United Airlines Holdings (UAL)

Outperform Recap: Q2 2026

United Absorbs a Multibillion-Dollar Fuel Shock and Still Raises the Floor: Upgrading UAL to Outperform

Hold Recap: Q1 2026

United Aces the Quarter, But a Doubling of Jet Fuel From the Iran War Halves the 2026 Outlook — Downgrading to Hold on the Macro, Not the Company

Outperform Recap: Q4 2025

The Inflection Landed: United Grows 2025 EPS Against the Industry, Guides 2026 to $12–14, and Sits One Notch From Investment Grade

Outperform Recap: Q3 2025

A Beat-and-Raise That Sold Off: United's Q4 "Best Revenue Quarter Ever" Setup Makes the 5.6% Pullback a Gift

Outperform Recap: Q2 2025

Record Revenue Masks Soft RASM, But the Demand Inflection and Supply-Cut Setup Make United a Buy Into the Back Half