Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
United Airlines Holdings Inc., solvency ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | United Airlines Holdings Inc. debt to equity ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
| Debt to equity (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | United Airlines Holdings Inc. debt to equity ratio (including operating lease liability) improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | United Airlines Holdings Inc. debt to capital ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
| Debt to capital (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | United Airlines Holdings Inc. debt to capital ratio (including operating lease liability) improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | United Airlines Holdings Inc. debt to assets ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
| Debt to assets (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | United Airlines Holdings Inc. debt to assets ratio (including operating lease liability) improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | United Airlines Holdings Inc. financial leverage ratio decreased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | United Airlines Holdings Inc. interest coverage ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
Debt to Equity
United Airlines Holdings Inc., debt to equity calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current maturities of long-term debt | 3,279) | 4,757) | 3,958) | 4,018) | 3,649) | 3,580) | 3,206) | 2,911) | 2,955) | 3,012) | 2,994) | 3,002) | 2,269) | 1,881) | 1,783) | 1,911) | 4,584) | 4,454) | 4,055) | 1,407) | 1,243) | 1,255) | 1,201) | |||||||
| Current maturities of finance leases | 87) | 110) | 117) | 172) | 271) | 225) | 75) | 104) | 72) | 78) | 64) | 76) | 116) | 144) | 179) | 182) | 136) | 93) | 59) | 46) | 92) | 117) | 133) | |||||||
| Long-term debt, less current portion | 22,207) | 21,687) | 23,059) | 25,057) | 25,932) | 26,713) | 27,460) | 28,283) | 28,490) | 29,175) | 29,665) | 30,361) | 31,520) | 32,303) | 25,849) | 24,836) | 22,297) | 14,318) | 13,198) | 13,145) | 12,900) | 12,938) | 12,734) | |||||||
| Long-term obligations under finance leases | 89) | 65) | 78) | 91) | 71) | 145) | 105) | 115) | 112) | 205) | 210) | 219) | 250) | 250) | 240) | 224) | 278) | 316) | 369) | 220) | 186) | 202) | 236) | |||||||
| Total debt | 25,662) | 26,619) | 27,212) | 29,338) | 29,923) | 30,663) | 30,846) | 31,413) | 31,629) | 32,470) | 32,933) | 33,658) | 34,155) | 34,578) | 28,051) | 27,153) | 27,295) | 19,181) | 17,681) | 14,818) | 14,421) | 14,512) | 14,304) | |||||||
| Stockholders’ equity | 11,437) | 10,526) | 9,188) | 9,324) | 8,853) | 7,705) | 6,668) | 6,896) | 4,898) | 3,964) | 3,624) | 5,029) | 5,431) | 4,904) | 5,206) | 5,960) | 7,003) | 8,517) | 9,418) | 11,531) | 11,301) | 10,320) | 9,802) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to equity1 | 2.24 | 2.53 | 2.96 | 3.15 | 3.38 | 3.98 | 4.63 | 4.56 | 6.46 | 8.19 | 9.09 | 6.69 | 6.29 | 7.05 | 5.39 | 4.56 | 3.90 | 2.25 | 1.88 | 1.29 | 1.28 | 1.41 | 1.46 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||||||
| FedEx Corp. | 0.77 | 0.77 | 0.77 | 0.79 | 0.82 | 0.84 | 0.80 | 0.81 | 0.84 | 0.82 | 0.85 | 0.86 | 1.07 | 1.11 | 1.20 | 1.20 | 1.03 | 1.01 | 1.03 | 0.99 | 0.93 | 0.90 | 0.88 | |||||||
| Uber Technologies Inc. | 0.74 | 0.77 | 0.86 | 0.84 | 0.99 | 1.07 | 1.23 | 1.26 | 1.48 | 1.39 | 1.04 | 0.64 | 0.67 | 0.55 | 0.57 | 0.62 | 0.75 | 0.70 | 0.50 | 0.40 | 0.38 | 0.28 | — | |||||||
| Union Pacific Corp. | 1.89 | 1.93 | 2.04 | 2.20 | 2.35 | 2.52 | 2.71 | 2.74 | 2.85 | 2.52 | 2.71 | 2.10 | 2.11 | 2.01 | 1.64 | 1.58 | 1.63 | 1.73 | 1.74 | 1.39 | 1.43 | 1.39 | 1.42 | |||||||
| United Parcel Service Inc. | 1.30 | 1.30 | 1.18 | 1.29 | 1.10 | 1.04 | 1.11 | 0.99 | 1.20 | 1.26 | 1.42 | 1.54 | 1.84 | 2.09 | 3.32 | 37.53 | 4.60 | 6.18 | 8.67 | 7.73 | 4.30 | 5.31 | 6.68 | |||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 25,662 ÷ 11,437 = 2.24
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | United Airlines Holdings Inc. debt to equity ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
Debt to Equity (including Operating Lease Liability)
United Airlines Holdings Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current maturities of long-term debt | 3,279) | 4,757) | 3,958) | 4,018) | 3,649) | 3,580) | 3,206) | 2,911) | 2,955) | 3,012) | 2,994) | 3,002) | 2,269) | 1,881) | 1,783) | 1,911) | 4,584) | 4,454) | 4,055) | 1,407) | 1,243) | 1,255) | 1,201) | |||||||
| Current maturities of finance leases | 87) | 110) | 117) | 172) | 271) | 225) | 75) | 104) | 72) | 78) | 64) | 76) | 116) | 144) | 179) | 182) | 136) | 93) | 59) | 46) | 92) | 117) | 133) | |||||||
| Long-term debt, less current portion | 22,207) | 21,687) | 23,059) | 25,057) | 25,932) | 26,713) | 27,460) | 28,283) | 28,490) | 29,175) | 29,665) | 30,361) | 31,520) | 32,303) | 25,849) | 24,836) | 22,297) | 14,318) | 13,198) | 13,145) | 12,900) | 12,938) | 12,734) | |||||||
| Long-term obligations under finance leases | 89) | 65) | 78) | 91) | 71) | 145) | 105) | 115) | 112) | 205) | 210) | 219) | 250) | 250) | 240) | 224) | 278) | 316) | 369) | 220) | 186) | 202) | 236) | |||||||
| Total debt | 25,662) | 26,619) | 27,212) | 29,338) | 29,923) | 30,663) | 30,846) | 31,413) | 31,629) | 32,470) | 32,933) | 33,658) | 34,155) | 34,578) | 28,051) | 27,153) | 27,295) | 19,181) | 17,681) | 14,818) | 14,421) | 14,512) | 14,304) | |||||||
| Current maturities of operating leases | 491) | 548) | 557) | 576) | 598) | 571) | 610) | 561) | 546) | 543) | 538) | 556) | 569) | 583) | 623) | 612) | 623) | 598) | 688) | 686) | 778) | 637) | 639) | |||||||
| Long-term obligations under operating leases | 4,432) | 4,443) | 4,517) | 4,503) | 4,493) | 4,607) | 4,569) | 4,459) | 4,803) | 4,997) | 5,143) | 5,152) | 5,163) | 4,920) | 4,985) | 4,986) | 4,943) | 5,113) | 5,060) | 4,946) | 4,941) | 5,034) | 5,145) | |||||||
| Total debt (including operating lease liability) | 30,585) | 31,610) | 32,286) | 34,417) | 35,014) | 35,841) | 36,025) | 36,433) | 36,978) | 38,010) | 38,614) | 39,366) | 39,887) | 40,081) | 33,659) | 32,751) | 32,861) | 24,892) | 23,429) | 20,450) | 20,140) | 20,183) | 20,088) | |||||||
| Stockholders’ equity | 11,437) | 10,526) | 9,188) | 9,324) | 8,853) | 7,705) | 6,668) | 6,896) | 4,898) | 3,964) | 3,624) | 5,029) | 5,431) | 4,904) | 5,206) | 5,960) | 7,003) | 8,517) | 9,418) | 11,531) | 11,301) | 10,320) | 9,802) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 2.67 | 3.00 | 3.51 | 3.69 | 3.96 | 4.65 | 5.40 | 5.28 | 7.55 | 9.59 | 10.66 | 7.83 | 7.34 | 8.17 | 6.47 | 5.50 | 4.69 | 2.92 | 2.49 | 1.77 | 1.78 | 1.96 | 2.05 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||||
| FedEx Corp. | 1.42 | 1.43 | 1.44 | 1.47 | 1.54 | 1.58 | 1.50 | 1.49 | 1.52 | 1.48 | 1.49 | 1.51 | 1.75 | 1.83 | 1.95 | 1.97 | 1.78 | 1.78 | 1.81 | 0.99 | 0.93 | 0.90 | 0.88 | |||||||
| Uber Technologies Inc. | 0.86 | 0.90 | 1.01 | 1.00 | 1.17 | 1.27 | 1.48 | 1.52 | 1.77 | 1.68 | 1.25 | 0.77 | 0.78 | 0.67 | 0.70 | 0.76 | 0.94 | 0.88 | 0.65 | 0.52 | 0.49 | 0.38 | — | |||||||
| Union Pacific Corp. | 1.95 | 1.99 | 2.10 | 2.29 | 2.44 | 2.62 | 2.81 | 2.85 | 2.96 | 2.62 | 2.82 | 2.20 | 2.20 | 2.10 | 1.71 | 1.65 | 1.71 | 1.81 | 1.83 | 1.47 | 1.51 | 1.48 | 1.51 | |||||||
| United Parcel Service Inc. | 1.56 | 1.55 | 1.44 | 1.54 | 1.33 | 1.25 | 1.32 | 1.19 | 1.41 | 1.48 | 1.65 | 1.79 | 2.13 | 2.42 | 3.75 | 42.24 | 5.14 | 6.86 | 9.58 | 8.62 | 4.76 | 5.88 | 7.43 | |||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 30,585 ÷ 11,437 = 2.67
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | United Airlines Holdings Inc. debt to equity ratio (including operating lease liability) improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
Debt to Capital
United Airlines Holdings Inc., debt to capital calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current maturities of long-term debt | 3,279) | 4,757) | 3,958) | 4,018) | 3,649) | 3,580) | 3,206) | 2,911) | 2,955) | 3,012) | 2,994) | 3,002) | 2,269) | 1,881) | 1,783) | 1,911) | 4,584) | 4,454) | 4,055) | 1,407) | 1,243) | 1,255) | 1,201) | |||||||
| Current maturities of finance leases | 87) | 110) | 117) | 172) | 271) | 225) | 75) | 104) | 72) | 78) | 64) | 76) | 116) | 144) | 179) | 182) | 136) | 93) | 59) | 46) | 92) | 117) | 133) | |||||||
| Long-term debt, less current portion | 22,207) | 21,687) | 23,059) | 25,057) | 25,932) | 26,713) | 27,460) | 28,283) | 28,490) | 29,175) | 29,665) | 30,361) | 31,520) | 32,303) | 25,849) | 24,836) | 22,297) | 14,318) | 13,198) | 13,145) | 12,900) | 12,938) | 12,734) | |||||||
| Long-term obligations under finance leases | 89) | 65) | 78) | 91) | 71) | 145) | 105) | 115) | 112) | 205) | 210) | 219) | 250) | 250) | 240) | 224) | 278) | 316) | 369) | 220) | 186) | 202) | 236) | |||||||
| Total debt | 25,662) | 26,619) | 27,212) | 29,338) | 29,923) | 30,663) | 30,846) | 31,413) | 31,629) | 32,470) | 32,933) | 33,658) | 34,155) | 34,578) | 28,051) | 27,153) | 27,295) | 19,181) | 17,681) | 14,818) | 14,421) | 14,512) | 14,304) | |||||||
| Stockholders’ equity | 11,437) | 10,526) | 9,188) | 9,324) | 8,853) | 7,705) | 6,668) | 6,896) | 4,898) | 3,964) | 3,624) | 5,029) | 5,431) | 4,904) | 5,206) | 5,960) | 7,003) | 8,517) | 9,418) | 11,531) | 11,301) | 10,320) | 9,802) | |||||||
| Total capital | 37,099) | 37,145) | 36,400) | 38,662) | 38,776) | 38,368) | 37,514) | 38,309) | 36,527) | 36,434) | 36,557) | 38,687) | 39,586) | 39,482) | 33,257) | 33,113) | 34,298) | 27,698) | 27,099) | 26,349) | 25,722) | 24,832) | 24,106) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to capital1 | 0.69 | 0.72 | 0.75 | 0.76 | 0.77 | 0.80 | 0.82 | 0.82 | 0.87 | 0.89 | 0.90 | 0.87 | 0.86 | 0.88 | 0.84 | 0.82 | 0.80 | 0.69 | 0.65 | 0.56 | 0.56 | 0.58 | 0.59 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||||||
| FedEx Corp. | 0.43 | 0.43 | 0.44 | 0.44 | 0.45 | 0.46 | 0.44 | 0.45 | 0.46 | 0.45 | 0.46 | 0.46 | 0.52 | 0.53 | 0.54 | 0.55 | 0.51 | 0.50 | 0.51 | 0.50 | 0.48 | 0.47 | 0.47 | |||||||
| Uber Technologies Inc. | 0.43 | 0.43 | 0.46 | 0.46 | 0.50 | 0.52 | 0.55 | 0.56 | 0.60 | 0.58 | 0.51 | 0.39 | 0.40 | 0.35 | 0.36 | 0.38 | 0.43 | 0.41 | 0.33 | 0.29 | 0.27 | 0.22 | — | |||||||
| Union Pacific Corp. | 0.65 | 0.66 | 0.67 | 0.69 | 0.70 | 0.72 | 0.73 | 0.73 | 0.74 | 0.72 | 0.73 | 0.68 | 0.68 | 0.67 | 0.62 | 0.61 | 0.62 | 0.63 | 0.64 | 0.58 | 0.59 | 0.58 | 0.59 | |||||||
| United Parcel Service Inc. | 0.57 | 0.57 | 0.54 | 0.56 | 0.52 | 0.51 | 0.53 | 0.50 | 0.55 | 0.56 | 0.59 | 0.61 | 0.65 | 0.68 | 0.77 | 0.97 | 0.82 | 0.86 | 0.90 | 0.89 | 0.81 | 0.84 | 0.87 | |||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 25,662 ÷ 37,099 = 0.69
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | United Airlines Holdings Inc. debt to capital ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
Debt to Capital (including Operating Lease Liability)
United Airlines Holdings Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current maturities of long-term debt | 3,279) | 4,757) | 3,958) | 4,018) | 3,649) | 3,580) | 3,206) | 2,911) | 2,955) | 3,012) | 2,994) | 3,002) | 2,269) | 1,881) | 1,783) | 1,911) | 4,584) | 4,454) | 4,055) | 1,407) | 1,243) | 1,255) | 1,201) | |||||||
| Current maturities of finance leases | 87) | 110) | 117) | 172) | 271) | 225) | 75) | 104) | 72) | 78) | 64) | 76) | 116) | 144) | 179) | 182) | 136) | 93) | 59) | 46) | 92) | 117) | 133) | |||||||
| Long-term debt, less current portion | 22,207) | 21,687) | 23,059) | 25,057) | 25,932) | 26,713) | 27,460) | 28,283) | 28,490) | 29,175) | 29,665) | 30,361) | 31,520) | 32,303) | 25,849) | 24,836) | 22,297) | 14,318) | 13,198) | 13,145) | 12,900) | 12,938) | 12,734) | |||||||
| Long-term obligations under finance leases | 89) | 65) | 78) | 91) | 71) | 145) | 105) | 115) | 112) | 205) | 210) | 219) | 250) | 250) | 240) | 224) | 278) | 316) | 369) | 220) | 186) | 202) | 236) | |||||||
| Total debt | 25,662) | 26,619) | 27,212) | 29,338) | 29,923) | 30,663) | 30,846) | 31,413) | 31,629) | 32,470) | 32,933) | 33,658) | 34,155) | 34,578) | 28,051) | 27,153) | 27,295) | 19,181) | 17,681) | 14,818) | 14,421) | 14,512) | 14,304) | |||||||
| Current maturities of operating leases | 491) | 548) | 557) | 576) | 598) | 571) | 610) | 561) | 546) | 543) | 538) | 556) | 569) | 583) | 623) | 612) | 623) | 598) | 688) | 686) | 778) | 637) | 639) | |||||||
| Long-term obligations under operating leases | 4,432) | 4,443) | 4,517) | 4,503) | 4,493) | 4,607) | 4,569) | 4,459) | 4,803) | 4,997) | 5,143) | 5,152) | 5,163) | 4,920) | 4,985) | 4,986) | 4,943) | 5,113) | 5,060) | 4,946) | 4,941) | 5,034) | 5,145) | |||||||
| Total debt (including operating lease liability) | 30,585) | 31,610) | 32,286) | 34,417) | 35,014) | 35,841) | 36,025) | 36,433) | 36,978) | 38,010) | 38,614) | 39,366) | 39,887) | 40,081) | 33,659) | 32,751) | 32,861) | 24,892) | 23,429) | 20,450) | 20,140) | 20,183) | 20,088) | |||||||
| Stockholders’ equity | 11,437) | 10,526) | 9,188) | 9,324) | 8,853) | 7,705) | 6,668) | 6,896) | 4,898) | 3,964) | 3,624) | 5,029) | 5,431) | 4,904) | 5,206) | 5,960) | 7,003) | 8,517) | 9,418) | 11,531) | 11,301) | 10,320) | 9,802) | |||||||
| Total capital (including operating lease liability) | 42,022) | 42,136) | 41,474) | 43,741) | 43,867) | 43,546) | 42,693) | 43,329) | 41,876) | 41,974) | 42,238) | 44,395) | 45,318) | 44,985) | 38,865) | 38,711) | 39,864) | 33,409) | 32,847) | 31,981) | 31,441) | 30,503) | 29,890) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.73 | 0.75 | 0.78 | 0.79 | 0.80 | 0.82 | 0.84 | 0.84 | 0.88 | 0.91 | 0.91 | 0.89 | 0.88 | 0.89 | 0.87 | 0.85 | 0.82 | 0.75 | 0.71 | 0.64 | 0.64 | 0.66 | 0.67 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||||
| FedEx Corp. | 0.59 | 0.59 | 0.59 | 0.60 | 0.61 | 0.61 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.64 | 0.65 | 0.66 | 0.66 | 0.64 | 0.64 | 0.64 | 0.50 | 0.48 | 0.47 | 0.47 | |||||||
| Uber Technologies Inc. | 0.46 | 0.47 | 0.50 | 0.50 | 0.54 | 0.56 | 0.60 | 0.60 | 0.64 | 0.63 | 0.56 | 0.43 | 0.44 | 0.40 | 0.41 | 0.43 | 0.48 | 0.47 | 0.40 | 0.34 | 0.33 | 0.27 | — | |||||||
| Union Pacific Corp. | 0.66 | 0.67 | 0.68 | 0.70 | 0.71 | 0.72 | 0.74 | 0.74 | 0.75 | 0.72 | 0.74 | 0.69 | 0.69 | 0.68 | 0.63 | 0.62 | 0.63 | 0.64 | 0.65 | 0.60 | 0.60 | 0.60 | 0.60 | |||||||
| United Parcel Service Inc. | 0.61 | 0.61 | 0.59 | 0.61 | 0.57 | 0.56 | 0.57 | 0.54 | 0.58 | 0.60 | 0.62 | 0.64 | 0.68 | 0.71 | 0.79 | 0.98 | 0.84 | 0.87 | 0.91 | 0.90 | 0.83 | 0.85 | 0.88 | |||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 30,585 ÷ 42,022 = 0.73
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | United Airlines Holdings Inc. debt to capital ratio (including operating lease liability) improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
Debt to Assets
United Airlines Holdings Inc., debt to assets calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current maturities of long-term debt | 3,279) | 4,757) | 3,958) | 4,018) | 3,649) | 3,580) | 3,206) | 2,911) | 2,955) | 3,012) | 2,994) | 3,002) | 2,269) | 1,881) | 1,783) | 1,911) | 4,584) | 4,454) | 4,055) | 1,407) | 1,243) | 1,255) | 1,201) | |||||||
| Current maturities of finance leases | 87) | 110) | 117) | 172) | 271) | 225) | 75) | 104) | 72) | 78) | 64) | 76) | 116) | 144) | 179) | 182) | 136) | 93) | 59) | 46) | 92) | 117) | 133) | |||||||
| Long-term debt, less current portion | 22,207) | 21,687) | 23,059) | 25,057) | 25,932) | 26,713) | 27,460) | 28,283) | 28,490) | 29,175) | 29,665) | 30,361) | 31,520) | 32,303) | 25,849) | 24,836) | 22,297) | 14,318) | 13,198) | 13,145) | 12,900) | 12,938) | 12,734) | |||||||
| Long-term obligations under finance leases | 89) | 65) | 78) | 91) | 71) | 145) | 105) | 115) | 112) | 205) | 210) | 219) | 250) | 250) | 240) | 224) | 278) | 316) | 369) | 220) | 186) | 202) | 236) | |||||||
| Total debt | 25,662) | 26,619) | 27,212) | 29,338) | 29,923) | 30,663) | 30,846) | 31,413) | 31,629) | 32,470) | 32,933) | 33,658) | 34,155) | 34,578) | 28,051) | 27,153) | 27,295) | 19,181) | 17,681) | 14,818) | 14,421) | 14,512) | 14,304) | |||||||
| Total assets | 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) | 52,611) | 52,199) | 52,150) | 50,639) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to assets1 | 0.35 | 0.36 | 0.38 | 0.41 | 0.41 | 0.42 | 0.44 | 0.47 | 0.46 | 0.46 | 0.48 | 0.49 | 0.49 | 0.49 | 0.45 | 0.46 | 0.45 | 0.35 | 0.33 | 0.28 | 0.28 | 0.28 | 0.28 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||||||
| FedEx Corp. | 0.23 | 0.23 | 0.23 | 0.24 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.24 | 0.25 | 0.25 | 0.28 | 0.29 | 0.30 | 0.30 | 0.28 | 0.27 | 0.27 | 0.32 | 0.34 | 0.32 | 0.33 | |||||||
| Uber Technologies Inc. | 0.23 | 0.23 | 0.24 | 0.24 | 0.26 | 0.27 | 0.29 | 0.29 | 0.30 | 0.30 | 0.28 | 0.24 | 0.25 | 0.22 | 0.23 | 0.23 | 0.23 | 0.24 | 0.19 | 0.18 | 0.18 | 0.15 | 0.28 | |||||||
| Union Pacific Corp. | 0.46 | 0.47 | 0.47 | 0.49 | 0.49 | 0.50 | 0.51 | 0.51 | 0.51 | 0.50 | 0.50 | 0.47 | 0.47 | 0.46 | 0.43 | 0.43 | 0.44 | 0.45 | 0.45 | 0.41 | 0.42 | 0.41 | 0.41 | |||||||
| United Parcel Service Inc. | 0.32 | 0.32 | 0.30 | 0.31 | 0.30 | 0.30 | 0.31 | 0.28 | 0.29 | 0.29 | 0.31 | 0.32 | 0.34 | 0.35 | 0.37 | 0.40 | 0.41 | 0.43 | 0.47 | 0.44 | 0.45 | 0.44 | 0.44 | |||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 25,662 ÷ 72,640 = 0.35
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | United Airlines Holdings Inc. debt to assets ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
Debt to Assets (including Operating Lease Liability)
United Airlines Holdings Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current maturities of long-term debt | 3,279) | 4,757) | 3,958) | 4,018) | 3,649) | 3,580) | 3,206) | 2,911) | 2,955) | 3,012) | 2,994) | 3,002) | 2,269) | 1,881) | 1,783) | 1,911) | 4,584) | 4,454) | 4,055) | 1,407) | 1,243) | 1,255) | 1,201) | |||||||
| Current maturities of finance leases | 87) | 110) | 117) | 172) | 271) | 225) | 75) | 104) | 72) | 78) | 64) | 76) | 116) | 144) | 179) | 182) | 136) | 93) | 59) | 46) | 92) | 117) | 133) | |||||||
| Long-term debt, less current portion | 22,207) | 21,687) | 23,059) | 25,057) | 25,932) | 26,713) | 27,460) | 28,283) | 28,490) | 29,175) | 29,665) | 30,361) | 31,520) | 32,303) | 25,849) | 24,836) | 22,297) | 14,318) | 13,198) | 13,145) | 12,900) | 12,938) | 12,734) | |||||||
| Long-term obligations under finance leases | 89) | 65) | 78) | 91) | 71) | 145) | 105) | 115) | 112) | 205) | 210) | 219) | 250) | 250) | 240) | 224) | 278) | 316) | 369) | 220) | 186) | 202) | 236) | |||||||
| Total debt | 25,662) | 26,619) | 27,212) | 29,338) | 29,923) | 30,663) | 30,846) | 31,413) | 31,629) | 32,470) | 32,933) | 33,658) | 34,155) | 34,578) | 28,051) | 27,153) | 27,295) | 19,181) | 17,681) | 14,818) | 14,421) | 14,512) | 14,304) | |||||||
| Current maturities of operating leases | 491) | 548) | 557) | 576) | 598) | 571) | 610) | 561) | 546) | 543) | 538) | 556) | 569) | 583) | 623) | 612) | 623) | 598) | 688) | 686) | 778) | 637) | 639) | |||||||
| Long-term obligations under operating leases | 4,432) | 4,443) | 4,517) | 4,503) | 4,493) | 4,607) | 4,569) | 4,459) | 4,803) | 4,997) | 5,143) | 5,152) | 5,163) | 4,920) | 4,985) | 4,986) | 4,943) | 5,113) | 5,060) | 4,946) | 4,941) | 5,034) | 5,145) | |||||||
| Total debt (including operating lease liability) | 30,585) | 31,610) | 32,286) | 34,417) | 35,014) | 35,841) | 36,025) | 36,433) | 36,978) | 38,010) | 38,614) | 39,366) | 39,887) | 40,081) | 33,659) | 32,751) | 32,861) | 24,892) | 23,429) | 20,450) | 20,140) | 20,183) | 20,088) | |||||||
| Total assets | 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) | 52,611) | 52,199) | 52,150) | 50,639) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.42 | 0.43 | 0.45 | 0.48 | 0.48 | 0.49 | 0.51 | 0.54 | 0.54 | 0.54 | 0.56 | 0.58 | 0.58 | 0.56 | 0.55 | 0.55 | 0.54 | 0.45 | 0.44 | 0.39 | 0.39 | 0.39 | 0.40 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||||||
| FedEx Corp. | 0.44 | 0.43 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.43 | 0.44 | 0.44 | 0.44 | 0.44 | 0.47 | 0.47 | 0.49 | 0.49 | 0.48 | 0.47 | 0.48 | 0.32 | 0.34 | 0.32 | 0.33 | |||||||
| Uber Technologies Inc. | 0.27 | 0.27 | 0.28 | 0.29 | 0.31 | 0.32 | 0.34 | 0.35 | 0.36 | 0.36 | 0.34 | 0.29 | 0.30 | 0.26 | 0.27 | 0.28 | 0.29 | 0.30 | 0.25 | 0.23 | 0.23 | 0.19 | 0.34 | |||||||
| Union Pacific Corp. | 0.48 | 0.48 | 0.49 | 0.50 | 0.51 | 0.52 | 0.53 | 0.53 | 0.53 | 0.52 | 0.52 | 0.49 | 0.49 | 0.48 | 0.45 | 0.45 | 0.46 | 0.47 | 0.47 | 0.43 | 0.44 | 0.44 | 0.44 | |||||||
| United Parcel Service Inc. | 0.38 | 0.38 | 0.36 | 0.38 | 0.36 | 0.36 | 0.37 | 0.33 | 0.34 | 0.34 | 0.36 | 0.37 | 0.39 | 0.40 | 0.42 | 0.44 | 0.46 | 0.48 | 0.52 | 0.49 | 0.50 | 0.49 | 0.49 | |||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 30,585 ÷ 72,640 = 0.42
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | United Airlines Holdings Inc. debt to assets ratio (including operating lease liability) improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
Financial Leverage
United Airlines Holdings Inc., financial leverage calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Total assets | 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) | 52,611) | 52,199) | 52,150) | 50,639) | |||||||
| Stockholders’ equity | 11,437) | 10,526) | 9,188) | 9,324) | 8,853) | 7,705) | 6,668) | 6,896) | 4,898) | 3,964) | 3,624) | 5,029) | 5,431) | 4,904) | 5,206) | 5,960) | 7,003) | 8,517) | 9,418) | 11,531) | 11,301) | 10,320) | 9,802) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Financial leverage1 | 6.35 | 6.96 | 7.83 | 7.63 | 8.26 | 9.52 | 10.56 | 9.77 | 14.08 | 17.76 | 19.05 | 13.56 | 12.76 | 14.49 | 11.84 | 9.99 | 8.74 | 6.45 | 5.63 | 4.56 | 4.62 | 5.05 | 5.17 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||||||
| FedEx Corp. | 3.26 | 3.29 | 3.30 | 3.34 | 3.47 | 3.55 | 3.41 | 3.45 | 3.43 | 3.38 | 3.37 | 3.43 | 3.77 | 3.86 | 3.99 | 4.02 | 3.72 | 3.75 | 3.77 | 3.06 | 2.74 | 2.76 | 2.71 | |||||||
| Uber Technologies Inc. | 3.19 | 3.36 | 3.58 | 3.44 | 3.84 | 3.93 | 4.32 | 4.37 | 4.98 | 4.66 | 3.68 | 2.68 | 2.65 | 2.56 | 2.55 | 2.71 | 3.23 | 2.96 | 2.65 | 2.24 | 2.14 | 1.95 | — | |||||||
| Union Pacific Corp. | 4.07 | 4.11 | 4.29 | 4.54 | 4.75 | 5.00 | 5.30 | 5.38 | 5.56 | 5.07 | 5.38 | 4.49 | 4.48 | 4.34 | 3.80 | 3.68 | 3.70 | 3.86 | 3.89 | 3.40 | 3.44 | 3.40 | 3.46 | |||||||
| United Parcel Service Inc. | 4.05 | 4.08 | 4.00 | 4.09 | 3.67 | 3.51 | 3.60 | 3.59 | 4.10 | 4.30 | 4.55 | 4.87 | 5.46 | 6.00 | 8.86 | 94.99 | 11.16 | 14.22 | 18.46 | 17.71 | 9.59 | 11.98 | 15.02 | |||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 72,640 ÷ 11,437 = 6.35
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | United Airlines Holdings Inc. financial leverage ratio decreased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |
Interest Coverage
United Airlines Holdings Inc., interest coverage calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net income (loss) | 965) | 1,323) | (124) | 600) | 1,137) | 1,075) | (194) | 843) | 942) | 329) | (1,377) | (646) | 473) | (434) | (1,357) | (1,897) | (1,841) | (1,627) | (1,704) | 641) | 1,024) | 1,052) | 292) | |||||||
| Add: Income tax expense | 321) | 416) | (40) | 171) | 348) | 312) | (62) | 287) | 211) | 130) | (375) | (199) | 130) | (130) | (394) | (476) | (491) | (376) | (410) | 203) | 325) | 302) | 75) | |||||||
| Add: Interest expense, net of interest capitalized | 326) | 367) | 393) | 430) | 445) | 451) | 448) | 447) | 428) | 398) | 400) | 406) | 431) | 404) | 336) | 334) | 329) | 179) | 150) | 141) | 169) | 170) | 166) | |||||||
| Earnings before interest and tax (EBIT) | 1,612) | 2,106) | 229) | 1,201) | 1,930) | 1,838) | 192) | 1,577) | 1,581) | 857) | (1,352) | (439) | 1,034) | (160) | (1,415) | (2,039) | (2,003) | (1,824) | (1,964) | 985) | 1,518) | 1,524) | 533) | |||||||
| Solvency Ratio | ||||||||||||||||||||||||||||||
| Interest coverage1 | 3.40 | 3.34 | 3.02 | 2.91 | 3.09 | 2.92 | 2.44 | 1.59 | 0.40 | 0.06 | -0.56 | -0.62 | -1.71 | -4.00 | -6.18 | -7.89 | -6.02 | -2.01 | 3.27 | 7.06 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||||||
| Uber Technologies Inc. | 9.95 | 5.18 | 4.12 | 4.74 | 2.67 | 0.55 | -4.42 | -15.49 | -15.64 | -19.05 | -13.64 | -1.20 | -4.91 | -1.89 | -7.20 | -14.24 | -15.12 | -16.13 | -22.17 | -14.15 | — | — | — | |||||||
| Union Pacific Corp. | 7.75 | 7.47 | 7.20 | 7.14 | 7.13 | 7.59 | 8.00 | 8.14 | 8.40 | 8.34 | 8.53 | 8.33 | 8.05 | 7.66 | 6.91 | 7.12 | 7.20 | 7.58 | 8.28 | 8.38 | — | — | — | |||||||
| United Parcel Service Inc. | 9.74 | 9.29 | 10.58 | 11.92 | 15.44 | 18.59 | 20.44 | 22.06 | 21.60 | 21.21 | 20.95 | 24.91 | 12.99 | 12.33 | 10.56 | 3.63 | 9.58 | 9.32 | 9.39 | 9.66 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q3 2024 Calculation
Interest coverage
= (EBITQ3 2024
+ EBITQ2 2024
+ EBITQ1 2024
+ EBITQ4 2023)
÷ (Interest expenseQ3 2024
+ Interest expenseQ2 2024
+ Interest expenseQ1 2024
+ Interest expenseQ4 2023)
= (1,612 + 2,106 + 229 + 1,201)
÷ (326 + 367 + 393 + 430)
= 3.40
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | United Airlines Holdings Inc. interest coverage ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024. |