Common-Size Balance Sheet: Assets
Quarterly Data
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Union Pacific Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 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 composition of assets for the analyzed entity exhibits several noteworthy trends over the period from March 31, 2021, to December 31, 2025. A significant portion of assets consistently resides in long-term assets, specifically properties, net, representing approximately 85-87% of the total asset base throughout the observed timeframe. While properties, net, remain dominant, there are subtle shifts within the asset structure.
- Cash and Cash Equivalents
- Cash and cash equivalents as a percentage of total assets demonstrate fluctuation. Initially around 1.9% in early 2021, it decreased to a low of 1.22% in June 2022, before increasing again, peaking at 2.06% in March 2025. This suggests potential variability in short-term liquidity management or operational cash flow needs.
- Accounts Receivable, Net
- Accounts receivable, net, show a general upward trend from 2.61% in March 2021 to a high of 3.21% in March 2023, followed by a slight decline to 2.67% by December 2025. This could indicate changes in credit policies, sales terms, or collection efficiency. The recent decrease may suggest improved collection efforts or a slowdown in sales on credit.
- Current Assets
- The proportion of current assets to total assets generally remains stable, fluctuating between approximately 5.59% and 6.63%. A noticeable increase is observed in the first half of 2024, peaking at 6.63% in June 2024, potentially driven by increases in other current assets. Overall, current assets represent a relatively small portion of the total asset base.
- Investments
- Investments as a percentage of total assets exhibit a consistent, gradual increase from 3.51% in March 2021 to 4.14% in December 2025. This suggests a strategic allocation of capital towards investment opportunities over the period.
- Operating Lease Assets
- Operating lease assets demonstrate a decreasing trend, falling from 2.56% in March 2021 to 1.49% in December 2025. This decline may be attributable to the expiration of existing leases, a shift in leasing strategy towards ownership, or changes in accounting standards related to lease recognition.
- Other Assets
- Other assets show a significant increase, particularly in late 2025, rising from around 0.4% to 2.26% by December 2025. This substantial increase warrants further investigation to determine the underlying components and potential implications for the asset structure. The increase in this category is the most pronounced change observed.
In summary, the asset composition is characterized by a dominant presence of properties, net, and a gradual shift in the allocation of resources towards investments. Fluctuations in cash and accounts receivable suggest dynamic liquidity and credit management practices. The notable increase in other assets in the latter part of the period requires further scrutiny to understand its drivers and potential impact on the overall financial position.