United earnings top estimates but airline expects $6 billion in added fuel costs
Fuente: CNBC
United Airlines reported second-quarter results that surpassed Wall Street expectations, though soaring fuel costs continue to weigh heavily on the carrier's financial outlook. The airline's revenue climbed 16% year-over-year to $17.67 billion, and total unit revenue grew 12.1%, marking the strongest such growth since early 2023. Despite the positive top-line figures, net income fell more than 17% to $805 million, or $2.46 per share, as rising operating expenses offset much of the revenue gain.
The most significant headwind facing United is the dramatic increase in jet fuel prices, which have surged 34% in July alone amid escalating tensions between the United States and Iran. Jet fuel is an airline's second-largest cost after labor, and United estimates that higher fuel prices could add nearly $6 billion to its total expenses this year compared with expectations at the start of 2026. Second-quarter fuel costs alone rose 84% from the prior year, reaching $2.3 billion.
United forecast third-quarter adjusted earnings per share of between $2.50 and $3.50, falling short of analysts' estimates of $3.60. For the full year, the airline projects adjusted earnings per share of $9 to $11, the upper end of the $7 to $11 range it had previously forecast in April. The company noted that since the beginning of July, volatile fuel prices have already impacted third-quarter adjusted earnings by $1.12 per share.
To manage the fuel cost burden, United said it plans to pass on up to 90% of higher costs to passengers this quarter and all of it in the fourth quarter. Rival Delta Air Lines has announced a similar strategy. Despite higher fares, both airlines report that passenger demand has remained robust. United also warned that it could further reduce capacity plans for the year if fuel costs remain elevated.
CEO Scott Kirby emphasized that the broader economy remains strong, describing United as a reliable real-time economic indicator given its wide passenger base. He noted that fares are rising not solely due to fuel but also because of increased costs in maintenance, labor, and airport fees. Premium, corporate, and basic economy ticket revenues all improved in the quarter, alongside gains in both domestic and international unit revenues.
Traducción al japonés
ユナイテッド航空は第2四半期の決算でウォール街の予想を上回る結果を発表したが、燃料費の急騰が引き続き業績を圧迫している。売上高は前年比16%増の177億ドルに達し、座席マイル当たり収入は2023年初頭以来最高の12.1%増を記録した。一方、純利益は経費増加が響き17%超減少の8億500万ドルにとどまった。
同社が直面する最大の課題は、米国とイランの緊張激化を背景に7月だけで34%急騰した航空燃料価格だ。燃料費は人件費に次ぐ航空会社最大のコストであり、今年の燃料費増加額は年初の予想と比較して約60億ドルに達する見込みだ。第2四半期の燃料費は前年比84%増の23億ドルまで膨らんだ。
第3四半期の調整後1株当たり利益は2.50〜3.50ドルと予想し、アナリスト予測の3.60ドルを下回った。通期では9〜11ドルを見込み、4月時点の予測レンジ上限に引き上げた。また、7月以降の燃料価格の変動だけで第3四半期の調整後利益が1株当たり1.12ドル押し下げられるとした。
燃料コスト増への対策として、同社は今四半期中に増加コストの最大90%、第4四半期には全額を運賃に転嫁する方針を示した。ライバルのデルタ航空も同様の戦略を採用している。両社とも運賃上昇にもかかわらず旅客需要は堅調と報告しており、燃料高が続けば供給計画をさらに縮小する可能性も警告した。
スコット・カービーCEOは、幅広い旅客基盤を持つ同社が経済の先行指標になると述べ、米経済は一般に認識されている以上に強いと強調した。運賃上昇は燃料費だけでなく、整備費・人件費・空港使用料の増加も要因だと説明した。プレミアム・法人・ベーシックエコノミーなど全クラスの収益が改善し、国内外ともに単位収益が増加した。
Vocabulario clave
- top estimatesphrase
To perform better than financial analysts had predicted, typically referring to earnings or revenue results.
和訳: 予想を上回る
The tech company's quarterly profits topped estimates, sending its stock price sharply higher.
- weigh onidiom
To have a negative or burdensome effect on something, such as profits or performance.
和訳: 〜に重くのしかかる、〜を圧迫する
Rising raw material costs have continued to weigh on the manufacturer's profit margins.
- headwindnoun
A condition or factor that makes progress or success more difficult, especially in a business or economic context.
和訳: 逆風、障害
The strengthening dollar represents a significant headwind for exporters trying to compete overseas.
- pass onphrase
To transfer a cost or burden to someone else, typically from a business to its customers.
和訳: (コストを)転嫁する
When import tariffs increased, most retailers chose to pass on the extra costs to consumers.














