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)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Accounts payable 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 2.68 2.99 3.14 4.59
Accrued salaries and benefits 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 3.29 3.26 3.04 3.10
Advance ticket sales 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 8.12 8.02 9.02 10.01
Frequent flyer deferred revenue 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 1.52 1.26 1.53 2.55
Current maturities of long-term debt, finance leases, and other financial liabilities 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 3.51 7.71 8.28 7.75
Current maturities of operating leases 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 1.03 1.02 1.09 1.30
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 1.59 0.00 0.00 0.00 2.75 0.00
Other 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 1.22 1.54 1.02 1.01
Current liabilities 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% 21.37% 25.81% 29.86% 30.32%
Long-term debt, finance leases, and other financial liabilities, less current portion 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 44.00 38.46 26.66 25.57
Long-term obligations under operating leases 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 8.37 8.08 9.31 9.54
Frequent flyer deferred revenue 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 8.51 8.27 8.80 7.79
Pension and postretirement benefit liability 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 5.80 5.38 5.79 4.31
Deferred income taxes 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 0.00 0.64 1.46 2.49
Other 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 1.94 1.92 2.60 2.22
Noncurrent liabilities 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% 68.62% 62.75% 54.62% 51.93%
Total liabilities 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% 89.99% 88.56% 84.49% 82.25%
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 0.01 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 0.00 0.01 0.01
Additional capital invested 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 14.05 12.07 13.31 11.49
Stock held in treasury, at cost -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 -6.54 -6.37 -7.10 -7.35
Retained earnings (accumulated deficit) 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 4.41 7.39 11.59 15.06
Accumulated other comprehensive income (loss) 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 -1.91 -1.65 -2.29 -1.45
Stockholders’ equity 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% 10.01% 11.44% 15.51% 17.75%
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: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Accounts Payable
Accounts payable as a percentage of total liabilities and stockholders’ equity generally increased over the reported periods. Starting from 4.59% in March 2020, it declined through late 2020 but then showed a steady rising trend from early 2021 onward, reaching 6.38% by June 2025. This indicates a growth in short-term obligations relative to total financing.
Accrued Salaries and Benefits
This category displayed moderate fluctuations. It remained fairly stable around 3% until early 2021, after which it experienced some spikes—most notably 5.22% in September 2023—before declining again and fluctuating between approximately 2.9% and 4.4% toward mid-2025.
Advance Ticket Sales
Advance ticket sales showed a notable increase from around 8-10% in 2020 and early 2021 to a peak of 14.43% in March 2023. Subsequently, values tapered but maintained elevated levels above 10%, fluctuating between approximately 10% and 13.8%. This pattern suggests recovery and variability in customer prepayments and demand recognition.
Frequent Flyer Deferred Revenue (Current Portion)
The current portion of frequent flyer deferred revenue increased gradually from 1.26% in September 2020 to about 4.6% in June 2025, reflecting a growing liability from deferred revenues related to loyalty programs.
Current Maturities of Long-term Debt and Financial Liabilities
This item declined significantly in 2020 from 7.75% to a low of 3.18% in March 2021, then fluctuated between about 4.3% and 8% through to mid-2025, with a notable jump to 8.03% in June 2025. The pattern indicates variability in debt repayments due within one year, with some short-term increases toward later periods.
Current Maturities of Operating Leases
There was a gradual decline from 1.3% in March 2020 to around 0.63% by December 2024, followed by slight increases to approximately 0.7% by mid-2025. The operating lease obligations due in the current period have diminished somewhat over time.
Payroll Support Program Deferred Credit
This liability appears only sporadically, with data available for June 2020 and June 2021, showing relatively small values (2.75% and 1.59%, respectively), then missing thereafter, suggesting this credit was temporary or settled early.
Other Current Liabilities
Other current liabilities maintained a fairly narrow range around 1% throughout the entire period, showing only slight increases or decreases without significant volatility.
Current Liabilities
Current liabilities as a whole showed a fluctuating yet generally upward trend. Starting near 30% in early 2020, declining to approximately 21% by December 2020, then rebounding and progressively increasing to about 37.57% by June 2025. This indicates expanding short-term obligations relative to total financing.
Long-term Debt, Finance Leases, and Other Financial Liabilities (Net of Current Portion)
After rising sharply to a peak of 48.19% in June 2021, this category declined steadily to 27.07% by June 2025. The reduction highlights significant paydowns or refinancings of long-term financial liabilities, lessening their relative weight in the capital structure over time.
Long-term Operating Lease Obligations
These obligations remained relatively stable, fluctuating slightly within the range of 6.0% to 9.5%, with a modest downward trend from early 2020 to mid-2025, reflecting gradually decreasing lease liabilities.
Frequent Flyer Deferred Revenue (Noncurrent Portion)
The noncurrent portion declined from nearly 8% in early 2020 to about 5.3% by mid-2025, indicating a decrease in longer-term deferred loyalty program revenue liabilities over the period.
Pension and Postretirement Benefit Liability
This liability was significant early in the period, around 4-5.8% in 2020, but experienced a sharp reduction by late 2022 to about 2% or less, and further declined to approximately 1.55% by mid-2025. This denotes improved pension obligation positions or changes in accounting assumptions.
Deferred Income Taxes
Deferred income taxes were initially reported up to early 2020 only, with very low values, then missing data for some time. From 2022 to 2025, the percentage gradually increased from near zero to approximately 2.5%, indicating growing deferred tax liabilities or assets recorded over recent periods.
Other Noncurrent Liabilities
This portion remained quite stable around 1.8% to 2.2% throughout the entire timeframe, indicating minimal volatility within these noncurrent miscellaneous obligations.
Noncurrent Liabilities (Aggregate)
Noncurrent liabilities grew from roughly 52% in early 2020 to a peak near 69% by December 2020, then decreased progressively to about 45% by June 2025. This pattern reflects a shift from longer-term to shorter-term obligations or a reduction in total noncurrent debt and liabilities.
Total Liabilities
Total liabilities as a proportion of total liabilities and stockholders’ equity increased steadily from 82.25% in March 2020 to a maximum around 94.75% in March 2022, followed by a steady decline back to approximately 82.67% by June 2025. This denotes initial increased leverage, with later deleveraging, restoring balance with equity financing.
Stockholders’ Equity Components
Common Stock at Par
Consistently negligible at about 0.01%, indicating minor impact on the capital structure.
Additional Capital Invested
Fluctuated modestly between 11.5% and 14.5%, without a clear trend, implying stable additional paid-in capital amounts relative to total financing.
Stock Held in Treasury
Treasury stock had a negative impact on equity, steadily reducing from about -7.35% to roughly -4.6%, indicating repurchases were gradually decreased over time or shares retired.
Retained Earnings (Accumulated Deficit)
Retained earnings demonstrated a notable recovery trajectory, starting with a substantial deficit of 15.06% in March 2020, declining to a negative or near zero balance through early 2022, then rising positively to 10.51% by June 2025. This suggests improved profitability or accumulated net income in recent years.
Accumulated Other Comprehensive Income (Loss)
Initially negative around -1.5% to -2.3% in early 2020, this component turned positive near 0.25% by early 2025, showing reduced accumulated losses from comprehensive income items.
Total Stockholders’ Equity
Equity comprised about 17.75% in early 2020, declined to a low near 5.25% by early 2022, then rebounded to approximately 17.33% by mid-2025. This reflects a reduction followed by substantial equity restoration.
Overall Capital Structure Trends
The overall capital structure shows a dynamic shift from March 2020 through June 2025. There was a marked increase in liabilities, peaking in early 2022, followed by a gradual return toward pre-pandemic leverage levels. Equity declined initially, corresponding with a sizeable retained earnings deficit likely linked to net losses, then recovered strongly, reflecting improved financial performance and capital reinvestment. Short-term liabilities, such as accounts payable and current maturities, increased moderately, while long-term debt levels were reduced substantially in the latter periods. Deferred revenues related to advance ticket sales and frequent flyer programs generally rose, indicating improving operational cash flows from customer prepayments and loyalty balances. Pension obligations contracted significantly, suggesting either funding or actuarial changes. The stability of miscellaneous liabilities and equity capital invested indicate consistent capital management practices.