Stock Analysis on Net

Union Pacific Corp. (NYSE:UNP)

$24.99

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)

Microsoft Excel
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
Accounts payable and other current liabilities
Debt due within one year
Current liabilities
Debt due after one year
Noncurrent operating lease liabilities
Deferred income taxes
Other long-term liabilities
Long-term liabilities
Total liabilities
Common shares, $2.50 par value
Paid-in-surplus
Retained earnings
Treasury stock
Accumulated other comprehensive loss
Common shareholders’ equity
Total liabilities and common shareholders’ equity

Based on: 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).


Current liabilities
Current liabilities as a percentage of total liabilities and shareholders' equity fluctuated moderately throughout the period. The ratio started near 7.46% in early 2020, rose to a peak of over 9% by late 2022 and early 2023, then slightly decreased, ending at 9.08% in early 2025. This indicates relatively stable short-term obligations with occasional increases.
Debt due within one year
Short-term debt showed notable volatility, ranging from lows near 1% to highs above 3.9%. There was a spike in March 2023 to 3.93%, followed by a decline to just above 1% mid-2024, then increasing again to over 3.2% by March 2025. This pattern reflects fluctuating reliance on short-term borrowing.
Debt due after one year
Long-term debt percentages were consistently the largest component of liabilities, increasing from around 42% in early 2020 to near 47-48% during 2022's peak, then slightly declining to approximately 44-45% by early 2025. This trend suggests sustained emphasis on long-term financing, with reduced proportionate usage in the most recent periods.
Noncurrent operating lease liabilities
Long-term lease obligations showed a gradual decline over the period, dropping from about 2.15% at the beginning to just above 1.1% by March 2025. This decrease may indicate lease terminations or shifts to different asset acquisition methods.
Deferred income taxes
Deferred income taxes remained relatively stable throughout, hovering close to 19.5%-20%. Minor fluctuations did not signify significant changes in tax-related deferred liabilities.
Other long-term liabilities
Other long-term liabilities showed a slight downward trend from near 3.3% in 2020 to about 2.5% by early 2025, indicating gradual reduction of miscellaneous obligations outside primary debt categories.
Total long-term liabilities
Overall long-term liabilities, combining debt and other noncurrent obligations, increased from around 67% in early 2020 to roughly 73% by 2022, then declined to about 67.5% in 2025. This reflects an initial buildup of long-term debt followed by moderate deleveraging or reclassification.
Total liabilities
Total liabilities exhibited an upward movement from approximately 74% in early 2020 to peaks above 82% in late 2022, before declining to about 76.5% by early 2025. This pattern shows an expanding debt and obligations base into 2022, with subsequent modest contractions.
Common shareholders’ equity
Common equity as a percentage declined from about 25.7% in early 2020 to a low near 17.9% in late 2022, then recovered to approximately 23.4% by early 2025. The mid-period dip suggests equity contraction possibly due to increased liabilities or share repurchases, while later growth may reflect retained earnings accumulation or equity issuance.
Common shares and paid-in-surplus
Common shares remained relatively stable, slightly declining from 4.47% to roughly 4.06% over the period. Paid-in-surplus fluctuated somewhat between 6.5% and 7.8%, showing a degree of stability in contributed capital components.
Retained earnings
Retained earnings demonstrated a strong upward trend, rising steadily from about 79.4% in 2020 to over 97% by early 2025. This significant increase indicates robust earnings retention within equity, reinforcing financial strength.
Treasury stock
Treasury stock showed a consistent increase in magnitude (negative values increasing numerically), from -62.7% to around -84% by early 2025, indicating ongoing share repurchases which reduce total common equity.
Accumulated other comprehensive loss
The accumulated other comprehensive loss decreased in magnitude from around -2.14% to approximately -1.05%, reflecting reduced unrealized losses or other comprehensive adjustments over the period.
Summary of capital structure trends
Overall, liabilities increased as a proportion of total capitalization in the early to mid-period before declining slightly toward the end. Long-term debt remained dominant while short-term debt fluctuated. Equity metrics showed dilution around 2022 accompanied by increased treasury stock levels but were supported by substantial growth in retained earnings. The company’s financial structure exhibits active management of debt and equity proportions, significant earnings retention, and persistent share repurchase activity.