markets and projected cash from operations.

The Company had $3.0 billion undrawn and available under its revolving credit facility as of September 30, 2026. No borrowings were outstanding under the revolving credit facility as of September 30, 2026. On October 16, 2026, the Company amended and restated its revolving credit facility to increase total commitments from $3.0 billion to $5.0 billion and to extend the maturity of the commitments to October 16, 2031. The amendment also reduced the applicable interest rate margins on borrowings under the facility. No borrowings were outstanding under the revolving credit facility as of the date of this report. See Note 8 to the financial statements included in Part I, Item 1 of this report and Part II, Item 5 (Other Information) for additional information regarding the Company's revolving credit facility.

We have a significant amount of fixed obligations, including debt, leases of aircraft, airport and other facilities, and pension funding obligations. As of September 30, 2026, the Company had $34.3 billion of debt, finance lease, operating lease and other financial liabilities, including $2.8 billion that will become due in the next 12 months. In addition, we have substantial noncancelable commitments for capital expenditures, including the acquisition of certain new aircraft and related spare engines. Our debt agreements contain customary terms and conditions as well as various affirmative, negative and financial covenants that, among other things, limit the ability of the Company and its subsidiaries, under certain circumstances, to incur additional indebtedness and pay dividends or repurchase stock. As of September 30, 2026, the Company was in compliance with its covenants under these debt agreements. As of September 30, 2026, a substantial portion of the Company's assets, principally aircraft and certain related assets, certain route authorities and airport slots and gates, was pledged under various loan and other agreements. See Note 8 to the financial statements included in Part I, Item 1 of this report for additional information on aircraft financing and other debt instruments.

On February 3, 2026, the Company entered into Amendment No. 4 to Term Loan Credit and Guaranty Agreement that lowered the margin on its interest rate from 2.00% to 1.75%, in the case of Term SOFR (as such term is defined in the Term Loan Credit and Guaranty Agreement, dated as of April 21, 2021, as amended) loans, and from 1.00% to 0.75%, in the case of loans at other market rates.

The Company has backstop financing commitments available from certain of its aircraft manufacturers for a limited number of its future aircraft deliveries, subject to certain customary conditions.


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As of September 30, 2026, United had firm commitments to purchase aircraft from The Boeing Company (\"Boeing\") and Airbus S.A.S. (\"Airbus\") as presented in the table below:


		Contractual Aircraft Deliveries		Expected Aircraft Deliveries (b)
Aircraft Type	Number of Firm Commitments (a)	Last Three Months of 2026		2027	After 2027	Last Three Months of 2026		2027	After 2027
787	142		35		14		93		4	26	112

737 MAX 9	42		42		—		—		16	26	—
737 MAX 10	167		3		44		120		—	19	148
A321neo	108		5		3		100		3	5	100
A321XLR	48		4		15		29		2	15	31
A350	45		—		—		45		—	—	—
(a) United also has options and purchase rights for additional aircraft.
(b) Expected aircraft deliveries reflect adjustments communicated by Boeing and Airbus or estimated by United. However, aircraft deliveries are subject to a number of variables, as further described in Part I, Item 1A. Risk Factors of the 2025 Form 10-K, and we cannot guarantee delivery of any particular aircraft at any specific time notwithstanding firm purchase commitments.

The aircraft listed in the table above are scheduled for delivery through 2034. The amount and timing of the Company's future capital commitments could change to the extent that: (i) the Company and the aircraft manufacturers, with whom the Company has existing orders for new aircraft, agree to modify (or further modify) the contracts governing those orders; (ii) rights are exercised pursuant to the relevant agreements to cancel deliveries or modify the timing of deliveries; or (iii) the aircraft manufacturers are unable to deliver in accordance with the terms of those orders.

Sources and Uses of Cash

The following table summarizes our cash flows for the nine months ended September 30 (in millions):


Total cash provided by (used in):	2026		2025		Increase (Decrease)
Operating activities	$	6,874			$	7,145		$	(271)
Investing activities	(7,192)			(4,785)			2,407
Financing activities	1,031			(4,436)			5,467
Net increase (decrease) in cash, cash equivalents and restricted cash	$	713			$	(2,075)		$	2,788

Operating Activities. Cash flows provided by operating activities decreased $271 million in the first nine months of 2026 as compared to the year-ago period, primarily due to a net change in various working capital items, primarily the one-time payment related to the flight attendant contract ratification, partially offset by an increase in advance ticket sales.

Investing Activities. Cash flows used in investing activities increased $2.4 billion in the first nine months of 2026 as compared to the year-ago period, primarily due to an increase in the purchase of short-term and other investments as well as an increase in capital expenditures attributable to the purchase of aircraft and related spare parts.

Financing Activities. Significant financing events in the nine months ended September 30, 2026 were as follows:

Debt Issuances. During the nine months ended September 30, 2026, the Company received and recorded:


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•$1.0 billion from the issuance of 5.375% Senior Notes due 2031;

•$1.0 billion from the issuance of 4.875% Senior Notes due 2029; and

•$4.6 billion from various aircraft financings.

Debt, Finance Lease and Other Financial Liability Principal Payments. During the nine months ended September 30, 2026, the Company made payments for debt, finance leases, and other financial liabilities of $5.5 billion, including the redemption of $2.0 billion aggregate principal amount of the 4.375% Senior Secured Notes due 2026 and the partial prepayment of $0.6 billion aggregate principal amount of a $1.5 billion note issued to the U.S. Treasury under the Payroll Support Program due 2030.

See Note 8 to the financial statements included in Part I, Item 1 of this report for additional information on debt issuances and debt prepayments.

Share repurchase. As part of our capital deployment program, the Company's Board of Directors authorized a share repurchase program in October 2024. In the nine months ended September 30, 2026, the Company repurchased, through open market purchases, 0.3 million shares of UAL common stock for a total of $27 million as part of its share repurchase program. The Company did not make any repurchases during the three months ended September 30, 2026.

Credit Ratings. As of the filing date of this report, UAL and United had the following corporate credit ratings:

S&P

Moody's

Fitch

UAL

BB+

Ba1

BB+

United

BB+

*The credit agency does not issue corporate credit ratings for subsidiary entities.

The Company was upgraded by S&P in August 2025 and assigned a positive outlook in January 2026, upgraded by Moody's in November 2025 and assigned a stable outlook, and upgraded by Fitch in December 2025 and assigned a positive outlook in July 2026. A rating reflects only the view of a rating agency and is not a recommendation to buy, sell or hold securities. Ratings can be revised upward or downward at any time by a rating agency if such rating agency decides that circumstances warrant such a change. Downgrades from these rating levels, among other things, could restrict the availability, or increase the cost, of future financing for the Company as well as affect the fair market value of existing debt.

Commitments, Contingencies and Liquidity Matters. As described in the 2025 Form 10-K, the Company's liquidity may be adversely impacted by a variety of factors, including, but not limited to, pension funding obligations, reserve requirements associated with credit card processing agreements, guarantees, commitments and contingencies.

See the 2025 Form 10-K and Notes 6, 7, 8 and 9 to the financial statements contained in Part I, Item 1 of this report for additional information.

CRITICAL ACCOUNTING POLICIES

See \"Critical Accounting Policies\" in Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations in the 2025 Form 10-K.

FORWARD-LOOKING INFORMATION

This report 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, including in Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations and elsewhere, 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, 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\"


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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 report are based upon information available to us on the date of this report. 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; 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 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 an area impacted by conflict); any damage to our reputation or brand image; disruptions to our regional network and United Express flights provided by third-party regional carriers; 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 as well as increased employee and retiree health, pension, labor or regulatory compliance costs on our operations or financial performance; any failure to recruit, hire, develop 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 geopolitical conflicts in the Middle East and in other regions; 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 UAL common stock and warrants; and other risks and uncertainties set forth in Part I, Item 1A. Risk Factors, of our 2025 Form 10-K, and under \"Key Trends Impacting Our Business\" in Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, of this report, as well as other risks and uncertainties set forth from time to time in the reports we file with the SEC.

The foregoing list sets forth many, but not all, of the factors that could impact our ability to achieve results described in any forward-looking statements. Investors should understand that it is not possible to predict or identify all such factors and should not consider this list to be a complete statement of all potential risks and uncertainties. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change. For instance, we regularly


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monitor future demand and booking trends and adjust capacity, as needed. As such, our actual flown capacity may differ materially from currently published flight schedules or current estimations.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

There have been no material changes in market risk from the information provided in Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk, in our 2025 Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Control and Procedures

UAL and United each maintains controls and procedures that are designed to ensure that information required to be disclosed in the reports filed or submitted by UAL and United to the SEC is recorded, processed, summarized and reported, within the time periods specified by the SEC's rules and forms, and is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The management of UAL and United, including the Chief Executive Officer and Chief Financial Officer, performed an evaluation to conclude with reasonable assurance that UAL's and United's disclosure controls and procedures were designed and operating effectively to report the information each company is required to disclose in the reports it files with the SEC on a timely basis. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer of UAL and United have concluded that as of September 30, 2026, disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting during the Quarter Ended September 30, 2026

During the three months ended September 30, 2026, there were no changes in UAL's or United's internal control over financial reporting that materially affected, or are reasonably likely to materially affect, their internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act).

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Part I, Item 3, Legal Proceedings, of the 2025 Form 10-K for a description of legal proceedings.

ITEM 1A. RISK FACTORS

See Part I, Item 1A. Risk Factors of the 2025 Form 10-K for a discussion of the risk factors affecting UAL and United.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(a) None.

(b) None.

(c) Issuer Purchases of Equity Securities: On October 15, 2024, the Company announced that its Board of Directors authorized a new share repurchase program with no stated expiration, allowing for purchases of up to $1.5 billion in the aggregate of outstanding UAL common stock and certain warrants to purchase UAL common stock. The Company did not make any repurchases in the three months ended September 30, 2026. As of October 15, 2026, the dollar value of shares that may yet be purchased under the share repurchase program was $755 million.

ITEM 5. OTHER INFORMATION

(a) The information set forth below is included for the purpose of providing disclosure under “Item 1.01—Entry into a Material Definitive Agreement” and “Item 2.03—Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant” of Form 8-K.

On October 16, 2026, United entered into a Second Amended and Restated Revolving Credit and Guaranty Agreement (the \"Revolving Credit Facility\") among United, as borrower, UAL, as parent and guarantor, certain subsidiaries of UAL, as guarantors, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and Wilmington Trust, National Association, not in its individual capacity, except as expressly stated therein, but solely as collateral trustee (the \"Collateral Trustee\"). The Revolving Credit Facility amends and restates United's existing revolving credit facility to increase total revolving loan commitments from $3.0 billion to $5.0 billion and to extend the maturity from February 15, 2029 to October 16, 2031. Revolving Loans (as defined in the Revolving Credit Facility) bear interest at Term SOFR (as defined in the Revolving


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Credit Facility) or, at United's election, another rate based on certain market interest rates, in each case subject to a floor, plus a margin based on United's credit ratings ranging from 1.000% to 1.875% for Term SOFR loans and 0.000% to 0.875% for loans at other market rates. United has not made any drawings under the Revolving Credit Facility as of the date of this report.

The Revolving Credit Facility is secured on a senior basis by security interests granted by United to the Collateral Trustee in, subject to certain exclusions, all of United's U.S. Department of Transportation route authorities to operate scheduled service between international airports in the United States and international airports in other countries (except Cuba), its rights to substantially all of its foreign and domestic take-off and landing slots (including at John F. Kennedy International Airport, LaGuardia Airport and Ronald Reagan Washington National Airport) and to the extent necessary at the relevant time of determination for servicing the scheduled air carrier service authorized by an applicable route authority, its rights to use or occupy airport terminal space (the \"Collateral\"). The Collateral also secures on a senior basis United's Term Loan Credit and Guaranty Agreement, dated as of April 21, 2021, as amended, and the Company's 4.625% Senior Secured Notes due 2029. United may be required to pledge additional collateral in the future under the terms of the Revolving Credit Facility.

The Revolving Credit Facility also contains mandatory prepayment provisions in connection with dispositions of collateral and, subject to certain cure rights, upon failure to comply with the minimum Collateral Coverage Ratio (as defined in the Revolving Credit Facility). Additionally, the Revolving Credit Facility provides that the lenders may require us to prepay all or a specified portion of such lenders' Revolving Loans if a Change of Control (as defined in the Revolving Credit Facility) occurs and such lender accepts a Change of Control Offer (as defined in the Revolving Credit Facility). In no event will a prepayment premium be payable for a mandatory prepayment or acceleration.

The Revolving Credit Facility contains negative covenants that, among other things, limit our ability under certain circumstances to create liens on, or dispose of, Collateral, incur additional debt secured on a senior or junior basis by Collateral and consolidate, merge, or dispose of all or substantially all of our assets. The Revolving Credit Facility also contains financial covenants that require us to maintain unrestricted liquidity of at least $2.0 billion and a minimum Collateral Coverage Ratio of 1.6 to 1.0.

The Revolving Credit Facility also contains customary events of default, including, among others, nonpayment, covenant breaches, material inaccuracy of representations, cross-payment default and cross-acceleration to other material indebtedness and certain bankruptcy and insolvency events, subject in certain cases to grace periods and thresholds. Upon an event of default, the outstanding obligations may be accelerated and, upon certain bankruptcy or insolvency events of United, will be accelerated automatically.

The foregoing description of the Revolving Credit Facility does not purport to be complete and is qualified in its entirety by reference to the full text of the Revolving Credit Facility, which is filed as Exhibit 10.1 to this Quarterly Report on Form 10-Q and is incorporated herein by reference.

(b) None.

(c) No director or \"officer\" (as defined in Rule 16a-1(f) under the Exchange Act) of the Company or United informed the Company or United of the adoption, modification or termination of a \"Rule 10b5-1 trading arrangement\" or a \"non-Rule 10b5-1 trading arrangement,\" as each term is defined in Item 408(a) of Regulation S-K under the Exchange Act, during the period covered by this Quarterly Report on Form 10-Q.


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ITEM 6. EXHIBITS.

EXHIBIT INDEX


Exhibit No.	Registrant	Exhibit

10.1	UAL United	Second Amended and Restated Revolving Credit and Guaranty Agreement, dated as of October 16, 2026, among United Airlines, Inc., United Airlines Holdings, Inc., each of the several banks and other financial institutions or entities from time to time party thereto, as lenders, JPMorgan Chase Bank, N.A., as administrative agent, and Wilmington Trust, National Association, not in its individual capacity, except as expressly stated therein, but solely as collateral trustee

^10.2	UAL United	Amendment No. 11, dated as of July 31, 2026, to the Amended and Restated A350-900 Purchase Agreement, dated as of September 1, 2017, including a letter agreement related thereto, between Airbus S.A.S. and United Airlines, Inc.

^10.3	UAL United	Supplemental Agreement No. 17 to Purchase Agreement No. 04815, dated as of August 28, 2026, between The Boeing Company and United Airlines, Inc.

^10.4	UAL United	Letter Agreement No. UAL-MISC-2603195, dated June 17, 2026, to Aircraft Purchase Agreement Nos. 04815, 03776 and 04761 (and related Aircraft General Terms Agreements) between The Boeing Company and United Airlines, Inc.

^10.5	UAL United	Letter Agreement No. UAL-MISC-2605350, dated September 30, 2026, to Aircraft Purchase Agreement Nos. 04815, 03776 and 04761 (and related Aircraft General Terms Agreements) between The Boeing Company and United Airlines, Inc.

31.1	UAL	Certification of the Principal Executive Officer of United Airlines Holdings, Inc. Pursuant to 15 U.S.C. 78m(a) or 78o(d) (Section 302 of the Sarbanes-Oxley Act of 2002)

31.2	UAL	Certification of the Principal Financial Officer of United Airlines Holdings, Inc. Pursuant to 15 U.S.C. 78m(a) or 78o(d) (Section 302 of the Sarbanes-Oxley Act of 2002)

31.3	United	Certification of the Principal Executive Officer of United Airlines, Inc. Pursuant to 15 U.S.C. 78m(a) or 78o(d) (Section 302 of the Sarbanes-Oxley Act of 2002)

31.4	United	Certification of the Principal Financial Officer of United Airlines, Inc. Pursuant to 15 U.S.C. 78m(a) or 78o(d) (Section 302 of the Sarbanes-Oxley Act of 2002)

32.1	UAL	Certification of the Chief Executive Officer and Chief Financial Officer of United Airlines Holdings, Inc. Pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)

32.2	United	Certification of the Chief Executive Officer and Chief Financial Officer of United Airlines, Inc. Pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act of 2002)

101	UAL United	The following financial statements from the combined Quarterly Report of UAL and United on Form 10-Q for the quarter ended September 30, 2026, formatted in Inline XBRL: (i) Statements of Consolidated Operations, (ii) Statements of Consolidated Comprehensive Income (Loss), (iii) Consolidated Balance Sheets, (iv) Condensed Statements of Consolidated Cash Flows, (v) Statements of Consolidated Stockholders' Equity and (vi) Combined Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags.

104	UAL United	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

^	Portions of the referenced exhibit have been omitted pursuant to Item 601(b) of Regulation S-K.


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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

United Airlines Holdings, Inc.

(Registrant)

Date:

October 21, 2026

By:

/s/ Brigitte Bokemeier

Brigitte Bokemeier
Vice President and Controller
(Duly Authorized Officer and Principal Accounting Officer)

United Airlines, Inc.

(Registrant)

Date:

October 21, 2026

By:

/s/ Brigitte Bokemeier

Brigitte Bokemeier
Vice President and Controller
(Duly Authorized Officer and Principal Accounting Officer)

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