Investing.com -- United Airlines slashed its 2026 earnings outlook on Thursday as Iran war led surge in crude price pressures profits at the airline.

United said it could earn between $7 and $11 a share on an adjusted basis this year, down from its previous forecast of between $12 and $14 a share that it released in January, more than a month before the U.S. and Israel attacked Iran. Analysts had forecast that United’s adjusted, full-year earnings would be $9.58 a share.

The carrier, like others, is trimming some of its planned flying this year to reduce costs. Wall Street had already been adjusting its expectations for the year. However, the carrier reported a more than 10% rise in revenue to $14.61 billion, up from $13.21 billion a year earlier. It was slightly above the consensus estimate of $14.39 billion.

The quarter included a $340 million increase in fuel expense compared to the first quarter of 2025.

Airline executives have said demand has remained robust even as they have raised fares and checked bag fees to pass along higher fuel prices to customers.

United’s net income rose 80% to $699 million, or $2.14 cents a share, compared with net income of $387 million, or $1.16 cents a share, a year earlier. Adjusted for one-time items, United posted earnings per share of $1.19 a share.

Unit revenue was up in every reported segment, including for domestic U.S. flights, where it rose 7.9% to $7.9 billion from a year earlier, signaling strong pricing power in the quarter.

“These are results our employees can be proud of, and they show the resilience of our long-term strategy, even in the face of escalating fuel expense,” CEO Scott Kirby said in an earnings release.

"Moments of uncertainty for the airline industry may also create opportunity for United," Kirby said. "We have demonstrated quarter after quarter that we are built to withstand disruptions, and this moment is no different. We'll stay nimble in the short term while continuing to grow the airline and invest in our customers, product and people."