Stock Analysis on Net

Union Pacific Corp. (NYSE:UNP)

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Analysis of Inventory

Microsoft Excel

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Inventory Disclosure

Union Pacific Corp., balance sheet: inventory

US$ in millions

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Materials and supplies

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 value of materials and supplies has generally increased over the five-year period. While the rate of increase has fluctuated, the overall trend indicates a growing investment in these assets.

Overall Trend
From December 31, 2021, to December 31, 2025, materials and supplies increased from US$621 million to US$787 million. This represents a cumulative increase of approximately 26.7% over the period.
Year-over-Year Changes
The most significant year-over-year increase occurred between 2021 and 2022, with a rise of US$120 million. The increase from 2022 to 2023 was minimal, at US$2 million. Growth resumed in 2024 with an increase of US$26 million, and continued in 2025 with a further increase of US$18 million.
Growth Rate Deceleration
The initial substantial growth in 2022 was followed by a period of slower expansion. The growth rate decelerated significantly between 2022 and 2023, suggesting a potential stabilization of supply needs or improved inventory management practices during that time. The growth rate then modestly recovered in the subsequent two years.
Potential Implications
The consistent, albeit fluctuating, increase in materials and supplies could indicate increased operational activity, anticipated future demand, or a strategic decision to build up inventory reserves. The period of slower growth in 2023 warrants further investigation to determine the underlying causes and whether it represents a temporary anomaly or a shift in long-term strategy.