J.P. Morgan Chase analyst Jamie Baker sharply downgraded 2026 revenue and earnings forecasts for major U.S. carriers. The bank now projects a full-year loss of roughly $1 per share for United Airlines. This estimate marks a sharp reversal from the previous forecast of $13.82 in earnings per share.
Credit card data from late March indicates a worrisome deceleration in air travel spending. Surging jet fuel costs also pressured the revised outlook.
The downgrade arrives as the industry begins first-quarter earnings reports, with Delta Air Lines reporting on April 8. United recently introduced a tiered fare structure for premium cabins, which triggered a negative stock reaction. Investors remain cautious regarding the airline's new pricing strategy and unsettled demand.