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.
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United Airlines Holdings Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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United Airlines Holdings Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
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).
The financial data demonstrates several notable trends and developments across multiple asset categories over the observed periods.
- Liquidity position
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Cash and cash equivalents fluctuated considerably, peaking notably during mid-2020 at $13.15 billion, followed by a downward trend towards early 2024, with intermittent increases thereafter. Short-term investments initially declined but showed a significant resurgence from early 2022, reaching stable levels above $9 billion in several quarters before moderating slightly. Collectively, these movements reflect shifts in liquid asset management, possibly adapting to changing operational or market conditions.
- Receivables and supplies
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Net receivables displayed a general upward trend with some volatility, increasing from around $792 million in early 2020 to over $2.4 billion by late 2025, signaling growth in sales or credit extended to customers. Aircraft fuel, spare parts, and supplies also rose steadily from just over $1 billion to approximately $1.6 billion, indicating increased inventory levels or operational scale.
- Prepaid expenses and other current assets
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Prepaid expenses and other short-term assets varied over time, with fluctuations ranging between approximately $640 million and $1.1 billion, showing less consistent movement relative to other asset categories.
- Total current assets
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Current assets overall grew significantly from approximately $7.9 billion in March 2020 to a peak near $24.4 billion in mid-2021, before experiencing a gradual decline and stabilizing between $18 billion and $20 billion in subsequent periods. This pattern suggests changes in working capital management and/or operational funding requirements.
- Property and equipment
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Net operating property and equipment exhibited a steady increase over the examined period, rising from about $31.8 billion to nearly $45 billion by late 2025, consistent with ongoing capital investment or asset acquisitions.
- Operating lease right-of-use assets
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The right-of-use assets related to leases declined gradually from about $4.85 billion in early 2020 to levels below $3.9 billion by late 2023, then experienced a moderate rebound, ending near $4.8 billion by late 2025. This might reflect contractual changes or reclassifications in leasing arrangements.
- Goodwill and intangible assets
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Goodwill remained consistently steady around $4.5 billion throughout the entire timeline, indicating no significant acquisitions or impairments. Intangible assets showed a slow but steady decline from approximately $2.95 billion to $2.66 billion, potentially reflecting amortization effects.
- Deferred income taxes and investments in affiliates
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Deferred income taxes appeared only in later periods with variable values mostly under $1 billion, indicating potentially changing tax liabilities or asset valuations. Investments in affiliates and other assets fluctuated moderately, ranging around the $1 billion to $1.6 billion mark, with a slight downward tendency near the end of the period.
- Noncurrent assets and total assets
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Noncurrent assets recorded a steady increase from approximately $45 billion to nearly $58.2 billion, reflecting asset growth in the long term. Total assets rose from $53 billion to over $77 billion by mid-2025 before experiencing a slight decline toward $76 billion, indicating overall asset base expansion with some recent contractions or reclassifications.
In summary, the data reflects substantial growth in both current and noncurrent assets, with significant volatility in highly liquid assets early in the pandemic period followed by relative stabilization. Capital investment in property and equipment has shown consistent expansion, while lease-related assets have decreased and partially recovered. Intangible asset amortization and steady goodwill levels suggest stable acquisition activity. Overall, the company’s asset profile indicates adaptability to changing economic conditions with ongoing investment in operational capacity.