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.
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Long-term Activity Ratios (Summary)
United Airlines Holdings Inc., long-term (investment) activity 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), 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits a clear upward trend starting from a low point around March 2021, increasing steadily until early 2023. It peaks at approximately 1.37 during 2023 and then stabilizes around this level through mid-2025, showing minimal fluctuations. This indicates an improving efficiency in utilizing fixed assets to generate sales, reaching a consistent plateau in recent quarters.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This adjusted measure follows a similar trajectory to the standard net fixed asset turnover ratio but remains slightly lower throughout the period. It rises from around 0.43 in early 2021 to reach a maximum near 1.24 during 2023, with stabilization observed thereafter. The trend suggests continuing improvement in asset use efficiency, including leased assets, before plateauing in recent quarters.
- Total Asset Turnover
- Total asset turnover shows a gradual and consistent increase from early 2021 through mid-2025. Beginning near 0.26, the ratio grows steadily to approximately 0.77 by mid-2025. This pattern reflects an enhanced ability to generate revenue from total assets employed within the company, indicating overall operational improvements and asset utilization efficiency over the period.
- Equity Turnover
- The equity turnover ratio experiences significant volatility with an initial rise from about 2.58 in early 2021, sharply increasing to a peak of nearly 9.0 towards late 2021. Following this peak, the ratio declines and stabilizes to values ranging between approximately 4.0 and 7.3 from 2022 through mid-2025, suggesting fluctuations in equity use efficiency. The early volatility may imply changes in sales or equity base, while the subsequent stabilization indicates more steady equity management in recent periods.
Net Fixed Asset Turnover
United Airlines Holdings Inc., net fixed asset turnover 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Operating revenue | ||||||||||||||||||||||||||||||
| Operating property and equipment, net | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||||||
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), 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 Q3 2025 Calculation
Net fixed asset turnover
= (Operating revenueQ3 2025
+ Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024)
÷ Operating property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenue
- The operating revenue showed significant volatility, particularly evident in the early periods. It started at a low point around the middle of 2020, reflecting substantial declines likely due to external disruptive factors. From the second half of 2020 onwards, the revenue exhibited a robust recovery trend, reaching pre-low levels by early 2022. Following this recovery, the revenue maintained a generally upward trajectory with seasonal fluctuations, achieving peak values in mid-2024 before experiencing a slight decline towards early 2025. This pattern indicates a gradual stabilization and growth after an initial period of severe downturn.
- Operating Property and Equipment, Net
- The net value of operating property and equipment remained relatively stable with a slight downward trend in the early periods, suggesting limited investment or depreciation exceeding new asset additions initially. Starting from 2022, there was a noticeable and consistent increase in asset values quarter over quarter, indicating renewed capital expenditure or asset enhancements. This upward trend implies a strengthening of the asset base, possibly to support business expansion or modernization efforts, continuing steadily into 2025.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, an indicator of how efficiently the company utilizes its fixed assets to generate revenue, gradually improved from 0.33 in mid-2020 to over 1.3 starting in 2022 and maintained a relatively stable level thereafter. The initial low values correspond with the period of depressed revenues, while the subsequent increase suggests enhanced operational efficiency or higher revenue generation relative to the fixed asset base. After peaking slightly above 1.37, the ratio stabilized around 1.3 towards the end of the observed period, indicating consistent asset use efficiency.
- Overall Analysis
- The data reflect a company recovering from a challenging period that likely affected its revenue streams and asset utilization. The progressive increase in operating revenue and the net fixed asset turnover ratio from 2020 into 2023 point to effective management responses and operational improvements. Concurrently, the steady growth in the net value of operating property and equipment from 2022 onwards denotes strategic reinvestment in assets. Although minor fluctuations exist, the general outlook from the data suggests a trend towards stabilization and growth in the company's financial performance and asset deployment efficiency in recent quarters.
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)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Operating revenue | ||||||||||||||||||||||||||||||
| Operating property and equipment, net | ||||||||||||||||||||||||||||||
| Operating lease right-of-use assets | ||||||||||||||||||||||||||||||
| Operating property and equipment, net (including operating lease, right-of-use asset) | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||||||
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), 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 Q3 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenueQ3 2025
+ Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024)
÷ Operating property and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals notable trends across multiple quarters in key operational and asset utilization metrics. Operating revenue experienced a pronounced decline starting in the first quarter of 2020, dropping sharply from approximately $7.98 billion to $1.48 billion in the following quarter. This represents a significant contraction likely associated with external disruptions during that period. Subsequently, operating revenue steadily recovered over the course of 2020 and 2021, increasing quarter over quarter, and surpassing pre-decline levels by early 2022. This upward momentum continued through 2022 and into 2023, with some fluctuations, hitting peaks near $14.9 billion in mid-2023 and maintaining relatively high levels through the subsequent quarters, although a modest decline can be observed towards the end of 2024 and into mid-2025.
The net value of operating property and equipment, incorporating operating lease right-of-use assets, remained relatively stable from early 2020 through late 2021, fluctuating marginally around $36 billion to $37 billion. Starting in 2022, there was a marked and steady increase in this asset base, rising consistently each quarter. By late 2025, this figure approached nearly $50 billion, suggesting significant investments or capitalized leases, contributing to an expanded asset base over the analyzed period.
Regarding asset utilization, the net fixed asset turnover ratio, which measures operating revenue generated per dollar of net fixed assets, showed initial variability and a generally low level around 0.29 to 0.43 in early 2020. Following this, a considerable improvement occurred through 2020 and 2021, with the turnover ratio reaching and exceeding 1.0 by early 2022, indicating a much more efficient use of fixed assets in generating revenues. This elevated efficiency was maintained in subsequent quarters, fluctuating slightly but staying above 1.1 for most of 2022 and 2023. Toward the end of the forecasted period, a gradual decline in the ratio is observed, settling near 1.17 by late 2025, which still reflects healthy asset turnover but a slight moderation from peak utilization levels.
In summary, the data reflects a significant disruption to revenue early in the timeline with a strong recovery and growth phase thereafter. Simultaneously, the company's asset base experienced expansion, particularly from 2022 onward, accompanied by improved efficiency in asset utilization. The modest decline in asset turnover in the latter periods suggests some easing in operational intensity or revenue leverage relative to asset size but remains strong overall.
- Operating Revenue
- Experienced a sharp decline in early 2020, followed by consistent growth surpassing pre-decline levels by 2022, peaking in mid-2023, and a moderate decrease towards 2024-2025.
- Operating Property and Equipment, Net
- Remained stable through 2020 and 2021, then steadily increased from 2022 onwards, indicating asset growth and likely increased capital investments or lease capitalization.
- Net Fixed Asset Turnover Ratio
- Initially low and variable in 2020, followed by marked improvement to above 1.0 by early 2022, maintained strong utilization through 2023, with a slight reduction in the projected later periods, indicating robust but slightly moderated asset efficiency.
Total Asset Turnover
United Airlines Holdings Inc., total asset turnover 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Operating revenue | ||||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||||||
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), 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 Q3 2025 Calculation
Total asset turnover
= (Operating revenueQ3 2025
+ Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data over the analyzed periods reveals significant trends in the company's operating revenue, total assets, and total asset turnover ratios. These trends provide insights into operational performance, asset management efficiency, and the recovery trajectory following the impact of external disruptions during early 2020.
- Operating Revenue
- The operating revenue experienced a notable decline in the second and third quarters of 2020, reaching its lowest point in June 2020 at approximately US$1,475 million, down substantially from US$7,979 million in March 2020. This sharp reduction indicates a significant operational impact in the early phases of the period under review. Following this trough, there was a gradual and sustained recovery throughout 2021 and into the subsequent years. Revenues climbed steadily, surpassing pre-decline levels by mid-2022, peaking in June 2023 at about US$14,178 million, and exhibiting some fluctuation while maintaining a generally high level through to September 2025. This rebound suggests improved market conditions and operational resilience.
- Total Assets
- Total assets presented a contrasting pattern to revenue, showing an initial increase from US$53,055 million in March 2020 to a peak above US$77,000 million in mid-2025. The asset base expanded notably in the intervening years, with occasional minor fluctuations but maintaining an overall upward trajectory. This growth in total assets amidst initial revenue decline may reflect strategic investments, acquisitions, or the restructuring of the balance sheet. The expansion of the asset base implies an emphasis on capacity building or capital expenditures during the recovery period.
- Total Asset Turnover
- The total asset turnover ratio was not available for the earliest periods but began at a low of 0.17 at mid-2020, reflecting limited efficiency in generating revenue from assets at the height of operational disruption. Over the subsequent periods, the ratio improved steadily, rising to approximately 0.77 by mid-2025. This upward trend indicates enhanced efficiency in utilizing the asset base to generate revenue, aligned with the recovery in operating revenue. Despite the growth in total assets, the company managed to improve asset productivity, suggesting better asset management or increased operational leverage as market conditions improved.
In summary, the data illustrates a period of initial financial stress followed by a strong recovery across both revenue and asset utilization metrics. The parallel increase in total assets alongside improving asset turnover and revenue figures points to effective management of resources and recovery strategies. The overall trends suggest that the company has rebounded from the early 2020 downturn, improving operational performance and asset efficiency while expanding its asset base to support growing revenue.
Equity Turnover
United Airlines Holdings Inc., equity turnover 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Operating revenue | ||||||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||||||
| Union Pacific Corp. | ||||||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||||||
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), 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 Q3 2025 Calculation
Equity turnover
= (Operating revenueQ3 2025
+ Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenue
- The operating revenue shows a significant decline at the beginning of the observed period with the lowest point recorded at June 30, 2020. Following this low, there is a clear recovery trend through 2021, with revenue increasing substantially each quarter. After peaking in the third quarter of 2022, the revenue exhibits some fluctuations but remains relatively strong and higher than pre-pandemic levels, maintaining a trend above 12,000 million US dollars through 2023 and early 2024. The later quarters show a slight tapering off, but the revenues still hold at elevated levels above the 13,000 million US dollar mark.
- Stockholders’ Equity
- Stockholders' equity displays a declining trend from March 31, 2020, to March 31, 2022, reaching its lowest value during this period. This decline may suggest financial challenges or increased liabilities impacting equity. From the second quarter of 2022 onwards, equity begins to recover steadily and consistently, rising until it reaches a high point by the end of the available period in the third quarter of 2025. This recovery indicates stronger financial positioning or retained earnings improving the equity base over time.
- Equity Turnover Ratio
- The equity turnover ratio starts with data available only from the third quarter of 2020, initially at a moderate level, and then experiences a robust increase through 2021 and into 2022. The peak is recorded in the third quarter of 2022, followed by a general downward trend over the subsequent quarters. Despite the reduction, the ratio remains higher than the initial periods, indicating improved efficiency in using equity to generate revenue compared to the early observed values. The decrease towards the end of the period may reflect either a stabilization or a slight drop in revenue relative to equity.
- Summary
- The combined trends across operating revenue, stockholders' equity, and equity turnover indicate that the company underwent a challenging phase at the onset of the timeline, likely due to external factors impacting revenue and equity negatively. Subsequently, the company shows a strong recovery in revenue and equity positions, suggesting effective management and a return to growth. The initially rising equity turnover ratio points to enhanced efficiency in revenue generation relative to equity; however, the stabilization and moderate decline in this ratio in later periods imply a potential moderation in growth or increased equity relative to revenue. Overall, the financial data reflects resilience and a positive recovery trajectory, with cautious signs of normalization in operational efficiency ratios.