Analysis of Short-term (Operating) 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.
Short-term Activity Ratios (Summary)
United Airlines Holdings Inc., short-term (operating) 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 financial turnover ratios and periods over the reported quarters reveals several notable trends and fluctuations in operational efficiency metrics.
- Inventory Turnover
- The inventory turnover ratio shows a general increasing trend from the earliest available period through 2025, rising from 16.48 to a peak around 40.82, then stabilizing in the mid to high 30s range. This indicates an improvement in the efficiency of inventory management, with faster stock movement over time.
- Receivables Turnover
- The receivables turnover ratio exhibits variability, initially declining from 11.86 down to near 7.63, before recovering and steadily increasing up to approximately 28.3 in early 2024. The ratio then fluctuates slightly in the mid-20s, suggesting improved collection efficiency following earlier declines but with some inconsistency in later periods.
- Payables Turnover
- The payables turnover ratio declined sharply early in the periods, bottoming around 5.77–6.58, and then gradually increased to a peak above 14 in early 2025 before moderating just below that level. This reflects changes in the company’s payment pace to suppliers, initially slower and then becoming faster, before slightly decelerating again.
- Working Capital Turnover
- Working capital turnover demonstrates extreme variability, with a pronounced surge to very high levels during 2021-2022, particularly a striking spike to over 600 at one point. These outlying values suggest non-recurring operational or accounting adjustments during these quarters, before data becomes unavailable.
- Average Inventory Processing Period
- The average inventory processing period steadily decreased from 22 days to about 9-11 days throughout the periods, showing enhanced efficiency in processing inventory with faster turnover.
- Average Receivable Collection Period
- The period required to collect receivables rose in mid-2020, peaking at 48 days, then trended downward, stabilizing in the 13-17 day range from 2022 onward. This trend indicates an initial slow down in collections followed by improved cash collection discipline.
- Operating Cycle
- The operating cycle followed a similar pattern to the collection period: increasing early on to 80 days, then declining steadily to the mid-20s range by 2022 and maintaining that level. This suggests an overall improvement in the working capital cycle duration.
- Average Payables Payment Period
- The time taken to pay suppliers extended from 38 days up to a peak in the low 60s, before trending back down to roughly 26-31 days. This indicates changing supplier payment terms or strategies, possibly balancing liquidity management and supplier relationships.
- Cash Conversion Cycle
- The cash conversion cycle fluctuated around positive values initially, ranging roughly 9 to 17 days, before turning negative from late 2021 onward, reaching values as low as -7 days. A negative cash conversion cycle indicates the company was receiving cash from customers before paying suppliers, reflecting a favorable liquidity position and efficient working capital management in the later periods.
In summary, the data suggests significant fluctuations in the early periods likely due to external or operational challenges, followed by a marked improvement in inventory management, receivables collection, and overall working capital efficiency. The transition to a negative cash conversion cycle in the later periods indicates increasingly effective cash flow management. The volatility in working capital turnover and some adverse spikes warrant further investigation to understand the underlying causes fully.
Turnover Ratios
Average No. Days
Inventory Turnover
United Airlines Holdings Inc., inventory 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) | |||||||
| Aircraft fuel, spare parts and supplies, net | 1,547) | 1,601) | 1,572) | 1,639) | 1,680) | 1,675) | 1,561) | 1,513) | 1,290) | 1,196) | 1,109) | 1,116) | 1,153) | 1,068) | 983) | 955) | 912) | 918) | 932) | 961) | 955) | 1,070) | |||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||
| Inventory turnover1 | 37.48 | 36.06 | 36.30 | 34.16 | 33.12 | 32.73 | 34.41 | 34.69 | 39.44 | 40.82 | 40.54 | 36.51 | 30.89 | 27.13 | 25.06 | 20.79 | 16.00 | 11.54 | 16.48 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Inventory Turnover, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 140.96 | 143.36 | 142.82 | 136.74 | 139.15 | 140.40 | 149.26 | 146.78 | 143.65 | 146.45 | 146.80 | 150.05 | 150.76 | 150.16 | 143.03 | 135.08 | 127.31 | 120.56 | 121.01 | — | — | — | |||||||
| Union Pacific Corp. | 31.52 | 32.46 | 31.53 | 31.34 | 29.91 | 31.29 | 32.46 | 31.35 | 33.38 | 34.44 | 33.57 | 30.77 | 29.66 | 31.22 | 35.11 | 31.95 | 29.89 | 29.29 | 30.62 | — | — | — | |||||||
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
Inventory turnover
= (Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024)
÷ Aircraft fuel, spare parts and supplies, net
= (15,236 + 13,213 + 14,695 + 14,843)
÷ 1,547 = 37.48
2 Click competitor name to see calculations.
- Operating Revenue
- Operating revenue exhibited significant volatility over the observed periods. It dropped sharply in the second quarter of 2020, reaching a low of 1,475 million USD from 7,979 million USD in the first quarter of 2020, reflecting a substantial downturn. Subsequently, a gradual recovery began, with revenues increasing steadily through 2021 and reaching a peak of 14,484 million USD in the third quarter of 2023. Despite some fluctuations, the general trend from mid-2020 onwards was upward, signifying improved operational conditions. The revenue levels from 2022 onward remained consistently higher than in 2020 and early 2021, indicating a progressive recovery trajectory. A slight decrease is observed towards early 2025, but the values remain significantly above the low points observed during 2020.
- Aircraft Fuel, Spare Parts and Supplies, Net
- The expense related to aircraft fuel, spare parts, and supplies showed relative stability with mild fluctuations in 2020 and early 2021, fluctuating just under 1,000 million USD per quarter. From 2022 onwards, this expense generally increased, reaching above 1,600 million USD in several quarters in 2024, signaling increasing costs or consumption in these categories. The trend indicates gradual cost inflation or higher usage of materials corresponding to increased operational activities. The highest values were recorded in the second half of 2023 and through 2024, peaking at approximately 1,680 million USD in mid-2024.
- Inventory Turnover
- Inventory turnover ratios display a marked upward trend starting from the third quarter of 2020, where the ratio was 16.48. This ratio increased steadily over the subsequent quarters, reaching as high as 40.82 in mid-2023. After this peak, it slightly declined but remained above 30, indicating efficient inventory management maintained over this period. The rising turnover ratio suggests faster movement of inventory, potentially reflecting improved demand and inventory control practices in alignment with recovering operations. The ratio stayed relatively stable above 30 through 2024 and into early 2025, demonstrating sustained operational efficiency in managing inventory.
Receivables Turnover
United Airlines Holdings Inc., receivables 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) | |||||||
| Receivables, net | 2,286) | 2,288) | 2,163) | 2,042) | 2,376) | 2,259) | 1,898) | 2,193) | 2,004) | 2,274) | 1,801) | 2,034) | 2,217) | 2,062) | 1,663) | 1,709) | 1,793) | 1,389) | 1,295) | 1,171) | 857) | 792) | |||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||
| Receivables turnover1 | 25.37 | 25.23 | 26.38 | 27.42 | 23.42 | 24.27 | 28.30 | 23.94 | 25.39 | 21.47 | 24.96 | 20.03 | 16.07 | 14.05 | 14.81 | 11.62 | 8.14 | 7.63 | 11.86 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 8.14 | 8.49 | 8.69 | 8.84 | 8.25 | 8.68 | 8.85 | 8.64 | 8.08 | 8.57 | 7.88 | 7.86 | 7.34 | 7.79 | 6.96 | 6.86 | 6.55 | 6.80 | 6.85 | — | — | — | |||||||
| Uber Technologies Inc. | — | 13.01 | 13.19 | 11.28 | 10.59 | 10.41 | 10.95 | 11.98 | 13.59 | 13.16 | 11.47 | 11.77 | 10.39 | 8.65 | 7.16 | 11.13 | 10.67 | 10.04 | 10.38 | — | — | — | |||||||
| Union Pacific Corp. | 12.74 | 12.34 | 12.80 | 11.93 | 11.40 | 11.14 | 11.63 | 12.48 | 13.56 | 12.82 | 13.15 | 11.90 | 11.42 | 11.57 | 12.66 | 12.63 | 12.34 | 11.99 | 12.98 | — | — | — | |||||||
| United Parcel Service Inc. | — | 9.19 | 8.38 | 9.86 | 9.89 | 9.39 | 8.11 | 9.84 | 10.03 | 9.60 | 7.97 | 9.21 | 8.78 | 8.82 | 7.76 | 9.01 | 9.12 | 8.84 | 7.87 | — | — | — | |||||||
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
Receivables turnover
= (Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024)
÷ Receivables, net
= (15,236 + 13,213 + 14,695 + 14,843)
÷ 2,286 = 25.37
2 Click competitor name to see calculations.
- Operating Revenue Trend
- The operating revenue exhibits significant fluctuations across the periods analyzed, starting at $7,979 million in March 2020 and sharply declining to $1,475 million by June 2020. This decline is likely attributable to external disruptions affecting performance in early 2020. Subsequent quarters show a steady recovery trend, with revenues increasing to $8,192 million by December 2021. From 2022 onward, revenues demonstrate seasonal variability but generally remain elevated, ranging approximately between $11,213 million and $14,484 million, reaching a peak of $15,236 million in June 2025. Overall, the data suggests a strong rebound and growth in operating revenue following the initial downturn.
- Receivables, Net Trend
- Net receivables show a consistent upward trajectory, beginning at $792 million in March 2020 and increasing to about $2,288 million by June 2025. Notable increases occur during late 2021 and the first half of 2023, where receivables rise sharply, possibly indicating increased sales or extended credit terms. Some variability occurs, for example in December 2022 and March 2024, where minor declines are observed. The overall trend reflects growing accounts receivable balances aligned with increased revenue levels.
- Receivables Turnover Ratio Trend
- The receivables turnover ratio data begins in September 2020 at 11.86, decreases to a low of 7.63 in December 2020, and then generally improves over time. From mid-2021 onward, the ratio steadily increases, peaking at 28.3 in March 2024, reflecting increasingly efficient collection of receivables relative to sales. Some fluctuations occur in the final periods, with values maintaining a strong range between 23.42 and 27.42, suggesting sustained effective credit management despite growth in receivables.
- Summary of Financial Performance and Efficiency
- The initial sharp decline in operating revenue and receivables in early 2020 corresponds with an external disruptive event. However, the subsequent quarters display a robust recovery and growth in revenue, supported by increasing net receivables. The improved receivables turnover ratio over the timeframe indicates enhanced efficiency in collecting receivables despite the expansion in credit extended. Collectively, these trends suggest improving operational scale and financial management performance over the analyzed periods.
Payables Turnover
United Airlines Holdings Inc., payables 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) | |||||||
| Accounts payable | 4,920) | 4,694) | 4,193) | 4,008) | 4,478) | 4,344) | 3,835) | 4,206) | 4,172) | 3,858) | 3,395) | 3,534) | 3,755) | 2,966) | 2,562) | 2,199) | 2,218) | 1,838) | 1,595) | 1,831) | 1,725) | 2,436) | |||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||
| Payables turnover1 | 11.79 | 12.30 | 13.61 | 13.97 | 12.42 | 12.62 | 14.01 | 12.48 | 12.20 | 12.65 | 13.24 | 11.53 | 9.49 | 9.77 | 9.62 | 9.03 | 6.58 | 5.77 | 9.63 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Payables Turnover, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 22.43 | 23.43 | 27.50 | 23.15 | 21.98 | 23.35 | 23.43 | 23.23 | 23.59 | 22.74 | 23.20 | 21.90 | 21.37 | 22.67 | 21.86 | 19.74 | 20.02 | 21.41 | 21.17 | — | — | — | |||||||
| Uber Technologies Inc. | — | 31.41 | 31.06 | 31.76 | 32.37 | 28.05 | 28.43 | 27.17 | 30.63 | 29.34 | 27.00 | 22.55 | 18.17 | 13.53 | 10.87 | 24.80 | 15.26 | 23.16 | 21.93 | — | — | — | |||||||
| United Parcel Service Inc. | — | 16.67 | 14.45 | 16.76 | 16.89 | 16.63 | 14.35 | 15.59 | 15.81 | 15.69 | 13.36 | 15.02 | 13.96 | 14.04 | 12.93 | 14.65 | 14.09 | 14.20 | 13.11 | — | — | — | |||||||
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
Payables turnover
= (Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024)
÷ Accounts payable
= (15,236 + 13,213 + 14,695 + 14,843)
÷ 4,920 = 11.79
2 Click competitor name to see calculations.
The data reveals notable fluctuations and trends over the analyzed quarters in key financial metrics, specifically operating revenue, accounts payable, and payables turnover.
- Operating Revenue
- Operating revenue experienced a sharp decline in the first half of 2020, reflecting a substantial drop from US$7,979 million at the end of March 2020 to US$1,475 million by June 2020. This trajectory indicates a severe impact during that period. Subsequent quarters show a gradual recovery, with revenue climbing steadily through 2021 and into 2022, peaking at US$14,484 million in the third quarter of 2023. After this peak, revenue displayed some variability but mostly maintained elevated levels, remaining above US$13 billion through early 2025. Overall, the trend suggests a significant recovery from the initial trough, stabilizing at pre-crisis or higher levels toward the end of the period.
- Accounts Payable
- Accounts payable demonstrated an overall upward trend across the examined timeline. Starting from US$2,436 million in March 2020, the figure initially declined to a low of US$1,595 million by December 2020, reflecting a cautious management of payables early in the period. Thereafter, payables rose consistently, reaching US$4,940 million by June 2025. This steady increase, particularly pronounced after mid-2021, suggests growing operational activity or extended creditor terms as the company managed its liabilities with an expanding business volume.
- Payables Turnover Ratio
- The payables turnover ratio, available from September 2020 onward, fluctuated moderately but depicted an improving efficiency in managing payables. The ratio increased from 9.63 in September 2020, dipped to a low of 5.77 in December 2020, and then trended upward, reaching values above 12 from mid-2021 through 2025. Peaks such as 14.01 in March 2024 emphasize enhanced payables management or faster payment cycles. The consistent maintenance of turnover above 11 after 2021 underscores strengthening operational efficiency or renegotiated payment policies.
In summary, the data outlines a period of initial significant financial disruption followed by recovery and stabilization. Operating revenues rebounded strongly after sharp declines, accounts payable increased steadily correlating with operational scaling, and payables turnover improved, indicating more effective management of payable accounts over time.
Working Capital Turnover
United Airlines Holdings Inc., working capital turnover calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current assets | 20,258) | 20,148) | 18,883) | 18,571) | 20,003) | 18,696) | 18,487) | 21,912) | 23,306) | 21,586) | 20,058) | 22,689) | 24,371) | 22,612) | 21,834) | 23,057) | 24,673) | 16,019) | 14,800) | 16,476) | 10,041) | 7,905) | |||||||
| Less: Current liabilities | 28,992) | 25,798) | 23,314) | 23,365) | 25,855) | 24,764) | 22,203) | 24,756) | 25,575) | 23,635) | 19,992) | 21,989) | 23,444) | 21,788) | 18,304) | 16,935) | 18,064) | 14,167) | 12,725) | 15,791) | 16,395) | 16,087) | |||||||
| Working capital | (8,734) | (5,650) | (4,431) | (4,794) | (5,852) | (6,068) | (3,716) | (2,844) | (2,269) | (2,049) | 66) | 700) | 927) | 824) | 3,530) | 6,122) | 6,609) | 1,852) | 2,075) | 685) | (6,354) | (8,182) | |||||||
| 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) | |||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||
| Working capital turnover1 | — | — | — | — | — | — | — | — | — | — | 681.14 | 58.21 | 38.43 | 35.17 | 6.98 | 3.24 | 2.21 | 5.72 | 7.40 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 26.25 | 21.99 | 18.07 | 21.26 | 18.06 | 17.45 | 17.94 | 21.22 | 22.52 | 16.22 | 15.35 | 16.74 | 13.05 | 13.06 | 12.13 | 9.67 | 8.17 | 9.27 | 11.46 | — | — | — | |||||||
| Uber Technologies Inc. | — | 191.48 | 57.19 | 9.33 | 18.50 | 18.54 | 20.23 | 28.22 | 17.25 | 65.98 | 80.50 | 83.47 | — | 1,646.62 | — | 9.53 | 129.39 | 10.72 | 3.69 | — | — | — | |||||||
| Union Pacific Corp. | — | — | — | — | 114.40 | — | — | — | — | — | — | — | — | — | — | — | — | — | 476.41 | — | — | — | |||||||
| United Parcel Service Inc. | — | 63.57 | 31.74 | 41.54 | 23.94 | 60.59 | 52.36 | 27.10 | 20.23 | 18.10 | 24.61 | 14.61 | 12.16 | 11.27 | 13.21 | 12.81 | 14.87 | 19.13 | 26.45 | — | — | — | |||||||
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
Working capital turnover
= (Operating revenueQ2 2025
+ Operating revenueQ1 2025
+ Operating revenueQ4 2024
+ Operating revenueQ3 2024)
÷ Working capital
= (15,236 + 13,213 + 14,695 + 14,843)
÷ -8,734 = —
2 Click competitor name to see calculations.
The working capital exhibits considerable fluctuations over the reported periods. Initially, in early 2020, working capital was significantly negative, indicating a strained liquidity position. This negative trend improved progressively through 2020, turning positive by the third quarter of 2020 and peaking in mid-2021. After this peak, working capital values began a steady decline, reverting to negative values from the first quarter of 2023 onward, with the magnitude of negative working capital increasing notably through 2025.
Operating revenue demonstrates a strong recovery pattern following a low point in mid-2020. After an initial sharp drop in the second quarter of 2020, revenue rose consistently, reaching a high point at the end of 2022 and experiencing some fluctuations thereafter. Despite some quarters showing slight decreases, the general trend remains robust, with revenues generally increasing and maintaining relatively high levels through 2025 compared to the lowest points in 2020.
The working capital turnover ratio, available only for selected quarters in 2020, shows a declining trend. The ratio started high, indicating efficient use of working capital relative to operating revenue, but progressively decreased, suggesting a reduced efficiency in capital utilization by the end of 2020. The lack of data beyond 2020 limits further trend analysis for this ratio.
Overall, the data reflect a company that underwent significant operational challenges impacting liquidity and capital efficiency in early 2020, followed by a period of recovery in both revenue and liquidity. However, the more recent trend in working capital suggests tightening liquidity, which may warrant further investigation. Meanwhile, operating revenue sustained growth, indicating resilience in generating income despite the fluctuations in working capital.
Average Inventory Processing Period
United Airlines Holdings Inc., average inventory processing period 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 | |||||||||||||||||||||||||||||
| Inventory turnover | 37.48 | 36.06 | 36.30 | 34.16 | 33.12 | 32.73 | 34.41 | 34.69 | 39.44 | 40.82 | 40.54 | 36.51 | 30.89 | 27.13 | 25.06 | 20.79 | 16.00 | 11.54 | 16.48 | — | — | — | |||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||||||
| Average inventory processing period1 | 10 | 10 | 10 | 11 | 11 | 11 | 11 | 11 | 9 | 9 | 9 | 10 | 12 | 13 | 15 | 18 | 23 | 32 | 22 | — | — | — | |||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||||||
| Average Inventory Processing Period, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 2 | 3 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | — | — | — | |||||||
| Union Pacific Corp. | 12 | 11 | 12 | 12 | 12 | 12 | 11 | 12 | 11 | 11 | 11 | 12 | 12 | 12 | 10 | 11 | 12 | 12 | 12 | — | — | — | |||||||
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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 37.48 = 10
2 Click competitor name to see calculations.
- Inventory Turnover
- The inventory turnover ratio demonstrates a generally upward trajectory from early 2021 through mid-2025. Starting at 16.48 in March 2021, it experienced fluctuations, dipping to 11.54 in June 2021 before steadily increasing to reach 40.54 by the end of 2022. This peak suggests a significant improvement in inventory management and sales efficiency during that period.
- Following the peak, the ratio slightly declined and stabilized around the mid-30s range from early 2023 through mid-2025. The values between 34.41 and 37.48 in this period indicate that while inventory turnover slowed compared to the peak, it remained relatively high compared to the initial figure in 2021.
- Average Inventory Processing Period
- The average inventory processing period inversely correlates with inventory turnover as expected. Beginning at 22 days in March 2021, it increased to 32 days in June 2021, illustrating an initial slowdown in processing.
- Subsequently, the period consistently shortened and stabilized between 9 and 11 days from late 2021 through mid-2025. This reduction and subsequent stability in days indicate improved inventory handling efficiency, enabling faster turnover.
- Overall Trends and Insights
- The data collectively indicates enhanced inventory efficiency over the measured periods. After an initial dip in turnover and increase in processing time during early 2021, both metrics improved significantly from the end of 2021 onward.
- The peak inventory turnover ratio in late 2022 corresponds with the lowest average inventory processing period, highlighting optimal inventory management. Though turnover ratios stabilized somewhat after this peak, the values suggest sustained efficiency at a higher level than the initial periods.
- This pattern may reflect adjustments in operational processes or market conditions favoring quicker inventory cycles and improved working capital management.
Average Receivable Collection Period
United Airlines Holdings Inc., average receivable collection period 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 | |||||||||||||||||||||||||||||
| Receivables turnover | 25.37 | 25.23 | 26.38 | 27.42 | 23.42 | 24.27 | 28.30 | 23.94 | 25.39 | 21.47 | 24.96 | 20.03 | 16.07 | 14.05 | 14.81 | 11.62 | 8.14 | 7.63 | 11.86 | — | — | — | |||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||||||
| Average receivable collection period1 | 14 | 14 | 14 | 13 | 16 | 15 | 13 | 15 | 14 | 17 | 15 | 18 | 23 | 26 | 25 | 31 | 45 | 48 | 31 | — | — | — | |||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 45 | 43 | 42 | 41 | 44 | 42 | 41 | 42 | 45 | 43 | 46 | 46 | 50 | 47 | 52 | 53 | 56 | 54 | 53 | — | — | — | |||||||
| Uber Technologies Inc. | — | 28 | 28 | 32 | 34 | 35 | 33 | 30 | 27 | 28 | 32 | 31 | 35 | 42 | 51 | 33 | 34 | 36 | 35 | — | — | — | |||||||
| Union Pacific Corp. | 29 | 30 | 29 | 31 | 32 | 33 | 31 | 29 | 27 | 28 | 28 | 31 | 32 | 32 | 29 | 29 | 30 | 30 | 28 | — | — | — | |||||||
| United Parcel Service Inc. | — | 40 | 44 | 37 | 37 | 39 | 45 | 37 | 36 | 38 | 46 | 40 | 42 | 41 | 47 | 40 | 40 | 41 | 46 | — | — | — | |||||||
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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 25.37 = 14
2 Click competitor name to see calculations.
The receivables turnover ratio and the average receivable collection period exhibit notable trends over the periods analyzed. Starting from the earliest reported values in March 2020, although data is absent for initial quarters, subsequent observations reveal a general upward trend in the receivables turnover ratio. This ratio increased from 11.86 in March 2020 to a peak of 28.3 by March 2024, indicating a more efficient conversion of receivables into cash.
In parallel, the average receivable collection period, expressed in days, shows a downward trend over the same timeframe. Beginning at 31 days in March 2020, it declined steadily to reach a lower range fluctuating around 13 to 16 days in the later periods. This shortening collection period corresponds with the increasing turnover ratio, suggesting faster receivables collection and improved liquidity management.
- Receivables Turnover Ratio
- Initial available value: 11.86 in March 2020.
- Fluctuated with slight dips but generally increased, reaching 28.3 by March 2024.
- Values remained relatively stable near 24-27 towards the end of the period, indicating consistent efficiency.
- Average Receivable Collection Period (Days)
- Initially at 31 days in March 2020.
- Experienced a downward trajectory, settling between 13 and 16 days from early 2023 onwards.
- This inverse relation to the turnover ratio reflects faster cash collection from customers.
The improvements in both metrics likely signify enhanced credit management and receivables recovery processes over the observed timeline. The trend toward higher turnover ratios combined with shorter collection periods points to an increasingly efficient working capital cycle, potentially benefiting the operational cash flow and overall financial health.
Operating Cycle
United Airlines Holdings Inc., operating cycle calculation (quarterly data)
No. days
| 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 | |||||||||||||||||||||||||||||
| Average inventory processing period | 10 | 10 | 10 | 11 | 11 | 11 | 11 | 11 | 9 | 9 | 9 | 10 | 12 | 13 | 15 | 18 | 23 | 32 | 22 | — | — | — | |||||||
| Average receivable collection period | 14 | 14 | 14 | 13 | 16 | 15 | 13 | 15 | 14 | 17 | 15 | 18 | 23 | 26 | 25 | 31 | 45 | 48 | 31 | — | — | — | |||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||
| Operating cycle1 | 24 | 24 | 24 | 24 | 27 | 26 | 24 | 26 | 23 | 26 | 24 | 28 | 35 | 39 | 40 | 49 | 68 | 80 | 53 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Operating Cycle, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 48 | 46 | 45 | 44 | 47 | 45 | 43 | 44 | 48 | 45 | 48 | 48 | 52 | 49 | 55 | 56 | 59 | 57 | 56 | — | — | — | |||||||
| Union Pacific Corp. | 41 | 41 | 41 | 43 | 44 | 45 | 42 | 41 | 38 | 39 | 39 | 43 | 44 | 44 | 39 | 40 | 42 | 42 | 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
Operating cycle = Average inventory processing period + Average receivable collection period
= 10 + 14 = 24
2 Click competitor name to see calculations.
- Average Inventory Processing Period
- The average inventory processing period shows a general decreasing trend from March 2021 onward. Initially, it was 22 days in March 2021, increased to 32 days by June 2021, then gradually declined to 10 days by September 2025. This indicates improved inventory turnover efficiency over time, with a notable stabilization around 9 to 11 days in the later quarters.
- Average Receivable Collection Period
- The average receivable collection period exhibited fluctuations throughout the periods. It started at 31 days in March 2021, peaked at 48 days in June 2021, and then steadily decreased to around 14 to 16 days from March 2023 onwards. This suggests an enhancement in the company’s credit management and collection processes, leading to faster conversion of receivables into cash over time.
- Operating Cycle
- The operating cycle, expressed in days, followed a decreasing trend from March 2021 (53 days) through the periods analyzed. After rising to 80 days in June 2021, it declined steadily to approximately 24 days from June 2023 onward, indicating overall improvements in inventory management and receivables collection, thus shortening the total time to convert inventory and receivables into cash.
Average Payables Payment Period
United Airlines Holdings Inc., average payables payment period 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 | |||||||||||||||||||||||||||||
| Payables turnover | 11.79 | 12.30 | 13.61 | 13.97 | 12.42 | 12.62 | 14.01 | 12.48 | 12.20 | 12.65 | 13.24 | 11.53 | 9.49 | 9.77 | 9.62 | 9.03 | 6.58 | 5.77 | 9.63 | — | — | — | |||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||||||
| Average payables payment period1 | 31 | 30 | 27 | 26 | 29 | 29 | 26 | 29 | 30 | 29 | 28 | 32 | 38 | 37 | 38 | 40 | 55 | 63 | 38 | — | — | — | |||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 16 | 16 | 13 | 16 | 17 | 16 | 16 | 16 | 15 | 16 | 16 | 17 | 17 | 16 | 17 | 18 | 18 | 17 | 17 | — | — | — | |||||||
| Uber Technologies Inc. | — | 12 | 12 | 11 | 11 | 13 | 13 | 13 | 12 | 12 | 14 | 16 | 20 | 27 | 34 | 15 | 24 | 16 | 17 | — | — | — | |||||||
| United Parcel Service Inc. | — | 22 | 25 | 22 | 22 | 22 | 25 | 23 | 23 | 23 | 27 | 24 | 26 | 26 | 28 | 25 | 26 | 26 | 28 | — | — | — | |||||||
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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 11.79 = 31
2 Click competitor name to see calculations.
- Payables Turnover
- The payables turnover ratio exhibits a noticeable fluctuation over the observed periods. Starting at 9.63 in March 2021, it declines significantly to 5.77 by June 2021, indicating slower payments to suppliers during this interval. Subsequently, the ratio increases consistently, recovering to 9.03 by December 2021 and reaching a peak of 14.01 in March 2024. After this peak, the ratio stabilizes somewhat, with minor variations around values between approximately 11.79 and 13.97 through mid-2025. Overall, this suggests a general trend towards more rapid payment cycles after mid-2021, with some short-term variability in supplier payment efficiency.
- Average Payables Payment Period
- The average payables payment period, expressed in days, shows an inverse pattern relative to the payables turnover. Beginning with 38 days in March 2021, it lengthens significantly to 63 days by June 2021, reflecting extended payment terms or slower payments during that quarter. Following this spike, the period declines steadily, dropping to a low of 26 days in March 2024. Thereafter, the payment period stabilizes around 26 to 31 days through mid-2025, suggesting that the company maintained a shorter payment cycle with its suppliers after mid-2021. This reduction in days payable outstanding indicates improved liquidity management or changes in supplier negotiations favoring quicker settlements.
- Overall Insights
- The data collectively indicate that the company experienced a period of delayed payments or extended payables around mid-2021, as evidenced by both the low payables turnover ratio and the high average payment period. Subsequently, there was a deliberate or operational shift towards faster payment cycles, improving the turnover ratio and decreasing the payment period, thus enhancing the company's payables management efficiency. The relatively stable metrics from early 2023 onward imply establishment of a consistent payment strategy, maintaining a balance between optimizing cash flow and supplier relations.
Cash Conversion Cycle
United Airlines Holdings Inc., cash conversion cycle calculation (quarterly data)
No. days
| 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 | |||||||||||||||||||||||||||||
| Average inventory processing period | 10 | 10 | 10 | 11 | 11 | 11 | 11 | 11 | 9 | 9 | 9 | 10 | 12 | 13 | 15 | 18 | 23 | 32 | 22 | — | — | — | |||||||
| Average receivable collection period | 14 | 14 | 14 | 13 | 16 | 15 | 13 | 15 | 14 | 17 | 15 | 18 | 23 | 26 | 25 | 31 | 45 | 48 | 31 | — | — | — | |||||||
| Average payables payment period | 31 | 30 | 27 | 26 | 29 | 29 | 26 | 29 | 30 | 29 | 28 | 32 | 38 | 37 | 38 | 40 | 55 | 63 | 38 | — | — | — | |||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||
| Cash conversion cycle1 | -7 | -6 | -3 | -2 | -2 | -3 | -2 | -3 | -7 | -3 | -4 | -4 | -3 | 2 | 2 | 9 | 13 | 17 | 15 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Conversion Cycle, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 32 | 30 | 32 | 28 | 30 | 29 | 27 | 28 | 33 | 29 | 32 | 31 | 35 | 33 | 38 | 38 | 41 | 40 | 39 | — | — | — | |||||||
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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 10 + 14 – 31 = -7
2 Click competitor name to see calculations.
- Average Inventory Processing Period
- The average inventory processing period demonstrates a clear declining trend from March 2021 onwards. It starts at 22 days in March 2021, fluctuating slightly in the following quarters, but overall decreases steadily to 10 days by June 2025. The initial volatility with periods of increase is followed by a period of consistent stability around 9 to 11 days before reaching 10 days, indicating improvements in inventory turnover and efficiency in inventory management.
- Average Receivable Collection Period
- The average receivable collection period shows variability but an overarching improvement over time. It peaks in June 2020 at 48 days, then steadily decreases to 14 days by September 2023. From this point forward, it generally fluctuates between 13 and 16 days, indicating a strong control over receivables and prompt collection from customers, which positively supports liquidity management.
- Average Payables Payment Period
- The average payables payment period experiences considerable fluctuation. It reaches a high of 63 days in June 2020, then declines sharply, settling closer to the 26-31 days range from early 2023 through mid-2025. This suggests a shift towards faster payment to suppliers relative to previous periods, possibly reflecting improved cash flow or strategic supplier relationship management.
- Cash Conversion Cycle
- The cash conversion cycle exhibits a significant contraction over time. It begins at 15 days in March 2021, gradually declines into negative territory by September 2022, and remains predominantly negative thereafter, going as low as -7 days in March 2023 and June 2025. A negative cash conversion cycle indicates that the company effectively collects cash from customers before paying off its suppliers, highlighting strong operating efficiency and favorable working capital dynamics.