Stock Analysis on Net
Stock Analysis on Net

United Airlines Holdings Inc. (NASDAQ:UAL)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity
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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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United Airlines Holdings Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

Microsoft Excel
Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 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
Accounts payable
Accrued salaries and benefits
Advance ticket sales
Frequent flyer deferred revenue
Current maturities of long-term debt, finance leases, and other financial liabilities
Current maturities of operating leases
Payroll Support Program deferred credit
Other
Current liabilities
Long-term debt, finance leases, and other financial liabilities, less current portion
Long-term obligations under operating leases
Frequent flyer deferred revenue
Pension and postretirement benefit liability
Deferred income taxes
Other
Noncurrent liabilities
Total liabilities
Preferred stock
Common stock at par, $0.01 par value
Additional capital invested
Stock held in treasury, at cost
Retained earnings (accumulated deficit)
Accumulated other comprehensive income (loss)
Stockholders’ equity
Total liabilities and stockholders’ equity

Based on: 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).

The financial structure exhibits a transition from high leverage toward increased solvency and equity growth over the analyzed period. While total liabilities remained relatively stable, there is a distinct shift in the composition of these obligations, moving from long-term debt toward current operational liabilities.

Liability Composition and Debt Management
Long-term debt, finance leases, and other financial liabilities showed a consistent downward trend, decreasing from a peak of 34,236 million USD in June 2021 to 21,940 million USD by March 2026. Simultaneously, current liabilities increased from 14,167 million USD in March 2021 to 27,781 million USD in March 2026. This shift indicates a reduction in long-term borrowing and an increase in operational obligations.
Equity Growth and Profitability
Stockholders' equity demonstrated significant expansion, rising from 5,206 million USD in March 2021 to 15,876 million USD by March 2026. This growth was primarily driven by a substantial recovery in retained earnings, which shifted from an accumulated deficit of 844 million USD in March 2022 to a surplus of 10,730 million USD by March 2026, reflecting a period of sustained net income generation.
Operational Liability Trends
Advance ticket sales and frequent flyer deferred revenue both exhibited overall upward trajectories. Advance ticket sales increased from 5,502 million USD in March 2021 to 11,670 million USD in March 2026, reflecting higher booking volumes. Frequent flyer deferred revenue rose steadily from 1,251 million USD in March 2021 to 3,832 million USD by March 2026, indicating growth in the loyalty program's obligations.
Noncurrent Obligations and Tax Adjustments
Pension and postretirement benefit liabilities decreased significantly from 3,491 million USD in March 2021 to 1,077 million USD in March 2026. Conversely, deferred income taxes showed a marked increase, rising from negligible levels in early 2021 to 2,617 million USD by March 2026, suggesting changes in taxable income and accounting adjustments.
Working Capital Obligations
Accounts payable grew consistently from 1,838 million USD in March 2021 to 5,377 million USD in March 2026, aligning with the general increase in current liabilities and reflecting a higher volume of operational spending.