Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Debt Ratios
Coverage Ratios
United Airlines Holdings Inc., solvency 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).
The solvency profile demonstrates a consistent and significant trend of deleveraging across all measured metrics from March 2022 through September 2026. There is a marked improvement in the capital structure, characterized by a steady reduction in debt relative to equity, capital, and assets, alongside a substantial increase in the capacity to service interest obligations.
- Debt-to-Equity and Capital Ratios
- A sharp decline in the debt-to-equity ratio is observed, falling from 9.55 in March 2022 to 1.49 by September 2026. When operating lease liabilities are included, the ratio similarly decreased from 11.12 to 1.93 over the same period. This suggests a significant strengthening of the equity base and a reduced reliance on borrowed funds. Debt-to-capital ratios followed a parallel downward trajectory, moving from 0.91 to 0.60, indicating a more balanced capital structure.
- Asset-Based Solvency and Leverage
- Debt-to-assets ratios show a steady contraction, decreasing from 0.50 to 0.31. Including operating lease liabilities, the ratio moved from 0.58 down to 0.40. This indicates that a smaller proportion of total assets is financed through debt over time. Financial leverage experienced a dramatic reduction, dropping from a peak of 19.05 in March 2022 to 4.79 by September 2026, reflecting a significant decrease in the use of debt to amplify asset returns.
- Interest Coverage and Debt Servicing
- The interest coverage ratio transitioned from a negative value of -0.56 in March 2022 to a positive 5.01 by September 2026. The ratio crossed the break-even point in June 2022 and maintained a consistent upward trend, signaling a substantial improvement in operational profitability relative to interest expenses and a greatly enhanced ability to meet fixed financial obligations.
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Debt to Equity
United Airlines Holdings Inc., debt to equity 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 maturities of long-term debt, finance leases, and other financial liabilities | 1,848) | 2,170) | 2,253) | 4,426) | 4,621) | 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) | ||||||
| Long-term debt, finance leases, and other financial liabilities, less current portion | 24,550) | 24,294) | 21,940) | 20,562) | 20,807) | 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) | ||||||
| Total debt | 26,398) | 26,464) | 24,193) | 24,988) | 25,428) | 27,079) | 27,663) | 28,656) | 28,436) | 29,263) | 29,770) | 31,660) | 31,615) | 32,166) | 32,005) | 32,280) | 33,027) | 33,880) | 34,617) | ||||||
| Stockholders’ equity | 17,754) | 16,697) | 15,876) | 15,282) | 14,309) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 1.49 | 1.58 | 1.52 | 1.64 | 1.78 | 2.02 | 2.19 | 2.26 | 2.49 | 2.78 | 3.24 | 3.40 | 3.57 | 4.17 | 4.80 | 4.68 | 6.74 | 8.55 | 9.55 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 0.85 | 0.75 | 0.76 | 0.73 | 0.75 | 0.76 | 0.75 | 0.73 | 0.77 | 0.77 | 0.77 | 0.79 | 0.82 | 0.84 | 0.80 | 0.81 | 0.84 | 0.82 | 0.85 | ||||||
| Uber Technologies Inc. | — | 0.47 | 0.42 | 0.39 | 0.38 | 0.42 | 0.38 | 0.39 | 0.74 | 0.77 | 0.86 | 0.84 | 0.99 | 1.07 | 1.23 | 1.26 | 1.48 | 1.39 | 1.04 | ||||||
| Union Pacific Corp. | 1.38 | 1.47 | 1.58 | 1.72 | 1.84 | 2.02 | 2.05 | 1.85 | 1.89 | 1.93 | 2.04 | 2.20 | 2.35 | 2.52 | 2.71 | 2.74 | 2.85 | 2.52 | 2.71 | ||||||
| United Parcel Service Inc. | — | 1.63 | 1.55 | 1.49 | 1.57 | 1.57 | 1.36 | 1.27 | 1.30 | 1.30 | 1.18 | 1.29 | 1.10 | 1.04 | 1.11 | 0.99 | 1.20 | 1.26 | 1.42 | ||||||
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
Debt to equity = Total debt ÷ Stockholders’ equity
= 26,398 ÷ 17,754 = 1.49
2 Click competitor name to see calculations.
The solvency profile exhibits a significant and sustained improvement over the analyzed period, characterized by a consistent reduction in financial leverage. The debt to equity ratio demonstrates a strong downward trajectory, falling from a peak of 9.55 in March 2022 to 1.49 by September 2026.
- Total Debt Trends
- Total debt shows a general decline, decreasing from 34,617 million US$ in March 2022 to 26,398 million US$ by September 2026. Although a slight increase is observed between March 2026 and June 2026, the overarching pattern is one of steady deleveraging.
- Stockholders' Equity Growth
- Equity experienced substantial and consistent growth, rising from 3,624 million US$ in March 2022 to 17,754 million US$ by September 2026. This nearly fivefold increase in equity significantly strengthens the balance sheet and enhances the company's ability to absorb losses.
- Debt to Equity Ratio Dynamics
- The debt to equity ratio reflects a dramatic shift in capital structure. The most rapid improvement occurred between March 2022 and December 2022, during which the ratio dropped from 9.55 to 4.68. This trend of reduction continued throughout 2023 and 2024, eventually stabilizing in the 1.49 to 1.58 range during 2026.
The simultaneous reduction in total debt and the aggressive expansion of stockholders' equity have fundamentally altered the solvency position. The transition from a highly leveraged state to a significantly lower ratio indicates a move toward a more sustainable and conservative financial structure.
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Debt to Equity (including Operating Lease Liability)
United Airlines Holdings Inc., debt to equity (including operating lease liability) 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 maturities of long-term debt, finance leases, and other financial liabilities | 1,848) | 2,170) | 2,253) | 4,426) | 4,621) | 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) | ||||||
| Long-term debt, finance leases, and other financial liabilities, less current portion | 24,550) | 24,294) | 21,940) | 20,562) | 20,807) | 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) | ||||||
| Total debt | 26,398) | 26,464) | 24,193) | 24,988) | 25,428) | 27,079) | 27,663) | 28,656) | 28,436) | 29,263) | 29,770) | 31,660) | 31,615) | 32,166) | 32,005) | 32,280) | 33,027) | 33,880) | 34,617) | ||||||
| Current maturities of operating leases | 934) | 818) | 748) | 631) | 563) | 541) | 506) | 467) | 491) | 548) | 557) | 576) | 598) | 571) | 610) | 561) | 546) | 543) | 538) | ||||||
| Long-term obligations under operating leases | 6,962) | 6,386) | 6,030) | 5,417) | 5,331) | 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) | ||||||
| Total debt (including operating lease liability) | 34,294) | 33,668) | 30,971) | 31,036) | 31,322) | 32,786) | 32,925) | 33,633) | 33,359) | 34,254) | 34,844) | 36,739) | 36,706) | 37,344) | 37,184) | 37,300) | 38,376) | 39,420) | 40,298) | ||||||
| Stockholders’ equity | 17,754) | 16,697) | 15,876) | 15,282) | 14,309) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 1.93 | 2.02 | 1.95 | 2.03 | 2.19 | 2.45 | 2.61 | 2.65 | 2.92 | 3.25 | 3.79 | 3.94 | 4.15 | 4.85 | 5.58 | 5.41 | 7.84 | 9.94 | 11.12 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 1.41 | 1.34 | 1.36 | 1.33 | 1.39 | 1.41 | 1.39 | 1.37 | 1.42 | 1.43 | 1.44 | 1.47 | 1.54 | 1.58 | 1.50 | 1.49 | 1.52 | 1.48 | 1.49 | ||||||
| Uber Technologies Inc. | — | 0.54 | 0.50 | 0.45 | 0.43 | 0.50 | 0.45 | 0.46 | 0.86 | 0.90 | 1.01 | 1.00 | 1.17 | 1.27 | 1.48 | 1.52 | 1.77 | 1.68 | 1.25 | ||||||
| Union Pacific Corp. | 1.40 | 1.50 | 1.61 | 1.76 | 1.88 | 2.07 | 2.09 | 1.90 | 1.95 | 1.99 | 2.10 | 2.29 | 2.44 | 2.62 | 2.81 | 2.85 | 2.96 | 2.62 | 2.82 | ||||||
| United Parcel Service Inc. | — | 1.90 | 1.82 | 1.76 | 1.85 | 1.84 | 1.63 | 1.53 | 1.56 | 1.55 | 1.44 | 1.54 | 1.33 | 1.25 | 1.32 | 1.19 | 1.41 | 1.48 | 1.65 | ||||||
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
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 34,294 ÷ 17,754 = 1.93
2 Click competitor name to see calculations.
The solvency profile shows a significant and consistent improvement between March 2022 and September 2026. The financial structure shifted from a state of high leverage to a more balanced capital composition, driven by the simultaneous reduction of total liabilities and a substantial increase in stockholders' equity.
- Total Debt Trends
- Total debt, including operating lease liabilities, followed a general downward trajectory for the majority of the period. Liabilities decreased from a peak of 40,298 million US$ in March 2022 to a low of 30,971 million US$ by March 2026. A moderate increase was observed in the final two quarters, with the balance rising to 34,294 million US$ by September 2026.
- Stockholders' Equity Expansion
- Equity experienced aggressive and sustained growth throughout the analyzed timeframe. Starting at 3,624 million US$ in March 2022, the equity base climbed steadily to 17,754 million US$ by September 2026. This growth indicates a strong accumulation of retained earnings or capital injections, significantly enhancing the company's net asset position.
- Debt to Equity Ratio Compression
- The debt to equity ratio underwent a dramatic decline, falling from 11.12 in March 2022 to 1.93 by September 2026. The most rapid deleveraging occurred during the first year, where the ratio dropped from 11.12 to 5.41. This trend continued more gradually over the subsequent years, reflecting a systemic reduction in financial risk and a strengthened solvency margin.
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Debt to Capital
United Airlines Holdings Inc., debt to capital 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 maturities of long-term debt, finance leases, and other financial liabilities | 1,848) | 2,170) | 2,253) | 4,426) | 4,621) | 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) | ||||||
| Long-term debt, finance leases, and other financial liabilities, less current portion | 24,550) | 24,294) | 21,940) | 20,562) | 20,807) | 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) | ||||||
| Total debt | 26,398) | 26,464) | 24,193) | 24,988) | 25,428) | 27,079) | 27,663) | 28,656) | 28,436) | 29,263) | 29,770) | 31,660) | 31,615) | 32,166) | 32,005) | 32,280) | 33,027) | 33,880) | 34,617) | ||||||
| Stockholders’ equity | 17,754) | 16,697) | 15,876) | 15,282) | 14,309) | 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) | ||||||
| Total capital | 44,152) | 43,161) | 40,069) | 40,270) | 39,737) | 40,452) | 40,279) | 41,331) | 39,873) | 39,789) | 38,958) | 40,984) | 40,468) | 39,871) | 38,673) | 39,176) | 37,925) | 37,844) | 38,241) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.60 | 0.61 | 0.60 | 0.62 | 0.64 | 0.67 | 0.69 | 0.69 | 0.71 | 0.74 | 0.76 | 0.77 | 0.78 | 0.81 | 0.83 | 0.82 | 0.87 | 0.90 | 0.91 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 0.46 | 0.43 | 0.43 | 0.42 | 0.43 | 0.43 | 0.43 | 0.42 | 0.43 | 0.43 | 0.44 | 0.44 | 0.45 | 0.46 | 0.44 | 0.45 | 0.46 | 0.45 | 0.46 | ||||||
| Uber Technologies Inc. | — | 0.32 | 0.30 | 0.28 | 0.27 | 0.30 | 0.28 | 0.28 | 0.43 | 0.43 | 0.46 | 0.46 | 0.50 | 0.52 | 0.55 | 0.56 | 0.60 | 0.58 | 0.51 | ||||||
| Union Pacific Corp. | 0.58 | 0.59 | 0.61 | 0.63 | 0.65 | 0.67 | 0.67 | 0.65 | 0.65 | 0.66 | 0.67 | 0.69 | 0.70 | 0.72 | 0.73 | 0.73 | 0.74 | 0.72 | 0.73 | ||||||
| United Parcel Service Inc. | — | 0.62 | 0.61 | 0.60 | 0.61 | 0.61 | 0.58 | 0.56 | 0.57 | 0.57 | 0.54 | 0.56 | 0.52 | 0.51 | 0.53 | 0.50 | 0.55 | 0.56 | 0.59 | ||||||
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
Debt to capital = Total debt ÷ Total capital
= 26,398 ÷ 44,152 = 0.60
2 Click competitor name to see calculations.
A consistent improvement in the solvency profile is evident from March 2022 through September 2026. The primary trend is a sustained reduction in leverage, characterized by a steady decline in the debt to capital ratio, which indicates a strategic shift toward a more conservative capital structure.
- Total Debt Reduction
- Total debt exhibited a strong downward trajectory, falling from 34,617 million USD in March 2022 to 26,398 million USD by September 2026. Although a slight increase occurred between March 2026 and June 2026, the overall trend remained negative, reflecting a substantial decrease in total liabilities over the analyzed period.
- Total Capital Evolution
- Total capital remained relatively stable in the first half of the period before showing a gradual upward trend. Starting at 38,241 million USD in March 2022, capital increased to 44,152 million USD by September 2026. This growth in the capital base, occurring simultaneously with debt reduction, suggests an increase in equity or other non-debt capital components.
- Debt to Capital Ratio Analysis
- The debt to capital ratio declined linearly from 0.91 in March 2022 to 0.60 in September 2026. This represents a significant reduction in the proportion of the company's capital funded by debt. The most notable period of improvement occurred between December 2023 and September 2025, where the ratio dropped from 0.77 to 0.62, signaling a reinforced solvency position and a lowered risk profile regarding long-term obligations.
The convergence of decreasing total debt and increasing total capital has resulted in a strengthened balance sheet. The transition from a ratio of 0.91 to 0.60 demonstrates a successful deleveraging process, enhancing the financial stability of the entity over the four-and-a-half-year window.
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Debt to Capital (including Operating Lease Liability)
United Airlines Holdings Inc., debt to capital (including operating lease liability) 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 maturities of long-term debt, finance leases, and other financial liabilities | 1,848) | 2,170) | 2,253) | 4,426) | 4,621) | 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) | ||||||
| Long-term debt, finance leases, and other financial liabilities, less current portion | 24,550) | 24,294) | 21,940) | 20,562) | 20,807) | 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) | ||||||
| Total debt | 26,398) | 26,464) | 24,193) | 24,988) | 25,428) | 27,079) | 27,663) | 28,656) | 28,436) | 29,263) | 29,770) | 31,660) | 31,615) | 32,166) | 32,005) | 32,280) | 33,027) | 33,880) | 34,617) | ||||||
| Current maturities of operating leases | 934) | 818) | 748) | 631) | 563) | 541) | 506) | 467) | 491) | 548) | 557) | 576) | 598) | 571) | 610) | 561) | 546) | 543) | 538) | ||||||
| Long-term obligations under operating leases | 6,962) | 6,386) | 6,030) | 5,417) | 5,331) | 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) | ||||||
| Total debt (including operating lease liability) | 34,294) | 33,668) | 30,971) | 31,036) | 31,322) | 32,786) | 32,925) | 33,633) | 33,359) | 34,254) | 34,844) | 36,739) | 36,706) | 37,344) | 37,184) | 37,300) | 38,376) | 39,420) | 40,298) | ||||||
| Stockholders’ equity | 17,754) | 16,697) | 15,876) | 15,282) | 14,309) | 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) | ||||||
| Total capital (including operating lease liability) | 52,048) | 50,365) | 46,847) | 46,318) | 45,631) | 46,159) | 45,541) | 46,308) | 44,796) | 44,780) | 44,032) | 46,063) | 45,559) | 45,049) | 43,852) | 44,196) | 43,274) | 43,384) | 43,922) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.66 | 0.67 | 0.66 | 0.67 | 0.69 | 0.71 | 0.72 | 0.73 | 0.74 | 0.76 | 0.79 | 0.80 | 0.81 | 0.83 | 0.85 | 0.84 | 0.89 | 0.91 | 0.92 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 0.59 | 0.57 | 0.58 | 0.57 | 0.58 | 0.58 | 0.58 | 0.58 | 0.59 | 0.59 | 0.59 | 0.60 | 0.61 | 0.61 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | ||||||
| Uber Technologies Inc. | — | 0.35 | 0.33 | 0.31 | 0.30 | 0.33 | 0.31 | 0.32 | 0.46 | 0.47 | 0.50 | 0.50 | 0.54 | 0.56 | 0.60 | 0.60 | 0.64 | 0.63 | 0.56 | ||||||
| Union Pacific Corp. | 0.58 | 0.60 | 0.62 | 0.64 | 0.65 | 0.67 | 0.68 | 0.66 | 0.66 | 0.67 | 0.68 | 0.70 | 0.71 | 0.72 | 0.74 | 0.74 | 0.75 | 0.72 | 0.74 | ||||||
| United Parcel Service Inc. | — | 0.66 | 0.65 | 0.64 | 0.65 | 0.65 | 0.62 | 0.61 | 0.61 | 0.61 | 0.59 | 0.61 | 0.57 | 0.56 | 0.57 | 0.54 | 0.58 | 0.60 | 0.62 | ||||||
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
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 34,294 ÷ 52,048 = 0.66
2 Click competitor name to see calculations.
A consistent improvement in solvency is evident over the observed period, characterized by a steady reduction in the debt-to-capital ratio. The transition from a ratio of 0.92 in March 2022 to 0.66 by September 2026 indicates a strategic shift toward a less leveraged capital structure and an enhanced financial position.
- Total Debt Trajectory
- Total debt, including operating lease liabilities, exhibited a sustained downward trend for the majority of the period. Starting at 40,298 million USD in March 2022, liabilities decreased incrementally to a low of 30,971 million USD by March 2026. A subsequent increase is noted in the final two quarters, with debt rising to 34,294 million USD by September 2026.
- Total Capital Evolution
- Total capital remained relatively stable during the first half of the analysis, fluctuating between 43,274 million USD and 46,308 million USD. However, a notable expansion in the capital base occurred between March 2026 and September 2026, where total capital grew from 46,847 million USD to 52,048 million USD. This growth in total capital offset the late-period increase in debt.
- Debt to Capital Ratio Analysis
- The debt-to-capital ratio demonstrates a nearly monotonic decline throughout the duration of the data. The ratio fell from 0.92 in early 2022 to 0.72 by March 2024, and further descended to 0.66 by September 2026. This trajectory suggests a systematic reduction in the proportion of debt used to finance the company's assets, thereby lowering the overall financial risk profile.
The analysis reveals that while debt levels saw a slight uptick in mid-to-late 2026, the simultaneous growth in total capital prevented any degradation of the solvency ratio. The overall trend reflects a strengthened balance sheet with a significantly reduced reliance on borrowed funds relative to the total capital employed.
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Debt to Assets
United Airlines Holdings Inc., debt to assets 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 maturities of long-term debt, finance leases, and other financial liabilities | 1,848) | 2,170) | 2,253) | 4,426) | 4,621) | 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) | ||||||
| Long-term debt, finance leases, and other financial liabilities, less current portion | 24,550) | 24,294) | 21,940) | 20,562) | 20,807) | 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) | ||||||
| Total debt | 26,398) | 26,464) | 24,193) | 24,988) | 25,428) | 27,079) | 27,663) | 28,656) | 28,436) | 29,263) | 29,770) | 31,660) | 31,615) | 32,166) | 32,005) | 32,280) | 33,027) | 33,880) | 34,617) | ||||||
| Total assets | 85,120) | 84,569) | 80,941) | 76,448) | 76,313) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.31 | 0.31 | 0.30 | 0.33 | 0.33 | 0.35 | 0.36 | 0.39 | 0.39 | 0.40 | 0.41 | 0.45 | 0.43 | 0.44 | 0.45 | 0.48 | 0.48 | 0.48 | 0.50 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 0.27 | 0.24 | 0.24 | 0.23 | 0.24 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.24 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.24 | 0.25 | ||||||
| Uber Technologies Inc. | — | 0.19 | 0.18 | 0.17 | 0.17 | 0.17 | 0.16 | 0.16 | 0.23 | 0.23 | 0.24 | 0.24 | 0.26 | 0.27 | 0.29 | 0.29 | 0.30 | 0.30 | 0.28 | ||||||
| Union Pacific Corp. | 0.42 | 0.43 | 0.44 | 0.46 | 0.46 | 0.48 | 0.48 | 0.46 | 0.46 | 0.47 | 0.47 | 0.49 | 0.49 | 0.50 | 0.51 | 0.51 | 0.51 | 0.50 | 0.50 | ||||||
| United Parcel Service Inc. | — | 0.34 | 0.34 | 0.33 | 0.35 | 0.35 | 0.31 | 0.30 | 0.32 | 0.32 | 0.30 | 0.31 | 0.30 | 0.30 | 0.31 | 0.28 | 0.29 | 0.29 | 0.31 | ||||||
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
Debt to assets = Total debt ÷ Total assets
= 26,398 ÷ 85,120 = 0.31
2 Click competitor name to see calculations.
The financial solvency profile exhibits a consistent strengthening trend, characterized by a sustained reduction in the proportion of assets financed through debt. Over the analyzed period from March 2022 to September 2026, the debt-to-assets ratio declined from 0.50 to 0.31, reflecting a strategic shift toward a more conservative capital structure and improved long-term solvency.
- Total Debt Trends
- A systematic reduction in total debt is observed, falling from 34,617 million USD in March 2022 to 26,398 million USD by September 2026. While a slight increase occurred between March 2026 and June 2026, the overall trajectory remains downward, indicating consistent debt repayment or deleveraging.
- Asset Base Expansion
- Total assets demonstrated a general upward trend, increasing from 69,038 million USD in March 2022 to 85,120 million USD by September 2026. This growth in the asset base occurred concurrently with the reduction in total debt, which accelerated the improvement of the solvency ratio.
- Debt to Assets Ratio Analysis
- The ratio remained relatively stable at 0.48 throughout much of 2022 before entering a period of steady decline. A significant threshold was crossed in June 2024, when the ratio fell to 0.40, eventually reaching a low of 0.30 in March 2026. This indicates that by the end of the observed period, approximately 31% of assets were funded by debt, compared to 50% at the start of the analysis.
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Debt to Assets (including Operating Lease Liability)
United Airlines Holdings Inc., debt to assets (including operating lease liability) 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 maturities of long-term debt, finance leases, and other financial liabilities | 1,848) | 2,170) | 2,253) | 4,426) | 4,621) | 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) | ||||||
| Long-term debt, finance leases, and other financial liabilities, less current portion | 24,550) | 24,294) | 21,940) | 20,562) | 20,807) | 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) | ||||||
| Total debt | 26,398) | 26,464) | 24,193) | 24,988) | 25,428) | 27,079) | 27,663) | 28,656) | 28,436) | 29,263) | 29,770) | 31,660) | 31,615) | 32,166) | 32,005) | 32,280) | 33,027) | 33,880) | 34,617) | ||||||
| Current maturities of operating leases | 934) | 818) | 748) | 631) | 563) | 541) | 506) | 467) | 491) | 548) | 557) | 576) | 598) | 571) | 610) | 561) | 546) | 543) | 538) | ||||||
| Long-term obligations under operating leases | 6,962) | 6,386) | 6,030) | 5,417) | 5,331) | 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) | ||||||
| Total debt (including operating lease liability) | 34,294) | 33,668) | 30,971) | 31,036) | 31,322) | 32,786) | 32,925) | 33,633) | 33,359) | 34,254) | 34,844) | 36,739) | 36,706) | 37,344) | 37,184) | 37,300) | 38,376) | 39,420) | 40,298) | ||||||
| Total assets | 85,120) | 84,569) | 80,941) | 76,448) | 76,313) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.40 | 0.40 | 0.38 | 0.41 | 0.41 | 0.42 | 0.43 | 0.45 | 0.46 | 0.47 | 0.48 | 0.52 | 0.50 | 0.51 | 0.53 | 0.55 | 0.56 | 0.56 | 0.58 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 0.44 | 0.42 | 0.43 | 0.43 | 0.44 | 0.44 | 0.44 | 0.43 | 0.44 | 0.43 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.43 | 0.44 | 0.44 | 0.44 | ||||||
| Uber Technologies Inc. | — | 0.22 | 0.21 | 0.20 | 0.19 | 0.20 | 0.19 | 0.19 | 0.27 | 0.27 | 0.28 | 0.29 | 0.31 | 0.32 | 0.34 | 0.35 | 0.36 | 0.36 | 0.34 | ||||||
| Union Pacific Corp. | 0.43 | 0.43 | 0.45 | 0.47 | 0.47 | 0.49 | 0.49 | 0.47 | 0.48 | 0.48 | 0.49 | 0.50 | 0.51 | 0.52 | 0.53 | 0.53 | 0.53 | 0.52 | 0.52 | ||||||
| United Parcel Service Inc. | — | 0.40 | 0.40 | 0.39 | 0.41 | 0.41 | 0.37 | 0.37 | 0.38 | 0.38 | 0.36 | 0.38 | 0.36 | 0.36 | 0.37 | 0.33 | 0.34 | 0.34 | 0.36 | ||||||
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
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 34,294 ÷ 85,120 = 0.40
2 Click competitor name to see calculations.
A consistent improvement in the solvency profile is observed over the analyzed period, characterized by a systematic reduction in leverage and a concurrent expansion of the asset base. The overall trend indicates a strategic shift toward a more conservative capital structure, reducing the proportion of assets financed through debt.
- Total Debt Trends
- Total debt, including operating lease liabilities, exhibited a sustained downward trajectory for the majority of the period. From a peak of 40,298 million USD in March 2022, liabilities decreased steadily to a low of 30,971 million USD by March 2026. A moderate increase is noted in the final two quarters, with debt rising to 34,294 million USD by September 2026, suggesting a potential shift in financing requirements or new capital investments toward the end of the term.
- Asset Base Expansion
- Total assets demonstrated a general upward trend, reflecting growth in the balance sheet's scale. While assets fluctuated slightly between 67,358 million USD and 73,341 million USD during 2022 and 2023, a more pronounced growth phase occurred starting in 2024. Assets increased from 71,902 million USD in March 2024 to 85,120 million USD by September 2026, indicating significant capital accumulation or asset acquisition.
- Debt to Assets Ratio Analysis
- The debt to assets ratio shows a clear and progressive decline, falling from 0.58 in March 2022 to a minimum of 0.38 in March 2026. This reduction is the result of the dual effect of decreasing total liabilities and increasing total assets. The ratio remained relatively stable at 0.40 through the third quarter of 2026, signaling that the company has reached a lower, more sustainable level of leverage compared to the initial 2022 position.
The convergence of declining debt and rising assets has significantly enhanced the solvency position. The reduction of the debt-to-assets ratio by approximately 18 percentage points over the period reflects a strengthened financial position and a reduced reliance on borrowed capital to fund operations and growth.
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Financial Leverage
United Airlines Holdings Inc., financial leverage 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) | |||||||||||||||||||||||||
| Total assets | 85,120) | 84,569) | 80,941) | 76,448) | 76,313) | 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) | ||||||
| Stockholders’ equity | 17,754) | 16,697) | 15,876) | 15,282) | 14,309) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 4.79 | 5.06 | 5.10 | 5.00 | 5.33 | 5.77 | 6.03 | 5.84 | 6.35 | 6.96 | 7.83 | 7.63 | 8.26 | 9.52 | 10.56 | 9.77 | 14.08 | 17.76 | 19.05 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 3.18 | 3.17 | 3.18 | 3.12 | 3.18 | 3.23 | 3.19 | 3.15 | 3.26 | 3.29 | 3.30 | 3.34 | 3.47 | 3.55 | 3.41 | 3.45 | 3.43 | 3.38 | 3.37 | ||||||
| Uber Technologies Inc. | — | 2.41 | 2.42 | 2.29 | 2.25 | 2.48 | 2.40 | 2.38 | 3.19 | 3.36 | 3.58 | 3.44 | 3.84 | 3.93 | 4.32 | 4.37 | 4.98 | 4.66 | 3.68 | ||||||
| Union Pacific Corp. | 3.30 | 3.44 | 3.59 | 3.77 | 3.97 | 4.22 | 4.27 | 4.01 | 4.07 | 4.11 | 4.29 | 4.54 | 4.75 | 5.00 | 5.30 | 5.38 | 5.56 | 5.07 | 5.38 | ||||||
| United Parcel Service Inc. | — | 4.73 | 4.56 | 4.50 | 4.51 | 4.50 | 4.37 | 4.19 | 4.05 | 4.08 | 4.00 | 4.09 | 3.67 | 3.51 | 3.60 | 3.59 | 4.10 | 4.30 | 4.55 | ||||||
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
Financial leverage = Total assets ÷ Stockholders’ equity
= 85,120 ÷ 17,754 = 4.79
2 Click competitor name to see calculations.
A comprehensive analysis of the solvency metrics reveals a consistent and significant trend of deleveraging and balance sheet strengthening between March 31, 2022, and September 30, 2026. The overall financial profile indicates a transition from a high-risk leverage position to a more stable and sustainable capital structure.
- Financial Leverage Ratio
- A sharp downward trajectory is observed in the financial leverage ratio, which decreased from 19.05 in March 2022 to 4.79 by September 2026. The most rapid decline occurred between March 2022 and December 2022, where the ratio dropped from 19.05 to 9.77. This trend indicates a substantial reduction in the reliance on borrowed funds to finance the asset base, significantly lowering the entity's financial risk profile over the period.
- Stockholders' Equity Growth
- The reduction in leverage is primarily driven by a robust expansion of stockholders' equity. Equity grew from 3,624 million US dollars in March 2022 to 17,754 million US dollars by September 2026. This represents nearly a fivefold increase in the equity cushion, suggesting strong internal capital generation or successful equity financing, which has provided a more solid foundation for long-term solvency.
- Total Asset Expansion
- Total assets exhibited a steady growth pattern, rising from 69,038 million US dollars in March 2022 to 85,120 million US dollars by September 2026. The fact that the leverage ratio declined while total assets increased demonstrates that the growth in the asset base was funded more by equity than by additional debt, reflecting a strategic shift toward a more conservative financial posture.
- Solvency Correlation
- The inverse relationship between the rising equity levels and the falling leverage ratio highlights a systematic improvement in solvency. By September 2026, the capital structure reached its most stable point in the analyzed period, with the leverage ratio hitting a low of 4.79, indicating that the company is significantly less vulnerable to interest rate fluctuations and credit market volatility than it was in early 2022.
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Interest Coverage
United Airlines Holdings Inc., interest coverage 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) | |||||||||||||||||||||||||
| Net income (loss) | 1,029) | 805) | 699) | 1,044) | 949) | 973) | 387) | 985) | 965) | 1,323) | (124) | 600) | 1,137) | 1,075) | (194) | 843) | 942) | 329) | (1,377) | ||||||
| Add: Income tax expense | 282) | 221) | 171) | 281) | 306) | 275) | 91) | 322) | 321) | 416) | (40) | 171) | 348) | 312) | (62) | 287) | 211) | 130) | (375) | ||||||
| Add: Interest expense, net of interest capitalized | 303) | 284) | 273) | 271) | 278) | 310) | 308) | 316) | 326) | 367) | 393) | 430) | 445) | 451) | 448) | 447) | 428) | 398) | 400) | ||||||
| Earnings before interest and tax (EBIT) | 1,614) | 1,310) | 1,143) | 1,596) | 1,533) | 1,558) | 786) | 1,623) | 1,612) | 2,106) | 229) | 1,201) | 1,930) | 1,838) | 192) | 1,577) | 1,581) | 857) | (1,352) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Interest coverage1 | 5.01 | 5.05 | 5.15 | 4.69 | 4.54 | 4.43 | 4.65 | 3.97 | 3.40 | 3.34 | 3.02 | 2.91 | 3.09 | 2.92 | 2.44 | 1.59 | 0.40 | 0.06 | -0.56 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||
| Uber Technologies Inc. | — | 15.32 | 11.95 | 14.06 | 15.41 | 14.78 | 13.09 | 8.81 | 9.95 | 5.18 | 4.12 | 4.74 | 2.67 | 0.55 | -4.42 | -15.49 | -15.64 | -19.05 | -13.64 | ||||||
| Union Pacific Corp. | 8.81 | 8.40 | 8.09 | 8.00 | 7.97 | 7.94 | 7.93 | 7.93 | 7.75 | 7.47 | 7.20 | 7.14 | 7.13 | 7.59 | 8.00 | 8.14 | 8.40 | 8.34 | 8.53 | ||||||
| United Parcel Service Inc. | — | 6.36 | 7.38 | 8.04 | 8.06 | 8.86 | 9.32 | 9.59 | 9.74 | 9.29 | 10.58 | 11.92 | 15.44 | 18.59 | 20.44 | 22.06 | 21.60 | 21.21 | 20.95 | ||||||
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
Interest coverage
= (EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025)
÷ (Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025)
= (1,614 + 1,310 + 1,143 + 1,596)
÷ (303 + 284 + 273 + 271)
= 5.01
2 Click competitor name to see calculations.
The analysis indicates a substantial improvement in the company's ability to meet its interest obligations over the observed period. The transition from a negative interest coverage ratio in early 2022 to a ratio exceeding 5.0 by late 2025 demonstrates a strengthening solvency profile and a reduced risk of default.
- Earnings Before Interest and Tax (EBIT) Performance
- EBIT exhibited a volatile but overall positive trajectory. Initial operating losses in the first quarter of 2022 were replaced by consistent profitability. A recurring seasonal pattern is observable, with significant earnings dips occurring every March, while peak performance is generally realized in the second and third quarters of each year.
- Interest Expense Trends
- Net interest expenses remained relatively stable through the first half of 2023, peaking at 451 million in June 2023. Subsequently, a sustained downward trend is observed, with expenses decreasing to a range between 271 million and 303 million by 2025 and 2026, which has fundamentally enhanced the margin of safety for debt servicing.
- Interest Coverage Ratio Evolution
- The interest coverage ratio improved from -0.56 in March 2022 to 5.01 by September 2026. Rapid growth was noted between December 2022 and June 2023, where the ratio climbed from 1.59 to 2.92. The continued ascent throughout 2024 and 2025 reflects a dual impact of rising operating income and declining interest costs, resulting in a highly stable solvency position in the final projected quarters.
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