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.

United Airlines Holdings Inc., consolidated balance sheet: assets (quarterly data)

US$ in millions

	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
Cash and cash equivalents	9,354)	9,370)	8,769)	8,812)	10,864)	8,401)	6,058)	7,478)	9,605)	7,634)	7,166)	11,258)	16,885)	18,468)	18,283)	19,256)	20,838)	12,666)	11,269)	13,150)	6,505)	3,442)
Short-term investments	6,262)	5,960)	5,706)	5,352)	4,384)	5,591)	8,330)	9,608)	9,533)	9,522)	9,248)	7,437)	3,190)	211)	123)	166)	230)	309)	414)	552)	958)	1,779)
Receivables, net	2,286)	2,288)	2,163)	2,042)	2,376)	2,259)	1,898)	2,193)	2,004)	2,274)	1,801)	2,034)	2,217)	2,062)	1,663)	1,709)	1,793)	1,389)	1,295)	1,171)	857)	792)
Aircraft fuel, spare parts and supplies, net	1,547)	1,601)	1,572)	1,639)	1,680)	1,675)	1,561)	1,513)	1,290)	1,196)	1,109)	1,116)	1,153)	1,068)	983)	955)	912)	918)	932)	961)	955)	1,070)
Prepaid expenses and other	809)	929)	673)	726)	699)	770)	640)	1,120)	874)	960)	734)	844)	926)	803)	782)	971)	900)	737)	890)	642)	766)	822)
Current assets	20,258)	20,148)	18,883)	18,571)	20,003)	18,696)	18,487)	21,912)	23,306)	21,586)	20,058)	22,689)	24,371)	22,612)	21,834)	23,057)	24,673)	16,019)	14,800)	16,476)	10,041)	7,905)
Operating property and equipment, net	43,896)	43,430)	42,908)	41,680)	40,665)	40,470)	39,815)	38,360)	37,128)	35,837)	34,448)	32,506)	31,853)	31,881)	32,074)	32,128)	32,331)	31,915)	31,466)	31,650)	31,735)	31,811)
Operating lease right-of-use assets	4,517)	4,092)	3,815)	3,782)	3,803)	3,895)	3,914)	3,975)	3,995)	4,019)	3,889)	4,280)	4,440)	4,579)	4,645)	4,697)	4,421)	4,516)	4,537)	4,544)	4,738)	4,853)
Goodwill	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,523)	4,523)
Intangible assets, net	2,669)	2,676)	2,683)	2,691)	2,699)	2,717)	2,725)	2,735)	2,744)	2,753)	2,762)	2,772)	2,782)	2,792)	2,803)	2,815)	2,827)	2,840)	2,838)	2,852)	2,852)	2,945)
Deferred income taxes	—)	—)	—)	—)	—)	—)	—)	—)	—)	159)	91)	701)	907)	1,032)	659)	519)	647)	520)	131)	—)	—)	—)
Investments in affiliates and other, net	1,296)	1,238)	1,267)	1,389)	1,557)	1,597)	1,636)	1,644)	1,641)	1,536)	1,583)	1,493)	1,501)	1,615)	1,633)	1,551)	1,623)	1,325)	1,249)	1,140)	1,012)	1,018)
Noncurrent assets	56,905)	55,963)	55,200)	54,069)	53,251)	53,206)	52,617)	51,241)	50,035)	48,831)	47,300)	46,279)	46,010)	46,426)	46,341)	46,237)	46,376)	45,643)	44,748)	44,713)	44,860)	45,150)
Total assets	77,163)	76,111)	74,083)	72,640)	73,254)	71,902)	71,104)	73,153)	73,341)	70,417)	67,358)	68,968)	70,381)	69,038)	68,175)	69,294)	71,049)	61,662)	59,548)	61,189)	54,901)	53,055)

Cash and Cash Equivalents: The cash and cash equivalents balance showed a significant increase from March 2020 (3,442 million USD) to June 2020 (6,505 million USD), peaking in September 2020 at 13,150 million USD. Afterward, it fluctuated with a general downward trend until December 2022 (7,166 million USD), followed by minor recoveries and decreases thereafter. The latest value as of June 2025 stands around 9,354 million USD, indicating a moderation from its peak but stability above pre-pandemic levels.
Short-term Investments: Short-term investments started at 1,779 million USD in March 2020, decreasing to a low of 123 million USD by December 2020. From 2022 onward, there was a notable increase reaching a peak of 9,608 million USD in March 2023, followed by a gradual decline with fluctuations, ending at 6,262 million USD in June 2025. This implies an increasing allocation to liquid investments after initial reductions.
Receivables, Net: Receivables exhibited steady growth overall, increasing from 792 million USD in March 2020 to fluctuate around the 2,000 to 2,300 million USD range in subsequent years. Peaks were observed periodically, such as 2,274 million USD in March 2023 and 2,376 million USD in June 2024, indicating relatively consistent revenue or credit sales cycles.
Aircraft Fuel, Spare Parts and Supplies, Net: This inventory category remained relatively stable from 2020 through early 2022, fluctuating around 900 to 1,100 million USD. Starting mid-2022, a gradual increase was evident, reaching a high of 1,680 million USD in June 2024, with slight decreases thereafter. This trend suggests either rising costs or stockpiling in anticipation of demand.
Prepaid Expenses and Other: The prepaid expenses and other assets showed variability with no clear upward or downward trend. Values fluctuated between approximately 640 million USD to 1,120 million USD, with notable peaks in September 2023 (1,120 million USD) and lows in December 2023 (640 million USD). This volatility may reflect timing differences in expense recognition.
Current Assets: Current assets generally increased from 7,905 million USD in March 2020 to a peak of 24,673 million USD by June 2021. After a decline during the latter half of 2022, a relatively stable range was maintained between 18,487 million USD and 23,306 million USD through 2023 and 2024. The overall trend indicates growth in liquidity and short-term resources post-pandemic initial impacts.
Operating Property and Equipment, Net: This asset category showed modest growth over the observed period, starting at 31,811 million USD in March 2020 and increasing steadily to 43,896 million USD by June 2025. The consistent upward trend reflects ongoing capital investments or asset capitalization policies, implying expansion or renewal of physical assets.
Operating Lease Right-of-Use Assets: Right-of-use assets under operating leases diminished gradually from 4,853 million USD in March 2020 to a low near 3,889 million USD in December 2022. A modest recovery occurred afterward, rising to 4,517 million USD by June 2025. This pattern may reflect lease terminations balanced with new lease agreements or revaluations.
Goodwill: Goodwill remained constant at approximately 4,527 million USD throughout the entire period, indicating no acquisitions or impairments affecting this asset class.
Intangible Assets, Net: Intangible assets showed a slow but steady decline from 2,945 million USD in March 2020 to 2,669 million USD in June 2025. This gradual decrease suggests amortization or write-downs over time without significant additions.
Deferred Income Taxes: Deferred income taxes data were sparse, only appearing from December 2020 through December 2022. Values increased from 131 million USD in December 2020, peaked at 1,032 million USD in March 2022, and then declined to 91 million USD by December 2022. The absence of data before and after this period limits comprehensive trend analysis.
Investments in Affiliates and Other, Net: Investments in affiliates and other assets increased gradually from 1,018 million USD in March 2020 to a peak of 1,641 million USD in June 2023, followed by a gradual decline to 1,296 million USD by June 2025. This suggests some reallocation or divestment activities after a period of growth in investments.
Noncurrent Assets: Noncurrent assets rose steadily from 45,150 million USD in March 2020 to 56,905 million USD by June 2025. This steady increase corresponds with growth in property and equipment and reflects ongoing capital expenditure and investment in long-term assets.
Total Assets: Total assets increased from 53,055 million USD in March 2020 to a peak of 73,341 million USD in June 2023. Thereafter, total assets fluctuated moderately but trended upward again, reaching 77,163 million USD by June 2025. The overall growth in asset base indicates expansion and recovery following pandemic-related disruptions.

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United Airlines Holdings Inc. (NASDAQ:UAL)

Balance Sheet: AssetsQuarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data