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)

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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 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: 2025-06-30), 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).


Accounts payable and other current liabilities
The ratio of accounts payable and other current liabilities to total liabilities and common shareholders’ equity exhibited fluctuations within a narrow range, starting at 5.03% in March 2020 and generally remaining between approximately 5.0% and 6.0%. There was a noticeable peak at 6.09% in March 2022, followed by a decline and subsequent stabilization near 5.5% to 5.8% towards mid-2025.
Debt due within one year
Short-term debt as a percentage of total liabilities and equity showed considerable volatility. It began at 2.43% in March 2020, reached highs near 3.9% in early 2023, dropped to around 1.07% by mid-2024, and then rose again to approximately 3.7% by mid-2025. This pattern suggests periodic refinancing or variable short-term debt management strategies.
Current liabilities
Current liabilities represented a fluctuating portion of the capital structure, generally oscillating between 7.4% and 9.4%. A marked increase occurred in the 2021 to early 2022 period, peaking at 9.41% in June 2025, indicating increased short-term obligations or payable balances relative to the total capital base.
Debt due after one year
Long-term debt hovered mostly in the 40-48% range, with a rising trend from March 2020 (42.38%) through late 2022 (approximately 48%) and then a gradual moderate decrease towards mid-2025 (around 44%). This persistent high level of long-term liabilities indicates a consistent reliance on extended financing.
Noncurrent operating lease liabilities
Noncurrent operating lease liabilities remained relatively stable but showed a gradual decline from 2.15% in early 2020 to about 1.11%-1.21% by 2024-2025, possibly reflecting lease term expirations or renegotiations reducing the overall lease liability burden.
Deferred income taxes
Deferred income taxes stayed fairly stable, fluctuating narrowly between 19.0% and 20.0% of total liabilities and equity. This suggests consistent tax-related timing differences and no major structural changes in tax liabilities over the analyzed periods.
Other long-term liabilities
Other long-term liabilities exhibited moderate stability, generally remaining between 2.5% and 3.4%, with a modest decline seen in the latter periods, indicating a slight reduction in miscellaneous noncurrent obligations.
Long-term liabilities Overall
Combining debt and other noncurrent obligations, long-term liabilities stayed consistently dominant within the capital structure, mostly ranging from approximately 66% to nearly 73%, peaking around late 2022 and gradually tapering thereafter. This denotes a strong emphasis on long-term financing sources.
Total liabilities
Total liabilities as a proportion of total capital steadily increased from about 74.3% in early 2020 to a peak around 82% in late 2022, and then showed a moderating decline toward 76% by mid-2025. The increase reflects a growing debt load or other liabilities relative to equity during the earlier periods, followed by some deleveraging or equity growth.
Common shares, $2.50 par value
The proportion of par value common shares relative to total capital exhibited a gradual decreasing trend from about 4.47% in March 2020 to around 4.06% by mid-2025, consistent with either share buybacks or a dilution of the par value component within total equity.
Paid-in-surplus
Paid-in surplus stayed relatively stable with slight cyclic fluctuations between about 6.5% and 8.0%, lacking a clear directional trend, suggesting steady capital contributions or equity adjustments over the years.
Retained earnings
Retained earnings increased markedly and steadily, rising from 79.43% in early 2020 to nearly 98.5% by mid-2025. This significant growth indicates consistent accumulation of earnings and reinvestment within the company, strengthening equity over time.
Treasury stock
Treasury stock as a negative component showed a clear increasing magnitude, moving from -62.67% in early 2020 to approximately -85.85% by mid-2025. This accumulating treasury stock suggests substantial share repurchases or retirements, offsetting the growth in retained earnings somewhat.
Accumulated other comprehensive loss
The accumulated other comprehensive loss was relatively minor and demonstrated a decreasing trend in negativity, moving from approximately -2.14% to around -1.01%. This indicates some improvement in comprehensive income elements outside retained earnings.
Common shareholders’ equity
Common equity percentage fluctuated from around 25.7% in early 2020 down to a trough near 18.5% in early 2022, then rose steadily to approximately 23.7% by mid-2025. The early decline suggests rising liabilities or changes in capital structure, followed by gradual equity recovery.
Overall Capital Structure
The total liabilities and common shareholders’ equity sum to 100% consistently across all periods. The data demonstrates a capital structure with a predominant reliance on long-term liabilities and retained earnings, balanced by significant treasury stock holdings which reduce net equity. Trends show heightened liabilities proportion through 2022 with subsequent slight deleveraging and an equity fortification through retained earnings and share management in the following years.