Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Union Pacific Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Union Pacific Corp., consolidated balance sheet: assets
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Total assets exhibited a consistent upward trend over the five-year period, increasing from US$63,525 million in 2021 to US$69,698 million in 2025. This growth was primarily driven by increases in both current and long-term assets. A more detailed examination of the asset composition reveals varying trends within specific categories.
- Liquidity and Current Assets
- Current assets generally increased from 2021 to 2023, peaking at US$4,148 million. A slight decrease was observed in 2024, followed by a further increase to US$4,555 million in 2025. Within current assets, cash and cash equivalents demonstrated a generally increasing trend, with a notable jump in 2025. Accounts receivable, net, increased from 2021 to 2023, then decreased slightly in 2024 and 2025. Materials and supplies showed a consistent increase throughout the period. Other current assets also exhibited growth, though with some fluctuation.
- Investments
- Investments showed a steady increase from US$2,241 million in 2021 to US$2,885 million in 2025. This indicates a consistent allocation of capital to investment activities over the period.
- Fixed Assets
- Properties, net, represent the largest component of total assets and consistently increased from US$54,871 million in 2021 to US$59,645 million in 2025, suggesting ongoing investment in property, plant, and equipment. Operating lease assets decreased steadily throughout the period, from US$1,787 million in 2021 to US$1,036 million in 2025. This could be due to lease expirations or changes in leasing strategies. Other assets also increased over the period, though at a slower rate than properties, net.
- Long-Term Assets
- Long-term assets increased consistently from US$59,974 million in 2021 to US$65,143 million in 2025, mirroring the trend in total assets. The primary driver of this increase was the growth in properties, net, although investments and other assets also contributed.
Overall, the asset base demonstrates a pattern of sustained growth. The composition of assets suggests a focus on long-term investments in property, plant, and equipment, alongside a generally healthy liquidity position as indicated by the trends in current assets.