# United Airlines Q3 2026 Earnings Report

> United Airlines reports record Q3 revenue growth with Starlink driving customer loyalty shifts.
- Title: United Airlines Q3 2026 Earnings Report · The Motley Fool
- Summary: United Airlines reports record Q3 revenue growth with Starlink driving customer loyalty shifts. United Airlines achieved $17.9 billion Q3 revenue, a 17.4%…
- Keywords: united airlines, starlink, q3 2026, revenue growth, premium revenue, contracted business revenue, fuel expense, casm-ex, net leverage, relaxrow, finance, money
- Source: The Motley Fool — https://fool.com/earnings/call-transcripts/2026/10/21/united-ual-q3-2026-earnings-call-transcript
- Author: Motley Fool Transcribing
- Published: 2026-10-21T16:23:58+00:00
- Read time: 2 min
- Topics: united airlines, starlink, q3 2026, revenue growth, premium revenue, contracted business revenue, fuel expense, casm-ex, net leverage, relaxrow, finance, money
## Q3 Revenue Growth
United Airlines reported record third-quarter revenue of $17.9 billion, a 17.4% year-over-year increase.
## Adjusted EPS Performance
Adjusted diluted EPS reached $2.54, within the company's guidance despite a $1.8 billion increase in fuel expense.
## Fuel Expense Impact
Fuel expense increased $1.8 billion year-over-year, with average price per gallon at $3.90 for the quarter.
## Starlink Implementation
Starlink equipped aircraft cover 50% of departures, with 61% availability by end of 2026 and fleet-wide by end of 2027.
## Customer Loyalty Shifts
Starlink drove customers who switched airlines to choose United solely for its Wi-Fi service.
## Premium Revenue Growth
Premium revenue increased 17% year-over-year, supported by higher capacity and business load factor.
## Contracted Business Growth
Contracted business revenue grew 26% year-over-year, driven by resilient demand across industries.
## Economy Cabin Performance
Basic economy revenue increased 16% year-over-year with unit revenue rising 17% for three consecutive quarters.
## Cargo Revenue Growth
Cargo revenue reached $529 million, a 22.9% year-over-year increase with higher yields and record volume.
## Loyalty Program Growth
Loyalty revenue reached $1.1 billion, up 12.9% year-over-year with co-brand portfolio spend increasing 13%.
## Co-brand Account Growth
United on pace to generate 1 million new co-brand accounts in 2026, a material increase from 2025.
## Liquidity Position
Ending liquidity reached $17.7 billion, including $14.7 billion in cash and short-term investments.
## Credit Facility Expansion
Revolving credit facility upsized from $3 billion to $5 billion and extended to 2031, saving $70 million annually.
## Debt Repayment
Management paid down approximately $1 billion of debt during the quarter as part of investment-grade strategy.
## Q4 EPS Guidance
Q4 EPS projected between $0.50 to $1.50 based on assumed all-in fuel price of $4.80 per gallon.
## Q4 Revenue Guidance
Q4 revenue expected to increase more than 20% year-over-year, accelerating from third-quarter growth rates.
## Key takeaway

United Airlines achieved $17.9 billion Q3 revenue, a 17.4% year-over-year increase, with Starlink contributing to customer share shifts and premium revenue growth.