Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
United Airlines Holdings Inc., liquidity ratios (quarterly data)
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).
- Current Ratio
- The current ratio exhibited a declining trend over the analyzed quarterly periods. Initially, it started above 1.1 but gradually decreased to below 1.0 by the end of the timeframe. This consistent reduction suggests a decreasing level of short-term liquidity, indicating that the company's ability to cover its short-term liabilities with its current assets is weakening over time.
- Quick Ratio
- The quick ratio, which measures the company’s capacity to meet short-term obligations with its most liquid assets, mirrored the downward trajectory seen in the current ratio. Starting slightly above 1.0, it steadily declined to values well below 1.0, falling to under 0.6 in the most recent quarters. This drop highlights a diminishing buffer of liquid assets relative to current liabilities, reflecting reduced financial flexibility in the near term.
- Cash Ratio
- The cash ratio followed a similar decreasing pattern, beginning near 0.9 and dipping below 0.5 by the latest periods. This ratio indicates the most stringent measure of liquidity, focusing solely on cash and cash equivalents. The decline signifies a notable contraction in the company’s immediate cash reserves relative to its current liabilities, which could increase short-term liquidity risk if obligations come due suddenly.
Current Ratio
United Airlines Holdings Inc., current ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 18,094) | 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) | ||||||
| Current liabilities | 27,119) | 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) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 0.67 | 0.70 | 0.78 | 0.81 | 0.79 | 0.77 | 0.75 | 0.83 | 0.89 | 0.91 | 0.91 | 1.00 | 1.03 | 1.04 | 1.04 | 1.19 | 1.36 | 1.37 | 1.13 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 1.24 | 1.23 | 1.28 | 1.36 | 1.31 | 1.34 | 1.37 | 1.37 | 1.32 | 1.30 | 1.42 | 1.43 | 1.39 | 1.49 | 1.51 | 1.51 | 1.60 | 1.76 | 1.69 | ||||||
| Uber Technologies Inc. | 1.15 | 1.11 | 1.02 | 1.07 | 1.41 | 1.21 | 1.21 | 1.19 | 1.14 | 1.23 | 1.06 | 1.04 | 1.04 | 0.98 | 1.00 | 0.98 | 1.19 | 1.01 | 1.14 | ||||||
| Union Pacific Corp. | 0.75 | 0.65 | 0.73 | 0.77 | 0.77 | 1.05 | 0.93 | 0.81 | 0.72 | 0.71 | 0.65 | 0.72 | 0.77 | 0.66 | 0.71 | 0.62 | 0.75 | 0.86 | 0.76 | ||||||
| United Parcel Service Inc. | 1.30 | 1.32 | 1.09 | 1.17 | 1.14 | 1.25 | 1.10 | 1.10 | 1.22 | 1.32 | 1.34 | 1.22 | 1.39 | 1.47 | 1.52 | 1.42 | 1.48 | 1.39 | 1.29 | ||||||
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).
1 Q3 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 18,094 ÷ 27,119 = 0.67
2 Click competitor name to see calculations.
- Current Assets Trend
- The current assets displayed variability over the observed periods. Initially, a significant increase was observed from 16,019 million USD at the end of March 2021 to a peak of 24,673 million USD by June 2021. Following this peak, current assets fluctuated with a general declining tendency, falling to 18,094 million USD by September 2025. Notable decreases occurred especially after December 2023, where assets dropped from 18,487 million USD to 18,094 million USD in September 2025, indicating tightening liquidity.
- Current Liabilities Trend
- Current liabilities exhibited a steady increase throughout the entire period. Starting at 14,167 million USD in March 2021, liabilities rose consistently, reaching 28,992 million USD by June 2025. This indicates growing short-term obligations or possibly increased operating or financing activities.
- Current Ratio Analysis
- The current ratio, representing the company's liquidity by comparing current assets to current liabilities, showed a declining trend overall. Initially, the ratio stood above 1.1, peaking at 1.37 in June 2021, reflecting a comfortable liquidity position. However, over the subsequent years, the ratio gradually declined below 1.0 starting in March 2023 and further decreased to 0.67 by September 2025. This declining ratio suggests increasing challenges in meeting short-term obligations with readily available assets, potentially indicating liquidity risk.
- Overall Financial Insights
- The data indicates a pattern of decreasing liquidity, driven by the combination of diminishing current assets and steadily rising current liabilities. The current ratio falling below the critical threshold of 1.0 for an extended period is a signal of potential financial stress in managing short-term debts. These trends imply the company may need to enhance its working capital management or reassess its short-term financing and operational strategies to maintain adequate liquidity levels going forward.
Quick Ratio
United Airlines Holdings Inc., quick ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 6,730) | 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) | ||||||
| Short-term investments | 6,599) | 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) | ||||||
| Receivables, net | 2,433) | 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) | ||||||
| Total quick assets | 15,762) | 17,902) | 17,618) | 16,638) | 16,206) | 17,624) | 16,251) | 16,286) | 19,279) | 21,142) | 19,430) | 18,215) | 20,729) | 22,292) | 20,741) | 20,069) | 21,131) | 22,861) | 14,364) | ||||||
| Current liabilities | 27,119) | 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) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 0.58 | 0.62 | 0.68 | 0.71 | 0.69 | 0.68 | 0.66 | 0.73 | 0.78 | 0.83 | 0.82 | 0.91 | 0.94 | 0.95 | 0.95 | 1.10 | 1.25 | 1.27 | 1.01 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 1.11 | 1.10 | 1.15 | 1.24 | 1.17 | 1.22 | 1.25 | 1.25 | 1.19 | 1.16 | 1.30 | 1.31 | 1.27 | 1.37 | 1.39 | 1.40 | 1.50 | 1.63 | 1.56 | ||||||
| Uber Technologies Inc. | 1.02 | 0.97 | 0.89 | 0.95 | 1.27 | 1.05 | 1.03 | 1.02 | 0.96 | 1.04 | 0.88 | 0.88 | 0.88 | 0.83 | 0.83 | 0.82 | 1.01 | 0.85 | 0.96 | ||||||
| Union Pacific Corp. | 0.52 | 0.46 | 0.54 | 0.55 | 0.56 | 0.76 | 0.68 | 0.61 | 0.51 | 0.51 | 0.49 | 0.52 | 0.58 | 0.47 | 0.52 | 0.47 | 0.56 | 0.64 | 0.57 | ||||||
| United Parcel Service Inc. | 1.15 | 1.17 | 0.94 | 1.03 | 1.00 | 1.02 | 0.94 | 0.82 | 0.87 | 0.98 | 1.01 | 1.00 | 1.25 | 1.33 | 1.39 | 1.30 | 1.34 | 1.25 | 1.10 | ||||||
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).
1 Q3 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 15,762 ÷ 27,119 = 0.58
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets demonstrate a fluctuating trend over the analyzed periods. Beginning at $14,364 million, the figure rises notably to a peak near $22,861 million mid-2021, followed by a gradual decline into early 2023. After a low of approximately $16,286 million in December 2023, a partial recovery occurs through mid-2025, though the values remain generally below the earlier peak. This indicates periods of increased liquidity resources early on, with some reduction and volatility in later periods.
- Current Liabilities
- Current liabilities show a consistent upward trajectory across the periods. Starting at $14,167 million, liabilities increase steadily, reaching a high near $28,992 million by mid-2025. The growth in current liabilities particularly accelerates from 2022 onward, reflecting rising short-term obligations or payables. This consistent increase suggests growing pressure on the company’s short-term financial commitments.
- Quick Ratio
- The quick ratio, which measures the ability to cover current liabilities with quick assets, declines significantly over the course of the data. Initially standing slightly above 1.0 in early 2021, it falls below 1.0 from the start of 2022 onward and continues a downward path to about 0.58 by the mid-2025 quarter. This sustained decrease indicates deteriorating short-term liquidity, as the company’s readily available assets cover a smaller proportion of its current liabilities over time.
- Overall Analysis
- Despite fluctuations in total quick assets, the persistent rise in current liabilities and the declining quick ratio indicate increasing liquidity risk. The decreasing quick ratio under 1.0 for an extended period reflects potential challenges in meeting short-term obligations without relying on inventory or other less liquid assets. The company appears to be experiencing tighter liquidity conditions in recent quarters, which may warrant closer monitoring and strategic financial management.
Cash Ratio
United Airlines Holdings Inc., cash ratio calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 6,730) | 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) | ||||||
| Short-term investments | 6,599) | 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) | ||||||
| Total cash assets | 13,329) | 15,616) | 15,330) | 14,475) | 14,164) | 15,248) | 13,992) | 14,388) | 17,086) | 19,138) | 17,156) | 16,414) | 18,695) | 20,075) | 18,679) | 18,406) | 19,422) | 21,068) | 12,975) | ||||||
| Current liabilities | 27,119) | 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) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.49 | 0.54 | 0.59 | 0.62 | 0.61 | 0.59 | 0.57 | 0.65 | 0.69 | 0.75 | 0.73 | 0.82 | 0.85 | 0.86 | 0.86 | 1.01 | 1.15 | 1.17 | 0.92 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 0.37 | 0.35 | 0.42 | 0.49 | 0.42 | 0.47 | 0.51 | 0.50 | 0.40 | 0.33 | 0.50 | 0.48 | 0.43 | 0.49 | 0.53 | 0.52 | 0.65 | 0.69 | 0.62 | ||||||
| Uber Technologies Inc. | 0.73 | 0.67 | 0.60 | 0.66 | 0.92 | 0.69 | 0.66 | 0.66 | 0.64 | 0.75 | 0.58 | 0.56 | 0.61 | 0.55 | 0.55 | 0.55 | 0.85 | 0.69 | 0.81 | ||||||
| Union Pacific Corp. | 0.15 | 0.16 | 0.23 | 0.19 | 0.18 | 0.27 | 0.20 | 0.21 | 0.14 | 0.16 | 0.17 | 0.18 | 0.22 | 0.13 | 0.17 | 0.17 | 0.23 | 0.26 | 0.24 | ||||||
| United Parcel Service Inc. | 0.46 | 0.43 | 0.31 | 0.37 | 0.39 | 0.42 | 0.29 | 0.18 | 0.27 | 0.33 | 0.38 | 0.31 | 0.62 | 0.68 | 0.72 | 0.58 | 0.66 | 0.61 | 0.47 | ||||||
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).
1 Q3 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 13,329 ÷ 27,119 = 0.49
2 Click competitor name to see calculations.
The financial analysis of the company's quarterly data reveals several notable trends in liquidity and short-term financial obligations over the observed periods.
- Total Cash Assets
- The total cash assets demonstrate fluctuations with some periods of growth and decline. Starting at approximately $12,975 million, cash balances significantly increased to over $21,000 million by mid-2021. Afterward, there is a gradual decline and some recovery phases, with cash assets primarily oscillating between $13,000 million and $20,000 million throughout the subsequent quarters. Toward the later quarters, cash assets show a tendency to diminish, reaching a low near $13,300 million in the final period observed.
- Current Liabilities
- Current liabilities exhibit an overall increasing trend throughout the timeframe. Beginning at around $14,167 million, liabilities rise steadily to exceed $25,000 million in the most recent quarters. While there are slight decreases in some quarters, particularly toward the end of 2022 and early 2023, the general path points toward considerable growth by the final quarter assessed.
- Cash Ratio
- The cash ratio, which measures the company's ability to cover current liabilities with cash and cash equivalents, consistently declines over the periods observed. Initially standing close to 0.92, it peaks slightly above 1.1 in mid-2021, suggesting adequate liquidity at that time. However, it trends downward steadily thereafter, falling below 0.5 in the most recent quarter. This downward movement indicates a reducing capacity to settle short-term obligations solely with cash, reflecting either a relative decrease in cash assets, growth in liabilities, or a combination of both factors.
In summary, the company shows a liquidity profile under pressure, with increasing current liabilities outpacing cash assets over the timeframe. The declining cash ratio signals potential challenges in covering short-term liabilities strictly with available cash. This trend highlights the importance of monitoring operational cash flow and potentially seeking other sources of liquidity to meet obligations promptly.