Stock Analysis on Net
Stock Analysis on Net

Union Pacific Corp. (NYSE:UNP)

Common-Size Balance Sheet: Assets 
Quarterly Data

Union Pacific Corp., common-size consolidated balance sheet: assets (quarterly data)

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Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 1.06 1.82 1.18 1.55 2.06 1.50 1.40 1.68 1.38 1.57 1.13 1.26 1.64 1.49 1.94 1.22 1.42 1.51 1.91 1.80 1.91
Short-term investments 0.43 0.36 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts receivable, net 2.85 2.67 2.80 2.79 2.87 2.80 3.01 3.12 3.21 3.09 2.91 2.77 2.96 2.89 3.14 3.18 3.06 2.71 2.69 2.68 2.61
Materials and supplies 1.20 1.13 1.14 1.13 1.09 1.14 1.15 1.19 1.14 1.11 1.16 1.12 1.10 1.13 1.22 1.23 1.13 0.98 1.06 1.11 1.07
Other current assets 0.51 0.56 0.57 0.63 0.61 0.51 0.58 0.64 0.50 0.41 0.54 0.54 0.45 0.53 0.45 0.54 0.44 0.39 0.44 0.48 0.43
Current assets 6.05% 6.54% 5.69% 6.10% 6.63% 5.94% 6.14% 6.63% 6.23% 6.18% 5.73% 5.68% 6.15% 6.04% 6.74% 6.17% 6.05% 5.59% 6.11% 6.06% 6.02%
Investments 4.24 4.14 4.14 4.06 3.95 3.93 3.92 3.99 3.94 3.88 3.88 3.82 3.70 3.63 3.54 3.55 3.56 3.53 3.64 3.67 3.51
Properties, net 86.09 85.58 86.52 86.06 85.72 86.16 85.89 85.28 85.62 85.50 85.68 85.78 85.30 85.62 85.23 85.84 85.97 86.38 87.17 87.23 87.49
Operating lease assets 1.30 1.49 1.59 1.74 1.67 1.92 1.99 2.04 2.16 2.45 2.51 2.50 2.58 2.55 2.61 2.65 2.70 2.81 2.61 2.63 2.56
Other assets 2.32 2.26 2.07 2.04 2.04 2.05 2.06 2.05 2.05 1.99 2.20 2.22 2.27 2.16 1.89 1.79 1.73 1.69 0.46 0.40 0.43
Long-term assets 93.95% 93.46% 94.31% 93.90% 93.37% 94.06% 93.86% 93.37% 93.77% 93.82% 94.27% 94.32% 93.85% 93.96% 93.26% 93.83% 93.95% 94.41% 93.89% 93.94% 93.98%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The asset structure of the organization is characterized by a heavy concentration in long-term, capital-intensive assets, consistent with the nature of railroad operations. Total assets are overwhelmingly dominated by non-current assets, which consistently represent between 93.26% and 94.41% of the total balance sheet throughout the analyzed period.

Liquidity and Current Asset Composition
Current assets maintain a relatively small footprint, fluctuating within a narrow range from 5.59% to 6.74% of total assets. Cash and cash equivalents exhibit volatility, peaking at 2.06% in March 2024 before settling at 1.06% by March 2026. Accounts receivable, net, remain stable, generally ranging between 2.6% and 3.2%, indicating a consistent cycle of credit and collections. A notable development occurs in late 2025, with the introduction of short-term investments, which reached 0.43% by March 2026, suggesting a minor shift in the management of excess liquidity.
Fixed Asset Dominance and Infrastructure
Properties, net, constitute the primary component of the asset base, consistently representing over 85% of total assets. While this figure peaked at 87.49% in March 2021, it experienced a gradual moderate decline, stabilizing between 85% and 86% in later periods. This high proportion underscores the immense capital investment required for rail infrastructure and rolling stock, leaving the company with limited flexibility in asset reallocation.
Operating Lease and Long-term Investment Trends
A distinct downward trend is observed in operating lease assets, which declined steadily from 2.56% in March 2021 to 1.30% by March 2026. This suggests a strategic reduction in leased assets or a transition toward owned assets. Conversely, long-term investments show a gradual upward trajectory, increasing from 3.51% to 4.24% over the same period, indicating a slow but steady reallocation of capital toward investment vehicles.
Other Asset Fluctuations
Other assets remained negligible at approximately 0.4% until December 2021, at which point a structural shift occurred, raising this category to approximately 1.69%. This metric remained elevated, generally hovering between 2% and 2.32% through March 2026, reflecting a permanent increase in miscellaneous non-current asset holdings.

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