United Airlines Holdings, Inc. (UAL) balance sheet

NASDAQ · Industrials · Airlines, Airports & Air Services · 117,900 employees · CEO J. Scott Kirby

Price: $104.24 -0.92%
Market cap: $33.9B
Enterprise value: $61.5B
Last report: Q3 '26 filed 2026-10-21
Next report: 2027-01-19 EPS est. $1.32

At the end of Q3 '26 United Airlines Holdings, Inc. (UAL) held $14.7B in cash and short-term investments against $34.3B of debt incl. leases. Total assets $85.1B, total liabilities $67.4B, shareholders' equity $17.8B.

Balance sheet

Balance sheet	Q4 '23	Q1 '24	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26	Q2 '26	Q3 '26
Assets
Cash & equivalents	$6.06B	$8.44B	$10.9B	$8.81B	$8.77B	$9.37B	$9.35B	$6.73B	$5.94B	$7.87B	$10.2B	$6.65B
Short-term investments	$8.33B	$5.59B	$4.38B	$5.35B	$5.71B	$5.96B	$6.26B	$6.6B	$6.3B	$6.3B	$6.47B	$8.01B
Receivables	$1.9B	$2.26B	$2.38B	$2.04B	$2.16B	$2.29B	$2.29B	$2.43B	$2.39B	$2.66B	$2.47B	$2.64B
Inventory	$1.56B	$1.68B	$1.68B	$1.64B	$1.57B	$1.6B	$1.55B	$1.59B	$1.56B	$1.72B	$1.8B	$1.95B
Other current assets	$31M	$40M	$30M	$36M	$11M	$201M	$8M	$744M	-$1M	$847M	$759M	$745M
Current assets	$18.5B	$18.7B	$20B	$18.6B	$18.9B	$20.1B	$20.3B	$18.1B	$16.9B	$19.4B	$21.7B	$20B
Property, plant & equipment (net)	$43.7B	$44.4B	$44.5B	$45.5B	$46.7B	$47.5B	$48.4B	$49.8B	$51.7B	$53.6B	$54.1B	$56.4B
Long-term investments	$348M	$244M	$220M	$1.21B	$1.27B	$1.24B	$1.3B	$1.24B	$1.33B	$1.56B	$1.47B	$1.6B
Goodwill	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B
Intangible assets	$2.73B	$2.72B	$2.7B	$2.69B	$2.68B	$2.68B	$2.67B	$2.66B	$2.66B	$2.65B	$2.65B	$2.64B
Deferred tax assets	$0	$0	$951M	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$1.29B	$1.35B	$386M	$180M	$0	$0	$0	-$1M	-$631M	-$748M	$142M	$0
Non-current assets	$52.6B	$53.2B	$53.3B	$54.1B	$55.2B	$56B	$56.9B	$58.2B	$59.6B	$61.5B	$62.9B	$65.1B
Total assets	$71.1B	$71.9B	$73.3B	$72.6B	$74.1B	$76.1B	$77.2B	$76.3B	$76.4B	$80.9B	$84.6B	$85.1B
Liabilities
Accounts payable	$3.84B	$4.34B	$4.48B	$4.01B	$4.19B	$4.69B	$4.92B	$4.64B	$4.57B	$5.38B	$5.77B	$5.4B
Accrued expenses	$2.94B	$2.13B	$2.38B	$2.8B	$3.29B	$2.39B	$3.21B	$3.56B	$3.9B	$3.07B	$3.46B	$3.01B
Short-term debt	$4.25B	$3.96B	$4.76B	$3.28B	$3.45B	$3.27B	$6.19B	$4.62B	$4.33B	$2.25B	$2.17B	$1.85B
Deferred revenue	$3.1B	$3.09B	$3.25B	$11.8B	$11B	$14B	$13.2B	$13B	$11.9B	$15.5B	$14.8B	$14.8B
Other current liabilities	$7.51B	$10.5B	$10.3B	$838M	$948M	$989M	$910M	$764M	$757M	$830M	$762M	$691M
Current liabilities	$22.2B	$24.8B	$25.9B	$23.4B	$23.3B	$25.8B	$29B	$27.1B	$26.1B	$27.8B	$27.8B	$26.6B
Long-term debt	$27.4B	$23.1B	$21.7B	$22.2B	$25.2B	$24.4B	$20.9B	$26.1B	$20.6B	$21.9B	$24.3B	$24.6B
Lease obligations (non-current)	$4.5B	$7.09B	$7.08B	$4.52B	$4.51B	$4.76B	$5.17B	$5.33B	$5.42B	$6.03B	$6.39B	$6.96B
Deferred revenue (non-current)	$4.05B	$4.19B	$4.1B	$4.06B	$4.04B	$4.12B	$4.11B	$4.06B	$4.06B	$4.1B	$4.03B	$3.88B
Deferred tax liabilities	$594M	$545M	$951M	$1.22B	$1.58B	$1.62B	$1.92B	$2.21B	$2.46B	$2.62B	$2.82B	$3.09B
Other non-current liabilities	$3.02B	$3.06B	$3.05B	$5.83B	$2.76B	$2.8B	$2.71B	-$2.85B	$2.54B	$2.6B	$2.57B	$2.24B
Non-current liabilities	$39.6B	$38B	$36.9B	$37.8B	$38.1B	$37.7B	$34.8B	$34.9B	$35B	$37.3B	$40.1B	$40.7B
Total liabilities	$61.8B	$62.7B	$62.7B	$61.2B	$61.4B	$63.5B	$63.8B	$62B	$61.2B	$65.1B	$67.9B	$67.4B
Equity
Common stock & paid-in capital	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$4M
Retained earnings	$3.83B	$3.66B	$4.99B	$5.9B	$6.88B	$7.14B	$8.11B	$9.05B	$10.1B	$10.7B	$11.5B	$12.6B
Accumulated other comprehensive income	-$62M	-$81M	-$97M	-$109M	$188M	$164M	$142M	$123M	$48M	$23M	$3M	-$26M
Shareholders' equity	$9.32B	$9.19B	$10.5B	$11.4B	$12.7B	$12.6B	$13.4B	$14.3B	$15.3B	$15.9B	$16.7B	$17.8B
Debt
Total debt (incl. leases)	$36.7B	$34.8B	$34.3B	$30.6B	$33.6B	$32.9B	$32.8B	$36.7B	$31B	$31B	$33.7B	$34.3B
Net debt (debt - cash)	$30.7B	$26.4B	$23.4B	$21.8B	$24.9B	$23.6B	$23.4B	$29.9B	$25.1B	$23.1B	$23.5B	$27.6B

Balance sheet	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Assets
Cash & equivalents	$2.18B	$1.48B	$1.69B	$2.76B	$11.3B	$18.3B	$7.17B	$6.06B	$8.77B	$5.94B
Short-term investments	$2.25B	$2.32B	$2.26B	$2.18B	$414M	$123M	$9.25B	$8.33B	$5.71B	$6.3B
Receivables	$1.18B	$1.34B	$1.43B	$1.36B	$1.3B	$1.66B	$1.8B	$1.9B	$2.16B	$2.39B
Inventory	$873M	$924M	$985M	$1.07B	$932M	$983M	$1.11B	$1.56B	$1.57B	$1.56B
Other current assets	$0	$0	$0	$0	$255M	$37M	$45M	$31M	$11M	-$1M
Current assets	$7.31B	$7.13B	$7.09B	$8.19B	$14.8B	$21.8B	$20.1B	$18.5B	$18.9B	$16.9B
Property, plant & equipment (net)	$23.3B	$26.2B	$32.7B	$34.9B	$36B	$36.7B	$38.3B	$43.7B	$46.7B	$51.7B
Long-term investments	$579M	$806M	$966M	$1.18B	$1B	$1.42B	$1.37B	$348M	$1.27B	$1.33B
Goodwill	$4.52B	$4.52B	$4.52B	$4.52B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B	$4.53B
Intangible assets	$3.63B	$3.54B	$3.16B	$3.01B	$2.84B	$2.8B	$2.76B	$2.73B	$2.68B	$2.66B
Deferred tax assets	$655M	$0	$0	$671M	$131M	$659M	$91M	$0	$0	$0
Other non-current assets	$124M	$137M	$621M	$130M	$249M	$213M	$210M	$1.29B	$0	-$631M
Non-current assets	$32.8B	$35.2B	$41.9B	$44.4B	$44.7B	$46.3B	$47.3B	$52.6B	$55.2B	$59.6B
Total assets	$40.1B	$42.3B	$49B	$52.6B	$59.5B	$68.2B	$67.4B	$71.1B	$74.1B	$76.4B
Liabilities
Accounts payable	$2.14B	$2.2B	$2.36B	$2.7B	$1.6B	$2.56B	$3.4B	$3.84B	$4.19B	$4.57B
Accrued expenses	$2.31B	$2.17B	$2.18B	$2.27B	$1.96B	$2.12B	$1.97B	$2.94B	$3.29B	$3.9B
Short-term debt	$849M	$1.57B	$1.23B	$1.41B	$1.91B	$3B	$2.91B	$4.25B	$3.45B	$4.33B
Deferred revenue	$2.14B	$2.19B	$2.29B	$7.26B	$5.74B	$8.59B	$2.69B	$3.1B	$3.4B	$11.9B
Other current liabilities	$4.74B	$4.52B	$4.93B	$566M	$724M	$1.39B	$8.36B	$7.51B	$8.51B	$757M
Current liabilities	$12.3B	$12.8B	$13.8B	$14.9B	$12.7B	$18.3B	$20B	$22.2B	$23.3B	$26.1B
Long-term debt	$9.92B	$11.7B	$12.2B	$13.1B	$24.8B	$30.4B	$28.3B	$27.4B	$25.2B	$20.6B
Lease obligations (non-current)	$822M	$996M	$5.5B	$5.17B	$5.21B	$5.37B	$4.57B	$4.5B	$4.51B	$5.42B
Deferred revenue (non-current)	$3.18B	$2.57B	$2.72B	$2.84B	$5.07B	$4.04B	$3.98B	$4.05B	$4.04B	$4.06B
Deferred tax liabilities	$0	$225M	$814M	$1.74B	$0	$0	$844M	$594M	$1.58B	$2.46B
Other non-current liabilities	$5.28B	$5.36B	$3.9B	$3.26B	$5.75B	$5.07B	$2.79B	$3.02B	$2.76B	$2.54B
Non-current liabilities	$19.2B	$20.8B	$25.1B	$26.1B	$40.9B	$44.8B	$40.5B	$39.6B	$38.1B	$35B
Total liabilities	$31.5B	$33.6B	$39B	$41.1B	$53.6B	$63.1B	$60.5B	$61.8B	$61.4B	$61.2B
Equity
Common stock & paid-in capital	$3M	$3M	$3M	$3M	$4M	$4M	$4M	$4M	$4M	$4M
Retained earnings	$3.43B	$4.55B	$6.72B	$9.72B	$2.63B	$625M	$1.27B	$3.83B	$6.88B	$10.1B
Accumulated other comprehensive income	-$829M	-$1.15B	-$803M	-$718M	-$1.14B	-$942M	$175M	-$62M	$188M	$48M
Shareholders' equity	$8.66B	$8.73B	$10B	$11.5B	$5.96B	$5.03B	$6.9B	$9.32B	$12.7B	$15.3B
Debt
Total debt (incl. leases)	$11.7B	$14.4B	$19.8B	$20.5B	$32.8B	$39.4B	$36.4B	$36.7B	$33.6B	$31B
Net debt (debt - cash)	$9.53B	$12.9B	$18.1B	$17.7B	$21.5B	$21.1B	$29.3B	$30.7B	$24.9B	$25.1B

Standardised from the company's filings; outflows and costs keep the sign the provider reports. Hover a period for its end date. Amounts in USD.

Cash, investments and debt

quarter ends

The other statements

Income statementRevenue, costs, operating income, net income and EPSOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-02