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: 2024-03-31), 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 Q3 2023 to Q4 2023 and from Q4 2023 to Q1 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 Q3 2023 to Q4 2023 and from Q4 2023 to Q1 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 Q3 2023 to Q4 2023 and from Q4 2023 to Q1 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 Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | United Airlines Holdings Inc. debt to assets ratio deteriorated from Q3 2023 to Q4 2023 but then improved from Q4 2023 to Q1 2024 exceeding Q3 2023 level. |
| 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) deteriorated from Q3 2023 to Q4 2023 but then improved from Q4 2023 to Q1 2024 exceeding Q3 2023 level. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | United Airlines Holdings Inc. financial leverage ratio decreased from Q3 2023 to Q4 2023 but then slightly increased from Q4 2023 to Q1 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 deteriorated from Q3 2023 to Q4 2023 but then improved from Q4 2023 to Q1 2024 not reaching Q3 2023 level. |
Debt to Equity
United Airlines Holdings Inc., debt to equity calculation (quarterly data)
| 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 | 3,958) | 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 | 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 | 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 | 78) | 91) | 71) | 145) | 105) | 115) | 112) | 205) | 210) | 219) | 250) | 250) | 240) | 224) | 278) | 316) | 369) | 220) | 186) | 202) | 236) | |||||||
| Total debt | 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 | 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 | 2.96 | 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 | 0.79 | 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. | 0.86 | 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. | 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. | 1.18 | 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: 2024-03-31), 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 Q1 2024 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 27,212 ÷ 9,188 = 2.96
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 Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
Debt to Equity (including Operating Lease Liability)
United Airlines Holdings Inc., debt to equity (including operating lease liability) calculation (quarterly data)
| 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 | 3,958) | 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 | 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 | 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 | 78) | 91) | 71) | 145) | 105) | 115) | 112) | 205) | 210) | 219) | 250) | 250) | 240) | 224) | 278) | 316) | 369) | 220) | 186) | 202) | 236) | |||||||
| Total debt | 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 | 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 | 4,517) | 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) | 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 | 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 | 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. | 1.44 | 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. | 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. | 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. | 1.44 | 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: 2024-03-31), 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 Q1 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 32,286 ÷ 9,188 = 3.51
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 Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
Debt to Capital
United Airlines Holdings Inc., debt to capital calculation (quarterly data)
| 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 | 3,958) | 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 | 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 | 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 | 78) | 91) | 71) | 145) | 105) | 115) | 112) | 205) | 210) | 219) | 250) | 250) | 240) | 224) | 278) | 316) | 369) | 220) | 186) | 202) | 236) | |||||||
| Total debt | 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 | 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 | 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 | 0.75 | 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. | 0.44 | 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. | 0.46 | 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. | 0.67 | 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. | 0.54 | 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: 2024-03-31), 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 Q1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 27,212 ÷ 36,400 = 0.75
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 Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
Debt to Capital (including Operating Lease Liability)
United Airlines Holdings Inc., debt to capital (including operating lease liability) calculation (quarterly data)
| 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 | 3,958) | 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 | 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 | 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 | 78) | 91) | 71) | 145) | 105) | 115) | 112) | 205) | 210) | 219) | 250) | 250) | 240) | 224) | 278) | 316) | 369) | 220) | 186) | 202) | 236) | |||||||
| Total debt | 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 | 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 | 4,517) | 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) | 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 | 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) | 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 | 0.78 | 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 | 0.60 | 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. | 0.50 | 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. | 0.68 | 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. | 0.59 | 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: 2024-03-31), 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 Q1 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 32,286 ÷ 41,474 = 0.78
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 Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024. |
Debt to Assets
United Airlines Holdings Inc., debt to assets calculation (quarterly data)
| 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 | 3,958) | 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 | 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 | 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 | 78) | 91) | 71) | 145) | 105) | 115) | 112) | 205) | 210) | 219) | 250) | 250) | 240) | 224) | 278) | 316) | 369) | 220) | 186) | 202) | 236) | |||||||
| Total debt | 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 | 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 | 0.38 | 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 | 0.24 | 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. | 0.24 | 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. | 0.47 | 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. | 0.30 | 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: 2024-03-31), 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 Q1 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 27,212 ÷ 71,902 = 0.38
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 deteriorated from Q3 2023 to Q4 2023 but then improved from Q4 2023 to Q1 2024 exceeding Q3 2023 level. |
Debt to Assets (including Operating Lease Liability)
United Airlines Holdings Inc., debt to assets (including operating lease liability) calculation (quarterly data)
| 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 | 3,958) | 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 | 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 | 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 | 78) | 91) | 71) | 145) | 105) | 115) | 112) | 205) | 210) | 219) | 250) | 250) | 240) | 224) | 278) | 316) | 369) | 220) | 186) | 202) | 236) | |||||||
| Total debt | 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 | 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 | 4,517) | 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) | 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 | 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 | 0.45 | 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 | 0.44 | 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. | 0.28 | 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. | 0.49 | 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. | 0.36 | 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: 2024-03-31), 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 Q1 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 32,286 ÷ 71,902 = 0.45
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) deteriorated from Q3 2023 to Q4 2023 but then improved from Q4 2023 to Q1 2024 exceeding Q3 2023 level. |
Financial Leverage
United Airlines Holdings Inc., financial leverage calculation (quarterly data)
| 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 | 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 | 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 | 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. | 3.30 | 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. | 3.58 | 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. | 4.29 | 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. | 4.00 | 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: 2024-03-31), 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 Q1 2024 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 71,902 ÷ 9,188 = 7.83
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 Q3 2023 to Q4 2023 but then slightly increased from Q4 2023 to Q1 2024. |
Interest Coverage
United Airlines Holdings Inc., interest coverage calculation (quarterly data)
| 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) | (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 | (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 | 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) | 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 | 3.02 | 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. | 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. | 7.20 | 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. | 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: 2024-03-31), 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 Q1 2024 Calculation
Interest coverage
= (EBITQ1 2024
+ EBITQ4 2023
+ EBITQ3 2023
+ EBITQ2 2023)
÷ (Interest expenseQ1 2024
+ Interest expenseQ4 2023
+ Interest expenseQ3 2023
+ Interest expenseQ2 2023)
= (229 + 1,201 + 1,930 + 1,838)
÷ (393 + 430 + 445 + 451)
= 3.02
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 deteriorated from Q3 2023 to Q4 2023 but then improved from Q4 2023 to Q1 2024 not reaching Q3 2023 level. |