Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
United Airlines Holdings Inc., long-term (investment) activity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The analysis of the quarterly financial ratios reveals several distinct trends in operational efficiency and equity utilization over the observed periods.
- Net Fixed Asset Turnover
- This ratio shows a consistent upward trend starting from 0.49 in March 2021 and rising steadily to around 1.37 by March 2024. Following this peak, the ratio remains relatively stable with slight fluctuations, maintaining values near 1.32 through June 2025. The increasing trend indicates improving efficiency in using fixed assets to generate revenue during the majority of this timeframe.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- Including operating leases, the net fixed asset turnover ratio begins lower at 0.43 in March 2021, mirroring the overall trend of an increase and reaching approximately 1.24 by March 2024. After this period, the ratio remains stable with minor decline, hovering around 1.20 to 1.25 until June 2025. The consistency with the net fixed asset turnover suggests that leases are effectively accounted for in asset utilization improvements.
- Total Asset Turnover
- The total asset turnover ratio starts at 0.26 in March 2021 and demonstrates a clear upward movement throughout the period, peaking at 0.77 in both March and June 2025. This steady improvement over multiple quarters reflects increasingly efficient use of all assets in generating sales or revenues.
- Equity Turnover
- The equity turnover ratio displays more pronounced volatility. Starting from 2.58 in March 2021, it declines to a low of 2.04 in June 2021, then exhibits a sharp increase, peaking at 8.99 in September 2021. Following this peak, the ratio experiences fluctuations within the 4.34 to 8.32 range, declining gradually in the later periods to stabilize around 4.34 by June 2025. This volatility suggests periods of rapid changes in revenue relative to equity, possibly reflecting shifts in financial leverage, equity base adjustments, or revenue volatility.
Overall, the data indicates notable improvements in asset utilization efficiency, both for fixed and total assets, with these ratios progressively strengthening over the quarters. Meanwhile, equity turnover shows higher variability, signaling dynamic changes in equity management or operational scale effects throughout the periods analyzed.
Net Fixed Asset Turnover
United Airlines Holdings Inc., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating revenue | 15,236) | 13,213) | 14,695) | 14,843) | 14,986) | 12,539) | 13,626) | 14,484) | 14,178) | 11,429) | 12,400) | 12,877) | 12,112) | 7,566) | 8,192) | 7,750) | 5,471) | 3,221) | 3,412) | 2,489) | 1,475) | 7,979) | |||||||
| Operating property and equipment, net | 43,896) | 43,430) | 42,908) | 41,680) | 40,665) | 40,470) | 39,815) | 38,360) | 37,128) | 35,837) | 34,448) | 32,506) | 31,853) | 31,881) | 32,074) | 32,128) | 32,331) | 31,915) | 31,466) | 31,650) | 31,735) | 31,811) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 1.32 | 1.33 | 1.33 | 1.34 | 1.37 | 1.35 | 1.35 | 1.37 | 1.37 | 1.36 | 1.31 | 1.25 | 1.12 | 0.91 | 0.77 | 0.62 | 0.45 | 0.33 | 0.49 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 2.13 | 2.12 | 2.11 | 2.11 | 2.12 | 2.15 | 2.22 | 2.32 | 2.37 | 2.44 | 2.45 | 2.45 | 2.41 | 2.37 | 2.35 | 2.25 | 2.16 | 2.09 | 2.06 | — | — | — | |||||||
| Uber Technologies Inc. | — | 23.38 | 22.53 | 21.17 | 19.69 | 18.98 | 17.98 | 17.12 | 16.54 | 15.80 | 15.31 | 14.96 | 13.73 | 11.55 | 9.42 | 8.33 | 7.21 | 6.14 | 6.14 | — | — | — | |||||||
| Union Pacific Corp. | 0.41 | 0.41 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.44 | 0.45 | 0.44 | 0.44 | 0.42 | 0.41 | 0.40 | 0.39 | 0.38 | 0.36 | 0.36 | — | — | — | |||||||
| United Parcel Service Inc. | — | 2.44 | 2.45 | 2.43 | 2.41 | 2.41 | 2.46 | 2.58 | 2.71 | 2.83 | 2.89 | 3.01 | 2.99 | 2.94 | 2.91 | 2.87 | 2.83 | 2.76 | 2.62 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Net fixed asset turnover
= (Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024)
÷ Operating property and equipment, net
= (15,236 + 13,213 + 14,695 + 14,843)
÷ 43,896 = 1.32
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends in operating revenue, net fixed assets, and net fixed asset turnover ratios over the period analyzed.
- Operating Revenue
- Operating revenue experienced a significant decline starting in the first quarter of 2020, reaching a low point in the second quarter of 2020 at 1,475 million US dollars. This was followed by a gradual recovery across subsequent quarters in 2020 and 2021, showing steady growth that nearly returned revenues to pre-decline levels by the end of 2021. From 2022 onward, operating revenue fluctuated but exhibited an overall upward trend, peaking intermittently in mid-2023 and maintaining high values through the end of 2024 before showing a slight dip in early 2025. The recovery and growth phases imply an improvement in business conditions and demand over the period following the initial downturn.
- Operating Property and Equipment, Net
- The net value of operating property and equipment remained relatively stable in the early quarters of 2020, with a slight decline observed entering late 2020. From 2021 onwards, there was a consistent increase in net fixed assets, reflecting ongoing investment or asset acquisition efforts. The value rose steadily from approximately 31,915 million US dollars in March 2021 to over 43,896 million US dollars by the end of the first quarter of 2025. This incremental growth suggests capital expenditures or asset improvements aligned with expansion or modernization initiatives.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures the efficiency of asset utilization in generating revenue, started from relatively low values in late 2020 (around 0.33). It then exhibited a continuous improvement over the analysis period, increasing to approximately 1.31 by the end of 2022 and maintaining levels around 1.33 to 1.37 through 2023 and into early 2024. A slight normalization or minor decrease occurred toward the end of 2024 and early 2025, with ratios hovering near 1.32. The upward trend for the majority of the period indicates enhanced efficiency in using fixed assets to generate operating revenue following the initial downturn.
Overall, the data indicate a recovery phase starting from a low point in early 2020, with progressive improvement in revenue generation and asset utilization efficiency. Investments in fixed assets increased steadily, supporting the revenue growth and improving asset turnover. The slight volatility in revenue during the latter quarters suggests sensitivity to external factors but does not detract from the general pattern of recovery and growth.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
United Airlines Holdings Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating revenue | 15,236) | 13,213) | 14,695) | 14,843) | 14,986) | 12,539) | 13,626) | 14,484) | 14,178) | 11,429) | 12,400) | 12,877) | 12,112) | 7,566) | 8,192) | 7,750) | 5,471) | 3,221) | 3,412) | 2,489) | 1,475) | 7,979) | |||||||
| Operating property and equipment, net | 43,896) | 43,430) | 42,908) | 41,680) | 40,665) | 40,470) | 39,815) | 38,360) | 37,128) | 35,837) | 34,448) | 32,506) | 31,853) | 31,881) | 32,074) | 32,128) | 32,331) | 31,915) | 31,466) | 31,650) | 31,735) | 31,811) | |||||||
| Operating lease right-of-use assets | 4,517) | 4,092) | 3,815) | 3,782) | 3,803) | 3,895) | 3,914) | 3,975) | 3,995) | 4,019) | 3,889) | 4,280) | 4,440) | 4,579) | 4,645) | 4,697) | 4,421) | 4,516) | 4,537) | 4,544) | 4,738) | 4,853) | |||||||
| Operating property and equipment, net (including operating lease, right-of-use asset) | 48,413) | 47,522) | 46,723) | 45,462) | 44,468) | 44,365) | 43,729) | 42,335) | 41,123) | 39,856) | 38,337) | 36,786) | 36,293) | 36,460) | 36,719) | 36,825) | 36,752) | 36,431) | 36,003) | 36,194) | 36,473) | 36,664) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.20 | 1.21 | 1.22 | 1.23 | 1.25 | 1.24 | 1.23 | 1.24 | 1.24 | 1.22 | 1.17 | 1.11 | 0.98 | 0.79 | 0.67 | 0.54 | 0.40 | 0.29 | 0.43 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 1.51 | 1.50 | 1.50 | 1.50 | 1.50 | 1.51 | 1.55 | 1.62 | 1.65 | 1.69 | 1.71 | 1.70 | 1.68 | 1.67 | 1.64 | 1.58 | 1.51 | 1.47 | 1.46 | — | — | — | |||||||
| Uber Technologies Inc. | — | 14.62 | 14.14 | 13.23 | 12.46 | 11.88 | 11.25 | 10.70 | 10.26 | 9.73 | 9.03 | 8.68 | 7.65 | 6.50 | 5.39 | 4.95 | 4.25 | 3.57 | 3.61 | — | — | — | |||||||
| Union Pacific Corp. | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.42 | 0.43 | 0.43 | 0.43 | 0.41 | 0.40 | 0.38 | 0.38 | 0.37 | 0.35 | 0.35 | — | — | — | |||||||
| United Parcel Service Inc. | — | 2.20 | 2.20 | 2.18 | 2.17 | 2.17 | 2.20 | 2.32 | 2.42 | 2.53 | 2.61 | 2.73 | 2.71 | 2.66 | 2.63 | 2.60 | 2.55 | 2.52 | 2.40 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024)
÷ Operating property and equipment, net (including operating lease, right-of-use asset)
= (15,236 + 13,213 + 14,695 + 14,843)
÷ 48,413 = 1.20
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the observed periods. Operating revenue experienced a significant decline in the early quarters of 2020, reflecting a drop from 7,979 million US dollars at the end of March 2020 to a low of 1,475 million US dollars by June 2020. This sharp decline was followed by a gradual recovery throughout the rest of 2020 and into 2021. By the end of 2021, operating revenue had increased substantially, reaching levels between approximately 7,500 and 8,200 million US dollars in the last two quarters of that year. Further growth is observable through 2022 and 2023, where revenue peaks above 14,000 million US dollars in the middle of 2023, although some fluctuations occur in subsequent quarters with a slight downward trend toward early 2024. Revenue figures again show some variability in late 2024 but remain generally robust above 13,000 million US dollars across the periods.*
Regarding operating property and equipment (including operating lease, right-of-use asset), the net asset base remained relatively stable from early 2020 through the end of 2021, fluctuating modestly around the mid-36,000 million US dollars range. Beginning in 2022, a steady upward trend is evident, indicating continued investment or capital retention, with assets increasing from approximately 36,460 million US dollars at the start of 2022 to over 48,000 million US dollars by mid-2025. This consistent growth reflects a strategic expansion or asset renewal during the latter periods.*
The net fixed asset turnover ratio shows a marked improvement over the period from late 2020 onwards. Initially absent or not reported in early quarters, it begins to be disclosed at 0.43 by September 2020, then declines to 0.29 in December 2020, before steadily rising throughout 2021 and beyond. By 2022, the ratio approaches and exceeds 1.0, continuing to sustain levels around 1.2 into 2025. This improvement suggests enhanced efficiency in using fixed assets to generate operating revenue, correlating with the recovery and growth in revenue over the same timeframe.*
- Operating Revenue
- Sharp decrease in early 2020 followed by strong recovery and growth through 2021 to mid-2023; fluctuations noted in late 2023 and early 2024; revenue remains elevated above pre-pandemic lows.
- Operating Property and Equipment, Net
- Stable asset base through 2020 and 2021 with gradual growth beginning 2022; steady increase in asset value continuing through mid-2025 indicative of capital investments or asset value appreciation.
- Net Fixed Asset Turnover Ratio
- Emergence and strengthening of asset utilization efficiency from late 2020 onward; ratio improves from below 0.5 to consistently above 1.2 by 2022, maintaining stability thereafter, signifying better revenue generation per unit of fixed assets.
Total Asset Turnover
United Airlines Holdings Inc., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating revenue | 15,236) | 13,213) | 14,695) | 14,843) | 14,986) | 12,539) | 13,626) | 14,484) | 14,178) | 11,429) | 12,400) | 12,877) | 12,112) | 7,566) | 8,192) | 7,750) | 5,471) | 3,221) | 3,412) | 2,489) | 1,475) | 7,979) | |||||||
| Total assets | 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) | 59,548) | 61,189) | 54,901) | 53,055) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | 0.75 | 0.76 | 0.77 | 0.77 | 0.76 | 0.76 | 0.76 | 0.72 | 0.69 | 0.69 | 0.67 | 0.59 | 0.51 | 0.42 | 0.36 | 0.29 | 0.21 | 0.17 | 0.26 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 1.02 | 1.01 | 1.01 | 1.02 | 1.00 | 1.01 | 1.03 | 1.08 | 1.10 | 1.10 | 1.09 | 1.09 | 1.06 | 1.06 | 1.01 | 0.95 | 0.92 | 0.92 | 0.94 | — | — | — | |||||||
| Uber Technologies Inc. | — | 0.86 | 0.86 | 0.89 | 0.96 | 0.97 | 0.96 | 1.00 | 1.03 | 1.04 | 0.99 | 0.93 | 0.82 | 0.65 | 0.45 | 0.40 | 0.35 | 0.31 | 0.33 | — | — | — | |||||||
| Union Pacific Corp. | 0.36 | 0.35 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.38 | 0.38 | 0.38 | 0.37 | 0.36 | 0.35 | 0.34 | 0.34 | 0.33 | 0.31 | 0.31 | — | — | — | |||||||
| United Parcel Service Inc. | — | 1.33 | 1.30 | 1.33 | 1.29 | 1.33 | 1.28 | 1.32 | 1.37 | 1.37 | 1.41 | 1.45 | 1.43 | 1.41 | 1.40 | 1.44 | 1.43 | 1.41 | 1.36 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Total asset turnover
= (Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024)
÷ Total assets
= (15,236 + 13,213 + 14,695 + 14,843)
÷ 77,163 = 0.75
2 Click competitor name to see calculations.
The operating revenue exhibits a pronounced recovery and growth pattern over the analyzed periods. Initially, there is a sharp decline from 7,979 million USD in March 2020 to a low of 1,475 million USD in June 2020, reflecting a significant disruption. Subsequently, revenue steadily increases quarter over quarter, surpassing pre-decline levels by the end of 2021. From early 2022 to mid-2024, operating revenue maintains a generally ascending trend, with some fluctuations but overall growth, peaking near 15,236 million USD by June 2025. This indicates a strong rebound and expansion phase following the initial downturn.
Total assets demonstrate a gradual upward trajectory throughout the timeframe. Starting at 53,055 million USD in March 2020, assets increase with minor fluctuations generally maintaining above 60,000 million USD from mid-2020 onward. The trend is characterized by modest growth interspersed with occasional slight reductions, stabilizing around the 70,000 to 77,000 million USD range in the later periods, suggesting expansion and possible investments or asset acquisitions that support operational capacity.
The total asset turnover ratio metric, available from September 2020 forward, reveals considerable improvement over time. Initially recorded at 0.26, the ratio experiences dips and rises but follows a consistent upward movement from the start of 2021. By the end of the data range in June 2025, it approaches approximately 0.75, indicating increased efficiency in utilizing assets to generate operating revenue. The steady rise implies enhanced operational effectiveness and better asset utilization as the company recovers and grows.
- Operating Revenue
- Initial sharp decline in early 2020, followed by continuous recovery and growth through mid-2025, exceeding pre-decline levels substantially.
- Total Assets
- Gradual increase over the analyzed period with slight variability, stabilizing between 70,000 and 77,000 million USD in the most recent periods.
- Total Asset Turnover
- Progressive improvement from 0.26 to around 0.75, reflecting better effectiveness in asset utilization and operational efficiency.
Equity Turnover
United Airlines Holdings Inc., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating revenue | 15,236) | 13,213) | 14,695) | 14,843) | 14,986) | 12,539) | 13,626) | 14,484) | 14,178) | 11,429) | 12,400) | 12,877) | 12,112) | 7,566) | 8,192) | 7,750) | 5,471) | 3,221) | 3,412) | 2,489) | 1,475) | 7,979) | |||||||
| Stockholders’ equity | 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) | 5,960) | 7,003) | 8,517) | 9,418) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | 4.34 | 4.58 | 4.50 | 4.90 | 5.29 | 5.97 | 5.76 | 5.93 | 6.60 | 7.32 | 6.52 | 8.32 | 8.99 | 8.00 | 4.90 | 3.66 | 2.98 | 2.04 | 2.58 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 3.30 | 3.22 | 3.18 | 3.32 | 3.29 | 3.34 | 3.46 | 3.74 | 3.90 | 3.77 | 3.75 | 3.74 | 3.59 | 3.56 | 3.47 | 3.58 | 3.55 | 3.67 | 3.78 | — | — | — | |||||||
| Uber Technologies Inc. | — | 2.07 | 2.04 | 2.84 | 3.24 | 3.49 | 3.31 | 3.84 | 4.04 | 4.51 | 4.34 | 4.65 | 3.84 | 2.40 | 1.21 | 1.07 | 0.90 | 0.79 | 0.91 | — | — | — | |||||||
| Union Pacific Corp. | 1.50 | 1.51 | 1.44 | 1.46 | 1.46 | 1.54 | 1.63 | 1.72 | 1.88 | 2.01 | 2.05 | 2.08 | 1.84 | 1.90 | 1.54 | 1.52 | 1.44 | 1.19 | 1.15 | — | — | — | |||||||
| United Parcel Service Inc. | — | 5.81 | 5.45 | 5.38 | 5.26 | 5.31 | 5.26 | 4.86 | 4.80 | 4.93 | 5.07 | 5.96 | 6.15 | 6.41 | 6.83 | 7.84 | 8.56 | 12.52 | 128.81 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Equity turnover
= (Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024)
÷ Stockholders’ equity
= (15,236 + 13,213 + 14,695 + 14,843)
÷ 13,373 = 4.34
2 Click competitor name to see calculations.
The operating revenue demonstrates a significant recovery and growth trajectory over the observed periods. Initially, in early 2020, revenues were substantially low, corresponding to the onset of challenging market conditions. Over subsequent quarters, there is a clear upward trend, with notable increases starting mid-2020 and continuing through 2021 and beyond. By the end of 2023 and into 2024, operating revenue stabilizes at higher levels compared to the early 2020 figures, reflecting a restoration and expansion in business activities. Some fluctuations are observed within quarters, but the overall pattern is growth-oriented.
Stockholders’ equity exhibits a declining trend in the early part of the timeline, particularly throughout 2020, reaching a low point at the end of 2020 and early 2021. This decline indicates potential challenges impacting the company’s net asset base during that period. However, starting in late 2021, a recovery pattern emerges with equity values increasing steadily through 2022, 2023, and into 2024. The equity levels at the end of the observed period exceed those at the start, pointing toward a strengthening financial position and possible improvements in retained earnings or capital structure.
The equity turnover ratio, which measures the efficiency in utilizing equity to generate revenue, is unavailable for the earliest periods but becomes available from late 2020 onward. This ratio starts relatively low around 2.58 and exhibits marked growth, peaking around early 2022 with values approaching 9.0. After reaching this peak, the ratio declines moderately but remains elevated compared to the earlier periods. This signifies that the company improved its ability to generate revenue per unit of equity, achieving higher operational efficiency, although with some normalization in the most recent quarters.
- Operating Revenue
- Initial sharp decline in early 2020, followed by a sustained upward trend through 2021 to 2024.
- Revenue levels by 2023-2024 are significantly higher than early 2020, indicating recovery and growth.
- Quarter-to-quarter fluctuations occur but do not obscure the underlying recovery trend.
- Stockholders’ Equity
- Downward trend throughout 2020, reaching lowest points by end-2020 and early 2021.
- Gradual and consistent recovery from late 2021, leading to equity levels above those at the start by 2024.
- The recovery suggests strengthening financial fundamentals and improved net worth.
- Equity Turnover Ratio
- Data begins in late 2020, with a starting ratio of about 2.58.
- Marked increase to a peak close to 9.0 in early 2022, indicating improved efficiency.
- Subsequent moderate decline but maintained at higher levels compared to initial readings.
- Reflects enhanced revenue generation capability relative to equity base over time.