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)
United Airlines Holdings Inc., solvency 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).
- Debt to Equity
- The debt to equity ratio displayed an overall declining trend from March 31, 2021, to September 30, 2025. Initially, the ratio started at 5.69, peaked at 9.55 on March 31, 2022, indicating a period of increased leverage, then steadily decreased to 1.78 by September 30, 2025. This suggests a strategic reduction in reliance on debt compared to equity over the analyzed periods.
- Debt to Equity (Including Operating Lease Liability)
- This ratio followed a similar trajectory to the standard debt to equity, starting at 6.77 and rising to a peak of 11.12 on March 31, 2022. Following this peak, a marked decline was observed, reducing to 2.19 by September 30, 2025. The inclusion of operating lease liabilities inflates the leverage metrics, but the downward trend indicates improved capital structure management.
- Debt to Capital
- Debt to capital ratios remained high but gradually decreased over time. From an initial 0.85 on March 31, 2021, the ratio fluctuated slightly but showed a consistent reduction after early 2022, ending at 0.64 by September 30, 2025. This illustrates a modest shift towards increased equity financing or reduction in overall debt levels.
- Debt to Capital (Including Operating Lease Liability)
- This ratio mirrored the trend of its counterpart without operating leases but remained higher throughout the periods. Starting at 0.87, it peaked near 0.92 in early 2022 and subsequently declined to 0.69 by September 2025, reflecting the company's efforts in lowering leverage including lease obligations.
- Debt to Assets
- The ratio of debt to assets saw a moderate decrease from 0.48 in early 2021 to 0.33 by the end of the observation period. The lowest point was reached in the last quarter of 2025, denoting a declining dependency on debt to finance total assets and potentially indicating stronger asset backing or deleveraging strategies.
- Debt to Assets (Including Operating Lease Liability)
- When operating leases are considered, this ratio was higher but displayed a consistent downward trend from 0.57 to 0.41, reinforcing the conclusion of improving financial stability and reduced leverage.
- Financial Leverage
- Financial leverage showed significant volatility, initially high at 11.84 in early 2021, peaking at 19.05 on March 31, 2022, before sharply declining to 5.33 by September 2025. This indicates a substantial reduction in the proportion of total assets financed by equity, implying improved equity base strength or asset revaluation.
- Interest Coverage
- Interest coverage experienced a notable improvement over the time period. It started negative at -6.18 in March 2021, indicating insufficient earnings to cover interest expenses. This figure improved steadily to positive territory by mid-2022 and continued to rise, reaching 4.54 by September 2025. The increasing ratio suggests enhancing operational profitability and better capacity to meet interest obligations.
Debt Ratios
Coverage Ratios
Debt to Equity
United Airlines Holdings Inc., debt to equity 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 maturities of long-term debt, finance leases, and other financial liabilities | 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) | 3,912) | 2,385) | 2,025) | 1,962) | ||||||
| Long-term debt, finance leases, and other financial liabilities, less current portion | 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) | 31,443) | 33,176) | 34,236) | 27,657) | ||||||
| Total debt | 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) | 35,355) | 35,561) | 36,261) | 29,619) | ||||||
| Stockholders’ equity | 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) | 5,029) | 5,431) | 4,904) | 5,206) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 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 | 7.03 | 6.55 | 7.39 | 5.69 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 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 | 0.86 | 1.07 | 1.11 | 1.20 | ||||||
| Uber Technologies Inc. | — | 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 | 0.64 | 0.67 | 0.55 | 0.57 | ||||||
| Union Pacific Corp. | 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 | 2.10 | 2.11 | 2.01 | 1.64 | ||||||
| United Parcel Service Inc. | — | 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 | 1.54 | 1.84 | 2.09 | 3.32 | ||||||
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
Debt to equity = Total debt ÷ Stockholders’ equity
= 25,428 ÷ 14,309 = 1.78
2 Click competitor name to see calculations.
The analysis of the financial data reveals significant trends in the company's capital structure over the observed quarters. Notably, the total debt exhibits a general downward trajectory after reaching a peak in mid-2021. Initially, debt increased from approximately 29.6 billion USD in the first quarter of 2021 to a high of about 36.3 billion USD in the second quarter of 2021. Following this peak, total debt has steadily declined, falling to roughly 25.4 billion USD by the third quarter of 2025, indicating a consistent reduction in the company's leverage over time.
In contrast, stockholders’ equity shows a different pattern. It decreased initially in the first half of 2022, dropping from about 5.2 billion USD in early 2021 to around 3.6 billion USD by the first quarter of 2022. However, equity started to increase significantly thereafter, reaching approximately 14.3 billion USD by the third quarter of 2025. This upward trend in equity suggests the company has been able to strengthen its net asset base substantially in the recent periods.
Consequently, the debt to equity ratio, which measures the relative proportion of debt and equity financing, reflects a marked improvement. The ratio peaked at 9.55 in the first quarter of 2022, indicating high leverage and potential financial risk. From that point forward, the ratio has steadily declined, reaching a low of about 1.78 by the third quarter of 2025. This downward trend signifies a shift towards a more balanced and less risky capital structure with increased equity relative to debt.
- Total Debt
- Peaked in mid-2021 at approximately 36.3 billion USD; steadily declined thereafter to about 25.4 billion USD by late 2025.
- Stockholders’ Equity
- Initially decreased in early 2022 to around 3.6 billion USD; subsequently increased significantly, reaching approximately 14.3 billion USD by late 2025.
- Debt to Equity Ratio
- Reached a high of 9.55 in early 2022; then consistently decreased to 1.78 by the third quarter of 2025, indicating reduced financial leverage and stronger equity base.
Overall, the company's financial structure has improved considerably, with a notable reduction in leverage risk through decreasing debt levels and expanding equity. This shift points to enhanced financial stability and potentially greater capacity for future investment or resilience against economic fluctuations.
Debt to Equity (including Operating Lease Liability)
United Airlines Holdings Inc., debt to equity (including operating lease liability) 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 maturities of long-term debt, finance leases, and other financial liabilities | 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) | 3,912) | 2,385) | 2,025) | 1,962) | ||||||
| Long-term debt, finance leases, and other financial liabilities, less current portion | 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) | 31,443) | 33,176) | 34,236) | 27,657) | ||||||
| Total debt | 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) | 35,355) | 35,561) | 36,261) | 29,619) | ||||||
| Current maturities of operating leases | 563) | 541) | 506) | 467) | 491) | 548) | 557) | 576) | 598) | 571) | 610) | 561) | 546) | 543) | 538) | 556) | 569) | 583) | 623) | ||||||
| Long-term obligations under operating leases | 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) | 5,152) | 5,163) | 4,920) | 4,985) | ||||||
| Total debt (including operating lease liability) | 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) | 41,063) | 41,293) | 41,764) | 35,227) | ||||||
| Stockholders’ equity | 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) | 5,029) | 5,431) | 4,904) | 5,206) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 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 | 8.17 | 7.60 | 8.52 | 6.77 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 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 | 1.51 | 1.75 | 1.83 | 1.95 | ||||||
| Uber Technologies Inc. | — | 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 | 0.77 | 0.78 | 0.67 | 0.70 | ||||||
| Union Pacific Corp. | 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 | 2.20 | 2.20 | 2.10 | 1.71 | ||||||
| United Parcel Service Inc. | — | 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 | 1.79 | 2.13 | 2.42 | 3.75 | ||||||
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
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 31,322 ÷ 14,309 = 2.19
2 Click competitor name to see calculations.
The financial data reveals several important trends concerning the company’s leverage and equity position over the periods analyzed.
- Total Debt (Including Operating Lease Liability)
- The total debt exhibited a generally declining trend from March 2021 through September 2025. Starting at approximately 35.2 billion USD, the debt increased to over 41.7 billion USD by mid-2021 but then consistently decreased in most subsequent quarters. By the third quarter of 2025, the total debt had decreased significantly to approximately 31.3 billion USD. This indicates a progressive reduction in debt burden over time.
- Stockholders’ Equity
- Stockholders' equity showed fluctuations initially, dropping from roughly 5.2 billion USD in the first quarter of 2021 to about 3.6 billion USD by the first quarter of 2022. After this period, there was a steady upward trajectory with equity reaching around 14.3 billion USD by the third quarter of 2025. This substantial enhancement in equity suggests improved financial strength and higher retained earnings or capital investment in recent years.
- Debt to Equity Ratio (Including Operating Lease Liability)
- The debt to equity ratio started at a high level of 6.77 in March 2021 and spiked to a peak of 11.12 by March 2022, reflecting high leverage relative to equity during that time. Subsequently, the ratio began a continuous decline, reaching 2.19 by September 2025. This improvement in the leverage ratio represents a significant de-risking of the capital structure, driven by both the reduction in total debt and the increase in shareholder equity.
Overall, the data indicate a strategic move towards strengthening the balance sheet by reducing debt obligations and increasing equity. The declining debt to equity ratio over the long term points to enhanced financial stability and potentially lower financial risk exposure. The company appears to have improved its capitalization and is better positioned for sustainable financial health moving forward.
Debt to Capital
United Airlines Holdings Inc., debt to capital 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 maturities of long-term debt, finance leases, and other financial liabilities | 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) | 3,912) | 2,385) | 2,025) | 1,962) | ||||||
| Long-term debt, finance leases, and other financial liabilities, less current portion | 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) | 31,443) | 33,176) | 34,236) | 27,657) | ||||||
| Total debt | 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) | 35,355) | 35,561) | 36,261) | 29,619) | ||||||
| Stockholders’ equity | 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) | 5,029) | 5,431) | 4,904) | 5,206) | ||||||
| Total capital | 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) | 40,384) | 40,992) | 41,165) | 34,825) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 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 | 0.88 | 0.87 | 0.88 | 0.85 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 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 | 0.46 | 0.52 | 0.53 | 0.54 | ||||||
| Uber Technologies Inc. | — | 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 | 0.39 | 0.40 | 0.35 | 0.36 | ||||||
| Union Pacific Corp. | 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 | 0.68 | 0.68 | 0.67 | 0.62 | ||||||
| United Parcel Service Inc. | — | 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 | 0.61 | 0.65 | 0.68 | 0.77 | ||||||
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
Debt to capital = Total debt ÷ Total capital
= 25,428 ÷ 39,737 = 0.64
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibited a decreasing trend over the observed periods. Starting from a high point near 36,000 million USD in mid-2021, it progressively declined to approximately 25,400 million USD by the third quarter of 2025. This steady reduction in total debt indicates a sustained effort to deleverage over time.
- Total Capital
- Total capital showed some fluctuations but generally remained within a range near 38,000 to 41,000 million USD. The capital base experienced modest variability without a clear directional trend, with occasional increases countered by decreases. This pattern suggests relative stability in the overall capital structure during the time frame.
- Debt to Capital Ratio
- The debt to capital ratio demonstrates a significant downward trajectory from 0.85 in the first quarter of 2021, peaking slightly higher near 0.91 in early 2022, and then steadily declining to approximately 0.64 by the third quarter of 2025. This decline reflects a reduction in financial leverage and indicates that debt is becoming a smaller proportion of the capital structure.
- Overall Analysis
- The data indicates a strong deleveraging trend over the analyzed periods, with total debt decreasing consistently while total capital remained relatively stable. The decline in the debt to capital ratio underscores a shift toward a less leveraged financial position, potentially reducing risk and improving financial flexibility.
Debt to Capital (including Operating Lease Liability)
United Airlines Holdings Inc., debt to capital (including operating lease liability) 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 maturities of long-term debt, finance leases, and other financial liabilities | 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) | 3,912) | 2,385) | 2,025) | 1,962) | ||||||
| Long-term debt, finance leases, and other financial liabilities, less current portion | 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) | 31,443) | 33,176) | 34,236) | 27,657) | ||||||
| Total debt | 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) | 35,355) | 35,561) | 36,261) | 29,619) | ||||||
| Current maturities of operating leases | 563) | 541) | 506) | 467) | 491) | 548) | 557) | 576) | 598) | 571) | 610) | 561) | 546) | 543) | 538) | 556) | 569) | 583) | 623) | ||||||
| Long-term obligations under operating leases | 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) | 5,152) | 5,163) | 4,920) | 4,985) | ||||||
| Total debt (including operating lease liability) | 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) | 41,063) | 41,293) | 41,764) | 35,227) | ||||||
| Stockholders’ equity | 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) | 5,029) | 5,431) | 4,904) | 5,206) | ||||||
| Total capital (including operating lease liability) | 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) | 46,092) | 46,724) | 46,668) | 40,433) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 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 | 0.89 | 0.88 | 0.89 | 0.87 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 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 | 0.60 | 0.64 | 0.65 | 0.66 | ||||||
| Uber Technologies Inc. | — | 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 | 0.43 | 0.44 | 0.40 | 0.41 | ||||||
| Union Pacific Corp. | 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 | 0.69 | 0.69 | 0.68 | 0.63 | ||||||
| United Parcel Service Inc. | — | 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 | 0.64 | 0.68 | 0.71 | 0.79 | ||||||
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
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 31,322 ÷ 45,631 = 0.69
2 Click competitor name to see calculations.
The financial data reveals important trends in the company’s capital structure over multiple quarters from 2021 through 2025. The analysis focuses primarily on total debt, total capital, and the debt-to-capital ratio, which are critical indicators of financial leverage and risk.
- Total Debt (Including Operating Lease Liability)
- The total debt amount peaked in the second quarter of 2021 at approximately $41.8 billion. Subsequently, a gradual but consistent reduction in total debt is observed, reaching about $31.3 billion by the third quarter of 2025. This demonstrates a clear deleveraging trend over this period. The decline is steady and sustained, indicating ongoing efforts to reduce liabilities or retire debt obligations over several quarters.
- Total Capital (Including Operating Lease Liability)
- Total capital showed some volatility but generally remained within a relative range between around $40.4 billion to $46.3 billion throughout the observed quarters. After an increase from the early quarters of 2021 up to late 2023, the capital amount slightly fluctuated but showed no steep declines, suggesting stable or modestly growing invested capital or equity base during this timeframe.
- Debt to Capital Ratio (Including Operating Lease Liability)
- The debt-to-capital ratio began at a high level near 0.87–0.89 in 2021, indicative of substantial leverage. It peaked at 0.92 in early 2022, likely reflecting higher debt relative to the capital base at that time. From 2022 onwards, a continuous downward trend is seen, with the ratio declining steadily to about 0.69 by the third quarter of 2025. This decline corroborates the reduction in total debt relative to stable capital and reflects a lower leverage position over time, potentially indicating improved financial risk management or capital restructuring.
In summary, the company demonstrates a marked effort toward deleveraging over the analyzed period, with a clear reduction in total debt and a corresponding decline in leverage ratios, while maintaining a relatively stable capital base. These trends suggest an improving balance sheet structure. The decline in the debt-to-capital ratio over time may result in lower financial risk and possibly better creditworthiness going forward.
Debt to Assets
United Airlines Holdings Inc., debt to assets calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current maturities of long-term debt, finance leases, and other financial liabilities | 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) | 3,912) | 2,385) | 2,025) | 1,962) | ||||||
| Long-term debt, finance leases, and other financial liabilities, less current portion | 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) | 31,443) | 33,176) | 34,236) | 27,657) | ||||||
| Total debt | 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) | 35,355) | 35,561) | 36,261) | 29,619) | ||||||
| Total assets | 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) | 68,175) | 69,294) | 71,049) | 61,662) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 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 | 0.52 | 0.51 | 0.51 | 0.48 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 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 | 0.25 | 0.28 | 0.29 | 0.30 | ||||||
| Uber Technologies Inc. | — | 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 | 0.24 | 0.25 | 0.22 | 0.23 | ||||||
| Union Pacific Corp. | 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 | 0.47 | 0.47 | 0.46 | 0.43 | ||||||
| United Parcel Service Inc. | — | 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 | 0.32 | 0.34 | 0.35 | 0.37 | ||||||
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
Debt to assets = Total debt ÷ Total assets
= 25,428 ÷ 76,313 = 0.33
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibited a general declining trend from the initial value near 29.6 billion US dollars at the end of Q1 2021 to approximately 25.4 billion US dollars by Q3 2025. Initially, there was an increase in debt levels, peaking above 36 billion US dollars in mid-2021. Thereafter, a steady reduction occurred, with minor fluctuations observed throughout the subsequent quarters, particularly a slight increase toward the end of 2024 and early 2025, but the overall direction remained downward.
- Total Assets
- Total assets increased from about 61.7 billion US dollars at Q1 2021 to just over 76 billion by Q3 2025. The asset base showed growth with some variability; there was a peak around mid-2023 followed by a minor decrease and stabilization around the 71 to 74 billion US dollars range. Towards the end of the period, assets grew again, reaching the highest levels recorded in the dataset.
- Debt to Assets Ratio
- The debt to assets ratio demonstrated a consistent downward trend over the period under review, reducing from 0.48 in Q1 2021 to 0.33 by Q3 2025. This signifies a relative strengthening of the financial structure, with liabilities becoming a smaller proportion of the asset base. The ratio peaked slightly above 0.52 during late 2021 but then progressively declined, reflecting a favorable deleveraging trend.
Overall, the data indicates a strategic effort resulting in reduced leverage and increased asset base over the examined quarters. The reduction in total debt alongside the growth in total assets contributes to a strengthening balance sheet, suggesting improved financial stability. The declining debt to assets ratio reinforces the conclusion of an improving capital structure and potentially enhanced creditor confidence.
Debt to Assets (including Operating Lease Liability)
United Airlines Holdings Inc., debt to assets (including operating lease liability) 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 maturities of long-term debt, finance leases, and other financial liabilities | 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) | 3,912) | 2,385) | 2,025) | 1,962) | ||||||
| Long-term debt, finance leases, and other financial liabilities, less current portion | 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) | 31,443) | 33,176) | 34,236) | 27,657) | ||||||
| Total debt | 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) | 35,355) | 35,561) | 36,261) | 29,619) | ||||||
| Current maturities of operating leases | 563) | 541) | 506) | 467) | 491) | 548) | 557) | 576) | 598) | 571) | 610) | 561) | 546) | 543) | 538) | 556) | 569) | 583) | 623) | ||||||
| Long-term obligations under operating leases | 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) | 5,152) | 5,163) | 4,920) | 4,985) | ||||||
| Total debt (including operating lease liability) | 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) | 41,063) | 41,293) | 41,764) | 35,227) | ||||||
| Total assets | 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) | 68,175) | 69,294) | 71,049) | 61,662) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 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 | 0.60 | 0.60 | 0.59 | 0.57 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 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 | 0.44 | 0.47 | 0.47 | 0.49 | ||||||
| Uber Technologies Inc. | — | 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 | 0.29 | 0.30 | 0.26 | 0.27 | ||||||
| Union Pacific Corp. | 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 | 0.49 | 0.49 | 0.48 | 0.45 | ||||||
| United Parcel Service Inc. | — | 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 | 0.37 | 0.39 | 0.40 | 0.42 | ||||||
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
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 31,322 ÷ 76,313 = 0.41
2 Click competitor name to see calculations.
- Total Debt (Including Operating Lease Liability)
- The total debt exhibits a general declining trend from March 2021 to September 2025. Starting at $35,227 million, it peaks in June 2021 at $41,764 million and then steadily decreases over subsequent quarters, reaching $31,322 million by September 2025. This indicates a consistent effort to reduce leverage over the observed period.
- Total Assets
- Total assets show some fluctuations but overall tend to increase from $61,662 million in March 2021 to a high of $77,163 million in September 2025. There are some periods of decline, notably from June 2023 to March 2024, but the long-term trend is upward, implying asset growth and possibly expansion or reinvestment activities.
- Debt to Assets Ratio (Including Operating Lease Liability)
- The debt to assets ratio declines over the entire period from 0.57 in March 2021 to 0.41 in September 2025. This steady decrease reflects an improving capital structure with reduced financial leverage relative to the company's asset base. The decline is gradual but consistent, suggesting a cautious approach to managing debt levels while growing the asset portfolio.
Financial Leverage
United Airlines Holdings Inc., financial leverage calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Total assets | 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) | 68,175) | 69,294) | 71,049) | 61,662) | ||||||
| Stockholders’ equity | 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) | 5,029) | 5,431) | 4,904) | 5,206) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 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 | 13.56 | 12.76 | 14.49 | 11.84 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 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 | 3.43 | 3.77 | 3.86 | 3.99 | ||||||
| Uber Technologies Inc. | — | 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 | 2.68 | 2.65 | 2.56 | 2.55 | ||||||
| Union Pacific Corp. | 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 | 4.49 | 4.48 | 4.34 | 3.80 | ||||||
| United Parcel Service Inc. | — | 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 | 4.87 | 5.46 | 6.00 | 8.86 | ||||||
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
Financial leverage = Total assets ÷ Stockholders’ equity
= 76,313 ÷ 14,309 = 5.33
2 Click competitor name to see calculations.
The quarterly financial data reveals significant developments in the company's asset base, equity capital, and leverage over the reported periods from March 2021 to September 2025. These components offer insights into the company's financial structure evolution and risk profile.
- Total Assets
- The total assets show a modestly fluctuating yet generally stable trend throughout the periods. Starting from approximately US$61.7 billion in Q1 2021, assets rose to a peak near US$73.3 billion by mid-2023. Subsequently, the asset base experiences minor declines and upticks, ending near US$76.3 billion by Q3 2025. This pattern indicates steady asset growth with periodic adjustments, reflecting ongoing operational scaling or asset reallocation without volatility spikes.
- Stockholders’ Equity
- Equity levels demonstrate a marked upward trajectory from roughly US$5.2 billion in Q1 2021 to about US$14.3 billion by Q1 2025, representing nearly a threefold increase. Some volatility is noted in early 2022 with a dip around Q1, followed by consistent recovery and growth thereafter. The equity expansion suggests improved capitalization, profitability retention, or successful capital raising, strengthening the company's financial foundation over time.
- Financial Leverage Ratio
- The financial leverage ratio exhibits a significant downward trend, indicating a reduction in relative debt or increase in equity financing. Starting at an elevated ratio of 11.84 in Q1 2021, leverage climbs sharply to above 19.0 in early 2022 but then declines steeply and consistently to about 5.33 by Q3 2025. This declining leverage reflects an enhanced capital structure with reduced reliance on debt, potentially lowering financial risk and interest burden, and signaling a strategic deleveraging process during the period.
- Overall Financial Structure Insights
- The combined trends show a company progressively reinforcing its equity base while maintaining stable asset levels and substantially reducing financial leverage. The movement toward lower leverage may improve financial flexibility, resilience, and credit standing. This alignment suggests deliberate management actions to strengthen the balance sheet and potentially prepare for future expansion or market uncertainties.
Interest Coverage
United Airlines Holdings Inc., interest coverage calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income (loss) | 949) | 973) | 387) | 985) | 965) | 1,323) | (124) | 600) | 1,137) | 1,075) | (194) | 843) | 942) | 329) | (1,377) | (646) | 473) | (434) | (1,357) | ||||||
| Add: Income tax expense | 306) | 275) | 91) | 322) | 321) | 416) | (40) | 171) | 348) | 312) | (62) | 287) | 211) | 130) | (375) | (199) | 130) | (130) | (394) | ||||||
| Add: Interest expense, net of interest capitalized | 278) | 310) | 308) | 316) | 326) | 367) | 393) | 430) | 445) | 451) | 448) | 447) | 428) | 398) | 400) | 406) | 431) | 404) | 336) | ||||||
| Earnings before interest and tax (EBIT) | 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) | (439) | 1,034) | (160) | (1,415) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Interest coverage1 | 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 | -0.62 | -1.71 | -4.00 | -6.18 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||
| Uber Technologies Inc. | — | 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 | -1.20 | -4.91 | -1.89 | -7.20 | ||||||
| Union Pacific Corp. | 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 | 8.33 | 8.05 | 7.66 | 6.91 | ||||||
| United Parcel Service Inc. | — | 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 | 24.91 | 12.99 | 12.33 | 10.56 | ||||||
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
Interest coverage
= (EBITQ3 2025
+ EBITQ2 2025
+ EBITQ1 2025
+ EBITQ4 2024)
÷ (Interest expenseQ3 2025
+ Interest expenseQ2 2025
+ Interest expenseQ1 2025
+ Interest expenseQ4 2024)
= (1,533 + 1,558 + 786 + 1,623)
÷ (278 + 310 + 308 + 316)
= 4.54
2 Click competitor name to see calculations.
- Earnings before interest and tax (EBIT)
-
The EBIT values demonstrate considerable volatility over the observed quarterly periods. Initially, the company experienced significant negative EBIT in the first quarter of 2021 (-1415 million USD), followed by a marked recovery peaking at 1034 million USD by the third quarter of 2021. This was succeeded by fluctuations around negative and positive EBIT through the end of 2022, with a notable increase in the second half of 2022 and early 2023, reaching as high as 1930 million USD in the third quarter of 2023.
From 2023 onward, EBIT generally sustained higher positive levels with periodic variations. The overall trend indicates a recovery phase after early losses, culminating in persistent positive EBIT approaching mid-2025. Despite these fluctuations, the company appears to have improved operational earnings stability in the latter periods.
- Interest expense, net of interest capitalized
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Interest expense remained relatively stable throughout the quarters, fluctuating slightly between approximately 278 million USD and 451 million USD. There is a discernible gradual downward trend in interest expense starting around early 2024, with interest costs declining progressively towards mid-2025. This suggests either reduced borrowing levels or more favorable interest terms over time, potentially reflecting improved creditworthiness or refinancing activities.
- Interest coverage ratio
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The interest coverage ratio shows a significant transition from negative and near zero values in early 2021, indicating an inability to cover interest expenses from operational earnings, towards steadily improving positive values starting in mid-2022. This ratio steadily increased above 2.0 by early 2023 and continued rising, peaking above 4.5 in mid-2025, indicating enhanced capacity to meet interest obligations comfortably.
This upward movement mirrors the improving EBIT trends and the slightly declining interest expenses, reflecting strengthened operational profitability and financial health. The ratio's progression suggests reduced risk related to interest coverage over the period analyzed.