Stock Analysis on Net
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)

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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 6.64 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 3.79 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 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 4.73 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 2.78 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 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 1.59 0.00
Other 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 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 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 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 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 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 3.23 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 1.87 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 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 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
Common stock at par, $0.01 par value 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 10.93 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 -4.60 -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) 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 0.06 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 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%

Based on: 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).

A significant structural shift in the balance sheet is observed between March 2021 and March 2026, characterized by a steady reduction in total liabilities and a corresponding increase in stockholders' equity. Total liabilities decreased from a peak of 94.75% in March 2022 to 80.39% by March 2026, while stockholders' equity rose from 5.25% in the same period to 19.61% by the end of the analyzed timeframe.

Long-Term Debt and Noncurrent Liabilities
A consistent deleveraging trend is evident in noncurrent liabilities, which fell from 68.58% in March 2021 to 46.06% in March 2026. The primary driver of this decline is the reduction in long-term debt and finance leases, which dropped from 44.85% to 27.11%. Additionally, pension and postretirement benefit liabilities saw a substantial decrease, declining from 5.66% to 1.33% over the period.
Current Liabilities and Operational Obligations
Current liabilities as a percentage of the total balance sheet increased from 22.98% in March 2021 to 34.32% in March 2026. This growth is attributed to rising accounts payable, which increased from 2.98% to 6.64%, and fluctuations in advance ticket sales, which reached a high of 14.43% in March 2023 before stabilizing around 14.42% by March 2026. Frequent flyer deferred revenue also showed a gradual upward trend, increasing from 2.03% to 4.73% in the current liability category.
Equity Growth and Retained Earnings
The expansion of stockholders' equity is largely driven by a significant increase in retained earnings. After fluctuating and dipping into negative territory in early 2022, retained earnings grew steadily to reach 13.26% by March 2026. This suggests a transition toward sustained profitability. Conversely, additional capital invested saw a slight contraction, moving from 14.47% in March 2021 to 10.93% in March 2026.
Other Liability Trends
Deferred income taxes emerged as a growing component of noncurrent liabilities, rising from negligible levels in 2021 to 3.23% by March 2026. Long-term obligations under operating leases remained relatively stable, oscillating between 6.07% and 8.08% throughout the analyzed period.

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