United Airlines Holdings, Inc. (UAL) quarterly balance sheet — complete assets, liabilities & equity history
United Airlines Holdings, Inc. (UAL) balance sheet — 30-year assets, liabilities & shareholders' equity history
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Total Current Assets | 21.66B | 19.39B | 16.86B | 18.09B | 20.26B | 20.15B | 18.88B | 18.57B | 20B | 18.7B | 18.49B | 21.91B | 23.31B | 21.59B | 20.06B | 22.69B | 24.37B | 22.61B | 21.83B | 23.06B |
| Cash & Short-Term Investments | 16.64B | 14.17B | 12.24B | 13.33B | 15.62B | 15.33B | 14.47B | 14.16B | 15.25B | 13.99B | 14.39B | 17.09B | 19.14B | 17.16B | 16.41B | 18.7B | 20.07B | 18.68B | 18.41B | 19.42B |
| Cash Only | 10.17B | 7.87B | 5.94B | 6.73B | 9.35B | 9.37B | 8.77B | 8.81B | 10.86B | 8.44B | 6.06B | 7.48B | 9.61B | 7.63B | 7.17B | 11.26B | 16.89B | 18.47B | 18.28B | 19.26B |
| Short-Term Investments | 6.47B | 6.3B | 6.3B | 6.6B | 6.26B | 5.96B | 5.71B | 5.35B | 4.38B | 5.59B | 8.33B | 9.61B | 9.53B | 9.52B | 9.25B | 7.44B | 3.19B | 211M | 123M | 166M |
| Accounts Receivable | 2.47B | 2.66B | 2.39B | 2.43B | 2.29B | 2.29B | 2.16B | 2.04B | 2.38B | 2.26B | 1.9B | 2.19B | 2B | 2.27B | 1.8B | 2.03B | 2.22B | 2.06B | 1.66B | 1.71B |
| Days Sales Outstanding | 13.22 | 15.56 | 14.41 | 14.26 | 13.66 | 15.16 | 13.16 | 13.69 | 14.07 | 15.08 | 13.81 | 13.33 | 13.73 | 16.04 | 14.23 | 15.19 | 16.07 | 22.16 | 18.93 | 20.79 |
| Inventory | 1.79B | 1.72B | 1.56B | 1.59B | 1.55B | 1.6B | 1.57B | 1.64B | 1.68B | 1.68B | 1.56B | 1.51B | 1.29B | 1.2B | 1.11B | 1.12B | 1.15B | 1.07B | 983M | 955M |
| Days Inventory Outstanding | 28.02 | 27.46 | 26.19 | 26.77 | 26.8 | 28.92 | 14.51 | 14.67 | 14.99 | 15.03 | 14.23 | 12.84 | 12.17 | 11.22 | 11.59 | 11.44 | 11.12 | 12.69 | 12.91 | 13.43 |
| Other Current Assets | 759M | 847M | -1M | 744M | 8M | 201M | 11M | 36M | 30M | 40M | 31M | 392M | 38M | 173M | 45M | 61M | 43M | 41M | 37M | 254M |
| Total Non-Current Assets | 62.91B | 61.55B | 59.59B | 58.22B | 56.9B | 55.96B | 55.2B | 54.07B | 53.25B | 53.21B | 52.62B | 51.24B | 50.03B | 48.83B | 47.3B | 46.28B | 46.01B | 46.43B | 46.34B | 46.24B |
| Property, Plant & Equipment | 54.12B | 53.56B | 51.71B | 49.79B | 48.41B | 47.52B | 46.72B | 45.46B | 44.47B | 44.37B | 43.73B | 42.34B | 41.12B | 39.86B | 38.34B | 36.79B | 36.29B | 36.46B | 36.72B | 36.83B |
| Fixed Asset Turnover | 0.33x | 0.28x | 0.30x | 0.31x | 0.32x | 0.28x | 0.32x | 0.33x | 0.34x | 0.28x | 0.32x | 0.35x | 0.35x | 0.29x | 0.33x | 0.35x | 0.33x | 0.21x | 0.22x | 0.21x |
| Goodwill | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B | 4.53B |
| Intangible Assets | 2.65B | 2.65B | 2.65B | 2.66B | 2.67B | 2.68B | 2.68B | 2.69B | 2.7B | 2.72B | 2.73B | 2.73B | 2.74B | 2.75B | 2.76B | 2.77B | 2.78B | 2.79B | 2.8B | 2.81B |
| Long-Term Investments | 1.61B | 1.56B | 1.33B | 1.24B | 1.29B | 1.24B | 1.27B | 1.21B | 220M | 244M | 348M | 1.4B | 1.4B | 1.31B | 1.37B | 1.28B | 1.3B | 1.4B | 1.42B | 1.34B |
| Other Non-Current Assets | 0 | -748M | -631M | -1M | 0 | 0 | 0 | 180M | 386M | 1.35B | 1.29B | 240M | 105M | 225M | 210M | 208M | 204M | 214M | 213M | 215M |
| Total Assets | 84.57B | 80.94B | 76.45B | 76.31B | 77.16B | 76.11B | 74.08B | 72.64B | 73.25B | 71.9B | 71.1B | 73.15B | 73.34B | 70.42B | 67.36B | 68.97B | 70.38B | 69.04B | 68.17B | 69.29B |
| Asset Turnover | 0.21x | 0.19x | 0.20x | 0.20x | 0.20x | 0.18x | 0.20x | 0.20x | 0.21x | 0.18x | 0.19x | 0.20x | 0.20x | 0.17x | 0.18x | 0.18x | 0.17x | 0.11x | 0.12x | 0.11x |
| Asset Growth % | 9.6% | 6.35% | 3.19% | 5.06% | 5.34% | 5.85% | 4.19% | -0.7% | -0.12% | 2.11% | 5.56% | 6.07% | 4.21% | 2% | -1.2% | -0.47% | -0.94% | 11.96% | 14.49% | 13.25% |
| Total Current Liabilities | 27.76B | 27.78B | 26.13B | 27.12B | 28.99B | 25.8B | 23.31B | 23.36B | 25.86B | 24.76B | 22.2B | 24.76B | 25.57B | 23.64B | 19.99B | 21.99B | 23.44B | 21.79B | 18.3B | 16.93B |
| Accounts Payable | 5.77B | 5.38B | 4.57B | 4.64B | 4.92B | 4.69B | 4.19B | 4.01B | 4.48B | 4.34B | 3.83B | 4.21B | 4.17B | 3.86B | 3.4B | 3.53B | 3.75B | 2.97B | 2.56B | 2.2B |
| Days Payables Outstanding | 88.93 | 83.41 | 76.66 | 81.58 | 81.84 | 81 | 37.05 | 37.52 | 39.41 | 37.98 | 37.22 | 38.38 | 39.3 | 35.32 | 36.1 | 36.74 | 33.65 | 34.2 | 31.72 | 31.77 |
| Short-Term Debt | 2.17B | 2.25B | 4.33B | 4.62B | 6.19B | 3.27B | 3.45B | 3.28B | 4.76B | 3.96B | 4.25B | 3.65B | 3.58B | 3.21B | 2.91B | 2.96B | 3.01B | 2.99B | 3B | 2.27B |
| Deferred Revenue (Current) | 14.78B | 15.5B | 11.85B | 12.98B | 13.22B | 13.95B | 10.96B | 11.79B | 3.25B | 3.09B | 3.1B | 11.36B | 12.94B | 12.99B | 2.69B | 11.39B | 12.52B | 11.42B | 8.59B | 8.49B |
| Other Current Liabilities | 762M | 830M | 757M | 764M | 910M | 989M | 948M | 838M | 10.26B | 10.51B | 7.51B | 856M | 861M | 926M | 8.36B | 1.65B | 1.59B | 1.8B | 1.39B | 1.08B |
| Current Ratio | 0.78x | 0.70x | 0.65x | 0.67x | 0.70x | 0.78x | 0.81x | 0.79x | 0.77x | 0.75x | 0.83x | 0.89x | 0.91x | 0.91x | 1.00x | 1.03x | 1.04x | 1.04x | 1.19x | 1.36x |
| Quick Ratio | 0.72x | 0.64x | 0.59x | 0.61x | 0.65x | 0.72x | 0.74x | 0.72x | 0.71x | 0.69x | 0.76x | 0.82x | 0.86x | 0.86x | 0.95x | 0.98x | 0.99x | 0.99x | 1.14x | 1.31x |
| Cash Conversion Cycle | -47.7 | -40.39 | -36.06 | -40.56 | -41.38 | -36.92 | -9.38 | -9.15 | -10.35 | -7.87 | -9.18 | -12.21 | -13.4 | -8.05 | -10.28 | -10.12 | -6.46 | 0.64 | 0.13 | 2.45 |
| Total Non-Current Liabilities | 40.11B | 37.28B | 35.03B | 34.89B | 34.8B | 37.7B | 38.09B | 37.84B | 36.87B | 37.95B | 39.58B | 39.54B | 40.06B | 40.11B | 40.47B | 42.08B | 42.97B | 43.63B | 44.84B | 46.93B |
| Long-Term Debt | 24.29B | 21.94B | 20.56B | 26.14B | 20.89B | 24.4B | 25.2B | 22.21B | 21.69B | 23.06B | 27.41B | 25.93B | 26.71B | 27.46B | 28.28B | 28.49B | 29.18B | 29.66B | 30.36B | 31.52B |
| Capital Lease Obligations | 6.39B | 6.03B | 5.42B | 5.33B | 5.17B | 4.76B | 4.51B | 4.52B | 7.08B | 7.09B | 4.5B | 4.56B | 4.75B | 4.67B | 4.57B | 4.92B | 5.2B | 5.35B | 5.37B | 5.41B |
| Deferred Tax Liabilities | 2.82B | 2.62B | 2.46B | 2.21B | 1.92B | 1.62B | 1.58B | 1.22B | 951M | 545M | 594M | 472M | 133M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2.57B | 2.6B | 2.54B | -2.85B | 2.71B | 2.8B | 2.76B | 5.83B | 3.05B | 3.06B | 3.02B | 4.47B | 4.28B | 3.95B | 3.63B | 4.74B | 4.69B | 4.71B | 5.07B | 5.91B |
| Total Liabilities | 67.87B | 65.06B | 61.17B | 62B | 63.79B | 63.49B | 61.41B | 61.2B | 62.73B | 62.71B | 61.78B | 64.3B | 65.64B | 63.75B | 60.46B | 64.07B | 66.42B | 65.41B | 63.15B | 63.86B |
| Total Debt | 33.67B | 30.97B | 31.04B | 36.65B | 32.79B | 32.92B | 33.63B | 30.59B | 34.25B | 34.84B | 36.74B | 35.01B | 35.84B | 36.02B | 36.43B | 36.98B | 38.01B | 38.61B | 39.37B | 39.89B |
| Net Debt | 23.5B | 23.1B | 25.09B | 29.92B | 23.43B | 23.55B | 24.86B | 21.77B | 23.39B | 26.4B | 30.68B | 27.54B | 26.24B | 28.39B | 29.27B | 25.72B | 21.13B | 20.15B | 21.08B | 20.63B |
| Debt / Equity | 2.02x | 1.95x | 2.03x | 2.56x | 2.45x | 2.61x | 2.65x | 2.67x | 3.25x | 3.79x | 3.94x | 3.96x | 4.65x | 5.40x | 5.28x | 7.55x | 9.59x | 10.66x | 7.83x | 7.34x |
| Debt / EBITDA | 18.12x | 17.67x | 14.54x | 17.25x | 15.93x | 24.68x | 14.93x | 13.26x | 12.94x | 43.18x | 21.86x | 14.58x | 16.40x | 58.86x | 19.88x | 17.88x | 25.53x | - | 186.57x | 24.03x |
| Net Debt / EBITDA | 12.65x | 13.18x | 11.76x | 14.08x | 11.39x | 17.66x | 11.04x | 9.44x | 8.83x | 32.72x | 18.25x | 11.46x | 12.00x | 46.39x | 15.97x | 12.44x | 14.19x | - | 99.92x | 12.43x |
| Interest Coverage | 3.20x | 3.66x | 5.09x | 5.51x | 5.03x | 0.40x | 5.13x | 4.94x | 5.74x | 0.58x | 2.79x | 4.34x | 4.08x | 0.43x | 3.52x | 3.70x | 2.15x | -3.38x | -1.08x | 2.40x |
| Total Equity | 16.7B | 15.88B | 15.28B | 14.31B | 13.37B | 12.62B | 12.68B | 11.44B | 10.53B | 9.19B | 9.32B | 8.85B | 7.71B | 6.67B | 6.9B | 4.9B | 3.96B | 3.62B | 5.03B | 5.43B |
| Equity Growth % | 24.85% | 25.84% | 20.57% | 25.11% | 27.06% | 37.31% | 35.94% | 29.19% | 36.61% | 37.79% | 35.21% | 80.75% | 94.37% | 84% | 37.12% | -9.81% | -19.17% | -30.39% | -15.62% | -22.45% |
| Book Value per Share | 51.12 | 48.58 | 46.73 | 43.77 | 40.87 | 37.89 | 37.89 | 34.38 | 31.52 | 27.99 | 28.14 | 26.63 | 23.24 | 20.37 | 20.87 | 14.86 | 12.00 | 11.15 | 15.53 | 16.51 |
| Total Shareholders' Equity | 16.7B | 15.88B | 15.28B | 14.31B | 13.37B | 12.62B | 12.68B | 11.44B | 10.53B | 9.19B | 9.32B | 8.85B | 7.71B | 6.67B | 6.9B | 4.9B | 3.96B | 3.62B | 5.03B | 5.43B |
| Common Stock | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M |
| Retained Earnings | 11.54B | 10.73B | 10.09B | 9.05B | 8.11B | 7.14B | 6.88B | 5.9B | 4.99B | 3.66B | 3.83B | 3.23B | 2.1B | 1.02B | 1.26B | 421M | -515M | -844M | 625M | 1.27B |
| Treasury Stock | 0 | -3.72B | -3.77B | -3.75B | -3.74B | -3.5B | -3.38B | -3.3B | -3.37B | -3.37B | -3.44B | -3.44B | -3.44B | -3.44B | -3.53B | -3.53B | -3.55B | -3.55B | -3.81B | -3.81B |
| Accumulated OCI | 3M | 23M | 48M | 123M | 142M | 164M | 188M | -109M | -97M | -81M | -62M | 91M | 103M | 161M | 175M | -964M | -944M | -937M | -942M | -1.12B |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |