“[United's] profitability now sits near the top of the industry,” Jay Cushing, a senior bond analyst at Gimme Credit, said on Monday.
“The fundamental outlook for 2026 appears relatively constructive after tariff noise and government shutdown headwinds pushed operating profits modestly lower in 2025.”
“United still has a relatively high percentage of secured debt in its capital structure, and we would look for a material spread pickup versus secured paper,” said Cushing. “We are mindful of the checkered history of unsecured airline debt. The industry remains highly cyclical and capital intensive with a long list of uncontrollable risks.”