Balance Sheet: Assets
Quarterly Data
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.
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United Airlines Holdings Inc. pages available for free this week:
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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United Airlines Holdings Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
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 company’s total assets exhibited volatility over the observed period, beginning at US$61.662 billion in March 2021 and fluctuating before reaching US$76.448 billion in June 2025. A significant increase occurred between March 2021 and June 2021, followed by a decline through December 2021. Subsequent periods show a general upward trend, with peaks in June 2025, before a slight decrease in December 2025.
- Cash and Cash Equivalents
- Cash and cash equivalents demonstrated substantial fluctuation. Starting at US$12.666 billion in March 2021, the balance increased to a peak of US$20.838 billion in June 2021 before generally decreasing to a low of US$5.942 billion in December 2025. This suggests active cash management, potentially related to operational needs and investment strategies. A modest increase is observed between December 2024 and June 2025.
- Short-Term Investments
- Short-term investments experienced considerable variability. Initially low at US$309 million in March 2021, they rose dramatically to US$3.190 billion by June 2022, then decreased to US$6.298 billion by December 2025. This indicates a dynamic investment strategy, potentially capitalizing on market opportunities or responding to liquidity requirements. The increase between March 2022 and December 2022 is particularly notable.
- Receivables, Net
- Receivables, net, remained relatively stable, generally ranging between US$1.7 billion and US$2.4 billion throughout the period. A slight upward trend is visible from March 2021 to September 2023, followed by a leveling off. This suggests consistent revenue collection practices.
- Aircraft Fuel, Spare Parts and Supplies, Net
- This asset category showed a consistent upward trend, increasing from US$918 million in March 2021 to US$1.556 billion in December 2025. This increase likely reflects increased flight activity and operational expansion. The growth appears relatively steady throughout the observed timeframe.
- Prepaid Expenses and Other
- Prepaid expenses and other current assets fluctuated, peaking at US$1.120 billion in September 2023 and declining to US$670 million by December 2025. This suggests variability in timing of expense payments and other short-term obligations.
- Long-Term Assets
- Noncurrent assets, comprising operating property and equipment, operating lease right-of-use assets, goodwill, intangible assets, deferred income taxes, and investments in affiliates, collectively represent the majority of total assets. Operating property and equipment demonstrated a steady increase from US$31.915 billion to US$46.121 billion, indicating ongoing investment in fleet and infrastructure. Operating lease right-of-use assets decreased from US$4.516 billion to US$4.958 billion, while goodwill, intangible assets, and investments in affiliates remained relatively constant. Deferred income taxes showed significant fluctuation, peaking in March 2022 before declining substantially.
Overall, the asset composition indicates a company actively managing its liquidity and investing in long-term assets. The fluctuations in cash and short-term investments suggest a responsive approach to market conditions and operational needs. The consistent growth in aircraft fuel, spare parts, and supplies, alongside operating property and equipment, points to expansion and increased operational activity.