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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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 6.83 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 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 12.71 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 4.66 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 2.57 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 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 1.59 0.00
Other 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 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 28.73 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 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 4.77 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 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 3.34 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 1.77 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 47.43% 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 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
Common stock at par, $0.01 par value 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 10.93 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 -4.40 -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) 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) 0.00 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 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%

Based on: 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).

A comprehensive shift in the capital structure is observed between March 2021 and June 2026, characterized by a steady reduction in total liabilities and a corresponding strengthening of stockholders' equity. Total liabilities decreased from a peak of 94.75% in March 2022 to 80.26% by June 2026, indicating a significant deleveraging process over the analyzed period.

Noncurrent Liabilities and Long-Term Debt
A substantial contraction is evident in noncurrent liabilities, which fell from 68.58% in March 2021 to 47.43% in June 2026. This trend is primarily driven by the reduction of long-term debt, finance leases, and other financial liabilities, which declined from 44.85% to 28.73%. Additionally, pension and postretirement benefit liabilities showed a consistent downward trajectory, decreasing from 5.66% to 1.27%, further contributing to the reduction of long-term obligations.
Current Liabilities and Operational Obligations
In contrast to long-term debt, current liabilities generally increased as a percentage of the total balance sheet, rising from 22.98% in March 2021 to 32.83% in June 2026. This growth is highlighted by accounts payable, which more than doubled from 2.98% to 6.83%. Advance ticket sales exhibited volatility but generally remained elevated compared to 2021 levels, peaking at 14.43% in March 2023 and ending at 12.71% in June 2026, reflecting a larger volume of deferred operational revenue.
Stockholders' Equity and Retained Earnings
Stockholders' equity demonstrated a strong recovery and expansion, growing from 8.44% in March 2021 to 19.74% in June 2026. A critical turning point occurred in early 2022 when retained earnings moved from a deficit of -1.22% in March 2022 to a positive 13.64% by June 2026. This steady accumulation of retained earnings serves as the primary driver for the increase in total equity, offsetting the relatively stable levels of additional capital invested.
Financial Solvency and Risk Profile
The overall risk profile improved as the company transitioned from a highly leveraged position toward a more balanced equity base. The reduction in the proportion of total liabilities relative to total assets, combined with the elimination of the accumulated deficit in retained earnings, suggests a strengthening of the long-term solvency position.

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