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-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).
A consistent downward trend is observed across all three liquidity ratios – current, quick, and cash – throughout the analyzed period spanning from March 31, 2022, to December 31, 2025. This suggests a gradual weakening in the company’s ability to meet its short-term obligations using its most liquid assets.
- Current Ratio
- The current ratio decreased from 1.04 in March 2022 to 0.65 in December 2025. While the ratio remained above 1.0 for the majority of the period, indicating a theoretical ability to cover current liabilities with current assets, the decline suggests a diminishing margin of safety. A slight fluctuation is noted between March and June 2024, with a minor increase from 0.75 to 0.77, but the overall trajectory remains downward.
- Quick Ratio
- The quick ratio, which excludes inventory from current assets, mirrored the trend of the current ratio, declining from 0.95 in March 2022 to 0.56 in December 2025. This indicates that the decrease in liquidity is not solely attributable to changes in inventory levels. The quick ratio consistently remained below the current ratio, highlighting the relative importance of inventory in the company’s current asset structure. Similar to the current ratio, a small increase is observed between March and June 2024, moving from 0.66 to 0.68.
- Cash Ratio
- The cash ratio, the most conservative measure of liquidity, experienced the most substantial decline, decreasing from 0.86 in March 2022 to 0.47 in December 2025. This signifies a significant reduction in the company’s ability to cover immediate liabilities with only cash and cash equivalents. The cash ratio’s decline is consistent with the trends observed in the current and quick ratios, reinforcing the overall picture of deteriorating liquidity. A minor increase is seen between March and June 2024, from 0.57 to 0.59.
The consistent declines across all three ratios suggest a potential shift in the company’s working capital management or an increase in short-term liabilities relative to liquid assets. Further investigation into the underlying components of current assets and current liabilities is recommended to understand the drivers of these trends and assess the potential implications for the company’s financial health.
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Current Ratio
United Airlines Holdings Inc., current ratio calculation (quarterly data)
| 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 | 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 | 26,133) | 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 | 0.65 | 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. | 1.19 | 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. | 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. | 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. | 1.22 | 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-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 Q4 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 16,857 ÷ 26,133 = 0.65
2 Click competitor name to see calculations.
The current ratio exhibits a consistent downward trend over the observed period, spanning from March 31, 2022, to December 31, 2025. Initially, the ratio remained relatively stable at 1.04 for the first three quarters, before declining to 1.00 by the end of 2022. This decline accelerated in subsequent periods, reaching 0.65 by December 31, 2025.
- Overall Trend
- A clear and sustained decrease in the current ratio is evident throughout the analyzed timeframe. The ratio moved from above 1.0 in the early periods to below 0.70 in the latter periods, indicating a weakening short-term liquidity position.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The current ratio began at 1.04 and experienced minimal fluctuation through June 30, 2022, and September 30, 2022. A slight decrease was observed in the final quarter of 2022, falling to 1.00. This suggests a relatively stable, though modestly comfortable, liquidity position during this period.
- Accelerated Decline (Mar 31, 2023 – Dec 31, 2025)
- From March 31, 2023, the current ratio demonstrated a more pronounced decline. It decreased from 0.91 to 0.83 by the end of 2023, and continued to fall to 0.65 by December 31, 2025. This indicates a growing challenge in meeting short-term obligations with current assets. The rate of decline appears to be relatively consistent within this period.
- Quarterly Fluctuations
- While the overall trend is downward, minor quarterly variations exist. For example, a slight increase from 0.75 in March 2024 to 0.77 in June 2024, and from 0.79 in September 2024 to 0.81 in December 2024. However, these fluctuations do not alter the overarching downward trajectory.
The consistent reduction in the current ratio suggests a potential increase in short-term financial risk. Further investigation into the composition of current assets and liabilities is warranted to understand the underlying drivers of this trend.
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Quick Ratio
United Airlines Holdings Inc., quick ratio calculation (quarterly data)
| 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 | 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 | 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 | 2,391) | 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 | 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 | 26,133) | 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 | 0.56 | 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. | 1.09 | 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. | 0.98 | 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. | 0.62 | 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. | 1.09 | 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-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 Q4 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 14,631 ÷ 26,133 = 0.56
2 Click competitor name to see calculations.
The quick ratio demonstrates a consistent downward trend over the observed period, spanning from March 31, 2022, to December 31, 2025. Initially, the ratio remained relatively stable around 0.95 during the first half of 2022. However, a gradual decline commenced in the latter half of 2022 and continued throughout 2023 and 2024, ultimately reaching 0.56 by the end of 2025.
- Overall Trend
- A clear and consistent decreasing trend is evident in the quick ratio. The ratio decreased from 0.95 in March 2022 to 0.56 in December 2025, representing a substantial reduction in the company’s ability to meet its short-term obligations with its most liquid assets.
- Short-Term Fluctuations
- While the overall trend is downward, some quarterly fluctuations are present. For example, a slight increase was observed from 0.66 in March 2024 to 0.71 in December 2024. However, these short-term increases were not sufficient to alter the overarching downward trajectory.
- Asset and Liability Dynamics
- The decline in the quick ratio is attributable to a combination of factors. Total quick assets experienced fluctuations but generally decreased from approximately US$20,741 million in March 2022 to US$14,631 million in December 2025. Simultaneously, current liabilities exhibited a more pronounced increase, rising from US$21,788 million in March 2022 to US$26,133 million in December 2025. This divergence between asset and liability movements contributed significantly to the ratio’s decline.
- Recent Performance
- The most recent quarters show a continued weakening of the quick ratio. The ratio decreased from 0.62 in June 2025 to 0.58 in September 2025 and further to 0.56 in December 2025. This suggests that the company’s short-term liquidity position continued to deteriorate towards the end of the analyzed period.
The observed trend warrants further investigation to understand the underlying causes of the declining quick ratio and to assess the potential implications for the company’s financial health and operational flexibility.
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Cash Ratio
United Airlines Holdings Inc., cash ratio calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Cash and cash equivalents | 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 | 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 | 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 | 26,133) | 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 | 0.47 | 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. | 0.36 | 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. | 0.67 | 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. | 0.25 | 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. | 0.38 | 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-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 Q4 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 12,240 ÷ 26,133 = 0.47
2 Click competitor name to see calculations.
The cash ratio exhibited a generally declining trend over the observed period, spanning from March 31, 2022, to December 31, 2025. Initially, the ratio remained relatively stable, but experienced a more pronounced decrease in later periods. This indicates a weakening ability to cover immediate current liabilities with only cash and cash equivalents.
- Initial Stability (Mar 31, 2022 – Sep 30, 2022)
- The cash ratio began at 0.86 in March 2022 and fluctuated modestly, remaining above 0.85 through September 2022. This suggests a consistently strong, though not exceptional, short-term liquidity position during this timeframe. Total cash assets experienced some volatility, but remained substantial enough to maintain a relatively high ratio.
- Downward Trend (Dec 31, 2022 – Dec 31, 2023)
- From December 2022, a clear downward trend emerged. The cash ratio decreased from 0.82 to 0.65 over the course of the year. This decline coincided with a decrease in total cash assets and a relative increase in current liabilities. The rate of decline accelerated in the latter half of this period.
- Continued Decline and Stabilization (Mar 31, 2024 – Dec 31, 2025)
- The downward trend continued into 2024, reaching a low of 0.57 in March. The ratio showed slight fluctuations between 0.57 and 0.62 for the remainder of 2024. The decline continued into 2025, reaching 0.47 by December. While fluctuations were present, the overall trend remained negative, indicating a continued erosion of the company’s ability to meet short-term obligations with available cash. The rate of decline appears to be slowing in the final observed period.
- Cash Assets and Liabilities
- Total cash assets decreased from a high of US$20,075 million in June 2022 to US$12,240 million by December 2025. Simultaneously, current liabilities generally remained high, fluctuating between approximately US$19,992 million and US$28,992 million over the same period. This combination of decreasing cash and relatively stable to increasing liabilities contributed significantly to the observed decline in the cash ratio.
The consistent decrease in the cash ratio warrants further investigation into the underlying reasons for the decline in cash assets and the stability of current liabilities. Monitoring this trend is crucial for assessing the company’s short-term financial health and ability to navigate potential liquidity challenges.
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