UAL — what changed in the latest 10-Q
A section-by-section comparison of UAL's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-21 vs the prior 10-Q · 2026-07-16
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +8 | −11 | ~52 | 27 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~3 | 0 |
| Other information | Text added/removed | +9 | −2 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings, Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-21
Distribution expense increased $77 million, or 13.9%, in the third quarter of 2026 as compared to the year-ago period, primarily due to higher credit card fees and agency commissions driven by the overall increase in passenger revenue.
Aircraft rent increased $62 million, in the third quarter of 2026 as compared to the year-ago period, primarily due to the addition of new leased aircraft to the Company's fleet.
Interest expense increased $28 million, or 8.3%, in the third quarter of 2026 as compared to the year-ago period, primarily due to new debt issuances in the current year.
The Company had $3.0 billion undrawn and available under its revolving credit facility as of September 30, 2026. No borrowings were outstanding under the revolving credit facility as of September 30, 2026. On October 16, 2026, the Company amended and restated its revolving credit facility to increas…
We have a significant amount of fixed obligations, including debt, leases of aircraft, airport and other facilities, and pension funding obligations. As of September 30, 2026, the Company had $34.3 billion of debt, finance lease, operating lease and other financial liabilities, including $2.8 billio…
Text removed vs the prior filing · source: 10-Q · 2026-07-16
Landing fees and other rent increased $95 million, or 9.9%, in the second quarter of 2026 as compared to the year-ago period, primarily due to rate increases at various airports as well as higher landed weight volume from increased flight activity.
Regional capacity purchase increased $67 million, or 9.8%, in the second quarter of 2026 as compared to the year-ago period, primarily due to a 6% increase in regional flying activity and annual rate increases under United's capacity purchase agreements ("CPAs").
Distribution expense increased $157 million, or 32.3%, in the second quarter of 2026 as compared to the year-ago period, primarily due to higher credit card fees and agency commissions driven by the overall increase in passenger revenue as well as the refinement of assumptions used in determining ou…
Interest income decreased $47 million, or 14.2%, in the first six months of 2026 as compared to the year-ago period, primarily due to lower interest rates.
Miscellaneous, net, changed by $27 million in the first six months of 2026 as compared to the year-ago period, primarily due to debt extinguishment and modification fees in the first six months of 2026, foreign exchange losses recorded in the current period as compared to gains in the year-ago-perio…
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-21
(a) The information set forth below is included for the purpose of providing disclosure under “Item 1.01—Entry into a Material Definitive Agreement” and “Item 2.03—Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant” of Form 8-K.
On October 16, 2026, United entered into a Second Amended and Restated Revolving Credit and Guaranty Agreement (the "Revolving Credit Facility") among United, as borrower, UAL, as parent and guarantor, certain subsidiaries of UAL, as guarantors, the lenders party thereto, JPMorgan Chase Bank, N.A., …
Credit Facility) or, at United's election, another rate based on certain market interest rates, in each case subject to a floor, plus a margin based on United's credit ratings ranging from 1.000% to 1.875% for Term SOFR loans and 0.000% to 0.875% for loans at other market rates. United has not made …
The Revolving Credit Facility is secured on a senior basis by security interests granted by United to the Collateral Trustee in, subject to certain exclusions, all of United's U.S. Department of Transportation route authorities to operate scheduled service between international airports in the Unite…
The Revolving Credit Facility also contains mandatory prepayment provisions in connection with dispositions of collateral and, subject to certain cure rights, upon failure to comply with the minimum Collateral Coverage Ratio (as defined in the Revolving Credit Facility). Additionally, the Revolving …
Text removed vs the prior filing · source: 10-Q · 2026-07-16
(c) On April 30, 2026, Michael Leskinen, Executive Vice President and Chief Financial Officer of the Company and United, adopted a "Rule 10b5-1 trading arrangement" that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act and the Company’s insider tradi…
No other director or "officer" (as defined in Rule 16a-1(f) under the Exchange Act) of the Company or United informed the Company or United of the adoption, modification or termination of a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement," as each term is defined in Item …
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice