Common-Size Balance Sheet: Assets
Quarterly Data
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United Airlines Holdings Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Analysis of Revenues
- Aggregate Accruals
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United Airlines Holdings Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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 composition of assets at the company demonstrates a significant shift over the analyzed period, spanning from March 2021 to December 2025. Current assets initially represented a substantial portion of the total, peaking at 34.73% in June 2021, before generally declining to 22.05% by December 2025. Conversely, noncurrent assets exhibited an inverse relationship, increasing from 65.27% in June 2021 to 77.95% in December 2025.
- Cash and Cash Equivalents
- Cash and cash equivalents experienced considerable volatility. A high of 29.33% was observed in June 2021, decreasing substantially to a low of 7.77% by December 2025. This suggests a strategic deployment of cash reserves over time, potentially into longer-term assets or operational investments.
- Short-Term Investments
- Short-term investments showed a marked increase in June 2022, reaching 4.53% of total assets, before declining to 8.24% by December 2025. This fluctuation may be related to short-term liquidity management and investment opportunities.
- Receivables, Net
- Receivables remained relatively stable, fluctuating between approximately 2.5% and 3.2% of total assets throughout the period. A slight upward trend is observable in the later years, peaking at 3.19% in September 2025.
- Aircraft Fuel, Spare Parts and Supplies, Net
- The proportion of aircraft fuel, spare parts, and supplies as a percentage of total assets generally increased over the period, rising from 1.49% in March 2021 to 2.04% in December 2025. This increase could be indicative of increased flight activity and operational scaling.
- Operating Property and Equipment, Net
- Operating property and equipment consistently constituted the largest portion of total assets, generally ranging between 45% and 58%. A noticeable upward trend is evident, culminating in 60.33% of total assets in December 2025, suggesting significant investment in long-term operational capacity.
- Operating Lease Right-of-Use Assets
- Operating lease right-of-use assets exhibited a gradual decline from 7.32% in March 2021 to 6.49% in December 2025. This may reflect changes in leasing strategies or the amortization of lease liabilities.
- Goodwill and Intangible Assets
- Goodwill and intangible assets both demonstrated a slight downward trend over the analyzed period. Goodwill decreased from 7.34% to 5.92%, while intangible assets decreased from 4.61% to 3.47%. This suggests potential impairment or amortization of these assets.
- Deferred Income Taxes
- Deferred income taxes experienced a significant increase from 0.84% in March 2021 to 1.49% in March 2022, followed by a substantial decrease to 0.00% in subsequent periods. This volatility likely reflects changes in tax regulations or the utilization of tax loss carryforwards.
- Investments in Affiliates and Other, Net
- Investments in affiliates and other net assets remained relatively stable, fluctuating between approximately 1.6% and 2.3% of total assets. A slight increase is observed towards the end of the period.
In summary, the asset composition shifted towards a greater reliance on noncurrent assets, particularly operating property and equipment, while decreasing the proportion of current assets, especially cash and cash equivalents. This suggests a transition from a liquidity-focused strategy to one emphasizing long-term investment and operational expansion.