Analysis of Debt
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- Cash Flow Statement
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- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
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- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Total Debt (Carrying Amount)
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 | ||||||
| Debt due after one year | ||||||
| Total debt (carrying amount) |
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$30,294 million was observed in 2025. The fluctuations in long-term debt appear to be the primary driver of changes in total debt.
The observed patterns suggest a dynamic debt management approach. While total debt initially rose, subsequent periods show a reduction, potentially through debt repayment or maturity management. The slight increase in both short-term and long-term debt in 2025 warrants further investigation to determine if it represents a new trend or a temporary fluctuation.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Total debt (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =