An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.

Adjustments to Financial Statements for Operating Leases
Adjusted Financial Ratios for Operating Leases (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Return on Assets (ROA)

United Airlines Holdings Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	74,083)	71,104)	67,358)	68,175)	59,548)
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Total assets (adjusted)	74,083)	71,104)	67,358)	68,175)	59,548)
Adjustment to Total Debt
Total debt (as reported)	28,656)	31,660)	32,280)	35,355)	28,311)
Add: Operating lease liability (before adoption of FASB Topic 842)²	—)	—)	—)	—)	—)
Add: Current maturities of operating leases	467)	576)	561)	556)	612)
Add: Long-term obligations under operating leases	4,510)	4,503)	4,459)	5,152)	4,986)
Total debt (adjusted)	33,633)	36,739)	37,300)	41,063)	33,909)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

^{1, 2} Equal to total present value of future operating lease payments.

United Airlines Holdings Inc., Financial Data: Reported vs. Adjusted

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United Airlines Holdings Inc., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Total Asset Turnover¹
Reported total asset turnover	0.77	0.76	0.67	0.36	0.26
Adjusted total asset turnover	0.77	0.76	0.67	0.36	0.26
Debt to Equity²
Reported debt to equity	2.26	3.40	4.68	7.03	4.75
Adjusted debt to equity	2.65	3.94	5.41	8.17	5.69
Return on Assets³ (ROA)
Reported ROA	4.25%	3.68%	1.09%	-2.88%	-11.87%
Adjusted ROA	4.25%	3.68%	1.09%	-2.88%	-11.87%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

¹ See details »

² See details »

³ See details »

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	United Airlines Holdings Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted debt to equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	United Airlines Holdings Inc. adjusted debt to equity ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	United Airlines Holdings Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

United Airlines Holdings Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Operating revenue	57,063)	53,717)	44,955)	24,634)	15,355)
Total assets	74,083)	71,104)	67,358)	68,175)	59,548)
Activity Ratio
Total asset turnover¹	0.77	0.76	0.67	0.36	0.26
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Operating revenue	57,063)	53,717)	44,955)	24,634)	15,355)
Adjusted total assets	74,083)	71,104)	67,358)	68,175)	59,548)
Activity Ratio
Adjusted total asset turnover²	0.77	0.76	0.67	0.36	0.26

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Total asset turnover = Operating revenue ÷ Total assets
= 57,063 ÷ 74,083 = 0.77

² Adjusted total asset turnover = Operating revenue ÷ Adjusted total assets
= 57,063 ÷ 74,083 = 0.77

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	United Airlines Holdings Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total debt	28,656)	31,660)	32,280)	35,355)	28,311)
Stockholders’ equity	12,675)	9,324)	6,896)	5,029)	5,960)
Solvency Ratio
Debt to equity¹	2.26	3.40	4.68	7.03	4.75
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt	33,633)	36,739)	37,300)	41,063)	33,909)
Stockholders’ equity	12,675)	9,324)	6,896)	5,029)	5,960)
Solvency Ratio
Adjusted debt to equity²	2.65	3.94	5.41	8.17	5.69

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Debt to equity = Total debt ÷ Stockholders’ equity
= 28,656 ÷ 12,675 = 2.26

² Adjusted debt to equity = Adjusted total debt ÷ Stockholders’ equity
= 33,633 ÷ 12,675 = 2.65

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Solvency ratio	Description	The company
Adjusted debt-to-equity	A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity.	United Airlines Holdings Inc. adjusted debt-to-equity ratio improved from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	3,149)	2,618)	737)	(1,964)	(7,069)
Total assets	74,083)	71,104)	67,358)	68,175)	59,548)
Profitability Ratio
ROA¹	4.25%	3.68%	1.09%	-2.88%	-11.87%
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Net income (loss)	3,149)	2,618)	737)	(1,964)	(7,069)
Adjusted total assets	74,083)	71,104)	67,358)	68,175)	59,548)
Profitability Ratio
Adjusted ROA²	4.25%	3.68%	1.09%	-2.88%	-11.87%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 3,149 ÷ 74,083 = 4.25%

² Adjusted ROA = 100 × Net income (loss) ÷ Adjusted total assets
= 100 × 3,149 ÷ 74,083 = 4.25%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	United Airlines Holdings Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

United Airlines Holdings Inc. (NASDAQ:UAL)

Analysis of Operating Leases

Adjustments to Financial Statements for Operating Leases

United Airlines Holdings Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios for Operating Leases (Summary)

United Airlines Holdings Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Return on Assets (ROA)