Common-Size Balance Sheet: Assets
Quarterly Data
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United Airlines Holdings Inc. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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United Airlines Holdings Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Cash and cash equivalents
- The proportion of cash and cash equivalents relative to total assets increased markedly from 6.49% in March 2020 to a peak above 29% in June 2021, indicating a significant accumulation of liquid assets early in the period. Following this peak, there was a general decline to approximately 8.52% by December 2023, with a modest rebound to levels around 11-14% in 2024 and 2025. This pattern suggests an initial liquidity buildup, possibly in response to operational uncertainties, followed by a gradual usage or reallocation of cash resources.
- Short-term investments
- This category exhibited a declining trend in the early quarters of 2020, dropping from 3.35% to under 0.2% by December 2021. However, from early 2022 onwards, a notable increase occurred, reaching approximately 13.7% by December 2022, then stabilizing around 7-8% in 2024 and 2025. The rise in short-term investments after 2021 may indicate efforts to optimize liquidity management through higher-yielding temporary investments.
- Receivables, net
- Net receivables as a percentage of total assets showed a steady increase from 1.49% in early 2020 to a range mostly between 2.6% and 3.2% in the subsequent years. This moderate upward trend may reflect increased sales on credit or a longer collection cycle, but the data does not indicate extreme fluctuations.
- Aircraft fuel, spare parts and supplies, net
- This asset component generally decreased slightly during 2020, from 2.02% to about 1.38%, but then demonstrated an increasing trend afterward, reaching about 2.33% in mid-2024 before a mild decline to 2.0% by mid-2025. The recovery and stabilization at higher levels than the low point suggest normalization of inventory and operational supply levels following initial reductions.
- Prepaid expenses and other
- This category showed fluctuations without a clear trend, with values ranging roughly between 0.9% and 1.5%. Notably, it peaked above 1.5% in late 2023, followed by a decrease in early 2024. The variability indicates adjustments in prepaid costs and other current assets that may depend on operational cycles or expense timing.
- Current assets
- Current assets rose sharply from 14.9% of total assets in March 2020 to a peak near 34.7% in June 2021, reflecting an accumulation of liquid and short-term assets. After this peak, a gradual decline occurred, with current assets hovering near 25-27% from 2023 through mid-2025. This illustrates a strong liquidity position during 2020-2021 followed by a moderate normalization.
- Operating property and equipment, net
- The share of operating property and equipment decreased from around 60% in early 2020 to about 45.5% by mid-2021, indicating possible asset disposals or impairments during this period. After mid-2021, there was a consistent recovery and growth back to roughly 57% by mid-2024 and 2025, suggesting reinvestment or capital expenditures to restore or expand fixed asset base.
- Operating lease right-of-use assets
- This asset category showed a steady downward trend from 9.15% in early 2020 to approximately 5.15-5.85% in the subsequent years, indicating a reduction in leased asset commitments or possible lease terminations/renegotiations over time.
- Goodwill
- Goodwill as a portion of total assets declined from approximately 8.5% in March 2020 to under 6% by mid-2025. This persistent decrease may correspond with impairment charges or write-downs, reflecting reassessments of acquired business value.
- Intangible assets, net
- Intangible assets also declined gradually from around 5.55% to approximately 3.5% over the time frame, paralleling the trend in goodwill, possibly indicative of amortization and impairments reducing these asset values.
- Deferred income taxes
- Data for deferred income taxes is sparse but shows a rise from 0.22% in December 2020 to a peak near 1.5% by March 2022 before diminishing sharply thereafter. This suggests temporary timing differences in tax accounting that may have resolved in the more recent periods.
- Investments in affiliates and other, net
- These investments remained relatively stable around 2.0%, with a slight downward trend after early 2023 reaching approximately 1.6-1.9% by mid-2025. This gradual decline may signal divestitures or changes in affiliate investment values.
- Noncurrent assets
- The proportion of noncurrent assets decreased from 85.1% in March 2020 to a low near 65% by mid-2021, reflecting reductions in long-term assets possibly due to disposals or impairments. Subsequently, the ratio increased steadily again to roughly 74% by 2024 and 2025, indicating asset base recovery or acquisition.