In response to higher fuel cost environment, we've begun to adjust capacity downward by approximately five points throughout the rest of the year. we now expect Q3 and Q4 capacity to be flat to up approximately 2%. Our adjustments removed marginal capacity on off-peak days and flight times such as red eyes, which we believe will fuel our recovery of fuel prices increases in the second half of 2026.

Apr 22, 2026 / CEO / receipt, needs a key / Scott Kirby, CEO | earnings call 2026-04-22 | transcript 97cfb138-d25c-42ed-ad32-238bfdb01a1c | chars 11441-11842 | segment 11

In 2026, we'll adjust how peaked our summer capacity plan is by ending the summer schedule a week early, operating 15% fewer red-eye flights, and cutting more capacity from the July 4th holiday, to name a few, in pursuit of higher margins.

Oct 16, 2025 / CEO / receipt, needs a key / Scott Kirby, CEO | earnings call 2025-10-16 | transcript cc2fbf4b-5b60-4cbb-843a-10f1c7e1b1c4 | chars 13787-14026 | segment 14

One, there are a large segment of customers for whom change fees trumps everything else, particularly small business travelers, what I call domestic road warriors. And when we had change fees and we had a large competitor that didn't, they would choose that large competitor. Even though all of our advantages may have existed, the change fees trumped it. It turns out that segment of the traveling public appears to be even larger than I appreciated. And we're now winning them because our national advantages win. So we've closed off that breach.

Apr 17, 2024 / CEO / receipt, needs a key / Scott Kirby, CEO | earnings call 2024-04-17 | transcript cf147036-cd62-4610-93cc-f1795476669b | chars 24620-25168 | segment 25

I echo Scott's gratitude for all United who worked so hard. Travel plans were affected by the grounding of our MAX 9 fleet.

Jan 23, 2024 / CEO / receipt, needs a key / Scott Kirby, CEO | earnings call 2024-01-23 | transcript 9675bb00-05f6-4da4-8964-b98e04648d5f | chars 8891-9014 | segment 8

I described that business model as a Ponzi scheme. because it is predicated on growing 15% to 20% a year. The only way you keep your cost low is 15% to 20% a year growth, and that is now going to be impossible. I mean, look, I get others are going to get on conference calls next week and say this is a temporary issue. There is a real pilot shortage that is real. It's going to take years to resolve. It's not the only one, by the way. Boeing and Airbus are probably two to three years away from getting back to producing airplanes at the same rate. The air traffic control system, You know, they do a great job at the FAA of trying to manage the system. But we have fewer controllers in the United States than we had 30 years ago. We have about triple the operations. That works sort of okay in September. It does not work in July. And it's not their fault. They do incredible work in the FAA to put their fingers in the dice and try to do their best to manage day to day. but they've been pulled in so many directions. They've had to do drones and space launches and so many more people working on certification and aircraft issues without their budget going up. And until Congress authorizes more controllers, that is going to be a hard constraint on the operations of all airlines during the summer. And so there's just no airline, including us, that's going to be able to grow at 15% to 20% a year anymore. And, you know, I think that's a real advantage for us at United. It is a real challenge

Oct 19, 2022 / CEO / receipt, needs a key / Scott Kirby, CEO | earnings call 2022-10-19 | transcript a5604a18-8df7-4de7-b85a-d557470fb2d6 | chars 31244-32744 | segment 32

And regardless of whether you think demand for business travel will ultimately return to 100% or something less, it almost certainly is going higher from here.

Oct 19, 2022 / CEO / receipt, needs a key / Scott Kirby, CEO | earnings call 2022-10-19 | transcript a5604a18-8df7-4de7-b85a-d557470fb2d6 | chars 3541-3700 | segment 3

We're also confident that the robust business travel recovery still has a lot of room to run, and we anticipate improvement in long-haul Asia that is not yet reflected in our revenue results.

Apr 21, 2022 / CEO / receipt, needs a key / Scott Kirby, CEO | earnings call 2022-04-21 | transcript 1be477a5-f2f5-46f7-bdb2-33336a5b69cd | chars 9574-9765 | segment 9

And internationally, we see the exact same pattern every time new borders are reopened. And while the U.S. isn't yet open to Europeans, the data and science, including the demonstrated safety of air travel, similar vaccination in case rates, and similar level of variance in Europe and the U.S. support an opening, and we expect it to happen at some point.

Jul 21, 2021 / CEO / receipt, needs a key / Scott Kirby, CEO | earnings call 2021-07-21 | transcript b3e20437-ff4a-4bb4-9361-4f99f8bb9b9e | chars 5561-5917 | segment 5

It was great to see many of you in person at our United of Next event last month in New York, and personally it's been great to be back out on the road during the quarter, talking to employees and customers and hearing anecdote after anecdote about how great it is to be back traveling.

Jul 21, 2021 / CEO / receipt, needs a key / Scott Kirby, CEO | earnings call 2021-07-21 | transcript b3e20437-ff4a-4bb4-9361-4f99f8bb9b9e | chars 2448-2734 | segment 2

And when those things are open again is when people are going to start traveling again.

Jan 21, 2021 / CEO / receipt, needs a key / Scott Kirby, CEO | earnings call 2021-01-21 | transcript 50f547a6-15c3-4a01-83dd-ecf81ea6dbc1 | chars 38197-38284 | segment 38