Common-Size Balance Sheet: Assets
Quarterly Data
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United Airlines Holdings Inc. pages available for free this week:
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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United Airlines Holdings Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The asset composition exhibits a strategic shift from high liquidity toward increased capital investment in fixed assets over the analyzed period. A notable transition is observed where current assets, which peaked at 34.73% in June 2021, trended downward to 23.96% by March 2026, while noncurrent assets rose from a low of 65.27% in June 2021 to 76.04% by the end of the period.
- Liquidity and Short-Term Asset Trends
- Cash and cash equivalents showed significant volatility, peaking at 29.33% in June 2021 before entering a long-term decline to a low of 7.77% in December 2025. Simultaneously, short-term investments remained negligible until 2022, where they spiked to 13.73% by December 2022, suggesting a tactical reallocation of liquid reserves into short-term yield-bearing instruments. By March 2026, combined liquid assets (cash and short-term investments) stabilized at approximately 17.5% of total assets, down from nearly 30% in mid-2021.
- Fixed Asset Expansion
- Operating property and equipment, net, represents the largest component of the balance sheet and demonstrates a consistent growth trajectory. After a period of fluctuation between 45% and 52% in 2021 and 2022, this item climbed steadily, reaching a peak of 60.33% in December 2025. This indicates an increasing concentration of value in physical infrastructure and fleet assets. Operating lease right-of-use assets remained relatively stable, fluctuating between 5.15% and 7.09%, though a slight upward trend is visible toward the end of the period.
- Intangible Asset Attrition
- A gradual and consistent decline is observed in both goodwill and net intangible assets. Goodwill decreased from 7.34% in March 2021 to 5.59% in March 2026. Similarly, net intangible assets fell from 4.61% to 3.27% over the same timeframe. This pattern is indicative of systematic amortization or impairment of intangible values relative to the growth of the total asset base.
- Other Noncurrent Assets
- Investments in affiliates and other net assets remained remarkably stable, generally hovering between 1.6% and 2.4% of total assets. Deferred income taxes showed a sharp decline, falling from 1.49% in March 2022 to 0.23% by June 2023, after which data became unavailable, suggesting a resolution or reversal of those tax positions.