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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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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Cash and cash equivalents 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 2.88 4.08 4.26 1.82
Accounts receivable, net 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 2.41 2.46 2.18 2.68
Materials and supplies 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 1.02 1.02 1.05 1.11
Other current assets 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 0.44 0.49 0.51 0.50
Current assets 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% 6.75% 8.05% 8.00% 6.11%
Investments 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 3.47 3.25 3.21 3.34
Properties, net 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 86.80 85.34 85.39 86.99
Operating lease assets 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 2.58 2.58 2.67 2.85
Other assets 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 0.40 0.78 0.72 0.71
Long-term assets 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% 93.25% 91.95% 92.00% 93.89%
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% 100.00%

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

The financial data reveals several notable trends and patterns regarding the composition of the total assets over multiple quarters.

Cash and Cash Equivalents
The proportion of cash and cash equivalents to total assets generally fluctuates within a narrow range, typically between 1.1% and 2.1%. It peaked at 4.26% in June 2020 but then gradually decreased and stabilized around 1.5% to 2.0% in recent quarters, signaling a relatively stable and modest cash reserve relative to total assets.
Accounts Receivable, Net
This component shows a gradual upward trend from around 2.18% in mid-2020 to approximately 3.21% by mid-2024, before a slight tapering to 2.79% at the end of the observed period. The increase indicates a growing portion of assets tied in receivables, possibly reflecting increased sales on credit or extended payment terms.
Materials and Supplies
The percentage of materials and supplies to total assets remains relatively stable, generally fluctuating between 1.0% and 1.2%. Minor variations suggest consistent inventory levels relative to overall asset size, without significant accumulation or depletion.
Other Current Assets
This category exhibits some volatility, ranging mostly between 0.4% and 0.6%, with sporadic increases toward 0.64%. Such variability might denote changes in miscellaneous current asset holdings but remains a small portion of total assets overall.
Current Assets
The aggregate current assets as a proportion of total assets display some fluctuations but overall maintain a narrow band between approximately 5.6% and 8.0%. Peaks occurred in mid-2020, coinciding with elevated cash levels. Subsequently, current assets stabilized closer to 6%, indicating a consistent short-term asset base.
Investments
Investment holdings represent a steady and slightly increasing share of total assets, rising from around 3.2% in early periods to just over 4.0% by mid-2025. This gradual increase suggests a growing strategic allocation to investments as part of the asset portfolio.
Properties, Net
Properties constitute the largest share of total assets, consistently around 85% to 87%. Despite small fluctuations, this category remains the predominant asset class, reflecting significant investment in physical properties with a stable asset base.
Operating Lease Assets
There is a clear downward trend in operating lease assets, shrinking from approximately 2.85% in early 2020 to about 1.7% by mid-2025. This decline may reflect lease terminations, reclassifications, or strategic reductions in leased asset holdings.
Other Assets
Other assets as a percentage of total assets exhibit a gradual increase from under 1.0% early on to slightly above 2.0% in later periods, indicating a diversification or growth in miscellaneous asset categories.
Long-term Assets
Long-term assets consistently account for the majority of total assets, roughly between 91.9% and 94.4%, underscoring a capital-intensive asset structure. Fluctuations within this range appear minor, highlighting stable long-term asset investment.

Overall, the asset composition is dominated by net properties and long-term assets, with steady investment allocations and a shrinking footprint of operating lease assets. Current assets and cash maintain stability with moderate variability, while accounts receivable show a mild upward trend, potentially indicating evolving credit or sales conditions. The increasing proportion of other assets suggests a gradual diversification within the asset base.