Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- 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: liabilities and stockholders’ equity (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 liabilities and stockholders’ equity exhibited notable shifts over the observed period, spanning from March 2021 to December 2025. Current liabilities generally increased as a percentage of the total, particularly between 2021 and 2023, before stabilizing and showing a slight decline towards the end of the period. Noncurrent liabilities demonstrated a more complex pattern, initially decreasing before increasing significantly in late 2022 and early 2023, then gradually declining. Stockholders’ equity showed a general upward trend, especially from 2023 onwards, indicating strengthening financial health.
- Current Liabilities
- Current liabilities as a percentage of total liabilities and stockholders’ equity rose from 22.98% in March 2021 to a peak of 35.30% in March 2023. This increase was driven by rises in several components, notably advance ticket sales and accrued salaries and benefits. A subsequent decrease to 34.18% by December 2025 suggests a potential easing of short-term obligations. Accounts payable also showed a consistent, albeit modest, increase throughout the period.
- Long-Term Obligations
- Long-term debt, finance leases, and other financial liabilities (less current portion) initially decreased from 48.19% in June 2021 to 38.62% in March 2022. However, it then increased to 43.41% in December 2022 before declining to 26.90% by December 2025. Long-term obligations under operating leases followed a similar pattern, though less pronounced. This suggests a restructuring of long-term financing, potentially involving debt repayment and refinancing.
- Deferred Revenue
- Both advance ticket sales and frequent flyer deferred revenue consistently represented a significant portion of current liabilities. Advance ticket sales increased from 8.92% in March 2021 to a high of 14.11% in June 2022, then decreased to 10.64% by December 2025. Frequent flyer deferred revenue showed a steady increase from 2.03% to 4.87% over the same period, indicating growing customer loyalty programs and associated obligations.
- Stockholders’ Equity
- Stockholders’ equity demonstrated a clear upward trend, increasing from 8.44% in March 2021 to 19.99% in December 2025. This growth was primarily fueled by increases in additional capital invested and retained earnings. The impact of stock held in treasury, which consistently reduced stockholders’ equity, lessened over time. Accumulated other comprehensive income (loss) remained relatively stable, with a slight positive trend towards the end of the period.
- Specific Items & Programs
- The Payroll Support Program deferred credit was present only in June 2021, representing 1.59% of the total. Current maturities of long-term debt, finance leases, and other financial liabilities showed volatility, peaking in December 2021 (5.74%) and again in June 2025 (8.03%), potentially reflecting debt maturity schedules. Deferred income taxes increased significantly from 0.18% in June 2023 to 3.22% in December 2025, suggesting changes in tax-related liabilities.
Overall, the observed trends suggest a company navigating a period of recovery and growth. The increase in stockholders’ equity, coupled with the management of both current and noncurrent liabilities, indicates improving financial stability. The fluctuations in deferred revenue components and specific liability items warrant continued monitoring to assess their impact on the company’s financial position.