United Cuts 2026 Earnings Outlook as Fuel Costs Rise

United Airlines lowered its 2026 earnings outlook after higher fuel prices drove a steep increase in quarterly expenses, even as the carrier reported stronger revenue and travel demand. The airline expects adjusted earnings of 50 cents to $1.50 per share in the fourth quarter. That range is below the $1.76 per share analysts had expected, according to estimates cited in company reporting. United had forecast full-year adjusted earnings of $9 to $11 per share in July. Its first nine months produced adjusted earnings of $5.72 per share, putting the top of its fourth-quarter range at $7.22 for the year. United projected an average fuel cost of $4.80 per gallon in the fourth quarter, up from $3.90 in the third. Its fuel expense for the July-to-September quarter reached $4.84 billion, an increase of about $1.8 billion, or 61.6%, from a year earlier. The average price paid per gallon rose from $2.43 to $3.90. Fuel consumption increased 0.8%, indicating that higher prices, rather than substantially more flying, accounted for nearly all of the added expense. Third-quarter operating revenue rose 17.4% year over year to $17.88 billion. Adjusted net income was $833 million, or $2.54 per...