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United Airlines Holdings Inc. (NASDAQ:UAL)

Common-Size Balance Sheet: Assets
Quarterly Data

United Airlines Holdings Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 7.81 12.02 9.72 7.77 8.82 12.12 12.31 11.84 12.13 14.83 11.68 8.52 10.22 13.10 10.84 10.64 16.32 23.99 26.75 26.82 27.79 29.33 20.54
Short-term investments 9.40 7.65 7.78 8.24 8.65 8.12 7.83 7.70 7.37 5.98 7.78 11.72 13.13 13.00 13.52 13.73 10.78 4.53 0.31 0.18 0.24 0.32 0.50
Receivables, net 3.10 2.92 3.29 3.13 3.19 2.96 3.01 2.92 2.81 3.24 3.14 2.67 3.00 2.73 3.23 2.67 2.95 3.15 2.99 2.44 2.47 2.52 2.25
Aircraft fuel, spare parts and supplies, net 2.30 2.12 2.12 2.04 2.08 2.00 2.10 2.12 2.26 2.29 2.33 2.20 2.07 1.76 1.70 1.65 1.62 1.64 1.55 1.44 1.38 1.28 1.49
Prepaid expenses and other 0.88 0.90 1.05 0.88 0.97 1.05 1.22 0.91 1.00 0.95 1.07 0.90 1.53 1.19 1.36 1.09 1.22 1.32 1.16 1.15 1.40 1.27 1.20
Current assets 23.48% 25.62% 23.96% 22.05% 23.71% 26.25% 26.47% 25.49% 25.57% 27.31% 26.00% 26.00% 29.95% 31.78% 30.65% 29.78% 32.90% 34.63% 32.75% 32.03% 33.27% 34.73% 25.98%
Operating property and equipment, net 58.00 56.71 58.15 60.33 58.93 56.89 57.06 57.92 57.38 55.51 56.28 56.00 52.44 50.62 50.89 51.14 47.13 45.26 46.18 47.05 46.36 45.51 51.76
Operating lease right-of-use assets 8.21 7.29 7.09 6.49 6.32 5.85 5.38 5.15 5.21 5.19 5.42 5.50 5.43 5.45 5.71 5.77 6.21 6.31 6.63 6.81 6.78 6.22 7.32
Goodwill 5.32 5.35 5.59 5.92 5.93 5.87 5.95 6.11 6.23 6.18 6.30 6.37 6.19 6.17 6.43 6.72 6.56 6.43 6.56 6.64 6.53 6.37 7.34
Intangible assets, net 3.10 3.13 3.27 3.47 3.49 3.46 3.52 3.62 3.70 3.68 3.78 3.83 3.74 3.74 3.91 4.10 4.02 3.95 4.04 4.11 4.06 3.98 4.61
Deferred income taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.23 0.14 1.02 1.29 1.49 0.97 0.75 0.91 0.84
Investments in affiliates and other, net 1.88 1.91 1.93 1.74 1.63 1.68 1.63 1.71 1.91 2.13 2.22 2.30 2.25 2.24 2.18 2.35 2.16 2.13 2.34 2.40 2.24 2.28 2.15
Noncurrent assets 76.52% 74.38% 76.04% 77.95% 76.29% 73.75% 73.53% 74.51% 74.43% 72.69% 74.00% 74.00% 70.05% 68.22% 69.35% 70.22% 67.10% 65.37% 67.25% 67.97% 66.73% 65.27% 74.02%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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 structure exhibits a strategic transition from a high-liquidity position toward increased capital intensity. Over the analyzed period, there is a visible migration of value from current assets into noncurrent operating assets, specifically within property and equipment.

Liquidity and Current Asset Trends
Current assets as a percentage of total assets peaked at 34.73% in June 2021 before trending generally downward to 23.48% by September 2026. This decline is primarily driven by a significant reduction in cash and cash equivalents, which dropped from a peak of 29.33% in June 2021 to 7.81% by the end of the period. A temporary shift toward short-term investments is observed, peaking at 13.73% in December 2022, before stabilizing between 7% and 9% in later periods.
Fixed Asset and Capital Investment
Operating property and equipment, net, represents the most significant growth area in the asset composition. After an initial decline in 2021, this item rose steadily from 45.26% in June 2022 to a peak of 60.33% in December 2025, ending at 58.00% in September 2026. This trend indicates a substantial increase in the proportion of total assets dedicated to physical infrastructure and fleet. Additionally, operating lease right-of-use assets showed a recovery in later periods, increasing from a low of 5.15% in December 2022 to 8.21% by September 2026.
Intangible and Other Noncurrent Assets
There is a consistent downward trend in the weight of intangible assets and goodwill. Goodwill decreased from 7.34% in March 2021 to 5.32% in September 2026, while net intangible assets declined from 4.61% to 3.10% over the same timeframe. This suggests a gradual reduction in the relative impact of these assets on the total balance sheet, likely due to amortization or the growth of the tangible asset base.
Overall Asset Composition
The overall balance sheet has shifted toward noncurrent assets, which rose from 74.02% in March 2021 to 76.52% by September 2026. The convergence of decreasing cash holdings and increasing property and equipment suggests a reallocation of resources from liquid reserves into long-term operational capacity.

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