Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

United Airlines Holdings Inc., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Goodwill	4,527)	4,527)	4,527)	4,527)	4,527)
China route authority	1,020)	1,020)	1,020)	1,020)	1,020)
Airport slots	564)	574)	574)	574)	560)
Tradenames and logos	593)	593)	593)	593)	593)
Alliances	404)	404)	404)	404)	404)
Indefinite-lived intangible assets	2,581)	2,591)	2,591)	2,591)	2,577)
Frequent flyer database	1,177)	1,177)	1,177)	1,177)	1,177)
Hubs	145)	145)	145)	145)	145)
Contracts	—)	—)	7)	120)	120)
Other	143)	307)	314)	314)	314)
Finite-lived intangible assets, gross carrying amount	1,465)	1,629)	1,643)	1,756)	1,756)
Accumulated amortization	(1,363)	(1,495)	(1,472)	(1,544)	(1,495)
Finite-lived intangible assets, net	102)	134)	171)	212)	261)
Intangibles, net	2,683)	2,725)	2,762)	2,803)	2,838)
Goodwill and other intangible assets	7,210)	7,252)	7,289)	7,330)	7,365)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
Intangibles, net	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	United Airlines Holdings Inc. intangibles, net decreased from 2022 to 2023 and from 2023 to 2024.
Goodwill and other intangible assets	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	United Airlines Holdings Inc. goodwill and other intangible assets decreased from 2022 to 2023 and from 2023 to 2024.

United Airlines Holdings Inc., adjustments to financial statements

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Adjustment to Total Assets
Total assets (as reported)	74,083)	71,104)	67,358)	68,175)	59,548)
Less: Goodwill	4,527)	4,527)	4,527)	4,527)	4,527)
Total assets (adjusted)	69,556)	66,577)	62,831)	63,648)	55,021)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	12,675)	9,324)	6,896)	5,029)	5,960)
Less: Goodwill	4,527)	4,527)	4,527)	4,527)	4,527)
Stockholders’ equity (adjusted)	8,148)	4,797)	2,369)	502)	1,433)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

United Airlines Holdings Inc., Financial Data: Reported vs. Adjusted

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United Airlines Holdings Inc., adjusted financial ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Total Asset Turnover
Reported total asset turnover	0.77	0.76	0.67	0.36	0.26
Adjusted total asset turnover	0.82	0.81	0.72	0.39	0.28
Financial Leverage
Reported financial leverage	5.84	7.63	9.77	13.56	9.99
Adjusted financial leverage	8.54	13.88	26.52	126.79	38.40
Return on Equity (ROE)
Reported ROE	24.84%	28.08%	10.69%	-39.05%	-118.61%
Adjusted ROE	38.65%	54.58%	31.11%	-391.24%	-493.30%
Return on Assets (ROA)
Reported ROA	4.25%	3.68%	1.09%	-2.88%	-11.87%
Adjusted ROA	4.53%	3.93%	1.17%	-3.09%	-12.85%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	United Airlines Holdings Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	United Airlines Holdings Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	United Airlines Holdings Inc. adjusted ROE improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	United Airlines Holdings Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

United Airlines Holdings Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Operating revenue	57,063)	53,717)	44,955)	24,634)	15,355)
Total assets	74,083)	71,104)	67,358)	68,175)	59,548)
Activity Ratio
Total asset turnover¹	0.77	0.76	0.67	0.36	0.26
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Operating revenue	57,063)	53,717)	44,955)	24,634)	15,355)
Adjusted total assets	69,556)	66,577)	62,831)	63,648)	55,021)
Activity Ratio
Adjusted total asset turnover²	0.82	0.81	0.72	0.39	0.28

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Total asset turnover = Operating revenue ÷ Total assets
= 57,063 ÷ 74,083 = 0.77

² Adjusted total asset turnover = Operating revenue ÷ Adjusted total assets
= 57,063 ÷ 69,556 = 0.82

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	United Airlines Holdings Inc. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Total assets	74,083)	71,104)	67,358)	68,175)	59,548)
Stockholders’ equity	12,675)	9,324)	6,896)	5,029)	5,960)
Solvency Ratio
Financial leverage¹	5.84	7.63	9.77	13.56	9.99
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	69,556)	66,577)	62,831)	63,648)	55,021)
Adjusted stockholders’ equity	8,148)	4,797)	2,369)	502)	1,433)
Solvency Ratio
Adjusted financial leverage²	8.54	13.88	26.52	126.79	38.40

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 74,083 ÷ 12,675 = 5.84

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 69,556 ÷ 8,148 = 8.54

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	United Airlines Holdings Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	3,149)	2,618)	737)	(1,964)	(7,069)
Stockholders’ equity	12,675)	9,324)	6,896)	5,029)	5,960)
Profitability Ratio
ROE¹	24.84%	28.08%	10.69%	-39.05%	-118.61%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss)	3,149)	2,618)	737)	(1,964)	(7,069)
Adjusted stockholders’ equity	8,148)	4,797)	2,369)	502)	1,433)
Profitability Ratio
Adjusted ROE²	38.65%	54.58%	31.11%	-391.24%	-493.30%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 3,149 ÷ 12,675 = 24.84%

² Adjusted ROE = 100 × Net income (loss) ÷ Adjusted stockholders’ equity
= 100 × 3,149 ÷ 8,148 = 38.65%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	United Airlines Holdings Inc. adjusted ROE improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	3,149)	2,618)	737)	(1,964)	(7,069)
Total assets	74,083)	71,104)	67,358)	68,175)	59,548)
Profitability Ratio
ROA¹	4.25%	3.68%	1.09%	-2.88%	-11.87%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss)	3,149)	2,618)	737)	(1,964)	(7,069)
Adjusted total assets	69,556)	66,577)	62,831)	63,648)	55,021)
Profitability Ratio
Adjusted ROA²	4.53%	3.93%	1.17%	-3.09%	-12.85%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

2024 Calculations

¹ ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 3,149 ÷ 74,083 = 4.25%

² Adjusted ROA = 100 × Net income (loss) ÷ Adjusted total assets
= 100 × 3,149 ÷ 69,556 = 4.53%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	United Airlines Holdings Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

United Airlines Holdings Inc. (NASDAQ:UAL)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

United Airlines Holdings Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

United Airlines Holdings Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)