Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Union Pacific Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 financial structure of the organization demonstrates a clear transition from a period of peak leverage to a phase of gradual deleveraging and equity strengthening between March 2021 and September 2026. Total liabilities, which reached a maximum of 81.43% of the total balance sheet in March 2022, exhibited a sustained downward trend to conclude at 69.68% by September 2026.
- Long-Term Debt and Liability Management
- Debt due after one year represents the most significant component of the liability structure. This metric peaked at 48.58% in September 2022 before trending downward to 39.99% by the end of the period. This reduction suggests a strategic shift toward reducing long-term borrowing or a relative increase in the equity base. In contrast, deferred income taxes remained remarkably stable, fluctuating minimally around the 19% to 20% range throughout the entire duration.
- Equity Evolution and Capital Distribution
- Common shareholders' equity experienced a U-shaped trajectory, declining from 26.30% in March 2021 to a low of 17.97% in September 2022, followed by a consistent recovery to 30.32% by September 2026. This recovery is primarily driven by a substantial increase in retained earnings, which rose from 84.18% to 100.29%. However, this growth in retained earnings was heavily offset by aggressive treasury stock acquisitions, with the treasury stock account reaching a peak negative value of -85.85% in June 2025 before moderating to -80.96% by September 2026.
- Current Liability Dynamics
- Current liabilities remained relatively volatile but stable within a narrow band, generally ranging between 6.32% and 9.41% of the total balance sheet. Accounts payable and other current liabilities consistently hovered between 5% and 6%, while debt due within one year showed periodic fluctuations, peaking at 3.93% in March 2023 and dipping as low as 1.07% in June 2024, reflecting cyclical working capital requirements and short-term debt refinancing patterns.
- Other Noncurrent Obligations
- Noncurrent operating lease liabilities and other long-term liabilities both displayed a gradual decline. Operating lease liabilities decreased from 1.90% to 0.78%, while other long-term liabilities moved from 3.35% to 2.41%. These shifts contribute to the overall reduction in the organization's long-term liability footprint relative to its total capitalization.
Overall, the data indicates a strategic pivot toward a more conservative capital structure. The simultaneous increase in retained earnings and the significant negative balance of treasury stock highlight a corporate strategy focused on internal capital generation coupled with substantial shareholder returns through share repurchases.
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