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, 2026	Dec 31, 2025	Sep 30, 2025	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
Cash and cash equivalents	7,869)	5,942)	6,730)	9,354)	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)
Short-term investments	6,298)	6,298)	6,599)	6,262)	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)
Receivables, net	2,660)	2,391)	2,433)	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)
Aircraft fuel, spare parts and supplies, net	1,718)	1,556)	1,588)	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)
Prepaid expenses and other	847)	670)	744)	809)	929)	673)	726)	699)	770)	640)	1,120)	874)	960)	734)	844)	926)	803)	782)	971)	900)	737)
Current assets	19,392)	16,857)	18,094)	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)
Operating property and equipment, net	47,071)	46,121)	44,968)	43,896)	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)
Operating lease right-of-use assets	5,740)	4,958)	4,821)	4,517)	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)
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)	4,527)	4,527)
Intangible assets, net	2,650)	2,655)	2,662)	2,669)	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)
Deferred income taxes	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	159)	91)	701)	907)	1,032)	659)	519)	647)	520)
Investments in affiliates and other, net	1,561)	1,330)	1,241)	1,296)	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)
Noncurrent assets	61,549)	59,591)	58,219)	56,905)	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)
Total assets	80,941)	76,448)	76,313)	77,163)	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)

Total assets exhibit a long-term growth trajectory, increasing from 61,662 million USD in March 2021 to 80,941 million USD by March 2026. This growth is primarily characterized by a strategic shift in asset composition, moving from high short-term liquidity toward expanded long-term operational investments.

Liquidity and Current Asset Trends: Cash and cash equivalents peaked in June 2021 at 20,838 million USD, followed by a general downward trend that reached a low of 5,942 million USD in December 2025. Short-term investments showed a complementary pattern, rising significantly between June 2022 and March 2023 to peak at approximately 9,533 million USD, suggesting a temporary shift in how liquid reserves were held before both categories stabilized at lower levels in the later periods. Total current assets, while fluctuating, ended the period at 19,392 million USD, lower than the peaks observed in 2021 and 2022.
Fixed Asset Expansion: Operating property and equipment, net, demonstrates consistent and substantial growth, rising from 31,915 million USD in March 2021 to 47,071 million USD by March 2026. This steady increase indicates a sustained period of capital expenditure and investment in core operational infrastructure. Additionally, operating lease right-of-use assets remained relatively stable for several years before trending upward to 5,740 million USD by the end of the analyzed period.
Noncurrent Asset Composition: Noncurrent assets grew from 45,643 million USD to 61,549 million USD over the reported timeframe. While operating property and equipment drove the bulk of this increase, other components remained stagnant or declined. Goodwill remained constant at 4,527 million USD throughout the entire period, while intangible assets showed a marginal, steady decline from 2,840 million USD to 2,650 million USD, consistent with standard amortization patterns.
Overall Asset Structure Shift: The balance sheet reflects a transition from a liquidity-heavy position to an asset-heavy position. In March 2021, current assets represented approximately 25.9% of total assets; by March 2026, this proportion decreased to approximately 24.0%, while the weight of noncurrent assets increased. This suggests a transition from a defensive cash-preservation stance to an aggressive growth and capacity-expansion phase.

United Airlines Holdings Inc. (NASDAQ:UAL)

Balance Sheet: Assets
Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

United Airlines Holdings Inc. (NASDAQ:UAL)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data