Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) 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 (quarterly data)
Based on: 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), 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).
- Liabilities Overview
- The total liabilities as a percentage of total liabilities and common shareholders’ equity exhibit an increasing trend from early 2020 through 2022, peaking around 82%. After this peak, there is a gradual decline noted into 2024, falling closer to 75%. This indicates a significant increase in liabilities relative to equity during the earlier part of the period, followed by a moderate reduction.
- Current Liabilities
- Current liabilities show some volatility but generally maintain a range between 6.3% and 9.4%. The percentage climbed from approximately 7.5% in early 2020 to near 9.4% in early 2022, then fluctuated downward to stabilize in the 7.6%-7.9% range through 2024. This suggests temporary increases in short-term obligations, possibly due to operational or market conditions, with some normalization in recent quarters.
- Short-Term Debt (Debt due within one year)
- Short-term debt percentages have shown notable fluctuations, rising from below 2.5% to peaks above 3.5%, particularly around late 2021 and mid-2025. There are intermittent dips below 1.1% in mid-2024, indicating periods of reduced short-term borrowings or refinancing activities. Overall, short-term debt appears cyclical with no clear long-term increasing or decreasing trend.
- Long-Term Debt (Debt due after one year)
- Long-term debt fluctuates within a relatively higher range, generally between 40.5% and 49%. It increased notably in late 2021 to nearly 49%, then slightly declined towards 44% by the end of the observed period. This reflects a persistent reliance on long-term borrowing, with minor adjustments possibly related to refinancing or capital structure optimization efforts.
- Operating Lease Liabilities
- Noncurrent operating lease liabilities steadily decrease over the period, falling from roughly 2.15% to near 1.1%. This downward trajectory suggests ongoing reductions in lease obligations or changes in lease accounting and contract management.
- Deferred Income Taxes
- Deferred income taxes consistently represent close to 19-20% of the total, showing stability over the years. There is minimal variation, indicating this component is a stable portion of the financial structure.
- Other Long-Term Liabilities
- These liabilities remain modest and fairly stable, fluctuating between approximately 2.5% to 3.35%, with a slight downward trend in the latter part of the period. This suggests minor changes in miscellaneous long-term obligations without significant impacts on overall liabilities.
- Common Shareholder's Equity
- Common shareholders’ equity as a percentage of total liabilities and equity demonstrates variability, declining from around 27% in early 2020 to a low near 17.97% in late 2021, then recovering to surpass 25% in late 2025. This indicates fluctuations in equity levels, possibly impacted by changes in retained earnings, treasury stock, and share issuances or buybacks.
- Retained Earnings
- Retained earnings consistently increase throughout the entire period, from roughly 79% to near 100%. This signifies ongoing accumulation of profits or retained cash and reinvestments, providing a strong reinvested capital base supporting the company’s financial strength.
- Treasury Stock
- Treasury stock shows a steady increase in absolute negative percentage terms, moving from about -62.7% initially to approximately -85.7% by the end. The increasing magnitude of treasury stock deductions implies intensified share repurchase activities, contributing to changes in equity composition and possibly supporting market valuation strategies.
- Accumulated Other Comprehensive Loss
- This item displays a gradual improvement, with the negative values lessening from about -2.14% to roughly -0.98%, indicating a reduction in accumulated losses or adverse adjustments recognized in comprehensive income.
- Paid-in Surplus
- Paid-in surplus varies moderately, showing an increase from roughly 6.5% to over 8% by late 2025. This reflects additional capital contributed by shareholders above par value, providing incremental equity cushion.
- Summary
- Overall, the financial structure reveals a pattern of increased liabilities relative to equity through 2022, followed by a stabilizing and improving equity proportion in subsequent quarters. The sustained growth in retained earnings and paid-in surplus strengthens equity, although increasing treasury stock deductions offset this to some extent. Long-term liabilities remain a significant portion of total financing, while short-term liabilities and operating lease obligations exhibit declining trends. This reflects ongoing financial management balancing debt and equity while managing short-term obligations and capital return activities.