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. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Analysis of Debt
- Aggregate Accruals
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United Airlines Holdings Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Accounts Payable
- Accounts payable showed a fluctuating trend with notable increases during 2021 and 2022, peaking in mid-2024 before slightly declining towards the end of 2025. The rise suggests a growing short-term obligation to suppliers and creditors over this time frame.
- Accrued Salaries and Benefits
- This liability displayed variability with peaks in mid-2023 and continued high values into 2025, indicating potential fluctuations in payroll-related obligations, possibly driven by changes in workforce size or compensation timing.
- Advance Ticket Sales
- Advance ticket sales exhibited significant growth from early 2020 through mid-2023, reaching a peak in the first quarter of 2023. A decline followed afterward, suggesting changes in customer booking behavior or demand dynamics.
- Frequent Flyer Deferred Revenue
- Two lines of frequent flyer deferred revenue show somewhat divergent trends. One increased steadily up to 2025, reflecting ongoing customer engagement and liability related to loyalty program points. The other fluctuated, with decreases in 2021 but mostly stable figures afterward.
- Current Maturities of Long-term Debt and Financial Liabilities
- Current maturities decreased sharply in late 2020 but then increased substantially, reaching a high point in mid-2025. This indicates varying short-term refinancing needs or repayment schedules over the analyzed period.
- Current Maturities of Operating Leases
- Operating lease maturities remained relatively stable with a slight downward trend, suggesting steady lease payment obligations with minor reductions during the period.
- Payroll Support Program Deferred Credit
- This item appears only in early 2020 and in mid-2021, reflecting temporary government support during the COVID-19 period, with no further balances recorded thereafter.
- Other Current Liabilities
- Other liabilities showed an overall upward trend with some fluctuations, indicating growth in miscellaneous obligations not captured in specific categories.
- Total Current Liabilities
- Current liabilities increased significantly from early 2020, peaking in mid-2024, followed by a slight decrease toward late 2025. The growth suggests increased short-term obligations over the period, possibly tied to business expansion or operational funding needs.
- Long-term Debt and Financial Liabilities, Net of Current Portion
- Long-term debt experienced notable growth through 2021, followed by a gradual decline starting in 2022 and continuing through 2025. This pattern may imply strategic debt repayment or refinancing activities aimed at reducing long-term leverage.
- Long-term Operating Lease Obligations
- Operating lease obligations remained fairly steady with minor fluctuations and a slow increase towards the end of the period, indicating stable leasing arrangements on a long-term basis.
- Pension and Postretirement Benefit Liabilities
- These liabilities rose through 2021 but showed a sharp reduction at the end of 2022, maintaining lower levels thereafter. The drop could be related to plan amendments or settlements.
- Deferred Income Taxes
- Deferred income tax liabilities declined sharply from early 2020, disappearing for a period, then reappeared and increased steadily starting late 2022. This suggests changes in tax positions or temporary differences affecting deferred tax balances.
- Other Noncurrent Liabilities
- These liabilities remained generally stable with slight increases toward 2024, indicating consistent off-balance sheet or residual obligations.
- Total Noncurrent Liabilities
- Noncurrent liabilities increased significantly into 2021, followed by a gradual downward trajectory into 2025, mirroring trends observed in long-term debt balances and pension liabilities.
- Total Liabilities
- Total liabilities rose sharply from early 2020 through mid-2021, remained elevated with some fluctuations, then showed a mild decline by late 2025, reflecting combined movements in both current and long-term obligations.
- Stockholders’ Equity
- Equity decreased initially from early 2020, reaching a trough around early 2022, but demonstrated a strong recovery from mid-2022 onward, achieving higher levels by late 2025. This recovery indicates improving retained earnings and possibly other comprehensive income enhancing net equity.
- Common Stock and Additional Capital
- Common stock par value remained constant throughout the period, while additional capital invested showed minor fluctuations, suggesting limited issuance or repurchase activities affecting paid-in capital.
- Stock Held in Treasury
- Treasury stock balances declined slightly beginning in 2022 but then increased notably toward 2025. This pattern indicates share repurchase activity accelerating in the latter periods.
- Retained Earnings
- Retained earnings showed a downward trend from early 2020, turning negative by early 2022, then recovering robustly through 2025. The initial deficit reflects losses or dividends exceeding earnings, while the subsequent recovery suggests return to profitability and accumulation of earnings.
- Accumulated Other Comprehensive Income (Loss)
- This balance experienced fluctuations but generally improved from negative territory early in the period to modest positive values toward 2025, implying favorable changes in items such as foreign currency adjustments or unrealized gains.
- Total Liabilities and Stockholders’ Equity
- The sum of liabilities and equity steadily increased from early 2020 through mid-2024, with minor declines at the end of the period, signaling overall growth in the company's consolidated balance sheet size over the analyzed timeframe.