Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

United Airlines Holdings Inc., consolidated balance sheet: assets (quarterly data)

US$ in millions

	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
Cash and cash equivalents	9,370)	8,769)	8,812)	10,864)	8,401)	6,058)	7,478)	9,605)	7,634)	7,166)	11,258)	16,885)	18,468)	18,283)	19,256)	20,838)	12,666)	11,269)	13,150)	6,505)	3,442)
Short-term investments	5,960)	5,706)	5,352)	4,384)	5,591)	8,330)	9,608)	9,533)	9,522)	9,248)	7,437)	3,190)	211)	123)	166)	230)	309)	414)	552)	958)	1,779)
Receivables, net	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)
Aircraft fuel, spare parts and supplies, net	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)
Prepaid expenses and other	929)	673)	726)	699)	770)	640)	1,120)	874)	960)	734)	844)	926)	803)	782)	971)	900)	737)	890)	642)	766)	822)
Current assets	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)
Operating property and equipment, net	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	4,092)	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)
Goodwill	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,527)	4,523)	4,523)
Intangible assets, net	2,676)	2,683)	2,691)	2,699)	2,717)	2,725)	2,735)	2,744)	2,753)	2,762)	2,772)	2,782)	2,792)	2,803)	2,815)	2,827)	2,840)	2,838)	2,852)	2,852)	2,945)
Deferred income taxes	—)	—)	—)	—)	—)	—)	—)	—)	159)	91)	701)	907)	1,032)	659)	519)	647)	520)	131)	—)	—)	—)
Investments in affiliates and other, net	1,238)	1,267)	1,389)	1,557)	1,597)	1,636)	1,644)	1,641)	1,536)	1,583)	1,493)	1,501)	1,615)	1,633)	1,551)	1,623)	1,325)	1,249)	1,140)	1,012)	1,018)
Noncurrent assets	55,963)	55,200)	54,069)	53,251)	53,206)	52,617)	51,241)	50,035)	48,831)	47,300)	46,279)	46,010)	46,426)	46,341)	46,237)	46,376)	45,643)	44,748)	44,713)	44,860)	45,150)
Total assets	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)

Cash and Cash Equivalents: Cash and cash equivalents exhibit a notable increase from March 2020 through June 2020, nearly doubling as the company likely sought liquidity early in the period. Following a peak at $13.15 billion in September 2020, this figure decreases with some fluctuations, reaching lower levels around $6 to $9 billion in 2023 and onwards, indicating a gradual drawdown or stabilization of cash reserves.
Short-term Investments: This asset category shows a sharp decline from March 2020 to December 2020, followed by a substantial recovery beginning in the first quarter of 2022. Short-term investments peak around $9.6 billion in late 2022 and early 2023, before gradually tapering to roughly $5.9 billion by early 2025. This pattern suggests active management of investment balances possibly aligned with changing liquidity needs or market conditions.
Receivables, Net: Receivables steadily increase over the entire period, from $792 million in March 2020 to $2.3 billion in early 2025, indicating growth in outstanding customer payments or increased business volume. Minor fluctuations are present but the general trend is upward.
Aircraft Fuel, Spare Parts, and Supplies, Net: The inventory related to aircraft fuel, spare parts, and supplies remains relatively stable with slight upward movement, increasing from $1.07 billion in March 2020 to around $1.6 billion in early 2025. This suggests steady operational maintenance and supply stock levels over time.
Prepaid Expenses and Other: This item experiences moderate variability, with highs reaching above $1.1 billion in late 2021 and lows near $640 million in late 2022. The fluctuations may be due to timing differences in prepaid obligations or variable operational costs but generally show no strong upward or downward trend.
Current Assets: Current assets increase significantly between early 2020 and mid-2021, peaking near $24.7 billion in June 2021, before retreating to a range around $18-20 billion in the subsequent years. This reflects an initial buildup of short-term assets possibly in response to changing market conditions, followed by partial normalization.
Operating Property and Equipment, Net: Operating property and equipment show a gradual and consistent upward trend, growing from $31.8 billion in March 2020 to $43.4 billion by early 2025. This steady increase likely represents ongoing capital investments or asset acquisition programs supporting operational capacity expansion or renewal.
Operating Lease Right-of-Use Assets: This balance gradually declines from roughly $4.85 billion in early 2020 to just under $3.9 billion by 2023, then shows a slight recovery toward $4.1 billion in early 2025. The initial decline may correspond to lease expirations or renegotiations, with later increases possibly due to new leases or accounting adjustments.
Goodwill: Goodwill remains constant at approximately $4.53 billion throughout the entire period, indicating no new impairments or acquisitions affecting this account.
Intangible Assets, Net: Intangible assets consistently decrease only marginally from about $2.95 billion in early 2020 to around $2.68 billion by early 2025. The slight decline likely reflects amortization or minor impairment without significant additions.
Deferred Income Taxes: The data available for deferred income taxes is limited to a narrow period in 2020 and 2021, showing some fluctuation but no clear trend. Due to this limited dataset, comprehensive conclusions are impractical.
Investments in Affiliates and Other, Net: Investment balances rise modestly from $1.02 billion in March 2020 to a peak of approximately $1.64 billion in late 2021, followed by a gradual decline to about $1.24 billion by early 2025. This suggests some divestitures or valuation adjustments after a phase of increased investments.
Noncurrent Assets: Noncurrent assets demonstrate an overall upward movement from $45.1 billion in early 2020 to $56 billion by early 2025, reflecting long-term asset growth consistent with increases in property, equipment, and related holdings.
Total Assets: Total assets increase notably from $53.1 billion in March 2020 to a peak of approximately $73.3 billion in mid-2023. Thereafter, the figure dips somewhat but overall remains elevated near $76.1 billion by early 2025. This reflects strengthened asset bases over the period despite periods of volatility in specific accounts.

Assets: Selected Items

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Current Assets: Selected Items

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United Airlines Holdings Inc. (NASDAQ:UAL)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data