United Airlines Holdings Inc (UAL) — Working Capital to Net Assets Ratio
United Airlines Holdings Inc (UAL) has a Working Capital to Net Assets ratio of -36.5% as of June 2026. Working capital of $-6.10 Billion (current assets of $21.66 Billion minus current liabilities of $27.76 Billion) is measured against net assets of $16.70 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See operational self-sufficiency of United Airlines Holdings Inc to measure how many days the company can operate on defensive assets alone.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
United Airlines Holdings Inc Working Capital to Net Assets (1983–2025)
This chart shows how United Airlines Holdings Inc's Working Capital to Net Assets ratio has evolved across 43 annual periods from 1983 to 2025. As of June 2026, the ratio stands at -36.5%, reflecting working capital of $-6.10 Billion against net assets of $16.70 Billion USD. For the complete balance sheet picture, see UAL current and non-current assets.
Annual Working Capital to Net Assets for United Airlines Holdings Inc (1983–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for United Airlines Holdings Inc from 1983 to 2025, covering 43 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. Check United Airlines Holdings Inc asset resilience ratio to evaluate the company's liquid asset resilience ratio.
| Year | WC/NA Ratio | Working Capital (USD) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | -60.7% | $-9.28 Billion | $15.28 Billion | $16.86 Billion | $26.13 Billion | ▼ -25.7 pp |
| 2024 | -35.0% | $-4.43 Billion | $12.68 Billion | $18.88 Billion | $23.31 Billion | ▲ +4.9 pp |
| 2023 | -39.9% | $-3.72 Billion | $9.32 Billion | $18.49 Billion | $22.20 Billion | ▼ -40.8 pp |
| 2022 | 1.0% | $66.00 Million | $6.90 Billion | $20.06 Billion | $19.99 Billion | ▼ -69.2 pp |
| 2021 | 70.2% | $3.53 Billion | $5.03 Billion | $21.83 Billion | $18.30 Billion | ▲ +35.4 pp |
| 2020 | 34.8% | $2.08 Billion | $5.96 Billion | $14.80 Billion | $12.72 Billion | ▲ +93.3 pp |
| 2019 | -58.5% | $-6.74 Billion | $11.53 Billion | $8.19 Billion | $14.94 Billion | ▲ +8.7 pp |
| 2018 | -67.2% | $-6.75 Billion | $10.04 Billion | $7.09 Billion | $13.84 Billion | ▼ -2.7 pp |
| 2017 | -64.5% | $-5.63 Billion | $8.73 Billion | $7.13 Billion | $12.76 Billion | ▼ -7.0 pp |
| 2016 | -57.5% | $-4.98 Billion | $8.66 Billion | $7.31 Billion | $12.29 Billion | ▼ -6.3 pp |
| 2015 | -51.1% | $-4.59 Billion | $8.97 Billion | $7.83 Billion | $12.41 Billion | ▲ +155.9 pp |
| 2014 | -207.1% | $-4.96 Billion | $2.40 Billion | $7.55 Billion | $12.51 Billion | ▼ -92.9 pp |
| 2013 | -114.1% | $-3.40 Billion | $2.98 Billion | $8.70 Billion | $12.11 Billion | ▲ +461.6 pp |
| 2012 | -575.7% | $-2.77 Billion | $481.00 Million | $10.05 Billion | $12.82 Billion | ▼ -553.7 pp |
| 2011 | -22.0% | $-397.00 Million | $1.81 Billion | $11.00 Billion | $11.39 Billion | ▲ +12.8 pp |
| 2010 | -34.7% | $-600.00 Million | $1.73 Billion | $12.04 Billion | $12.64 Billion | ▼ -83.4 pp |
| 2009 | 48.7% | $-1.37 Billion | $-2.81 Billion | $5.11 Billion | $6.47 Billion | ▼ -55.4 pp |
| 2008 | 104.1% | $-2.42 Billion | $-2.33 Billion | $4.86 Billion | $7.28 Billion | ▲ +182.0 pp |
| 2007 | -77.9% | $-1.88 Billion | $2.42 Billion | $6.09 Billion | $7.98 Billion | ▼ -0.1 pp |
| 2006 | -77.8% | $-1.67 Billion | $2.15 Billion | $6.27 Billion | $7.95 Billion | ▼ -81.7 pp |
| 2005 | 3.8% | $-975.00 Million | $-25.56 Billion | $4.26 Billion | $5.23 Billion | ▼ -29.3 pp |
| 2004 | 33.2% | $-2.55 Billion | $-7.68 Billion | $3.91 Billion | $6.46 Billion | ▼ -2.1 pp |
| 2003 | 35.3% | $-2.09 Billion | $-5.92 Billion | $4.02 Billion | $6.11 Billion | ▲ +10.6 pp |
| 2002 | 24.6% | $-612.00 Million | $-2.48 Billion | $3.38 Billion | $3.99 Billion | ▲ +122.9 pp |
| 2001 | -98.3% | $-2.98 Billion | $3.03 Billion | $5.09 Billion | $8.07 Billion | ▼ -59.7 pp |
| 2000 | -38.6% | $-2.00 Billion | $5.19 Billion | $4.78 Billion | $6.78 Billion | ▲ +9.5 pp |
| 1999 | -48.1% | $-2.48 Billion | $5.15 Billion | $2.94 Billion | $5.41 Billion | ▲ +36.1 pp |
| 1998 | -84.1% | $-2.76 Billion | $3.28 Billion | $2.91 Billion | $5.67 Billion | ▲ +14.3 pp |
| 1997 | -98.4% | $-2.30 Billion | $2.34 Billion | $2.95 Billion | $5.25 Billion | ▲ +127.8 pp |
| 1996 | -226.2% | $-2.32 Billion | $1.03 Billion | $2.68 Billion | $5.00 Billion | ▼ -998.4 pp |
| 1995 | 772.2% | $-1.39 Billion | $-180.00 Million | $3.04 Billion | $4.43 Billion | ▲ +130.3 pp |
| 1994 | 641.9% | $-1.71 Billion | $-267.00 Million | $3.19 Billion | $4.91 Billion | ▲ +737.5 pp |
| 1993 | -95.6% | $-1.18 Billion | $1.24 Billion | $3.71 Billion | $4.90 Billion | ▲ +123.6 pp |
| 1992 | -219.1% | $-1.55 Billion | $706.00 Million | $3.30 Billion | $4.84 Billion | ▼ -143.9 pp |
| 1991 | -75.2% | $-1.20 Billion | $1.60 Billion | $2.88 Billion | $4.08 Billion | ▼ -8.4 pp |
| 1990 | -66.8% | $-1.12 Billion | $1.67 Billion | $2.64 Billion | $3.76 Billion | ▼ -35.8 pp |
| 1989 | -31.1% | $-486.00 Million | $1.56 Billion | $2.74 Billion | $3.22 Billion | ▲ +27.6 pp |
| 1988 | -58.6% | $-719.00 Million | $1.23 Billion | $2.15 Billion | $2.87 Billion | ▼ -62.1 pp |
| 1987 | 3.4% | $100.00 Million | $2.92 Billion | $3.48 Billion | $3.38 Billion | ▲ +63.4 pp |
| 1986 | -60.0% | $-1.38 Billion | $2.29 Billion | $1.20 Billion | $2.58 Billion | ▼ -67.4 pp |
| 1985 | 7.4% | $116.00 Million | $1.56 Billion | $3.09 Billion | $2.97 Billion | ▲ +39.5 pp |
| 1984 | -32.0% | $-526.00 Million | $1.64 Billion | $1.43 Billion | $1.95 Billion | ▲ +16.7 pp |
| 1983 | -48.7% | $-680.00 Million | $1.40 Billion | $1.25 Billion | $1.93 Billion | — |