Stock Analysis on Net
Stock Analysis on Net

Union Pacific Corp. (NYSE:UNP)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Union Pacific Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 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
Accounts payable and other current liabilities 6.07 5.36 5.01 5.39 5.73 5.83 5.65 5.50 5.25 5.65 5.49 5.38 5.31 5.48 5.87 6.17 5.69 6.09 5.63 5.25 5.23 5.35
Debt due within one year 1.81 1.24 2.18 2.22 3.68 3.25 2.10 2.44 1.07 1.09 2.12 2.59 2.64 3.93 2.56 2.57 3.62 2.43 3.41 2.94 1.79 2.53
Current liabilities 7.88% 6.61% 7.19% 7.60% 9.41% 9.08% 7.76% 7.94% 6.32% 6.74% 7.61% 7.97% 7.95% 9.41% 8.43% 8.74% 9.31% 8.53% 9.04% 8.20% 7.02% 7.88%
Debt due after one year 40.78 42.77 43.46 44.12 44.17 44.70 43.96 44.04 45.95 46.38 46.41 46.82 47.79 47.28 48.36 48.58 46.05 47.90 43.39 44.19 44.63 40.65
Noncurrent operating lease liabilities 0.86 0.89 1.06 1.11 1.21 1.11 1.37 1.38 1.46 1.51 1.85 1.87 1.84 1.87 1.99 1.99 2.01 2.02 2.25 2.02 2.02 1.90
Deferred income taxes 18.99 19.35 19.26 19.42 19.00 19.19 19.42 19.53 19.41 19.54 19.55 19.68 19.79 19.83 19.91 19.69 19.83 19.89 19.95 20.04 19.96 19.92
Other long-term liabilities 2.46 2.51 2.53 2.54 2.50 2.50 2.55 2.55 2.54 2.54 2.55 2.61 2.65 2.72 2.73 3.02 3.08 3.09 3.07 3.22 3.33 3.35
Long-term liabilities 63.09% 65.51% 66.31% 67.19% 66.88% 67.50% 67.30% 67.52% 69.36% 69.97% 70.37% 70.98% 72.07% 71.71% 72.98% 73.29% 70.96% 72.90% 68.67% 69.49% 69.94% 65.81%
Total liabilities 70.97% 72.12% 73.50% 74.79% 76.29% 76.58% 75.06% 75.46% 75.69% 76.71% 77.97% 78.95% 80.02% 81.12% 81.42% 82.03% 80.28% 81.43% 77.71% 77.68% 76.96% 73.70%
Common shares, $2.50 par value 3.91 4.00 3.99 4.05 4.06 4.06 4.11 4.12 4.10 4.14 4.14 4.18 4.21 4.22 4.25 4.26 4.32 4.34 4.38 4.46 4.48 4.50
Paid-in-surplus 7.97 8.07 8.02 8.08 8.03 7.41 7.88 7.84 7.74 7.75 7.74 7.76 7.77 7.73 7.76 7.74 7.81 7.14 7.84 7.93 7.25 7.89
Retained earnings 100.52 101.10 99.76 99.79 98.48 97.02 96.92 95.72 94.11 93.57 92.49 92.03 91.62 90.53 89.97 88.83 88.39 87.33 86.66 86.74 85.57 84.18
Treasury stock -82.59 -84.49 -84.43 -85.74 -85.85 -84.02 -82.89 -82.11 -80.74 -81.26 -81.43 -82.18 -82.84 -82.75 -82.51 -81.58 -79.48 -78.87 -75.14 -74.36 -71.76 -67.69
Accumulated other comprehensive loss -0.78 -0.79 -0.85 -0.98 -1.01 -1.05 -1.07 -1.02 -0.89 -0.91 -0.91 -0.75 -0.78 -0.85 -0.89 -1.27 -1.31 -1.37 -1.44 -2.46 -2.50 -2.58
Common shareholders’ equity 29.03% 27.88% 26.50% 25.21% 23.71% 23.42% 24.94% 24.54% 24.31% 23.29% 22.03% 21.05% 19.98% 18.88% 18.58% 17.97% 19.72% 18.57% 22.29% 22.32% 23.04% 26.30%
Total liabilities and common shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 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 capital structure exhibits a period of increasing leverage peaking in 2022, followed by a sustained deleveraging trend through the first half of 2026. Total liabilities rose from 73.70% in March 2021 to a peak of 82.03% in September 2022, before gradually declining to 70.97% by June 2026. Correspondingly, common shareholders' equity reached a low of 17.97% in September 2022 and recovered to 29.03% by the end of the observed period.

Long-Term Liability Trends
Debt due after one year constitutes the largest portion of the balance sheet. This component peaked at 48.58% in September 2022 and trended downward to 40.78% by June 2026, driving the overall reduction in total liabilities. Deferred income taxes remained remarkably stable throughout the entire period, fluctuating narrowly between 18.99% and 20.04%.
Short-Term Obligation Patterns
Current liabilities remained relatively low, generally oscillating between 6.32% and 9.41% of total liabilities and equity. Debt due within one year showed significant volatility, with peaks such as 3.93% in March 2023 and lows of 1.07% in June 2022, suggesting cyclical debt maturity and refinancing activities.
Equity Composition and Shareholder Returns
A strong upward trajectory is observed in retained earnings, which increased from 84.18% in March 2021 to a peak of 101.10% in March 2026, indicating consistent profit accumulation. This growth was heavily offset by an aggressive treasury stock program; the contra-equity account for treasury stock expanded from -67.69% in March 2021 to a peak of -85.85% in June 2025, reflecting substantial share repurchases.
Overall Solvency and Risk Profile
The reduction in the total liability ratio from its 2022 peak suggests an improvement in long-term solvency. The increasing proportion of common shareholders' equity, supported by rising retained earnings, indicates a shift toward a more equity-funded capital base despite the continued impact of treasury stock acquisitions.

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