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.

United Airlines Holdings Inc., consolidated balance sheet: liabilities and stockholders’ equity (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
Accounts payable	4,920)	4,694)	4,193)	4,008)	4,478)	4,344)	3,835)	4,206)	4,172)	3,858)	3,395)	3,534)	3,755)	2,966)	2,562)	2,199)	2,218)	1,838)	1,595)	1,831)	1,725)	2,436)
Accrued salaries and benefits	3,211)	2,394)	3,289)	2,802)	2,383)	2,128)	2,940)	3,815)	3,223)	1,970)	1,971)	1,841)	1,943)	2,008)	2,121)	2,207)	2,228)	2,267)	1,960)	1,994)	1,669)	1,647)
Advance ticket sales	9,664)	10,477)	7,561)	8,477)	9,365)	9,601)	6,704)	8,392)	10,102)	10,158)	7,555)	8,747)	9,931)	8,904)	6,354)	6,363)	6,960)	5,502)	4,833)	4,907)	4,950)	5,309)
Frequent flyer deferred revenue	3,552)	3,473)	3,403)	3,314)	3,252)	3,086)	3,095)	2,969)	2,841)	2,832)	2,693)	2,642)	2,590)	2,516)	2,239)	2,129)	2,099)	1,251)	908)	772)	840)	1,355)
Current maturities of long-term debt, finance leases, and other financial liabilities	6,194)	3,265)	3,453)	3,435)	4,935)	4,138)	4,247)	3,964)	3,840)	3,310)	3,038)	3,933)	4,004)	4,243)	3,912)	2,385)	2,025)	1,962)	2,093)	4,720)	4,547)	4,114)
Current maturities of operating leases	541)	506)	467)	491)	548)	557)	576)	598)	571)	610)	561)	546)	543)	538)	556)	569)	583)	623)	612)	623)	598)	688)
Payroll Support Program deferred credit	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,132)	—)	—)	—)	1,508)	—)
Other	910)	989)	948)	838)	894)	910)	806)	812)	826)	897)	779)	746)	678)	613)	560)	1,083)	819)	724)	724)	944)	558)	538)
Current liabilities	28,992)	25,798)	23,314)	23,365)	25,855)	24,764)	22,203)	24,756)	25,575)	23,635)	19,992)	21,989)	23,444)	21,788)	18,304)	16,935)	18,064)	14,167)	12,725)	15,791)	16,395)	16,087)
Long-term debt, finance leases, and other financial liabilities, less current portion	20,885)	24,398)	25,203)	25,001)	24,328)	25,632)	27,413)	27,651)	28,326)	28,695)	29,242)	29,094)	29,876)	30,374)	31,443)	33,176)	34,236)	27,657)	26,200)	23,532)	14,634)	13,567)
Long-term obligations under operating leases	5,166)	4,756)	4,510)	4,432)	4,443)	4,517)	4,503)	4,493)	4,607)	4,569)	4,459)	4,803)	4,997)	5,143)	5,152)	5,163)	4,920)	4,985)	4,986)	4,943)	5,113)	5,060)
Frequent flyer deferred revenue	4,114)	4,118)	4,038)	4,057)	4,101)	4,193)	4,048)	4,107)	4,183)	4,028)	3,982)	3,936)	3,905)	3,901)	4,043)	4,088)	4,086)	4,858)	5,067)	5,063)	4,830)	4,133)
Pension and postretirement benefit liability	1,199)	1,252)	1,233)	1,624)	1,610)	1,610)	1,605)	1,421)	1,445)	1,436)	1,418)	2,894)	2,898)	2,915)	2,920)	3,141)	3,489)	3,491)	3,454)	3,294)	3,178)	2,289)
Deferred income taxes	1,919)	1,624)	1,580)	1,224)	951)	545)	594)	472)	133)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	389)	804)	1,322)
Other	1,515)	1,549)	1,530)	1,500)	1,440)	1,453)	1,414)	1,400)	1,367)	1,386)	1,369)	1,354)	1,297)	1,293)	1,284)	1,360)	1,350)	1,298)	1,156)	1,174)	1,430)	1,179)
Noncurrent liabilities	34,798)	37,697)	38,094)	37,838)	36,873)	37,950)	39,577)	39,544)	40,061)	40,114)	40,470)	42,081)	42,973)	43,626)	44,842)	46,928)	48,081)	42,289)	40,863)	38,395)	29,989)	27,550)
Total liabilities	63,790)	63,495)	61,408)	61,203)	62,728)	62,714)	61,780)	64,300)	65,636)	63,749)	60,462)	64,070)	66,417)	65,414)	63,146)	63,863)	66,145)	56,456)	53,588)	54,186)	46,384)	43,637)
Preferred stock	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Common stock at par, $0.01 par value	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	4)	3)	3)	3)
Additional capital invested	8,854)	8,813)	8,980)	8,945)	9,001)	8,973)	8,992)	8,968)	8,945)	8,926)	8,986)	8,970)	8,970)	8,953)	9,156)	9,094)	9,042)	8,923)	8,366)	7,383)	7,307)	6,096)
Stock held in treasury, at cost	(3,737)	(3,502)	(3,377)	(3,299)	(3,368)	(3,372)	(3,441)	(3,442)	(3,442)	(3,443)	(3,534)	(3,533)	(3,551)	(3,552)	(3,814)	(3,814)	(3,832)	(3,834)	(3,897)	(3,898)	(3,899)	(3,901)
Retained earnings (accumulated deficit)	8,110)	7,137)	6,880)	5,896)	4,986)	3,664)	3,831)	3,232)	2,095)	1,020)	1,265)	421)	(515)	(844)	625)	1,271)	804)	1,239)	2,626)	4,524)	6,365)	7,991)
Accumulated other comprehensive income (loss)	142)	164)	188)	(109)	(97)	(81)	(62)	91)	103)	161)	175)	(964)	(944)	(937)	(942)	(1,124)	(1,114)	(1,126)	(1,139)	(1,009)	(1,259)	(771)
Stockholders’ equity	13,373)	12,616)	12,675)	11,437)	10,526)	9,188)	9,324)	8,853)	7,705)	6,668)	6,896)	4,898)	3,964)	3,624)	5,029)	5,431)	4,904)	5,206)	5,960)	7,003)	8,517)	9,418)
Total liabilities and stockholders’ equity	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)

The quarterly financial data reveals several notable trends across liabilities and equity components over the observed periods.

Accounts Payable

This liability gradually increased from US$2,436 million at the beginning of 2020 to a peak of approximately US$4,920 million by mid-2025, indicating rising short-term obligations to suppliers.

Accrued Salaries and Benefits

The balance fluctuated considerably, rising from around US$1,647 million in Q1 2020 to a high of US$3,815 million in Q3 2023, then showing volatility thereafter but remaining elevated compared to the early periods.

Advance Ticket Sales

This liability exhibited significant growth, particularly from early 2021 onwards, peaking above US$10,000 million in several recent quarters, which suggests increased prepayments by customers and possibly improved sales or pricing strategies.

Frequent Flyer Deferred Revenue

Two separate lines show consistent increases over time; one rose from US$1,355 million in early 2020 to over US$3,552 million by mid-2025, while the other fluctuated around US$4,000 million, indicating a stable but segmented recognition of loyalty program-related revenue.

Current Maturities of Debt and Leases

Current maturities of long-term debt showed large variability, with an initial rise to over US$4,500 million followed by notable dips and spikes, culminating in a sharp increase to US$6,194 million by Q2 2025. Operating lease maturities remained relatively stable, with a slight declining trend.

Payroll Support Program Deferred Credit

This line item appeared only in 2020 and early 2021, reflecting exceptional government assistance related to payroll, with amounts reaching up to approximately US$1,508 million before being phased out.

Other Current Liabilities

These grew modestly over time with occasional fluctuations but maintained a range roughly between US$500 million and US$1,083 million, showing relative stability.

Total Current Liabilities

There was a general upward trajectory from about US$16,000 million in early 2020 to nearly US$29,000 million in mid-2025, reflecting growing short-term obligations overall.

Long-Term Debt, Finance Leases, and Other Financial Liabilities

This balance increased substantially in 2020, climbing from approximately US$13,567 million to over US$34,236 million by mid-2021, before gradually declining to about US$20,885 million by mid-2025, suggesting active debt management possibly involving repayments or refinancing.

Long-Term Operating Lease Obligations

These remained relatively steady, fluctuating modestly within the US$4,400 million to US$5,000 million range, indicating stable long-term lease commitments.

Pension and Postretirement Benefit Liability

This liability showed a peak in 2020 at near US$3,500 million, followed by a significant decrease to around US$1,199 million by mid-2025, potentially due to plan funding or actuarial adjustments.

Deferred Income Taxes

The deferred tax liability fluctuated, with missing data in some periods but showing an increase from US$133 million in early 2022 to nearly US$1,919 million in mid-2025, pointing to changes in tax positions or timing differences.

Other Noncurrent Liabilities

These showed slight growth over the period, ranging between roughly US$1,100 million and US$1,549 million, indicating consistent noncurrent obligations aside from the major categories.

Total Noncurrent Liabilities

A rise was observed from approximately US$27,550 million in early 2020 to a peak nearing US$48,081 million by mid-2021, subsequently declining to about US$34,798 million by mid-2025, mirroring the pattern in long-term debt.

Total Liabilities

Overall, total liabilities increased notably from around US$43,637 million in Q1 2020 to approximately US$63,790 million by mid-2025, with a peak in 2021 followed by stabilization and moderate fluctuations.

Equity Components

Common Stock and Additional Capital: Common stock at par remained stable at US$4 million, while additional capital invested fluctuated narrowly near US$9,000 million, indicating no major new equity issuances.
Stock Held in Treasury: The treasury stock increased in cost magnitude from approximately US$3,901 million in early 2020 to about US$3,737 million by mid-2025, suggesting ongoing stock repurchases.
Retained Earnings: Retained earnings experienced a decline into negative territory around 2022 but subsequently recovered strongly, reaching over US$8,100 million by early 2025, indicating a return to profitability and accumulation of earnings.
Accumulated Other Comprehensive Income (Loss): This component fluctuated around negative to positive small figures, with some periods showing losses and others gains, suggesting variable impacts from items such as foreign currency adjustments or pension-related changes.
Stockholders' Equity: Equity decreased from US$9,418 million in early 2020 to a low near US$3,624 million in early 2022 but subsequently rebounded to exceed US$13,373 million by mid-2025, demonstrating a recovery phase following earlier declines.

Total Liabilities and Stockholders’ Equity

The combined total increased steadily from approximately US$53,055 million in Q1 2020 to nearly US$77,163 million by mid-2025, reflecting the cumulative growth in liabilities and equity over the analyzed periods.

In summary, the data indicate significant fluctuations and growth in liabilities, especially current liabilities and long-term debt peaking around 2021, with subsequent reductions. Equity experienced an initial decline followed by a strong recovery, suggesting financial resilience and improved profitability. The increase in advance ticket sales liability points to increased customer activity or pricing changes, while the management of pension liabilities and deferred income taxes suggests active financial oversight. Overall, the trends reflect a company navigating through financial stresses with improving fiscal health towards the latter periods.

Download chart

United Airlines Holdings Inc. (NASDAQ:UAL)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data