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Item 1. Financial Statements

2026-10-21 compared with 2026-07-16 · 91 added, 84 removed, 486 unchanged (26% of the section changed)

3 unchanged sentences

(In millions, except per share amounts)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

21 unchanged sentences

Interest capitalized 56 53 169 152

Unrealized gains on investments, net 40 26 26 5

Unrealized gains (losses) on investments, net ( 13 ) ( 13 ) 13 ( 8 )

Miscellaneous, net 24 9 74 86

9 unchanged sentences

(In millions)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

9 unchanged sentences

(In millions, except shares)

June 30, 2026 December 31, 2025

September 30, 2026 December 31, 2025

Cash and cash equivalents $ 6,648 $ 5,942

32 unchanged sentences

authorized 1,000,000,000 shares;

outstanding 324,583,772 and 323,470,682 shares at June 30, 2026 and December 31, 2025, respectively

outstanding 324,889,913 and 323,470,682 shares at September 30, 2026 and December 31, 2025, respectively

Additional capital invested 8,936 8,911

1 unchanged sentence

Retained earnings 12,557 10,092

Accumulated other comprehensive income 3 48

Accumulated other comprehensive income (loss) ( 26 ) 48

Total stockholders' equity 17,754 15,282

4 unchanged sentences

(In millions)

Six Months Ended June 30,

Nine Months Ended September 30,

Operating Activities:

13 unchanged sentences

Net cash provided by (used in) financing activities 1,031 ( 4,436 )

Net increase in cash, cash equivalents and restricted cash 4,227 585

Net increase (decrease) in cash, cash equivalents and restricted cash 713 ( 2,075 )

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

7 unchanged sentences

Cash and cash equivalents $ 6,648 $ 6,730

Restricted cash in Prepaid expenses and other — 8

Restricted cash in Investments in affiliates and other, net 146 141

8 unchanged sentences

Shares Amount

Balance at March 31, 2026 324.6 $ 4 $ 8,843 $ ( 3,724 ) $ 10,730 $ 23 $ 15,876

Balance at June 30, 2026 324.6 $ 4 $ 8,879 $ ( 3,724 ) $ 11,535 $ 3 $ 16,697

Net income — — — — 1,029 — 1,029

1 unchanged sentence

Stock-settled share-based compensation — — 59 — — — 59

Proceeds from exercise of stock options 0.2 — 9 — — — 9

Stock issued for share-based awards, net of shares withheld for tax 0.1 — ( 12 ) 6 ( 7 ) — ( 12 )

Balance at June 30, 2026 324.6 $ 4 $ 8,879 $ ( 3,724 ) $ 11,535 $ 3 $ 16,697

Balance at September 30, 2026 324.9 $ 4 $ 8,936 $ ( 3,718 ) $ 12,557 $ ( 26 ) $ 17,754

Balance at December 31, 2025 323.5 $ 4 $ 8,911 $ ( 3,773 ) $ 10,092 $ 48 $ 15,282

2 unchanged sentences

Stock-settled share-based compensation — — 133 — — — 133

Proceeds from exercise of stock options 0.2 — 9 — — — 9

Repurchases of common stock ( 0.3 ) — — ( 27 ) — — ( 27 )

Stock issued for share-based awards, net of shares withheld for tax 1.6 — ( 117 ) 83 ( 67 ) — ( 101 )

Balance at September 30, 2026 324.9 $ 4 $ 8,936 $ ( 3,718 ) $ 12,557 $ ( 26 ) $ 17,754

Balance at June 30, 2025 323.8 $ 4 $ 8,855 $ ( 3,737 ) $ 8,110 $ 142 $ 13,373

Balance at March 31, 2025 327.5 $ 4 $ 8,813 $ ( 3,502 ) $ 7,137 $ 164 $ 12,616

Net income — — — — 949 — 949

3 unchanged sentences

Stock issued for share-based awards, net of shares withheld for tax 0.2 — ( 15 ) 12 ( 10 ) — ( 13 )

Balance at June 30, 2025 323.8 $ 4 $ 8,855 $ ( 3,737 ) $ 8,110 $ 142 $ 13,373

Balance at September 30, 2025 323.7 $ 4 $ 8,878 $ ( 3,745 ) $ 9,049 $ 123 $ 14,309

Balance at December 31, 2024 327.9 $ 4 $ 8,980 $ ( 3,377 ) $ 6,880 $ 188 $ 12,675

5 unchanged sentences

Stock issued for share-based awards, net of shares withheld for tax 1.9 — ( 112 ) 111 ( 107 ) — ( 108 )

Balance at June 30, 2025 323.8 $ 4 $ 8,855 $ ( 3,737 ) $ 8,110 $ 142 $ 13,373

Balance at September 30, 2025 323.7 $ 4 $ 8,878 $ ( 3,745 ) $ 9,049 $ 123 $ 14,309

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

2 unchanged sentences

(In millions)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

21 unchanged sentences

Interest capitalized 56 53 169 152

Unrealized gains on investments, net 40 26 26 5

Unrealized gains (losses) on investments, net ( 13 ) ( 13 ) 13 ( 8 )

Miscellaneous, net 24 9 74 86

7 unchanged sentences

(In millions)

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

9 unchanged sentences

(In millions, except shares)

June 30, 2026 December 31, 2025

September 30, 2026 December 31, 2025

Cash and cash equivalents $ 6,648 $ 5,942

31 unchanged sentences

authorized 1,000 shares;

issued and outstanding 1,000 shares at both June 30, 2026 and December 31, 2025

issued and outstanding 1,000 shares at both September 30, 2026 and December 31, 2025

Additional capital invested 900 760

Retained earnings 15,376 12,842

Accumulated other comprehensive income 3 48

Accumulated other comprehensive income (loss) ( 25 ) 48

Payable to parent 1,471 1,604

5 unchanged sentences

(In millions)

Six Months Ended June 30,

Nine Months Ended September 30,

Operating Activities:

12 unchanged sentences

Net cash provided by (used in) financing activities 1,151 ( 3,718 )

Net increase in cash, cash equivalents and restricted cash 4,227 585

Net increase (decrease) in cash, cash equivalents and restricted cash 713 ( 2,075 )

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

7 unchanged sentences

Cash and cash equivalents $ 6,648 $ 6,730

Restricted cash in Prepaid expenses and other — 8

Restricted cash in Investments in affiliates and other, net 146 141

6 unchanged sentences

Other Comprehensive Income (Loss) (Receivable from) Payable to Related Parties, Net Total

Balance at March 31, 2026 $ 794 $ 13,541 $ 23 $ 1,489 $ 15,848

Balance at June 30, 2026 $ 832 $ 14,346 $ 3 $ 1,484 $ 16,666

Net income — 1,030 — — 1,030

2 unchanged sentences

Other 9 — — ( 13 ) ( 3 )

Balance at June 30, 2026 $ 832 $ 14,346 $ 3 $ 1,484 $ 16,666

Balance at September 30, 2026 $ 900 $ 15,376 $ ( 25 ) $ 1,471 $ 17,722

Balance at December 31, 2025 $ 760 $ 12,842 $ 48 $ 1,604 $ 15,254

4 unchanged sentences

Other 8 — — ( 106 ) ( 98 )

Balance at September 30, 2026 $ 900 $ 15,376 $ ( 25 ) $ 1,471 $ 17,722

Balance at June 30, 2025 $ 688 $ 10,848 $ 142 $ 1,667 $ 13,347

Balance at March 31, 2025 $ 645 $ 9,875 $ 164 $ 1,909 $ 12,593

Net income — 949 — — 949

3 unchanged sentences

Other — — — ( 14 ) ( 13 )

Balance at June 30, 2025 $ 688 $ 10,848 $ 142 $ 1,667 $ 13,347

Balance at September 30, 2025 $ 727 $ 11,798 $ 123 $ 1,633 $ 14,281

Balance at December 31, 2024 $ 617 $ 9,487 $ 188 $ 2,352 $ 12,644

4 unchanged sentences

Other — — — ( 109 ) ( 109 )

Balance at June 30, 2025 $ 688 $ 10,848 $ 142 $ 1,667 $ 13,347

Balance at September 30, 2025 $ 727 $ 11,798 $ 123 $ 1,633 $ 14,281

The accompanying Combined Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

23 unchanged sentences

The CODM assesses performance of the Company and makes resource allocation decisions based on Net income as reported in the Company's statement of consolidated operations.

The significant segment expenses regularly provided to the CODM are those presented on the Company's statement of consolidated operations.

The measure of segment assets is reported on the Company's consolidated balance sheets as Total assets.

2 unchanged sentences

The table below presents the Company's operating revenue by principal geographic region (in millions):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

6 unchanged sentences

Advance ticket sales.

In the six months ended June 30, 2026 and 2025, the Company recognized $ 5.9 billion and $ 5.5 billion, respectively, of passenger revenue for tickets that were included in Advance ticket sales at the beginning of those periods.

In the nine months ended September 30, 2026 and 2025, the Company recognized $ 6.3 billion and $ 5.8 billion, respectively, of passenger revenue for tickets that were included in Advance ticket sales at the beginning of those periods.

Ancillary services.

The Company recognized $ 1.4 billion and $ 2.6 billion of ancillary fees within passenger revenue in the three and six months ended June 30, 2026, respectively.

The Company recorded $ 1.2 billion and $ 2.2 billion of ancillary fees within passenger revenue in the three and six months ended June 30, 2025, respectively.

The Company recognized $ 1.4 billion and $ 4.0 billion of ancillary fees within passenger revenue in the three and nine months ended September 30, 2026, respectively.

The Company recorded $ 1.3 billion and $ 3.5 billion of ancillary fees within passenger revenue in the three and nine months ended September 30, 2025, respectively.

Frequent flyer deferred revenue.

The table below presents a roll forward of Frequent flyer deferred revenue (in millions):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

4 unchanged sentences

Ending Balance $ 7,965 $ 7,702 $ 7,965 $ 7,702

In the three and six months ended June 30, 2026, the Company recognized, in Other operating revenue, $ 0.9 billion and $ 1.8 billion, respectively, related to the marketing, advertising, non-travel miles redeemed (net of related costs) and other travel-related benefits of the mileage revenue associated with our various partner agreements including, but not limited to, our MileagePlus co-brand agreement with JPMorgan Chase Bank, N.A.

In the three and six months ended June 30, 2025, the Company recognized, in Other operating revenue, $ 0.8 billion and $ 1.6 billion, respectively, related to those agreements.

In the three and nine months ended September 30, 2026, the Company recognized, in Other operating revenue, $ 0.9 billion and $ 2.7 billion, respectively, related to the marketing, advertising, non-travel miles redeemed (net of related costs) and other travel-related benefits of the mileage revenue associated with our various partner agreements including, but not limited to, our MileagePlus co-brand agreement with JPMorgan Chase Bank, N.A.

In the three and nine months ended September 30, 2025, the Company recognized, in Other operating revenue, $ 0.8 billion and $ 2.4 billion, respectively, related to those agreements.

The portion related to the MileagePlus miles awarded of the total amounts received from our various partner agreements is deferred and presented in the table above as an increase to Frequent flyer deferred revenue.

1 unchanged sentence

The following table shows the computation of UAL's basic and diluted earnings per share, the latter of which uses the treasury stock method to calculate the dilutive effect of UAL's potential common stock (in millions, except per share amounts):

Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

12 unchanged sentences

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.

In the six months ended June 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.

In the three and six months ended June 30, 2025, the Company repurchased, through open market purchases, 3.5 million and 7.6 million shares, respectively, of UAL common stock for a total of $ 0.2 billion and $ 0.6 billion, respectively, as part of its share repurchase program.

The Company did not make any repurchases in the three months ended June 30, 2026.

As of July 9, 2026, the dollar value of shares that may yet be purchased under the share repurchase program was $ 755 million.

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.

In the three and nine months ended September 30, 2025, the Company repurchased, through open market purchases, 0.2 million and 7.8 million shares, respectively, of UAL common stock for a total of $ 19 million and $ 612 million, respectively, as part of its share repurchase program.

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.

NOTE 4 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

1 unchanged sentence

Pension and Other Postretirement Liabilities Investments and Other Deferred Taxes (a) Total

Balance at March 31, 2026 $ 399 $ ( 4 ) $ ( 372 ) $ 23

Balance at June 30, 2026 $ 380 $ ( 11 ) $ ( 366 ) $ 3

Changes in value 3 ( 22 ) 4 ( 15 )

Amounts reclassified to earnings ( 18 ) (b) — 4 ( 14 )

Balance at June 30, 2026 $ 380 $ ( 11 ) $ ( 366 ) $ 3

Balance at September 30, 2026 $ 365 $ ( 32 ) $ ( 359 ) $ ( 26 )

Balance at December 31, 2025 $ 417 $ 10 $ ( 379 ) $ 48

1 unchanged sentence

Amounts reclassified to earnings ( 54 ) (b) ( 3 ) 13 ( 44 )

Balance at September 30, 2026 $ 365 $ ( 32 ) $ ( 359 ) $ ( 26 )

Balance at June 30, 2025 $ 544 $ 4 $ ( 406 ) $ 142

Balance at March 31, 2025 $ 574 $ 3 $ ( 412 ) $ 164

Changes in value 1 6 ( 2 ) 5

Amounts reclassified to earnings ( 31 ) (b) — 7 ( 24 )

Balance at June 30, 2025 $ 544 $ 4 $ ( 406 ) $ 142

Balance at September 30, 2025 $ 514 $ 10 $ ( 401 ) $ 123

Balance at December 31, 2024 $ 607 $ — $ ( 419 ) $ 188

1 unchanged sentence

Amounts reclassified to earnings ( 92 ) (b) ( 2 ) 21 ( 73 )

Balance at June 30, 2025 $ 544 $ 4 $ ( 406 ) $ 142

Balance at September 30, 2025 $ 514 $ 10 $ ( 401 ) $ 123

(a) Includes $ 285 million of deferred income tax expense that will not be recognized in net income until the related pension and postretirement benefit obligations are fully extinguished.

4 unchanged sentences

NOTE 5 - INCOME TAXES

The Company's effective tax rates for the three and six months ended June 30, 2026 were 21.6 % and 20.7 %, respectively.

The Company's effective tax rate for the three and six months ended June 30, 2025 were 22.0 % and 21.2 %, respectively.

The Company's effective tax rates for the three and nine months ended September 30, 2026 were 21.5 % and 21.0 %, respectively.

The Company's effective tax rates for the three and nine months ended September 30, 2025 were 24.4 % and 22.5 %, respectively.

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.

The decrease in the effective tax rates in the three and nine months ended September 30, 2026, as compared to the same periods in 2025, was primarily due to a release of valuation allowance related to realized capital gains.

NOTE 6 - PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

The Company's net periodic benefit cost includes the following components for the three months ended June 30 (in millions):

The Company's net periodic benefit cost includes the following components for the three months ended September 30 (in millions):

Pension Benefits Other Postretirement Benefits Affected Line Item

8 unchanged sentences

Total $ 17 $ 23 $ ( 9 ) $ ( 20 )

The Company's net periodic benefit cost includes the following components for the six months ended June 30 (in millions):

The Company's net periodic benefit cost includes the following components for the nine months ended September 30 (in millions):

Pension Benefits Other Postretirement Benefits Affected Line Item

7 unchanged sentences

Amortization of prior service credit — — ( 32 ) ( 65 ) Miscellaneous, net

Other — 1 — — Miscellaneous, net

Total $ 51 $ 68 $ ( 28 ) $ ( 61 )

During the three and six months ended June 30, 2026, the Company contributed $ 9 million to its U.S.

During the three and nine months ended September 30, 2026, the Company contributed $ 250 million and $ 259 million, respectively, to its U.S.

domestic tax-qualified defined benefit pension plans.

1 unchanged sentence

The table below presents the value of financial assets measured at fair value on a recurring basis in the Company's financial statements (in millions):

June 30, 2026 December 31, 2025

September 30, 2026 December 31, 2025

Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3

15 unchanged sentences

On February 20, 2026, Azul completed its reorganization process and consequently sold to United approximately 8.7 % of the Azul common shares issued and outstanding as of that date.

As of June 30, 2026, United holds an 8.6 % equity ownership interest in Azul.

As of September 30, 2026, United holds an 8.6 % equity ownership interest in Azul.

Other fair value information.

The table below presents the carrying amounts (inclusive of any related discounts, premiums and issuance costs) and estimated fair values of financial instruments not presented in the table above (in millions):

June 30, 2026 December 31, 2025

September 30, 2026 December 31, 2025

Carrying Amount Fair Value Carrying Amount Fair Value

7 unchanged sentences

Equity Method Investments.

As of June 30, 2026, United holds investments, accounted for using the equity method, with a combined carrying amount of $ 325 million, including the following:

As of September 30, 2026, United holds investments, accounted for using the equity method, with a combined carrying amount of $ 335 million, including the following:

• Republic Airways Holdings Inc.

11 unchanged sentences

Other Investments.

As of June 30, 2026, United has equity investments in a number of companies including a multinational airline holding company, an independent air carrier and others with emerging technologies and sustainable solutions.

As of September 30, 2026, United has equity investments in a number of companies including a multinational airline holding company, an independent air carrier and others with emerging technologies and sustainable solutions.

None of these investments have readily determinable fair values.

These investments are recorded at cost less any impairment, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer.

As of June 30, 2026, the carrying amount of these investments was $ 338 million.

As of September 30, 2026, the carrying amount of these investments was $ 338 million.

Notes Receivable.

As of June 30, 2026, the Company has $ 54 million of notes receivable, net of allowance for credit losses, the majority of which is from certain of its regional carriers.

As of September 30, 2026, the Company has $ 48 million of notes receivable, net of allowance for credit losses, the majority of which is from certain of its regional carriers.

The current portions of the notes receivable are recorded in Receivables, net and the long-term portions are recorded in Investments in affiliates and other, net on the Company's consolidated balance sheets.

NOTE 8 - DEBT

As of June 30, 2026, the Company had $ 3.0 billion undrawn and available under its revolving credit facility.

The table below presents the Company's contractual principal payments (not including $ 157 million of unamortized debt discount, premiums and debt issuance costs) as of June 30, 2026 under then-outstanding long-term debt agreements (in millions):

Last Six Months of 2026 2027 2028 2029 2030 After 2030 Total

As of September 30, 2026, the Company had $ 3.0 billion undrawn and available under its revolving credit facility.

Subsequent Event.

On October 16, 2026, United amended and restated its revolving credit facility (the "Revolving Credit Facility"), increasing total commitments from $ 3.0 billion to $ 5.0 billion and extending the maturity from February 15, 2029 to October 16, 2031.

Borrowings under the Revolving Credit Facility will bear interest at Term SOFR or, at United's election, another specified market-based rate, in each case subject to a floor, plus a specified margin.

In addition, the Company is required to pay a commitment fee on the aggregate unused portion of the commitments under the Revolving Credit Facility ranging from 0.080 % to 0.275 %, depending on the Company's credit ratings.

The Revolving Credit Facility remains guaranteed by UAL and secured on a senior basis, subject to certain exclusions, by all of United's international route authorities, its rights to substantially all of its foreign and domestic take-off and landing slots 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, which also secure the Company's Term Loan Credit and Guaranty Agreement and its 4.625 % Senior Secured Notes due 2029.

The table below presents the Company's contractual principal payments (not including $ 152 million of unamortized debt discount, premiums and debt issuance costs) as of September 30, 2026 under then-outstanding long-term debt agreements (in millions):

Last Three Months of 2026 2027 2028 2029 2030 After 2030 Total

Contractual principal payments $ 245 $ 2,073 $ 2,041 $ 5,276 $ 2,194 $ 11,286 $ 23,116

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 June 30, 2026, the Company was in compliance with its covenants under these debt agreements.

As of September 30, 2026, the Company was in compliance with its covenants under these debt agreements.

On February 2, 2026, UAL issued, in a public offering, $ 1,000,000,000 principal amount of its 5.375 % Senior Notes due 2031 (the "2031 Notes"), which are guaranteed by United.

8 unchanged sentences

At any time on or after December 1, 2028, UAL may redeem the 2029 Notes, in whole or in part, at a redemption price equal to 100 % of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest on the principal amount being redeemed to the redemption date.

Additionally, during the six months ended June 30, 2026, United borrowed $ 3.9 billion aggregate principal amount of loans secured by aircraft, $ 3.7 billion of which were in the second quarter.

Additionally, during the nine months ended September 30, 2026, United borrowed $ 4.6 billion aggregate principal amount of loans secured by aircraft.

The loans mature between 2029 and 2038 and bear interest equal to Term SOFR plus an average margin of 1.4 %.

The Company may prepay the loans and terminate the commitments, in whole or in part, at any time subject to certain conditions, including, in some cases, the payment of a contractually specified prepayment premium during the initial years of the term, but at par thereafter.

During the three months ended June 30, 2026, United entered into financing arrangements providing for total borrowing commitments of approximately $ 375 million that the related proceeds had not been received and accordingly, no debt or other financial liabilities were recognized on the consolidated balance sheets as of June 30, 2026.

During the six months ended June 30, 2026, the Company made payments for debt of $ 4.2 billion, including $ 0.5 billion of prepayments on aircraft debt with various original maturity dates between 2026 and 2035 and the two prepayment transactions described below.

During the nine months ended September 30, 2026, the Company made payments for

debt of $ 4.9 billion, including $ 0.5 billion of prepayments on aircraft debt in the second quarter with various original maturity dates between 2026 and 2035 and the redemption and prepayment transactions described below.

On February 24, 2026, United redeemed in full (the "Redemption") all $ 2.0 billion of aggregate principal amount of its outstanding 4.375 % Senior Secured Notes due 2026 (the "Secured Notes"), issued pursuant to an indenture (the "Indenture"), dated as of April 21, 2021, among United, UAL and Wilmington Trust, National Association, as trustee and as collateral trustee.

7 unchanged sentences

Regional CPAs.

During the six months ended June 30, 2026, United amended some of its CPAs with certain of its regional carriers to modify the terms for certain aircraft and amend the contractually agreed fees paid to those carriers.

During the nine months ended September 30, 2026, United amended some of its CPAs with certain of its regional carriers to modify the terms for certain aircraft and amend the contractually agreed fees paid to those carriers.

Our future commitments under our CPAs are dependent on numerous variables, and are, therefore, difficult to predict.

3 unchanged sentences

United's estimates of its future payments under all of the CPAs do not include the portion of the underlying obligation for any aircraft leased to a regional carrier or deemed to be leased from other regional carriers, or facility rent.

For purposes of calculating these estimates, we have assumed (1) the number of block hours flown is based on our anticipated level of flight activity or at any contractual minimum utilization levels

if applicable, whichever is higher, (2) that we will reduce the fleet as rapidly as contractually allowed under each CPA, (3) that aircraft utilization, stage length and load factors will remain constant, (4) that each carrier's operational performance will remain at recent historic levels and (5) an annual projected inflation rate.

For purposes of calculating these estimates, we have assumed (1) the number of block hours flown is based on our anticipated level of flight activity or at any contractual minimum utilization levels if applicable, whichever is higher, (2) that we will reduce the fleet as rapidly as contractually allowed under each CPA, (3) that aircraft utilization, stage length and load factors will remain constant, (4) that each carrier's operational performance will remain at recent historic levels and (5) an annual projected inflation rate.

These amounts exclude certain variable pass-through costs such as fuel and landing fees, among others.

Based on these assumptions, as of June 30, 2026, our estimated future payments through the end of the terms of our CPAs are presented in the table below (in billions):

Last Six Months of 2026 2027 2028 2029 2030 After 2030 Total

Based on these assumptions, as of September 30, 2026, our estimated future payments through the end of the terms of our CPAs are presented in the table below (in billions):

Last Three Months of 2026 2027 2028 2029 2030 After 2030 Total

Future commitments under CPAs $ 0.7 $ 3.3 $ 3.1 $ 2.6 $ 2.2 $ 6.7 $ 18.7

1 unchanged sentence

In United's financing transactions that include loans in which United is the borrower, United typically agrees to reimburse lenders for any reduced returns with respect to the loans due to any change in capital requirements and, in the case of loans with respect to which the interest rate is based on the Secured Overnight Financing Rate (SOFR), for certain other increased costs that the lenders incur in carrying these loans as a result of any change in law, subject, in most cases, to obligations of the lenders to take certain limited steps to mitigate the requirement for, or the amount of, such increased costs.

At June 30, 2026, the Company had $ 11.2 billion principal amount of floating rate debt with remaining terms of up to approximately 12 years that are subject to these increased cost provisions.

At September 30, 2026, the Company had $ 11.8 billion principal amount of floating rate debt with remaining terms of up to approximately 12 years that are subject to these increased cost provisions.

In several financing transactions with remaining terms of up to approximately 12 years and an aggregate principal amount balance of $ 9.2 billion, the Company bears the risk of any change in tax laws that would subject loan payments thereunder to withholding taxes, subject to customary exclusions.

As of June 30, 2026, the Company had approximately 117,500 employees, of whom 83 % were represented by various U.S.

As of September 30, 2026, the Company had approximately 117,900 employees, of whom 83 % were represented by various U.S.

labor organizations.

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 includes improvements with respect to scheduling, reserve requirements and other quality of life improvements, as well as pay rate increases.

The agreement also includes a provision for a one-time payment upon ratification to be paid no later than September 15, 2026.

In the three and six months ended June 30, 2026, the Company recorded, in Special charges (credits), an additional $ 181 million of expenses related to this ratification payment, which together with previously recognized expenses brings the total liability for this ratification payment to $ 742 million as of June 30, 2026.

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.

NOTE 10 - SPECIAL CHARGES (CREDITS)

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

Three Months Ended June 30, Six Months Ended June 30,

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

2 unchanged sentences

Total operating special charges (credits) ( 215 ) ( 73 ) ( 749 ) 266

Nonoperating unrealized gains on investments, net ( 40 ) ( 26 ) ( 26 ) ( 5 )

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 on investments, net ( 38 ) ( 26 ) ( 21 ) ( 5 )

Total operating and nonoperating special charges (credits) and unrealized gains on investments, net ( 183 ) 422 ( 555 ) 335

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 on investments, net of income taxes $ ( 156 ) $ 293 $ ( 466 ) $ 208

During the three and six months ended June 30, 2026, the Company recorded $ 184 million of expense associated with the recently ratified agreements with the Company's flight attendants represented by the AFA, 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 three and six months ended June 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 six months ended June 30, 2026, the Company recorded $ 329 million and $ 718 million, respectively, of net gains on sale of assets and other special charges, which were primarily comprised of $ 351 million and $ 796 million, respectively, of gains on various aircraft sale-leaseback transactions.

During the three and six months ended June 30, 2025, the Company recorded $ 114 million and $ 222 million, respectively, of net gains on sale of assets and other special charges, which were primarily comprised of $ 151 million and $ 261 million, respectively, of gains on various aircraft sale-leaseback transactions.

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.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements