Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Union Pacific Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
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).
An analysis of the common-size balance sheet reveals a cyclical trend in the company's capital structure, characterized by a period of increasing leverage peaking in 2022, followed by a gradual deleveraging phase leading into early 2026.
- Liability Structure and Trends
- Total liabilities experienced a notable increase from 73.70% in March 2021 to a peak of 82.03% in September 2022. Following this peak, a consistent downward trend is observed, with total liabilities receding to 72.12% by March 2026. This reduction is primarily driven by a decrease in long-term liabilities, which fell from a high of 73.29% in September 2022 to 65.51% by the end of the analyzed period.
- Debt due after one year remains the most significant component of the liability profile, fluctuating between 40.65% and 48.58%. Current liabilities remained relatively stable, generally oscillating between 6% and 9%, indicating that the company's leverage is heavily weighted toward long-term obligations rather than short-term pressures.
- Deferred income taxes remained remarkably consistent, maintaining a weight of approximately 19% to 20% of the total capital structure throughout the entire duration.
- Stockholders' Equity Dynamics
- Common shareholders' equity followed an inverse trajectory to total liabilities, reaching a trough of 17.97% in September 2022 before recovering steadily to 27.88% by March 2026. This recovery is underpinned by a substantial and continuous growth in retained earnings, which rose from 84.18% in March 2021 to 101.10% in March 2026.
- The growth in retained earnings is significantly offset by an aggressive treasury stock program. Treasury stock as a percentage of total liabilities and equity expanded from -67.69% in March 2021 to -84.49% in March 2026, reflecting a consistent strategy of share repurchases that limits the overall growth of the equity base despite strong profit retention.
- Capital Composition Summary
- The shift from 2022 to 2026 indicates a strategic transition toward a more equity-heavy capital structure. The combination of declining long-term debt and rising retained earnings suggests an improvement in solvency and a reduction in financial risk over the latter half of the period.