Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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Union Pacific Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Union Pacific Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity
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 liabilities and stockholders’ equity at the company exhibits several notable trends between 2021 and 2025. Overall, the proportion of total liabilities decreased slightly over the period, while the proportion of common shareholders’ equity increased. This suggests a strengthening of the company’s financial position from the perspective of its capital structure.
- Current Liabilities
- Current liabilities, as a percentage of total liabilities and equity, generally decreased from 9.04% in 2021 to 7.19% in 2025. Within this category, debt due within one year experienced a more pronounced decline, falling from 3.41% to 2.18%. Accounts payable and other current liabilities also decreased, though less dramatically, from 5.63% to 5.01%. These trends indicate improved short-term liquidity and a reduced reliance on short-term financing.
- Long-Term Liabilities
- Long-term liabilities initially increased from 68.67% in 2021 to 72.98% in 2022, before declining to 66.31% in 2025. The largest component, debt due after one year, mirrored this pattern, peaking at 48.36% in 2022 and then decreasing to 43.46% in 2025. Deferred income taxes remained relatively stable, consistently representing approximately 19-20% of the total. Noncurrent operating lease liabilities also showed a consistent decline.
- Stockholders’ Equity
- Common shareholders’ equity demonstrated a consistent increase as a percentage of the total, rising from 22.29% in 2021 to 26.50% in 2025. This growth was primarily driven by a substantial increase in retained earnings, which grew from 86.66% to 99.76% over the same period. The proportion of treasury stock consistently represented a significant negative value, increasing in magnitude from -75.14% to -84.43%, indicating ongoing share repurchase activity. Paid-in surplus remained relatively stable, while common shares decreased slightly.
- Specific Liability Accounts
- Several specific liability accounts exhibited fluctuations. Compensation-related accruals increased significantly from 2021 to 2022, then decreased substantially in 2023 and remained relatively stable through 2025. Income and other taxes payable decreased consistently throughout the period. Accrued casualty costs showed an increasing trend until 2023, followed by a slight decrease in 2025. The ‘Other’ liability category experienced a notable increase in 2024 before decreasing in 2025.
In summary, the company appears to be reducing its overall debt burden and increasing its reliance on equity financing. The trends suggest a strengthening financial position, improved liquidity, and a commitment to returning capital to shareholders through share repurchases. The fluctuations in specific liability accounts warrant further investigation to understand the underlying drivers of these changes.