United says fares may need to rise as much as 20%

April 23, 2026

Summary

United said fares may need to rise 15% to 20% as higher jet fuel costs weigh on margins.

Why this matters

The update shows how rising fuel costs could affect airfares and airline profits in the coming quarters. Travelers and investors can use it to gauge potential fare increases and pressure on United’s outlook.

United Airlines CEO Scott Kirby said Thursday that ticket prices may need to rise 15% to 20% to offset higher jet fuel costs.

On the company’s earnings call, Kirby said United aimed to recover the full increase in fuel costs “as quickly as possible” and expected to move toward a 100% pass-through as it targeted double-digit pretax margins next year.

“Yields need to increase by about 15% to 20%,” Kirby said, adding that the company assumed fuel prices could remain elevated for longer.

The comments came after United forecast second-quarter and full-year profits below Wall Street estimates, citing higher jet fuel prices, even as demand for premium travel remained strong. United shares were down about 6% in morning trading.

The Chicago-based airline said its forecast was based on the Gulf Coast jet fuel forward curve as of April 17, and that results could be at either end of its guidance depending on fuel prices.

United said it expected to pay about $4.30 a gallon for fuel in the current quarter.

United said it expected to recover 40% to 50% of the increase in fuel prices through fares and other revenue measures in the second quarter, 70% to 80% in the third quarter, and 85% to 100% by the fourth quarter.

Company executives said ticket yields rose about 12% in early March and increased to about 18% in the second half of the month.

Kirby said the airline had not yet seen a drop in demand as prices rose, but added that higher fares would affect demand over time.

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