Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

United Airlines Holdings Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	5,942)	8,769)	6,058)	7,166)	18,283)
Short-term investments	6,298)	5,706)	8,330)	9,248)	123)
Receivables, net	2,391)	2,163)	1,898)	1,801)	1,663)
Aircraft fuel, spare parts and supplies, net	1,556)	1,572)	1,561)	1,109)	983)
Prepaid expenses and other	670)	673)	640)	734)	782)
Current assets	16,857)	18,883)	18,487)	20,058)	21,834)
Operating property and equipment, net	46,121)	42,908)	39,815)	34,448)	32,074)
Operating lease right-of-use assets	4,958)	3,815)	3,914)	3,889)	4,645)
Goodwill	4,527)	4,527)	4,527)	4,527)	4,527)
Intangible assets, net	2,655)	2,683)	2,725)	2,762)	2,803)
Deferred income taxes	—)	—)	—)	91)	659)
Investments in affiliates and other, net	1,330)	1,267)	1,636)	1,583)	1,633)
Noncurrent assets	59,591)	55,200)	52,617)	47,300)	46,341)
Total assets	76,448)	74,083)	71,104)	67,358)	68,175)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total assets for the period exhibited a generally increasing trend, moving from US$68.175 billion in 2021 to US$76.448 billion in 2025. However, this growth wasn’t consistent year-over-year. A slight decrease was observed between 2021 and 2022 before a period of sustained growth through 2025.

Liquidity and Current Assets: Current assets demonstrated a fluctuating pattern. After peaking at US$21.834 billion in 2021, current assets decreased to US$18.487 billion in 2023, before a modest recovery to US$18.883 billion in 2024 and a subsequent decline to US$16.857 billion in 2025. Within current assets, cash and cash equivalents experienced a significant reduction from US$18.283 billion in 2021 to US$5.942 billion in 2025. This decrease was partially offset by increases in short-term investments, particularly in 2022, and receivables, which showed a consistent, albeit gradual, increase throughout the period. Aircraft fuel, spare parts and supplies, net, also increased over the period, though at a slower rate.
Long-Term Investments: Noncurrent assets showed a consistent upward trend, increasing from US$46.341 billion in 2021 to US$59.591 billion in 2025. The most substantial component of this growth was operating property and equipment, net, which increased from US$32.074 billion to US$46.121 billion over the same period. Operating lease right-of-use assets fluctuated, decreasing from 2021 to 2024, then increasing significantly in 2025. Goodwill remained constant throughout the period. Intangible assets, net, experienced a slight, consistent decline. Investments in affiliates and other, net, showed some volatility but ended higher than the starting value.
Deferred Income Taxes: Deferred income taxes decreased substantially from US$659 million in 2021 to US$91 million in 2022, and were not reported in 2023, 2024, or 2025. This suggests a change in the company’s tax position or accounting practices.

Overall, the asset base experienced growth, driven primarily by investments in operating property and equipment. The composition of current assets shifted, with a notable decrease in cash holdings and a corresponding increase in other current asset categories. The decline in deferred income taxes warrants further investigation.

United Airlines Holdings Inc. (NASDAQ:UAL)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items