(https://www.cnbc.com/2026/07/15/united-airlines-ual-2q-2026-earnings.html) despite absorbing $6B in added fuel costs—that's not luck, that's pricing power. Premium cabin revenue and international fares held up while discount economy actually grew. [J&J beat and raised](https://www.cnbc.com/2026/07/15/jj-falls-despite-a-beat-and-raise-quarter-why-were-raising-our-price-target-anyways.html) but got sold anyway because investors priced in perfection.

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