Union Pacific Corp., balance sheet: debt

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Debt due within one year	1,520)	1,425)	1,423)	1,678)	2,166)
Debt due after one year	30,294)	29,767)	31,156)	31,648)	27,563)
Total debt (carrying amount)	31,814)	31,192)	32,579)	33,326)	29,729)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The overall level of total debt, as measured by the carrying amount, exhibited an increasing trend from 2021 to 2022, followed by a period of fluctuation and relative stabilization through 2025. A closer examination of the components reveals differing patterns in short-term and long-term obligations.

Total Debt Trend: Total debt increased from US$29,729 million in 2021 to US$33,326 million in 2022, representing a growth of approximately 12.1%. Subsequently, total debt decreased to US$32,579 million in 2023, then further to US$31,192 million in 2024. The most recent period shows a slight increase to US$31,814 million in 2025, indicating a potential leveling off after the initial increase and subsequent decline.
Short-Term Debt: Debt due within one year demonstrated a consistent downward trend from US$2,166 million in 2021 to US$1,423 million in 2023. A minor increase to US$1,425 million occurred in 2024, followed by a further increase to US$1,520 million in 2025. This suggests a shift in debt maturity structure, potentially indicating proactive refinancing or a change in financing strategies.
Long-Term Debt: Debt due after one year increased from US$27,563 million in 2021 to US$31,648 million in 2022, contributing significantly to the overall increase in total debt during that period. Long-term debt then decreased to US$31,156 million in 2023 and continued to decline to US$29,767 million in 2024. A modest increase to US$30,294 million was observed in 2025. The fluctuations in long-term debt appear to be the primary driver of changes in total debt.

The observed patterns suggest a dynamic debt management approach. While total debt initially rose, subsequent periods show a reduction, potentially through debt repayment or maturity management. The slight increase in both short-term and long-term debt in 2025 warrants further investigation to determine if it represents a new trend or a temporary fluctuation.

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	Dec 31, 2025
Selected Financial Data (US$ in millions)
Total debt (fair value)	26,500)
Financial Ratio
Debt, fair value to carrying amount ratio	0.83

Based on: 10-K (reporting date: 2025-12-31).

Weighted-average interest rate on debt: 7.17%

Interest rate	Debt amount¹	Interest rate × Debt amount
7.20%	32,694)	2,354)
6.20%	693)	43)
4.50%	105)	5)
Total	33,492)	2,402)
7.17%

Based on: 10-K (reporting date: 2025-12-31).

¹ US$ in millions

² Weighted-average interest rate = 100 × 2,402 ÷ 33,492 = 7.17%

Union Pacific Corp. (NYSE:UNP)

Analysis of Debt

Total Debt (Carrying Amount)

Total Debt (Fair Value)

Weighted-average Interest Rate on Debt