What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-10-21 compared with 2026-07-16 · 89 added, 87 removed, 241 unchanged (42% of the section changed)

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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 in the Middle East:

During the first half of 2026, geopolitical conflicts in the Middle East caused disruption of flying in the region and contributed to materially higher global fuel prices.

In response, we took 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 escalate or expand.

• 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.

• 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 force us to adjust our planned capacity at our hub locations.

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 are working with our U.S.

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, future results of operations, liquidity and financial flexibility, which are dependent on future developments, including as a result of those factors discussed in Part I, Item 1A.

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 six months ended June 30, 2026, as compared to the corresponding period in 2025.

Second Quarter 2026 Compared to Second Quarter 2025

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

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

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

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Net income $ 1,029 $ 949 $ 80 8.5

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

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

2026 2025 Increase (Decrease) % Change

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Fuel gallons consumed (millions) 1,243 1,233 10 0.8

Employee headcount, as of June 30

Employee headcount, as of September 30

117,900 111,900 6,000 5.4

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Operating Revenue.

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

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

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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 June 30:

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:

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Passenger load factor (points) (0.9) (0.7) 0.1 2.1 (0.5)

Passenger revenue increased $2.3 billion, or 16.4%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a 12.1% increase in yield and a 5.4% increase in the number of passengers flown.

Cargo revenue increased $97 million, or 22.6%, in the second quarter of 2026 as compared to the year-ago period, primarily due to an increase in freight yields.

Other operating revenue increased $75 million, or 7.7%, in the second 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.

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 June 30 (in millions, except for percentage changes):

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

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Distribution expenses 632 555 77 13.9

Aircraft rent 112 67 45 67.4

Aircraft rent 116 54 62 NM

Special charges (credits) (215) (73) 142 NM

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

Salaries and related costs increased $274 million, or 6.2%, in the second 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 5.6% increase in headcount and pay rate increases for various eligible employee groups, most recently the employees represented by the Association of Flight Attendants ("AFA") per the new collective bargaining agreement.

Aircraft fuel expense increased $2.3 billion, or 84.1%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a higher average price per gallon of fuel and increased consumption from increased flight activity.

Landing fees and other rent increased $95 million, or 9.9%, in the second quarter of 2026 as compared to the year-ago period, primarily due to rate increases at various airports as well as higher landed weight volume from increased flight activity.

Regional capacity purchase increased $67 million, or 9.8%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a 6% increase in regional flying activity and annual rate increases under United's capacity purchase agreements ("CPAs").

Distribution expense increased $157 million, or 32.3%, in the second 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 as well as the refinement of assumptions used in determining our credit card fees expense in the year-ago period.

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.

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 $215 million, or 8.6%, in the second 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.

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 June 30 (in millions, except for percentage changes):

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

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Interest capitalized 56 53 3 5.1

Unrealized gains on investments, net 40 26 14 NM

Miscellaneous, net 26 41 (15) (37.4)

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 Six Months 2026 Compared to First Six Months 2025

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

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

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Net income $ 2,533 $ 2,309 $ 223 9.7

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

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

2026 2025 Increase (Decrease) % Change

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Fuel gallons consumed (millions) 3,555 3,488 67 1.9

Employee headcount, as of June 30

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 six months ended June 30 (in millions, except for percentage changes):

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

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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 six months ended June 30, 2026 compared to the six months ended June 30, 2025:

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:

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Passenger load factor (points) — 1.1 2.5 0.9 0.6

Passenger revenue increased $3.6 billion, or 13.9%, in the first six months of 2026 as compared to the year-ago period, primarily due to an 8.4% increase in yield and a 4.8% increase in the number of passengers flown.

Cargo revenue increased $90 million, or 10.5%, in the first six months of 2026 as compared to the year-ago period, primarily due to an increase in freight yields.

Other operating revenue increased $171 million, or 9.1%, in the first six 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.

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.

Operating Expenses.

The table below presents data related to the Company's operating expenses for the six months ended June 30 (in millions, except for percentage changes):

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

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Aircraft rent 311 172 139 80.4

Special charges (534) 340 (873) NM

Special charges (credits) (749) 266 (1,016) NM

Other operating expenses 7,984 7,359 625 8.5

Total operating expenses $ 30,187 $ 26,516 $ 3,671 13.8

Salaries and related costs increased $680 million, or 7.9%, in the first six 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 5.6% increase in headcount and pay rate increases for various eligible employee groups, most recently the employees represented by the AFA per the new collective bargaining agreement.

Aircraft fuel expense increased $2.7 billion, or 48.8%, in the first six months of 2026 as compared to the year-ago period, primarily due to a higher average price per gallon of fuel and increased consumption from increased flight activity.

Landing fees and other rent increased $170 million, or 9.3%, in the first six 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 $164 million, or 10.3%, in the first six 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 $58 million, or 3.9%, in the first six 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 $108 million, or 8.2%, in the first six months of 2026 as compared to the year-ago period, primarily due to a 4% increase in regional flying activity and annual rate increases under United's CPAs.

Distribution expenses increased $183 million, or 18.6%, in the first six 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 $77 million, or 65.0%, in the first six 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, see Note 10 to the financial statements included in Part I, Item 1 of this report.

Other operating expenses increased $431 million, or 9.0%, in the first six 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.

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 six months ended June 30 (in millions, except for percentage changes):

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

2026 2025 Increase (Decrease) % Change

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Interest capitalized 169 152 18 11.7

Unrealized gains on investments, net 26 5 21 NM

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 expense decreased $47 million, or 6.6%, in the first six months of 2026 as compared to the year-ago period, primarily due to lower debt balances as a result of various debt prepayments and scheduled amortization.

Interest income decreased $47 million, or 14.2%, in the first six months of 2026 as compared to the year-ago period, primarily due to lower interest rates.

Miscellaneous, net, changed by $27 million in the first six months of 2026 as compared to the year-ago period, primarily due to debt extinguishment and modification fees in the first six months of 2026, foreign exchange losses recorded in the current period as compared to gains in the year-ago-period and a decrease in the benefit from the Company's net periodic benefit cost of its pensions and postretirement benefit plans.

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.

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Current Liquidity

As of June 30, 2026, the Company had $16.6 billion in unrestricted cash, cash equivalents and short-term investments, as compared to $12.2 billion at December 31, 2025.

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 has a $3.0 billion revolving credit facility as of June 30, 2026.

The revolving credit facility is secured by certain route authorities and airport slots and gates.

No borrowings were outstanding under the revolving credit facility as of June 30, 2026.

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 June 30, 2026, the Company had $33.7 billion of debt, finance lease, operating lease and other financial liabilities, including $3.0 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.

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

As of June 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.

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.

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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.

As of June 30, 2026, United had firm commitments to purchase aircraft from The Boeing Company ("Boeing") and Airbus S.A.S.

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:

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Aircraft Type Number of Firm

Commitments (a) Last Six Months of 2026 2027 After 2027 Last Six Months of 2026 2027 After 2027

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

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Sources and Uses of Cash

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

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

Total cash provided by (used in):

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Financing activities 1,031 (4,436) 5,467

Net increase in cash, cash equivalents and restricted cash $ 4,227 $ 585 $ 3,642

Net increase (decrease) in cash, cash equivalents and restricted cash $ 713 $ (2,075) $ 2,788

Operating Activities.

Cash flows provided by operating activities increased $0.5 billion in the first six months of 2026 as compared to the year-ago period, primarily due to an operating income increase period-over-period as well as a net change in various working capital items, primarily an increase in advance ticket sales.

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 $0.3 billion in the first six months of 2026 as compared to the year-ago period, primarily due to an increase in capital expenditures attributable to the purchase of aircraft and related spare parts.

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 six months ended June 30, 2026 were as follows:

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

Debt Issuances.

During the six months ended June 30, 2026, the Company received and recorded:

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

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

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Debt, Finance Lease and Other Financial Liability Principal Payments .

During the six months ended June 30, 2026, the Company made payments for debt, finance leases, and other financial liabilities of $4.5 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.

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.

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As part of our capital deployment program, the Company's Board of Directors authorized a share repurchase program in October 2024.

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.

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

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.

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*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 stable outlook.

A rating reflects only the view of a rating agency and is not a recommendation to buy, sell or hold securities.

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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" 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.

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.

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our reliance on a limited number of suppliers to source a majority of our aircraft, engines and certain parts, and the impact of any failure to obtain timely deliveries, additional equipment or support from any of these suppliers;

disruptions to our regional network and United Express flights provided by third-party regional carriers;

unfavorable economic and political conditions in the United States and globally;

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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;

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increased use of social media platforms by us, our employees and others;

the impacts of union disputes, employee strikes or slowdowns, and other costs related to employee and retiree health, pension, labor or regulatory compliance costs on our operations or financial performance;

any failure to recruit, hire, develop or train skilled personnel, including our senior management team or other key employees;

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;

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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;

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;

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risks relating to our repurchase program for UAL common stock and warrants;

and other risks and uncertainties set forth under Part I, Item 1A.

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.

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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.

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 monitor future demand and booking trends and adjust capacity, as needed.

For instance, we regularly

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.

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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 2. Management’s Discussion and Analysis