Stock Analysis on Net
Stock Analysis on Net

Union Pacific Corp. (NYSE:UNP)

Common-Size Balance Sheet: Assets 

Union Pacific Corp., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 1.82 1.50 1.57 1.49 1.51
Short-term investments 0.36 0.03 0.02 0.07 0.07
Accounts receivable, net 2.67 2.80 3.09 2.89 2.71
Materials and supplies 1.13 1.14 1.11 1.13 0.98
Other current assets 0.56 0.48 0.39 0.46 0.32
Current assets 6.54% 5.94% 6.18% 6.04% 5.59%
Investments 4.14 3.93 3.88 3.63 3.53
Properties, net 85.58 86.16 85.50 85.62 86.38
Operating lease assets 1.49 1.92 2.45 2.55 2.81
Other assets 2.26 2.05 1.99 2.16 1.69
Long-term assets 93.46% 94.06% 93.82% 93.96% 94.41%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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 composition of assets at the company exhibits several notable trends over the five-year period. Current assets as a percentage of total assets generally increased, while long-term assets experienced a slight decrease. Within these broad categories, specific asset items demonstrate varying patterns.

Liquidity and Current Assets
Current assets increased from 5.59% of total assets in 2021 to 6.54% in 2025. This rise is primarily driven by increases in ‘Other current assets’ which nearly doubled from 0.32% to 0.56% and ‘Cash and cash equivalents’ which increased from 1.51% to 1.82%. ‘Accounts receivable, net’ showed an initial increase from 2.71% to 3.09% before declining to 2.67% in 2025. ‘Short-term investments’ remained relatively stable at 0.07% in 2021 and 2022, then decreased to 0.02% and 0.03% before a significant jump to 0.36% in 2025. ‘Materials and supplies’ remained relatively consistent, fluctuating between 0.98% and 1.14%.
Long-Term Asset Composition
Long-term assets, representing the majority of the asset base, decreased slightly from 94.41% in 2021 to 93.46% in 2025. ‘Properties, net’ consistently comprised the largest portion of total assets, remaining above 85% throughout the period, with a slight fluctuation between 85.50% and 86.38%. A consistent decline is observed in ‘Operating lease assets’, decreasing from 2.81% in 2021 to 1.49% in 2025. ‘Investments’ showed a steady increase from 3.53% to 4.14% over the period. ‘Other assets’ increased from 1.69% to 2.26%.

The shift in asset allocation suggests a potential increase in short-term liquidity and a concurrent, albeit small, reduction in reliance on long-term assets. The increase in ‘Short-term investments’ in 2025 warrants further investigation to understand the underlying reasons for this change. The consistent decline in ‘Operating lease assets’ may indicate a change in the company’s financing or operational strategies.