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)

Microsoft Excel
Jun 30, 2026 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 2.27 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 0.70 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 2.99 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 1.29 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 0.52 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 7.77% 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 4.18 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 84.54 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 1.23 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 2.28 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 92.23% 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% 100.00%

Based on: 10-Q (reporting date: 2026-06-30), 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 is characterized by a heavy concentration in long-term assets, which consistently represent over 92% of the total asset base. While the overall composition remains stable, a gradual shift is observable from physical properties and operating leases toward other asset categories and increased short-term liquidity toward the end of the analyzed period.

Fixed and Long-Term Asset Trends
Properties, net, the primary component of the balance sheet, show a gradual decline from 87.49% in March 2021 to 84.54% by June 2026. This downward trend is mirrored by operating lease assets, which decreased steadily from 2.56% to 1.23% over the same period. Conversely, the proportion of total assets allocated to investments increased modestly from 3.51% to 4.18%.
Liquidity and Current Asset Analysis
Current assets generally fluctuated between 5.6% and 6.7% for the majority of the period, before rising to 7.77% by June 2026. Cash and cash equivalents remained relatively stable, typically ranging between 1.1% and 2.1%. A notable shift occurred in the latter part of the period with the emergence of short-term investments, which were absent until December 2025 and grew to 0.70% of total assets by June 2026.
Working Capital Stability
Accounts receivable, net, maintained a consistent range between 2.6% and 3.2% of total assets, suggesting a stable relationship between revenue collection and total asset growth. Similarly, materials and supplies remained largely unchanged, hovering between 1.0% and 1.3% throughout the timeframe.
Growth in Other Assets
A significant upward trend is observed in other assets, which grew from 0.43% in March 2021 to 2.28% by June 2026. This increase represents a five-fold growth in the relative weight of this category, contributing to the overall reduction in the percentage of total assets held in physical properties.

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