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Total Operating Revenue
$17,672.0M
+21.0% QoQ · +16.0% YoY
Adjusted Pre-Tax Margin
4.8%
+41.2% QoQ · -56.4% YoY
TRASM
20.2cents
+7.7% QoQ · +12.1% YoY
Passenger Load Factor
83.4%
+2.2% QoQ · +0.4% YoY
CASM-ex
13.1cents
-5.9% QoQ · +6.1% YoY
Avg Fuel Price/Gallon
4.2$
+50.7% QoQ · +79.1% YoY
Total Operating Revenue ($M)
Adjusted Pre-Tax Margin (%)
Passenger Load Factor (%)
Avg Fuel Price/Gallon ($)
Why these KPIs
Every UAL earnings release headlines total operating revenue, TRASM growth and adjusted pre-tax margin in its top-line bullets, while consolidated passenger load factor and CASM-ex are standard 'Select operating statistics' disclosures repeated each quarter. Average fuel price per gallon is included given how heavily management has emphasized fuel volatility's swing effect on 2026 guidance.
| Period | Total Operating Revenue | Adjusted Pre-Tax Margin | TRASM | Passenger Load Factor | CASM-ex | Avg Fuel Price/Gallon |
|---|
| Q4 2024 | $14,695.0M | 9.7% | 18.8cents | 82.3% | 12.9cents | 2.4$ |
| Q1 2025 | $13,213.0M | 3.0% | 17.6cents | 79.2% | 13.2cents | 2.5$ |
| Q2 2025 | $15,236.0M | 11.0% | 18.1cents | 83.1% | 12.4cents | 2.3$ |
| Q3 2025 | $15,225.0M | 8.0% | 17.4cents | 84.4% | 12.2cents | 2.4$ |
| Q4 2025 | $15,397.0M | 8.5% | 18.5cents | 81.9% | 12.9cents | 2.5$ |
| Q1 2026 | $14,608.0M | 3.4% | 18.8cents | 81.6% | 13.9cents | 2.8$ |
| Q2 2026 | $17,672.0M | 4.8% | 20.2cents | 83.4% | 13.1cents | 4.2$ |