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
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-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 liabilities and stockholders’ equity of the company demonstrate a dynamic pattern over the analyzed period, spanning from March 2021 to December 2025. Total liabilities initially increased significantly, peaking in June 2021, before exhibiting a more moderate fluctuation and a general decline through December 2022. A subsequent increase is observed through June 2025, though not reaching the levels seen in 2021.

Current Liabilities
Current liabilities show a substantial increase from March 2021 to June 2021, followed by a period of fluctuation. A notable rise is observed again in the period leading up to June 2023, before decreasing slightly. Accounts payable consistently represent a significant portion of current liabilities, exhibiting an upward trend overall, with some quarterly variations. Advance ticket sales also contribute substantially, showing a similar pattern of increase and then decline, potentially reflecting travel demand fluctuations. Accrued salaries and benefits decreased from March 2021 to December 2023, but increased significantly in March 2024 and June 2024 before decreasing again. Current maturities of long-term debt show a general increase until December 2022, followed by a decrease and then a substantial increase by June 2025.
Noncurrent Liabilities
Noncurrent liabilities generally remained high throughout the period, with a peak in June 2021. Long-term debt, finance leases, and other financial liabilities (less current portion) constitute the largest component of noncurrent liabilities, demonstrating relative stability with a slight downward trend until 2023, followed by a decline. Long-term obligations under operating leases also contribute significantly, showing a gradual decrease. Pension and postretirement benefit liability decreased substantially over the period, while deferred income taxes increased, particularly from 2023 onwards.
Stockholders’ Equity
Stockholders’ equity experienced a period of fluctuation, with a low point in March 2022. Retained earnings, after experiencing an accumulated deficit in early periods, showed a strong positive trend, becoming a significant contributor to equity growth. Stock held in treasury consistently represents a negative equity component, decreasing over time. Accumulated other comprehensive income (loss) fluctuated, moving from negative values to positive values by the end of the analyzed period. Common stock remained constant, while additional capital invested showed a slight increase.

The Payroll Support Program deferred credit appears only in June 2021, indicating a temporary impact during that quarter. The overall trend suggests a strengthening financial position, particularly in stockholders’ equity, as the company recovered from initial challenges. The increase in total liabilities in the later periods warrants further investigation to determine the underlying drivers and potential risks.