Balance Sheet United Airlines Holdings, Inc.

Equities

UAL

US9100471096

Airlines

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Jan. 16	Where the Money's Moving
Jan. 13	Boeing Shipped 63 Jets in December, 600 in 2025	DJ

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Published financial data: UNITED AIRLINES HOLDINGS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	13.45B	22.55B	42.2B	50.54B	53.57B
Other Revenues, Total	1.9B	2.09B	2.75B	3.18B	3.49B
Total Revenues	15.36B	24.63B	44.96B	53.72B	57.06B
Cost of Goods Sold, Total	18.01B	21.37B	31.77B	35.72B	37.53B
Gross Profit	-2.65B	3.26B	13.19B	18B	19.53B
Selling General & Admin Expenses, Total	546M	776M	1.7B	2.2B	2.47B
Depreciation & Amortization - (IS)	2.49B	2.48B	2.46B	2.67B	2.93B
Other Operating Expenses	3.4B	4.33B	6.46B	7.84B	8.82B
Other Operating Expenses, Total	6.43B	7.6B	10.62B	12.71B	14.21B
Operating Income	-9.08B	-4.33B	2.57B	5.29B	5.32B
Interest Expense, Total	-992M	-1.58B	-1.67B	-1.77B	-1.4B
Interest And Investment Income	50M	36M	298M	827M	726M
Net Interest Expenses	-942M	-1.54B	-1.38B	-947M	-676M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-14M	62M	-75M	-24M	-34M
EBT, Excl. Unusual Items	-10.04B	-5.81B	1.12B	4.32B	4.61B
Restructuring Charges	-1.26B	-469M	-	-	-
Gain (Loss) On Sale Of Investments	-194M	-34M	20M	27M	-199M
Asset Writedown	-318M	-97M	-	-	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	2.99B	3.85B	-147M	-960M	-240M
EBT, Incl. Unusual Items	-8.82B	-2.56B	990M	3.39B	4.17B
Income Tax Expense	-1.75B	-593M	253M	769M	1.02B
Earnings From Continuing Operations	-7.07B	-1.96B	737M	2.62B	3.15B
Net Income to Company	-7.07B	-1.96B	737M	2.62B	3.15B
Net Income - (IS)	-7.07B	-1.96B	737M	2.62B	3.15B
Net Income to Common Incl Extra Items	-7.07B	-1.96B	737M	2.62B	3.15B
Net Income to Common Excl. Extra Items	-7.07B	-1.96B	737M	2.62B	3.15B
Per Share Items
Net EPS - Basic	-25.3	-6.1	2.26	7.99	9.58
Basic EPS - Continuing Operations	-25.3	-6.1	2.26	7.99	9.58
Basic Weighted Average Shares Outstanding	279M	322M	326M	328M	329M
Net EPS - Diluted	-25.3	-6.1	2.23	7.89	9.45
Diluted EPS - Continuing Operations	-25.3	-6.1	2.23	7.89	9.45
Diluted Weighted Average Shares Outstanding	279M	322M	330M	332M	333M
Normalized Basic EPS	-22.46	-11.28	2.14	8.24	8.76
Normalized Diluted EPS	-22.46	-11.28	2.11	8.13	8.64
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
EBITDA	-6.77B	-2.03B	4.86B	7.79B	8.09B
EBITA	-9.03B	-4.28B	2.61B	5.33B	5.35B
EBIT	-9.08B	-4.33B	2.57B	5.29B	5.32B
EBITDAR	-3.89B	1.2B	8.37B	11.71B	12.5B
Total Revenues (As Reported)	15.36B	24.63B	44.96B	53.72B	57.06B
Effective Tax Rate - (Ratio)	19.87	23.19	25.56	22.7	24.45
Total Current Taxes	-12M	-10M	5M	13M	84M
Total Deferred Taxes	-1.74B	-583M	248M	756M	935M
Normalized Net Income	-6.28B	-3.63B	698M	2.7B	2.88B
Interest Capitalized	71M	80M	105M	182M	227M
Interest on Long-Term Debt	87M	96M	118M	202M	243M
Non-Cash Pension Expense	550M	68M	7M	-22M	-27M
Supplemental Operating Expense Items
Advertising Expense	87M	99M	165M	221M	235M
Selling and Marketing Expenses	546M	776M	1.7B	2.2B	2.47B
Net Rental Expense, Total	2.88B	3.22B	3.51B	3.91B	4.41B
Imputed Operating Lease Interest Expense	901M	1.14B	1.27B	1.65B	1.63B
Imputed Operating Lease Depreciation	1.98B	2.08B	2.24B	2.26B	2.78B
Maintenance & Repair Expenses, Total	858M	1.32B	2.15B	2.74B	3.06B
Stock-Based Comp., COGS (Total)	108M	238M	89M	80M	142M
Total Stock-Based Compensation	108M	238M	89M	80M	142M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	11.27B	18.28B	7.17B	6.06B	8.77B
Short Term Investments	414M	123M	9.25B	8.33B	5.71B
Total Cash And Short Term Investments	11.68B	18.41B	16.41B	14.39B	14.48B
Accounts Receivable, Total	1.3B	1.66B	1.8B	1.9B	2.16B
Total Receivables	1.3B	1.66B	1.8B	1.9B	2.16B
Inventory	932M	983M	1.11B	1.56B	1.57B
Prepaid Expenses	635M	745M	689M	609M	673M
Restricted Cash	255M	37M	45M	31M	-
Other Current Assets, Total	-	-	-	-	-
Total Current Assets	14.8B	21.83B	20.06B	18.49B	18.88B
Gross Property Plant And Equipment	51.27B	52.99B	56B	62.89B	68.42B
Accumulated Depreciation	-16.43B	-18.49B	-20.48B	-22.71B	-25.12B
Net Property Plant And Equipment	34.84B	34.5B	35.52B	40.18B	43.3B
Long-term Investments	964M	1.34B	1.37B	1.39B	1.27B
Goodwill	4.53B	4.53B	4.53B	4.53B	4.53B
Other Intangibles, Total	2.84B	2.8B	2.76B	2.72B	2.68B
Loans Receivable Long-Term	31M	76M	-	-	-
Deferred Tax Assets Long-Term	131M	659M	91M	-	-
Other Long-Term Assets, Total	1.42B	2.43B	3.03B	3.8B	3.43B
Total Assets	59.55B	68.18B	67.36B	71.1B	74.08B
Liabilities
Accounts Payable, Total	1.6B	2.56B	3.4B	3.84B	4.19B
Accrued Expenses, Total	1.96B	2.12B	1.97B	2.94B	3.29B
Current Portion of Long-Term Debt	1.91B	3B	2.93B	4.08B	3.23B
Current Portion of Leases	794M	1.47B	665M	748M	690M
Unearned Revenue Current, Total	5.74B	8.59B	10.25B	9.8B	10.96B
Other Current Liabilities	724M	560M	779M	806M	948M
Total Current Liabilities	12.72B	18.3B	19.99B	22.2B	23.31B
Long-Term Debt	24.84B	30.36B	29.13B	27.32B	25.14B
Long-Term Leases	6.35B	6.23B	4.57B	4.59B	4.58B
Unearned Revenue Non Current	5.07B	4.04B	3.98B	4.05B	4.04B
Pension & Other Post Retirement Benefits	3.45B	2.92B	1.42B	1.6B	1.23B
Deferred Tax Liability Non Current	-	-	-	594M	1.58B
Other Non Current Liabilities	1.16B	1.28B	1.37B	1.41B	1.53B
Total Liabilities	53.59B	63.15B	60.46B	61.78B	61.41B
Common Stock, Total	4M	4M	4M	4M	4M
Additional Paid In Capital	8.37B	9.16B	8.99B	8.99B	8.98B
Retained Earnings	2.63B	625M	1.26B	3.83B	6.88B
Treasury Stock	-3.9B	-3.81B	-3.53B	-3.44B	-3.38B
Comprehensive Income and Other	-1.14B	-942M	175M	-62M	188M
Total Common Equity	5.96B	5.03B	6.9B	9.32B	12.68B
Total Equity	5.96B	5.03B	6.9B	9.32B	12.68B
Total Liabilities And Equity	59.55B	68.18B	67.36B	71.1B	74.08B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	318M	325M	327M	328M	327M
ECS Total Common Shares Outstanding	312M	324M	327M	328M	328M
Book Value / Share	19.11	15.53	21.09	28.43	38.66
Tangible Book Value	-1.4B	-2.3B	-393M	2.07B	5.46B
Tangible Book Value Per Share	-4.51	-7.11	-1.2	6.32	16.67
Total Debt	33.89B	41.06B	37.3B	36.74B	33.63B
Net Debt	22.21B	22.66B	20.89B	22.35B	19.16B
Debt Equivalent of Unfunded Proj. Benefit Obligation	2.46B	1.85B	714M	951M	714M
Debt Equivalent Oper. Leases	23.02B	25.78B	28.09B	31.31B	35.3B
Equity Method Investments, Total	964M	1.34B	1.37B	1.39B	1.27B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Others	1.41B	1.53B	1.72B	2.25B	2.31B
Machinery, Total	38.22B	39.58B	42.78B	48.45B	52.7B
Full Time Employees	74.4K	84.1K	92.8K	103K	107K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	78M	28M	11M	18M	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-7.07B	-1.96B	737M	2.62B	3.15B
Depreciation & Amortization - CF	2.26B	2.25B	2.25B	2.47B	2.74B
Amortization of Goodwill and Intangible Assets - (CF)	55M	49M	41M	37M	32M
Depreciation & Amortization, Total	2.32B	2.3B	2.29B	2.5B	2.77B
Amortization of Deferred Charges, Total - (CF)	172M	182M	322M	307M	321M
(Gain) Loss on Sale of Investments - (CF)	194M	34M	-20M	-27M	199M
Asset Writedown & Restructuring Costs	318M	97M	-	-	-
Other Operating Activities, Total	-291M	-255M	482M	846M	1.1B
Change In Accounts Receivable	135M	-448M	-158M	-100M	280M
Change In Accounts Payable	-1.08B	985M	796M	572M	178M
Change in Unearned Revenues	713M	1.83B	1.59B	-383M	1.16B
Change in Other Net Operating Assets	458M	-695M	24M	575M	288M
Cash from Operations	-4.13B	2.07B	6.07B	6.91B	9.44B
Capital Expenditure	-1.73B	-2.11B	-4.82B	-7.17B	-5.62B
Sale of Property, Plant, and Equipment	-	107M	207M	39M	109M
Investment in Marketable and Equity Securities, Total	1.77B	329M	-9.15B	1.05B	2.85B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	10M	-1M	-69M	-23M	3M
Cash from Investing	50M	-1.67B	-13.83B	-6.11B	-2.65B
Long-Term Debt Issued, Total	16.04B	11.1B	736M	2.39B	6.14B
Total Debt Issued	16.04B	11.1B	736M	2.39B	6.14B
Long-Term Debt Repaid, Total	-4.45B	-5.2B	-4.01B	-4.25B	-10.14B
Total Debt Repaid	-4.45B	-5.2B	-4.01B	-4.25B	-10.14B
Issuance of Common Stock	2.1B	532M	-	-	-
Repurchase of Common Stock	-353M	-	-	-	-162M
Other Financing Activities, Total	-388M	-27M	-74M	-32M	-21M
Cash from Financing	12.96B	6.4B	-3.35B	-1.89B	-4.18B
Net Change in Cash	8.87B	6.79B	-11.11B	-1.09B	2.61B
Supplemental Items
Cash Interest Paid	874M	1.42B	1.57B	1.85B	1.49B
Cash Income Tax Paid (Refund)	-29M	-	8M	7M	88M
Levered Free Cash Flow	-8.07B	447M	782M	-1.55B	1.77B
Unlevered Free Cash Flow	-7.45B	1.43B	1.67B	-581M	2.48B
Change In Net Working Capital	2.65B	-3.52B	-2.34B	-532M	-1.7B
Net Debt Issued / Repaid	11.6B	5.89B	-3.28B	-1.86B	-4B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-10.12	-4.24	2.37	4.78	4.58
Return on Total Capital	-15.81	-6.3	3.55	7.33	7.2
Return On Equity %	-80.83	-35.74	12.36	32.28	28.63
Return on Common Equity	-80.83	-35.74	12.36	32.28	28.63
Margin Analysis
Gross Profit Margin %	-17.26	13.25	29.33	33.51	34.22
SG&A Margin	3.56	3.15	3.78	4.09	4.32
EBITDA Margin %	-44.08	-8.23	10.8	14.51	14.18
EBITA Margin %	-58.8	-17.38	5.8	9.92	9.37
EBIT Margin %	-59.16	-17.58	5.71	9.85	9.32
Income From Continuing Operations Margin %	-46.04	-7.97	1.64	4.87	5.52
Net Income Margin %	-46.04	-7.97	1.64	4.87	5.52
Net Avail. For Common Margin %	-46.04	-7.97	1.64	4.87	5.52
Normalized Net Income Margin	-40.87	-14.74	1.55	5.03	5.05
Levered Free Cash Flow Margin	-52.59	1.82	1.74	-2.89	3.11
Unlevered Free Cash Flow Margin	-48.55	5.82	3.72	-1.08	4.35
Asset Turnover
Asset Turnover	0.27	0.39	0.66	0.78	0.79
Fixed Assets Turnover	0.45	0.71	1.28	1.42	1.37
Receivables Turnover (Average Receivables)	10.12	15.24	24.37	27.33	26.38
Inventory Turnover (Average Inventory)	17.97	22.32	30.37	26.75	23.96
Short Term Liquidity
Current Ratio	1.16	1.19	1	0.83	0.81
Quick Ratio	1.02	1.1	0.91	0.73	0.71
Operating Cash Flow to Current Liabilities	-0.32	0.11	0.3	0.31	0.41
Days Sales Outstanding (Average Receivables)	36.17	23.94	14.98	13.36	13.87
Days Outstanding Inventory (Average Inventory)	20.37	16.35	12.02	13.64	15.28
Average Days Payable Outstanding	44.02	35.42	34.09	36.48	39.13
Cash Conversion Cycle (Average Days)	12.51	4.88	-7.09	-9.48	-9.98
Long Term Solvency
Total Debt/Equity	568.64	816.52	540.89	394.03	265.35
Total Debt / Total Capital	85.04	89.09	84.4	79.76	72.63
LT Debt/Equity	523.26	727.68	488.7	342.3	234.42
Long-Term Debt / Total Capital	78.26	79.4	76.25	69.29	64.16
Total Liabilities / Total Assets	89.99	92.62	89.76	86.89	82.89
EBIT / Interest Expense	-9.16	-2.75	1.53	2.98	3.79
EBITDA / Interest Expense	-3.92	0.76	5	6.6	8.92
(EBITDA - Capex) / Interest Expense	-5.66	-0.58	2.12	2.56	4.91
Total Debt / EBITDA	-8.71	34.33	4.46	3.14	2.69
Net Debt / EBITDA	-5.71	18.94	2.5	1.91	1.53
Total Debt / (EBITDA - Capex)	-6.03	-45.07	10.51	8.1	4.88
Net Debt / (EBITDA - Capex)	-3.95	-24.87	5.89	4.93	2.78
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-64.5	60.43	82.49	19.49	6.23
Gross Profit, 1 Yr. Growth %	-117.93	-232.13	361.05	36.52	8.49
EBITDA, 1 Yr. Growth %	-200.7	-69.23	-299.71	60.47	3.8
EBITA, 1 Yr. Growth %	-295.1	-51.62	-155.66	104.29	0.39
EBIT, 1 Yr. Growth %	-298.86	-51.37	-154.21	106.12	0.49
Earnings From Cont. Operations, 1 Yr. Growth %	-334.93	-72.22	-137.53	255.22	20.28
Net Income, 1 Yr. Growth %	-334.93	-72.22	-137.53	255.22	20.28
Normalized Net Income, 1 Yr. Growth %	-350.56	-41.09	-117.98	286.75	6.64
Diluted EPS Before Extra, 1 Yr. Growth %	-318.49	-75.88	-136.55	253.81	19.77
Accounts Receivable, 1 Yr. Growth %	-5.06	28.42	8.3	5.39	13.96
Inventory, 1 Yr. Growth %	-13.06	5.47	12.82	40.76	0.7
Net Property, Plant and Equip., 1 Yr. Growth %	3.78	-0.96	2.94	13.13	7.76
Total Assets, 1 Yr. Growth %	13.19	14.49	-1.2	5.56	4.19
Tangible Book Value, 1 Yr. Growth %	-135.13	63.77	-82.92	-627.23	163.75
Common Equity, 1 Yr. Growth %	-48.31	-15.62	37.12	35.21	35.94
Cash From Operations, 1 Yr. Growth %	-159.82	-150.01	193.47	13.93	36.67
Capital Expenditures, 1 Yr. Growth %	-61.86	22	128.71	48.81	-21.7
Levered Free Cash Flow, 1 Yr. Growth %	-752.62	-105.6	114.18	-298.38	-214.31
Unlevered Free Cash Flow, 1 Yr. Growth %	-554.27	-119.47	41.69	-134.77	-527.3
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-39.03	-24.54	71.11	47.67	12.66
Gross Profit, 2 Yr. CAGR %	-55.18	-53	131	134.8	21.7
EBITDA, 2 Yr. CAGR %	8.84	-45.08	-14.14	96.09	29.06
EBITA, 2 Yr. CAGR %	55.44	-3.82	-45.71	11.56	43.21
EBIT, 2 Yr. CAGR %	57.33	-2.64	-46.31	10.54	43.92
Earnings From Cont. Operations, 2 Yr. CAGR %	82.52	-19.21	-67.71	15.46	106.71
Net Income, 2 Yr. CAGR %	82.52	-19.21	-67.71	15.46	106.71
Normalized Net Income, 2 Yr. CAGR %	78.81	20.4	-66.34	-13.76	103.09
Diluted EPS Before Extra, 2 Yr. CAGR %	81.62	-27.41	-70.31	13.72	105.86
Accounts Receivable, 2 Yr. CAGR %	-4.7	10.42	17.93	6.83	9.59
Inventory, 2 Yr. CAGR %	-2.73	-4.24	9.08	26.02	19.06
Net Property, Plant and Equip., 2 Yr. CAGR %	5.19	1.38	0.97	7.91	10.41
Total Assets, 2 Yr. CAGR %	10.21	13.83	6.36	2.13	4.87
Tangible Book Value, 2 Yr. CAGR %	-22.84	-24.15	-47.11	-5.11	272.91
Common Equity, 2 Yr. CAGR %	-22.96	-33.96	7.57	36.16	35.57
Cash From Operations, 2 Yr. CAGR %	-18.12	-45.3	21.15	82.85	24.78
Capital Expenditures, 2 Yr. CAGR %	-34.86	-31.79	67.04	84.48	7.94
Levered Free Cash Flow, 2 Yr. CAGR %	184.21	-39.88	-68.51	58.4	50.59
Unlevered Free Cash Flow, 2 Yr. CAGR %	132.61	-6.56	-52.35	-36.31	21.89
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-25.93	-15.82	1.29	51.81	32.31
Gross Profit, 3 Yr. CAGR %	-40.79	-37.22	-3.74	93.85	81.52
EBITDA, 3 Yr. CAGR %	6.08	-29.21	-10.26	5.76	58.62
EBITA, 3 Yr. CAGR %	33.8	4.63	-17.4	-15.56	7.71
EBIT, 3 Yr. CAGR %	35.03	5.67	-17.48	-15.93	7.08
Earnings From Cont. Operations, 3 Yr. CAGR %	48.86	-2.55	-37.43	-28.19	17.04
Net Income, 3 Yr. CAGR %	48.86	-2.55	-37.43	-28.19	17.04
Normalized Net Income, 3 Yr. CAGR %	46.41	22.76	-34.68	-24.05	-7.44
Diluted EPS Before Extra, 3 Yr. CAGR %	53.03	-7.34	-42.25	-32.19	15.7
Accounts Receivable, 3 Yr. CAGR %	-1.13	5.26	9.71	13.59	9.16
Inventory, 3 Yr. CAGR %	0.29	-0.07	1.14	18.76	16.94
Net Property, Plant and Equip., 3 Yr. CAGR %	11.9	3.1	1.9	4.87	7.86
Total Assets, 3 Yr. CAGR %	12.03	11.62	8.59	6.09	2.81
Tangible Book Value, 3 Yr. CAGR %	27.87	-0.84	-53.85	13.82	33.42
Common Equity, 3 Yr. CAGR %	-11.96	-20.59	-15.75	16.09	36.09
Cash From Operations, 3 Yr. CAGR %	5.96	-30.53	-4.24	18.69	65.94
Capital Expenditures, 3 Yr. CAGR %	-23.58	-19.7	2.1	60.73	38.64
Levered Free Cash Flow, 3 Yr. CAGR %	162.82	-23.52	-14.19	-41.85	42.08
Unlevered Free Cash Flow, 3 Yr. CAGR %	321.21	1.31	0.61	-57.1	20.12
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-16.52	-7.59	3.54	5.4	5.7
Gross Profit, 5 Yr. CAGR %	-28.03	-25.02	0.64	6.41	5.73
EBITDA, 5 Yr. CAGR %	-1.28	-21.86	-3.04	6.41	3.78
EBITA, 5 Yr. CAGR %	10.04	-3.74	-7.1	7.35	2.94
EBIT, 5 Yr. CAGR %	10.59	-3.18	-7	7.59	3.08
Earnings From Cont. Operations, 5 Yr. CAGR %	-0.75	-2.54	-19.22	4.29	0.91
Net Income, 5 Yr. CAGR %	-0.75	-2.54	-19.22	4.29	0.91
Normalized Net Income, 5 Yr. CAGR %	16.16	5.16	-18.98	6.59	2.83
Diluted EPS Before Extra, 5 Yr. CAGR %	5.38	-2.03	-20.59	0.57	-3.98
Accounts Receivable, 5 Yr. CAGR %	2.8	7.18	6.09	5.89	9.66
Inventory, 5 Yr. CAGR %	4.78	2.4	3.72	9.65	7.96
Net Property, Plant and Equip., 5 Yr. CAGR %	10.87	9.16	7.39	5	5.22
Total Assets, 5 Yr. CAGR %	7.82	11.18	9.73	7.72	7.08
Tangible Book Value, 5 Yr. CAGR %	35.55	35.49	-10.17	-2.57	6.45
Common Equity, 5 Yr. CAGR %	-7.84	-10.3	-4.62	-1.47	1.91
Cash From Operations, 5 Yr. CAGR %	-7.16	-17.9	11.79	2.31	6.45
Capital Expenditures, 5 Yr. CAGR %	-8.86	-8.15	4.48	11.99	4.4
Levered Free Cash Flow, 5 Yr. CAGR %	24.72	-22.94	11.94	9.18	7.46
Unlevered Free Cash Flow, 5 Yr. CAGR %	19.46	-6.65	75.72	-15.86	8.64