Common-Size Balance Sheet: Assets
Quarterly Data
United Airlines Holdings Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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), 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 as a percentage of total assets showed a significant increase early in the observed period, rising from 6.49% in March 2020 to a peak of 29.33% in June 2021. This sharp increase corresponds with the onset of the COVID-19 pandemic, likely reflecting a strategic increase in liquidity. Subsequently, a gradual decline occurred, with the ratio stabilizing around 10%-15% from late 2022 through 2025, indicating a normalization of cash holdings relative to total assets.
- Short-term Investments
- Short-term investments initially declined slightly, dropping from 3.35% in March 2020 to around 0.18% by December 2020. Following that, a notable rise occurred beginning in early 2022, reaching over 13% in December 2022. Afterward, these investments moderately decreased again but stabilized around the 7%-8% range through 2025. This pattern suggests an opportunistic adjustment in short-term asset allocation post-pandemic.
- Receivables, Net
- The percentage of net receivables to total assets generally increased from 1.49% in March 2020 up to a high of 3.24% in September 2024, with some fluctuations along the way. This upward trend indicates improving collections or increased accounts receivable balancing with the overall asset growth.
- Aircraft Fuel, Spare Parts, and Supplies, Net
- This category demonstrated relative stability, fluctuating modestly between approximately 1.28% and 2.33%. A gradual increase is evident from mid-2022 onwards, rising from 1.55% to above 2% by late 2025, which may reflect inventory adjustments or supply chain considerations.
- Prepaid Expenses and Other
- Prepaid expenses and other current assets remained fairly stable but exhibited some volatility, generally ranging between 0.9% and 1.53%. The ratio showed minor dips and recoveries but did not exhibit any definitive long-term trend.
- Current Assets
- The proportion of current assets relative to total assets expanded sharply in 2020, rising from 14.9% to a peak nearing 34.73% in June 2021. This surge coincides with increased cash and short-term investments during the pandemic. Following this peak, current assets slowly declined and stabilized around 25%-27% through 2025, indicating a partial rebalancing back to normal operating levels.
- Operating Property and Equipment, Net
- The share of operating property and equipment in total assets decreased notably from 59.96% in early 2020 to lows near 45.51% in mid-2021, consistent with the increased weighting of current assets. From late 2021 onwards, a steady recovery ensued, with the proportion rising back to nearly 59% by late 2025, suggesting reinvestment or asset base recovery post-pandemic disruption.
- Operating Lease Right-of-Use Assets
- This asset component exhibited a consistent decrease from 9.15% in March 2020 down to around 5.15%-6.32% through 2025, reflecting possible modifications in lease agreements or asset utilization changes over the period.
- Goodwill
- Goodwill declined moderately from 8.53% at the start of 2020 to around 5.87%-5.95% by late 2025, indicating potential impairments or divestitures affecting intangible goodwill assets.
- Intangible Assets, Net
- Intangible assets as a percentage of total assets followed a decreasing trend, dropping from 5.55% in early 2020 to a steady range between 3.4% and 3.8% from 2023 onward, signifying amortization or impairment effects over time.
- Deferred Income Taxes
- Though data is incomplete, deferred income taxes increased from near zero to about 1.49% around 2022 before declining again, suggesting fluctuations in tax timing differences and perhaps changes in tax strategy or asset valuations.
- Investments in Affiliates and Other, Net
- This asset class remained relatively stable, oscillating between approximately 1.63% and 2.4%, without clear directional trend, indicating steady holdings in affiliated investments or similar assets.
- Noncurrent Assets
- Noncurrent assets shrank from 85.1% in early 2020 to roughly 65.27% in mid-2021, parallel to the increase in current assets, then gradually rebounded to around 76.29% by late 2025. This pattern reflects the balancing act between liquidity and long-term investment periods shaped by pandemic and recovery phases.