Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Union Pacific Corp. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity 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: 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.