Bloomberg Talks · Oct 21, 2026
With Scott Kirby, CEO of United Airlines
United Airlines has passed through about 72% of this year's roughly $8 billion rise in fuel costs, Scott Kirby, CEO of United Airlines, told Bloomberg Talks from the airline's new Houston terminal.
Fuel is sharply higher than it was during COVID. Scott's point was that it is still lower in real terms than before the pandemic, and that demand has barely moved: load factors are down half a point.
"If fuel doesn't run again, I think we've got a good shot in Q1 of getting back to that 100% level." — Scott Kirby
Scott sets the fares that decide how fast a fuel shock reaches passengers, and he used the same interview to defend wealth-tax comments he gave The New York Times.
The full interview is covered here so you can skip it.
Here are the 5 insights that matter.
Key Takeaways
United has passed through about 72% of the fuel-price increase so far
It will not reach 100% in the fourth quarter, because fuel rose too quickly
Scott sees a good shot at full recovery in Q1 if fuel stops climbing
Demand has softened only slightly, and fares are rising off an artificial COVID low
Economy grew faster than premium over the last two quarters
Scott calls it unfair that passive investment income can go untaxed while wages are taxed
He would pair some tax on wealth growth with lower income taxes
1. 72% of Fuel Passed Through
United's fuel bill is up by roughly $8 billion this year, and Scott said the airline has already recovered most of that increase through higher fares.
United has recovered about 72% of the fuel-cost increase so far
"We've passed about 72% of the increase in fuel price." — Scott Kirby
Fuel is far more expensive than during COVID, but Scott put it below pre-pandemic levels once inflation is taken into account. The airline remains solidly profitable, even though it is earning less in the back half of the year than it did a year ago or than it expected.
United Airlines will fall short of full pass-through in the fourth quarter
"We're not going to get to 100% in 4Q just because of the rapid grind in fuel." — Scott Kirby
Two things slowed the catch-up. Fuel rose quickly, and much of the summer's travel had already been booked at older fares before the increase arrived.
