United’s cargo revenue was up 22.6% year on year in the second quarter of 2026 due to increased yields.
Cargo revenue at the US airline was $527m in the second quarter of 2026, compared to $430m in the second quarter of 2025.
During the airline’s second quarter 2026 earnings call, Scott Kirby, chief executive of United, said most of the improvement in cargo revenue came from higher yields rather than increased shipment volumes.
Kirby commented: “Cargo had a really strong quarter. Most of the gains in cargo were yield related, not volume related, and I expect that to continue into Q3 as well.”
In the first quarter of the year, when carriers faced the start of the Middle East conflict and rising jet fuel prices, air cargo revenue had dropped 1.6% for United.
Kirby did not elaborate on cargo shipment price increases in the call, but the airline indicated that although jet fuel prices have been a cost pressure, revenues, including cargo, were healthy in the quarter.
On 18 April, United announced it would implement a “Market Disruption Fee” on freight shipments for airway bills (AWB) issued on or after 1 May. The fee is applicable based on the chargeable weight of the shipment.
The airline said at the time: “The Market Disruption Fee reflects United Cargo’s increased cost of doing business globally. United Cargo faces the challenge of rising costs imposed on us by our suppliers, partners, and by the market.”
Despite volumes not being United’s main air cargo revenue driver, the airline transported nearly 347m pounds of cargo in the second quarter – the most for a second quarter since 2020, and 20m more pounds than in the same quarter last year.
This included more than 9m pounds of medical shipments and 232,000 pounds of military shipments.
Delta Airlines’ cargo revenue increased 39% in its second quarter, which the airline attributed to volume growth as it seeks expansion in Asia and the Middle East.
Facts Only
* United's cargo revenue was up 22.6% year-on-year in Q2 2026 due to increased yields.
* Cargo revenue in Q2 2026 was \$527 million, compared to \$430 million in Q2 2025.
* Chief executive Scott Kirby stated most cargo revenue improvement came from higher yields, not increased shipment volumes.
* Air cargo revenue dropped 1.6% for United in the first quarter of the year due to the Middle East conflict and rising jet fuel prices.
* United announced a "Market Disruption Fee" on freight shipments for airway bills issued on or after May 1st, based on chargeable weight.
* In Q2 2026, the airline transported nearly 347 million pounds of cargo.
* This cargo included over 9 million pounds of medical shipments and 232,000 pounds of military shipments in Q2 2026.
* Delta Airlines' cargo revenue increased 39% in its second quarter due to volume growth in Asia and the Middle East.
Executive Summary
Full Take
The narrative juxtaposes revenue growth based on yield against underlying geopolitical and cost pressures, forcing a distinction between price realization and physical activity. The focus on yield over volume suggests that market dynamics—specifically pricing power or supply constraints impacting freight rates—are currently more influential on the airline's financial health than sheer throughput. This pattern implies a shift where marginal revenue capture from existing shipments is valued more highly than growth in the total quantity moved, which is typical when external factors like fuel volatility are already pressuring operational costs. The imposition of a Market Disruption Fee demonstrates an active mechanism for transferring perceived global cost increases onto customers, suggesting that cost management and risk transfer are now central to the operational strategy. The contrast with Delta's volume-driven growth in specific regions suggests that expansion strategies may rely on geographic market penetration rather than pure yield optimization across the entire global network. The underlying tension lies between optimizing immediate revenue through pricing mechanisms and managing long-term, unpredictable external cost fluctuations affecting future capacity decisions.
Bridge Questions: What are the projected impacts of continued yield-based growth versus volume-based growth under sustained jet fuel volatility? How does the imposition of fees affect overall market willingness to engage in high-volume shipping? What evidence exists for whether yield increases are sustainable or a temporary reaction to current market conditions?
Sentinel — Human
The text reads like a factual summary of earnings call details and subsequent airline policy announcements, exhibiting the structure and specificity typical of business reporting.