Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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United Airlines Holdings Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- 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-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.