United Airlines Holdings annual debt-to-equity ratio
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United Airlines Holdings Debt-to-Equity Ratio Growth & History (UAL)
United Airlines Holdings's debt-to-equity ratio was 1.82 for fiscal 2025.
View full United Airlines Holdings company overviewUnited Airlines Holdings annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 1.82 | −0.54 | −22.97% |
| 2024 | 2024-12-31 | 2.36 | −1.34 | −36.15% |
| 2023 | 2023-12-31 | 3.70 | −1.59 | −30.02% |
| 2022 | 2022-12-31 | 5.28 | −2.54 | −32.51% |
| 2021 | 2021-12-31 | 7.83 | 2.33 | +42.45% |
| 2020 | 2020-12-31 | 5.50 | 3.72 | +209.85% |
| 2019 | 2019-12-31 | 1.77 | −0.20 | −10.00% |
| 2018 | 2018-12-31 | 1.97 | 0.33 | +20.32% |
| 2017 | 2017-12-31 | 1.64 | 0.27 | +19.96% |
| 2016 | 2016-12-31 | 1.37 | 0.05 | +4.09% |
| 2015 | 2015-12-31 | 1.31 | −3.67 | −73.70% |
| 2014 | 2014-12-31 | 4.99 | 0.83 | +19.90% |
| 2013 | 2013-12-31 | 4.16 | −23.21 | −84.81% |
| 2012 | 2012-12-31 | 27.37 | 20.32 | +288.18% |
| 2011 | 2011-12-31 | 7.05 | −1.71 | −19.53% |
| 2010 | 2010-12-31 | 8.76 | — | — |
United Airlines Holdings quarterly debt-to-equity ratio
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| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 1.89 | −0.10 | −5.13% |
| Q1 2026 | 2026-03-31 | 1.81 | −0.54 | −23.06% |
| Q4 2025 | 2025-12-31 | 1.82 | −0.54 | −22.97% |
| Q3 2025 | 2025-09-30 | 1.87 | −0.81 | −30.22% |
| Q2 2025 | 2025-06-30 | 1.99 | −1.01 | −33.78% |
| Q1 2025 | 2025-03-31 | 2.35 | −1.16 | −33.10% |
| Q4 2024 | 2024-12-31 | 2.36 | −1.34 | −36.15% |
| Q3 2024 | 2024-09-30 | 2.67 | −1.28 | −32.38% |
| Q2 2024 | 2024-06-30 | 3.00 | −1.65 | −35.44% |
| Q1 2024 | 2024-03-31 | 3.51 | −1.89 | −34.96% |
| Q4 2023 | 2023-12-31 | 3.70 | −1.59 | −30.02% |
| Q3 2023 | 2023-09-30 | 3.96 | −3.59 | −47.61% |
| Q2 2023 | 2023-06-30 | 4.65 | −4.94 | −51.49% |
| Q1 2023 | 2023-03-31 | 5.40 | −5.25 | −49.29% |
| Q4 2022 | 2022-12-31 | 5.28 | −2.54 | −32.51% |
| Q3 2022 | 2022-09-30 | 7.55 | 0.21 | +2.80% |
| Q2 2022 | 2022-06-30 | 9.59 | 1.42 | +17.32% |
| Q1 2022 | 2022-03-31 | 10.66 | 4.19 | +64.80% |
| Q4 2021 | 2021-12-31 | 7.83 | 2.33 | +42.45% |
| Q3 2021 | 2021-09-30 | 7.34 | 2.65 | +56.51% |
| Q2 2021 | 2021-06-30 | 8.17 | 5.25 | +179.65% |
| Q1 2021 | 2021-03-31 | 6.47 | 3.98 | +159.90% |
| Q4 2020 | 2020-12-31 | 5.50 | 3.72 | +209.85% |
| Q3 2020 | 2020-09-30 | 4.69 | 2.91 | +163.30% |
| Q2 2020 | 2020-06-30 | 2.92 | 0.97 | +49.44% |
| Q1 2020 | 2020-03-31 | 2.49 | 0.44 | +21.39% |
| Q4 2019 | 2019-12-31 | 1.77 | −0.20 | −10.00% |
| Q3 2019 | 2019-09-30 | 1.78 | 0.27 | +17.96% |
| Q2 2019 | 2019-06-30 | 1.96 | 0.29 | +17.20% |
| Q1 2019 | 2019-03-31 | 2.05 | 0.27 | +14.88% |
| Q4 2018 | 2018-12-31 | 1.97 | 0.33 | +20.32% |
| Q3 2018 | 2018-09-30 | 1.51 | −0.04 | −2.80% |
| Q2 2018 | 2018-06-30 | 1.67 | 0.18 | +12.25% |
| Q1 2018 | 2018-03-31 | 1.78 | 0.26 | +17.36% |
| Q4 2017 | 2017-12-31 | 1.64 | 0.27 | +19.96% |
| Q3 2017 | 2017-09-30 | 1.55 | — | — |
| Q2 2017 | 2017-06-30 | 1.49 | — | — |
| Q1 2017 | 2017-03-31 | 1.52 | — | — |
| Q4 2016 | 2016-12-31 | 1.37 | 0.05 | +4.09% |
| Q4 2015 | 2015-12-31 | 1.31 | −3.67 | −73.70% |
| Q3 2015 | 2015-09-30 | 1.42 | −1.71 | −54.73% |
| Q2 2015 | 2015-06-30 | 2.83 | −0.85 | −23.16% |
| Q1 2015 | 2015-03-31 | 4.08 | −0.62 | −13.12% |
| Q4 2014 | 2014-12-31 | 4.99 | 0.83 | +19.90% |
| Q3 2014 | 2014-09-30 | 3.13 | −3.85 | −55.15% |
| Q2 2014 | 2014-06-30 | 3.68 | −6.15 | −62.56% |
| Q1 2014 | 2014-03-31 | 4.70 | −124.52 | −96.36% |
| Q4 2013 | 2013-12-31 | 4.16 | −23.21 | −84.81% |
| Q3 2013 | 2013-09-30 | 6.98 | 0.28 | +4.13% |
| Q2 2013 | 2013-06-30 | 9.83 | 2.22 | +29.16% |
| Q1 2013 | 2013-03-31 | 129.22 | 120.99 | +1469.05% |
| Q4 2012 | 2012-12-31 | 27.37 | 20.32 | +288.18% |
| Q3 2012 | 2012-09-30 | 6.70 | 1.01 | +17.76% |
| Q2 2012 | 2012-06-30 | 7.61 | 0.61 | +8.72% |
| Q1 2012 | 2012-03-31 | 8.24 | 0.61 | +7.97% |
| Q4 2011 | 2011-12-31 | 7.05 | −1.71 | −19.53% |
| Q3 2011 | 2011-09-30 | 5.69 | — | — |
| Q2 2011 | 2011-06-30 | 7.00 | — | — |
| Q1 2011 | 2011-03-31 | 7.63 | — | — |
| Q4 2010 | 2010-12-31 | 8.76 | — | — |
United Airlines Holdings debt-to-equity ratio trends
Over the last five fiscal years, United Airlines Holdings's debt-to-equity ratio decreased from 5.50 to 1.82, a change of −3.68. The latest reported quarter, Q2 2026, shows 1.89.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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