Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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United Airlines Holdings Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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.