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: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
Liquidity metrics demonstrate a consistent downward trajectory from early 2022 through late 2025, followed by a modest recovery period in 2026. The overall trend indicates a contraction in the capacity to cover short-term obligations with liquid assets over the majority of the period.
- Current Ratio
- The current ratio began at 1.04 in March 2022, remaining above 1.0 through December 2022. A steady decline followed, dropping below the 1.0 threshold in March 2023 (0.91) and reaching a minimum of 0.65 by December 2025. A partial rebound is observed in 2026, with the ratio rising to 0.75 by September 2026.
- Quick Ratio
- The quick ratio closely mirrors the trend of the current ratio, starting at 0.95 in March 2022 and descending to a trough of 0.56 in December 2025. The ratio shows a recovery toward 0.65 by September 2026, suggesting that the liquidity compression was not primarily driven by changes in inventory levels.
- Cash Ratio
- The cash ratio exhibits a similar pattern of deterioration, falling from 0.86 in March 2022 to a low of 0.47 in December 2025. In line with other liquidity indicators, it improves during 2026, ending the period at 0.55 in September 2026.
The narrow variance between the current, quick, and cash ratios indicates that a substantial portion of current assets is held in cash and cash equivalents, with very little impact from inventories. The transition of the current ratio from above 1.0 to below 1.0 in early 2023 marks a pivot point where current liabilities began to exceed current assets, a condition that persisted through the end of the analysis despite the recovery trend observed in 2026.
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Current Ratio
United Airlines Holdings Inc., current ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 19,988) | 21,664) | 19,392) | 16,857) | 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) | ||||||
| Current liabilities | 26,639) | 27,764) | 27,781) | 26,133) | 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) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 0.75 | 0.78 | 0.70 | 0.65 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 1.47 | 1.27 | 1.25 | 1.19 | 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 | ||||||
| Uber Technologies Inc. | — | 0.84 | 1.07 | 1.14 | 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 | ||||||
| Union Pacific Corp. | 1.16 | 0.99 | 0.92 | 0.91 | 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 | ||||||
| United Parcel Service Inc. | — | 1.18 | 1.21 | 1.22 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 19,988 ÷ 26,639 = 0.75
2 Click competitor name to see calculations.
The liquidity position shows a consistent downward trajectory over the analyzed period, transitioning from a state of short-term solvency to a position where current liabilities exceed current assets. The overall trend indicates a tightening of liquidity, characterized by a steady decline in the current ratio from a peak of 1.04 in the first half of 2022 to a low of 0.65 by the end of 2025, before a slight recovery in 2026.
- Current Asset Trends
- Current assets exhibited volatility with an overall negative trend. After peaking at 24,371 million USD in June 2022, assets generally declined, reaching a nadir of 16,857 million USD in December 2025. While there is a modest recovery toward 19,988 million USD by September 2026, the asset base remains lower than the levels observed at the start of the period.
- Current Liability Trends
- Current liabilities demonstrated a general upward trend, increasing from 21,788 million USD in March 2022 to a peak of 28,992 million USD in June 2025. Although liabilities decreased slightly toward the end of the period, settling at 26,639 million USD in September 2026, the sustained increase in short-term obligations has placed significant pressure on the company's liquidity profile.
- Current Ratio Interpretation
- The current ratio remained above the critical 1.0 threshold throughout 2022, suggesting that short-term assets were sufficient to cover short-term obligations. However, a break occurred in March 2023, where the ratio dropped to 0.91 and continued a steady decline. The ratio reached its lowest point of 0.65 in December 2025, indicating a period of heightened liquidity risk. A moderate recovery is observed in the first half of 2026, reaching 0.78 in June 2026, though the ratio remains well below the 1.0 benchmark, signaling a persistent reliance on cash flow or external financing to meet immediate liabilities.
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Quick Ratio
United Airlines Holdings Inc., quick ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 6,648) | 10,166) | 7,869) | 5,942) | 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) | ||||||
| Short-term investments | 8,005) | 6,471) | 6,298) | 6,298) | 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) | ||||||
| Receivables, net | 2,636) | 2,473) | 2,660) | 2,391) | 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) | ||||||
| Total quick assets | 17,289) | 19,110) | 16,827) | 14,631) | 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) | ||||||
| Current liabilities | 26,639) | 27,764) | 27,781) | 26,133) | 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) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 0.65 | 0.69 | 0.61 | 0.56 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 1.36 | 1.16 | 1.14 | 1.09 | 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 | ||||||
| Uber Technologies Inc. | — | 0.70 | 0.89 | 0.98 | 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 | ||||||
| Union Pacific Corp. | 0.93 | 0.76 | 0.66 | 0.67 | 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 | ||||||
| United Parcel Service Inc. | — | 1.03 | 1.07 | 1.09 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 17,289 ÷ 26,639 = 0.65
2 Click competitor name to see calculations.
The liquidity position of the entity shows a consistent downward trend in the quick ratio over the analyzed period. Starting from a peak of 0.95 in the first half of 2022, the ratio experienced a progressive decline, reaching a minimum of 0.56 by December 31, 2025. While a modest recovery occurred during the first half of 2026, peaking at 0.69, the ratio ultimately settled at 0.65 by September 30, 2026, indicating a sustained reduction in immediate liquidity relative to short-term obligations.
- Total Quick Assets Trend
- Quick assets exhibited significant volatility with an overall negative trajectory. After reaching a high of 22,292 million USD in June 2022, assets generally trended downward, hitting a low of 14,631 million USD in December 2025. A subsequent recovery was observed in 2026, with assets rising to 19,110 million USD by June 2026 before declining slightly to 17,289 million USD in the final period.
- Current Liabilities Evolution
- Current liabilities demonstrated a general expansion over the period. Obligations grew from 21,788 million USD in March 2022 to a peak of 28,992 million USD in June 2025. Although there was a slight contraction in the subsequent quarters, the liability level remained elevated, ending at 26,639 million USD in September 2026, consistently exceeding the 2022 baseline.
- Quick Ratio Correlation and Analysis
- The deterioration of the quick ratio is the result of a dual pressure: the simultaneous contraction of quick assets and the expansion of current liabilities. The most acute decline occurred between March 2023 and December 2025, where the ratio dropped from 0.82 to 0.56. This indicates a diminishing capacity to cover immediate liabilities without relying on the sale of inventory or other less liquid current assets. The slight improvement observed in early 2026 was driven by a temporary surge in quick assets rather than a significant reduction in current liabilities.
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Cash Ratio
United Airlines Holdings Inc., cash ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 6,648) | 10,166) | 7,869) | 5,942) | 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) | ||||||
| Short-term investments | 8,005) | 6,471) | 6,298) | 6,298) | 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) | ||||||
| Total cash assets | 14,653) | 16,637) | 14,167) | 12,240) | 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) | ||||||
| Current liabilities | 26,639) | 27,764) | 27,781) | 26,133) | 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) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.55 | 0.60 | 0.51 | 0.47 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 0.68 | 0.41 | 0.40 | 0.36 | 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 | ||||||
| Uber Technologies Inc. | — | 0.41 | 0.56 | 0.67 | 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 | ||||||
| Union Pacific Corp. | 0.55 | 0.38 | 0.22 | 0.30 | 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 | ||||||
| United Parcel Service Inc. | — | 0.31 | 0.40 | 0.38 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 14,653 ÷ 26,639 = 0.55
2 Click competitor name to see calculations.
The company's liquidity position, as measured by the cash ratio, experienced a sustained downward trajectory over the analyzed period. From a peak of 0.86 in the first half of 2022, the ratio declined to a minimum of 0.47 by December 31, 2025, before showing a moderate recovery in the first half of 2026.
- Total Cash Assets
- Cash holdings exhibited volatility with an overall downward trend. Assets peaked at 20,075 million USD in June 2022 and reached a low of 12,240 million USD by December 2025. While there were periodic increases, such as the rise to 16,637 million USD in June 2026, the liquid asset base remained generally lower in the later years compared to the 2022 baseline.
- Current Liabilities
- Short-term obligations demonstrated a general expansion over the period. Current liabilities increased from 21,788 million USD in March 2022 to a peak of 28,992 million USD in June 2025. The growth in liabilities occurred concurrently with the reduction in cash assets, compounding the decline in the cash ratio.
- Cash Ratio Dynamics
- The cash ratio remained relatively stable between 0.82 and 0.86 during 2022 but entered a period of steady erosion beginning in March 2023. A notable decline is observed between March 2024 (0.57) and December 2025 (0.47). Although the ratio recovered to 0.60 by June 2026, the overall trend indicates a reduced capacity to cover current liabilities using only cash and cash equivalents compared to the start of the analyzed period.
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