American 'Big Deal' Falls Through, but United Achieves Record Q1 Performance

United Airlines Holdings, Inc. (UAL), the parent company of the major U.S. carrier, reported record first-quarter revenue of $14.6 billion (approximately KRW 20 trillion) for 2026, and net income jumped to $699 million (about KRW 900 billion). Revenue rose roughly 10% year-over-year, and diluted EPS increased by more than 80%. The company said that, despite a high-fuel-price environment, profitability improved thanks to strong demand for premium fares and robust performance in its mileage program.

United announced it will cut its full-year capacity plan by five percentage points, capping seat capacity growth in Q3 and Q4 at no more than 2% year-over-year. The carrier will simultaneously focus on debt reduction, issue unsecured corporate bonds, invest in its fleet, route network and services, and pursue a tentative agreement on a new collective bargaining agreement with its flight attendant union.

On May 1, Chief Commercial Officer Andrew Nocella sold several thousand shares of United stock on the open market, generating about $630,000 (roughly KRW 900 million) in proceeds. He still holds over 200,000 shares, maintaining his equity stake in the company.

Separately, on May 3 United Airlines Flight 169 from Venice to Newark flew at a low altitude over the New Jersey Turnpike during its landing approach at Newark Liberty International Airport, grazing a streetlight and a cargo truck. The truck driver suffered minor injuries. The U.S. National Transportation Safety Board and the Federal Aviation Administration have classified the incident as an official accident and are investigating the approach procedures and crew operations.

On April 27, CEO Scott Kirby said he explored a potential merger with American Airlines but that American declined to discuss the proposal. He confirmed that the mega-merger idea between United and American is off the table for the time being.

Headquartered in Chicago’s Willis Tower, United is one of the three largest U.S. airlines. Through its mainline carrier, United Airlines, and its regional brand, United Express, the company serves more than 400 destinations across six continents, including North America, Europe and Asia. It is a founding member of the Star Alliance global airline network.

The U.S. airline industry continues to face restructuring pressures amid surging jet fuel prices driven by instability in the Middle East and rising labor costs. Market consolidation among major carriers and the prospect of further mergers and alliances remain under consideration.