Adjustments to Total Assets
Adjustments to Current Liabilities
Adjustments to Total Liabilities
Adjustments to Stockholders’ Equity
Adjustments to Capitalization Table
Adjustments to Revenues
Adjustments to Reported Income

United Airlines Holdings Inc., adjusted total assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total assets	74,083)	71,104)	67,358)	68,175)	59,548)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred tax assets²	—)	—)	91)	659)	131)
After Adjustment
Adjusted total assets	74,083)	71,104)	67,267)	67,516)	59,417)

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).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets. See details »

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United Airlines Holdings Inc., adjusted current liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Current liabilities	23,314)	22,203)	19,992)	18,304)	12,725)
Adjustments
Less: Current frequent flyer deferred revenue	3,403)	3,095)	2,693)	2,239)	908)
After Adjustment
Adjusted current liabilities	19,911)	19,108)	17,299)	16,065)	11,817)

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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United Airlines Holdings Inc., adjusted total liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total liabilities	61,408)	61,780)	60,462)	63,146)	53,588)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred tax liabilities²	1,580)	594)	—)	—)	—)
Less: Frequent flyer deferred revenue	7,441)	7,143)	6,675)	6,282)	5,975)
After Adjustment
Adjusted total liabilities	52,387)	54,043)	53,787)	56,864)	47,613)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

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United Airlines Holdings Inc., adjusted stockholders’ equity

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Stockholders’ equity	12,675)	9,324)	6,896)	5,029)	5,960)
Adjustments
Less: Net deferred income tax asset (liability)¹	(1,580)	(594)	91)	659)	131)
Add: Frequent flyer deferred revenue	7,441)	7,143)	6,675)	6,282)	5,975)
After Adjustment
Adjusted stockholders’ equity	21,696)	17,061)	13,480)	10,652)	11,804)

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).

¹ Net deferred income tax asset (liability). See details »

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United Airlines Holdings Inc., adjusted capitalization table

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Current maturities of long-term debt, finance leases, and other financial liabilities	3,453)	4,247)	3,038)	3,912)	2,111)
Long-term debt, finance leases, and other financial liabilities, less current portion	25,203)	27,413)	29,242)	31,443)	26,200)
Total reported debt	28,656)	31,660)	32,280)	35,355)	28,311)
Stockholders’ equity	12,675)	9,324)	6,896)	5,029)	5,960)
Total reported capital	41,331)	40,984)	39,176)	40,384)	34,271)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current maturities of operating leases²	467)	576)	561)	556)	612)
Add: Long-term obligations under operating leases³	4,510)	4,503)	4,459)	5,152)	4,986)
Adjusted total debt	33,633)	36,739)	37,300)	41,063)	33,909)
Adjustments to Equity
Less: Net deferred income tax asset (liability)⁴	(1,580)	(594)	91)	659)	131)
Add: Frequent flyer deferred revenue	7,441)	7,143)	6,675)	6,282)	5,975)
Adjusted stockholders’ equity	21,696)	17,061)	13,480)	10,652)	11,804)
After Adjustment
Adjusted total capital	55,329)	53,800)	50,780)	51,715)	45,713)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current maturities of operating leases. See details »

³ Long-term obligations under operating leases. See details »

⁴ Net deferred income tax asset (liability). See details »

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United Airlines Holdings Inc., adjusted operating revenue

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Operating revenue	57,063)	53,717)	44,955)	24,634)	15,355)
Adjustment
Add: Increase (decrease) in frequent flyer deferred revenue	298)	468)	393)	307)	699)
After Adjustment
Adjusted operating revenue	57,361)	54,185)	45,348)	24,941)	16,054)

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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United Airlines Holdings Inc., adjusted net income (loss)

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Net income (loss)	3,149)	2,618)	737)	(1,964)	(7,069)
Adjustments
Add: Deferred income tax expense (benefit)¹	935)	756)	248)	(583)	(1,741)
Add: Increase (decrease) in frequent flyer deferred revenue	298)	468)	393)	307)	699)
Add: Other comprehensive income (loss), net of tax	250)	(237)	1,117)	197)	(421)
After Adjustment
Adjusted net income (loss)	4,632)	3,605)	2,495)	(2,043)	(8,532)

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).

¹ Deferred income tax expense (benefit). See details »

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United Airlines Holdings Inc. (NASDAQ:UAL)

Adjustments to Financial Statements

Adjustments to Total Assets

Adjustments to Current Liabilities

Adjustments to Total Liabilities

Adjustments to Stockholders’ Equity

Adjustments to Capitalization Table

Adjustments to Revenues

Adjustments to Reported Income