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Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

United Airlines Holdings Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable 6.35 6.83 6.64 5.97 6.07 6.38 6.17 5.66 5.52 6.11 6.04 5.39 5.75 5.69 5.48 5.04 5.12 5.34 4.30 3.76 3.17 3.12 2.98
Accrued salaries and benefits 3.53 4.09 3.79 5.10 4.66 4.16 3.15 4.44 3.86 3.25 2.96 4.13 5.22 4.39 2.80 2.93 2.67 2.76 2.91 3.11 3.18 3.14 3.68
Advance ticket sales 12.54 12.71 14.42 10.64 12.24 12.52 13.77 10.21 11.67 12.78 13.35 9.43 11.47 13.77 14.43 11.22 12.68 14.11 12.90 9.32 9.18 9.80 8.92
Frequent flyer deferred revenue 4.80 4.66 4.73 4.87 4.77 4.60 4.56 4.59 4.56 4.44 4.29 4.35 4.06 3.87 4.02 4.00 3.83 3.68 3.64 3.28 3.07 2.95 2.03
Current maturities of long-term debt, finance leases, and other financial liabilities 2.17 2.57 2.78 5.79 6.06 8.03 4.29 4.66 4.73 6.74 5.76 5.97 5.42 5.24 4.70 4.51 5.70 5.69 6.15 5.74 3.44 2.85 3.18
Current maturities of operating leases 1.10 0.97 0.92 0.83 0.74 0.70 0.66 0.63 0.68 0.75 0.77 0.81 0.82 0.78 0.87 0.83 0.79 0.77 0.78 0.82 0.82 0.82 1.01
Payroll Support Program deferred credit 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.59 0.00
Other 0.81 1.01 1.03 0.99 1.00 1.18 1.30 1.28 1.15 1.22 1.27 1.13 1.11 1.13 1.27 1.16 1.08 0.96 0.89 0.82 1.56 1.15 1.17
Current liabilities 31.30% 32.83% 34.32% 34.18% 35.54% 37.57% 33.90% 31.47% 32.17% 35.30% 34.44% 31.23% 33.84% 34.87% 33.56% 29.68% 31.88% 33.31% 31.56% 26.85% 24.44% 25.42% 22.98%
Long-term debt, finance leases, and other financial liabilities, less current portion 28.84 28.73 27.11 26.90 27.26 27.07 32.06 34.02 34.42 33.21 35.65 38.55 37.80 38.62 40.75 43.41 42.18 42.45 44.00 46.12 47.88 48.19 44.85
Long-term obligations under operating leases 8.18 7.55 7.45 7.09 6.99 6.69 6.25 6.09 6.10 6.07 6.28 6.33 6.14 6.28 6.49 6.62 6.96 7.10 7.45 7.56 7.45 6.92 8.08
Frequent flyer deferred revenue 4.56 4.77 5.07 5.31 5.32 5.33 5.41 5.45 5.59 5.60 5.83 5.69 5.61 5.70 5.72 5.91 5.71 5.55 5.65 5.93 5.90 5.75 7.88
Pension and postretirement benefit liability 0.97 1.27 1.33 1.38 1.28 1.55 1.64 1.66 2.24 2.20 2.24 2.26 1.94 1.97 2.04 2.11 4.20 4.12 4.22 4.28 4.53 4.91 5.66
Deferred income taxes 3.63 3.34 3.23 3.22 2.89 2.49 2.13 2.13 1.69 1.30 0.76 0.84 0.65 0.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other 1.66 1.77 1.87 1.93 1.98 1.96 2.04 2.07 2.06 1.97 2.02 1.99 1.91 1.86 1.97 2.03 1.96 1.84 1.87 1.88 1.96 1.90 2.11
Noncurrent liabilities 47.85% 47.43% 46.06% 45.83% 45.71% 45.10% 49.53% 51.42% 52.09% 50.34% 52.78% 55.66% 54.06% 54.62% 56.97% 60.08% 61.02% 61.06% 63.19% 65.77% 67.72% 67.67% 68.58%
Total liabilities 79.14% 80.26% 80.39% 80.01% 81.25% 82.67% 83.42% 82.89% 84.26% 85.63% 87.22% 86.89% 87.90% 89.49% 90.53% 89.76% 92.90% 94.37% 94.75% 92.62% 92.16% 93.10% 91.56%
Preferred stock 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock at par, $0.01 par value 0.00 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Additional capital invested 10.50 10.50 10.93 11.66 11.63 11.47 11.58 12.12 12.31 12.29 12.48 12.65 12.26 12.20 12.68 13.34 13.01 12.74 12.97 13.43 13.12 12.73 14.47
Stock held in treasury, at cost -4.37 -4.40 -4.60 -4.94 -4.91 -4.84 -4.60 -4.56 -4.54 -4.60 -4.69 -4.84 -4.71 -4.69 -4.89 -5.25 -5.12 -5.05 -5.14 -5.59 -5.50 -5.39 -6.22
Retained earnings (accumulated deficit) 14.75 13.64 13.26 13.20 11.86 10.51 9.38 9.29 8.12 6.81 5.10 5.39 4.42 2.86 1.45 1.88 0.61 -0.73 -1.22 0.92 1.83 1.13 2.01
Accumulated other comprehensive income (loss) -0.03 0.00 0.03 0.06 0.16 0.18 0.22 0.25 -0.15 -0.13 -0.11 -0.09 0.12 0.14 0.23 0.26 -1.40 -1.34 -1.36 -1.38 -1.62 -1.57 -1.83
Stockholders’ equity 20.86% 19.74% 19.61% 19.99% 18.75% 17.33% 16.58% 17.11% 15.74% 14.37% 12.78% 13.11% 12.10% 10.51% 9.47% 10.24% 7.10% 5.63% 5.25% 7.38% 7.84% 6.90% 8.44%
Total liabilities and stockholders’ equity 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 capital structure exhibits a significant transition from a high-leverage position toward increased financial stability over the analyzed period. A consistent deleveraging trend is evident, characterized by a substantial reduction in total liabilities as a percentage of the balance sheet and a corresponding increase in stockholders' equity.

Overall Capitalization Trends
Total liabilities declined from a peak of 94.75% in March 2022 to 79.14% by September 2026. Conversely, stockholders' equity rose from a low of 5.25% in March 2022 to 20.86% by the end of the period. This shift indicates a fundamental strengthening of the solvency profile and a reduced reliance on external debt financing.
Analysis of Noncurrent Liabilities
Noncurrent liabilities experienced a marked contraction, falling from 68.58% in March 2021 to 47.85% in September 2026. The primary driver of this decline was the reduction in long-term debt and finance leases, which dropped from 44.85% to 28.84%. Additionally, pension and postretirement benefit liabilities decreased steadily from 5.66% to 0.97%. An opposing trend is observed in deferred income taxes, which grew from negligible levels to 3.63% by September 2026.
Current Liability Dynamics
Current liabilities showed an overall increase, moving from 22.98% in March 2021 to a peak of 37.57% in June 2024, before settling at 31.30% in September 2026. This growth was supported by a steady rise in accounts payable, which increased from 2.98% to 6.35%. Advance ticket sales remained a volatile but significant component, generally fluctuating between 9% and 14%, reflecting operational fluctuations in passenger bookings. Current maturities of long-term debt peaked at 8.03% in June 2025 before dropping sharply to 2.17% by September 2026, suggesting a period of significant debt repayment.
Stockholders' Equity and Retained Earnings
The growth in stockholders' equity was primarily driven by a dramatic recovery in retained earnings. After reaching an accumulated deficit of -1.22% in March 2022, retained earnings grew consistently to reach 14.75% by September 2026, signaling sustained profitability. Additional capital invested trended slightly downward from 14.47% to 10.50%, while the impact of treasury stock as a percentage of the balance sheet moderated from -6.22% to -4.37%.

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