Name: Union Pacific Corp. (NYSE:UNP) | Liabilities and Stockholders’ Equity (Quarterly)
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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

US$ in millions

	Sep 30, 2026	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	4,316)	4,324)	3,735)	3,494)	3,699)	3,930)	3,995)	3,829)	3,714)	3,560)	3,801)	3,683)	3,580)	3,504)	3,617)	3,842)	4,034)	3,668)	3,903)	3,578)	3,276)	3,247)	3,306)
Debt due within one year	1,289)	1,288)	867)	1,520)	1,521)	2,522)	2,227)	1,425)	1,652)	727)	733)	1,423)	1,724)	1,745)	2,592)	1,678)	1,678)	2,334)	1,559)	2,166)	1,835)	1,110)	1,565)
Current liabilities	5,605)	5,612)	4,602)	5,014)	5,220)	6,452)	6,222)	5,254)	5,366)	4,287)	4,534)	5,106)	5,304)	5,249)	6,209)	5,520)	5,712)	6,002)	5,462)	5,744)	5,111)	4,357)	4,871)
Debt due after one year	29,035)	29,039)	29,784)	30,294)	30,286)	30,291)	30,615)	29,767)	29,761)	31,165)	31,195)	31,156)	31,153)	31,557)	31,192)	31,648)	31,744)	29,673)	30,680)	27,563)	27,560)	27,702)	25,117)
Noncurrent operating lease liabilities	563)	609)	619)	738)	764)	831)	758)	925)	934)	988)	1,016)	1,245)	1,244)	1,217)	1,233)	1,300)	1,303)	1,295)	1,291)	1,429)	1,262)	1,256)	1,171)
Deferred income taxes	13,640)	13,525)	13,475)	13,421)	13,329)	13,029)	13,144)	13,151)	13,199)	13,166)	13,146)	13,123)	13,095)	13,069)	13,084)	13,033)	12,868)	12,777)	12,739)	12,675)	12,500)	12,389)	12,307)
Other long-term liabilities	1,748)	1,753)	1,746)	1,764)	1,744)	1,715)	1,714)	1,728)	1,726)	1,722)	1,710)	1,714)	1,740)	1,747)	1,796)	1,785)	1,973)	1,983)	1,982)	1,953)	2,010)	2,066)	2,073)
Long-term liabilities	44,986)	44,926)	45,624)	46,217)	46,123)	45,866)	46,231)	45,571)	45,620)	47,041)	47,067)	47,238)	47,232)	47,590)	47,305)	47,766)	47,888)	45,728)	46,692)	43,620)	43,332)	43,413)	40,668)
Total liabilities	50,591)	50,538)	50,226)	51,231)	51,343)	52,318)	52,453)	50,825)	50,986)	51,328)	51,601)	52,344)	52,536)	52,839)	53,514)	53,286)	53,600)	51,730)	52,154)	49,364)	48,443)	47,770)	45,539)
Common shares, $2.50 par value	2,783)	2,783)	2,783)	2,783)	2,783)	2,783)	2,783)	2,783)	2,783)	2,783)	2,783)	2,782)	2,782)	2,782)	2,782)	2,782)	2,782)	2,781)	2,782)	2,781)	2,781)	2,781)	2,781)
Paid-in-surplus	5,743)	5,677)	5,621)	5,589)	5,548)	5,505)	5,075)	5,334)	5,297)	5,249)	5,213)	5,193)	5,166)	5,128)	5,099)	5,080)	5,055)	5,030)	4,571)	4,979)	4,947)	4,499)	4,874)
Retained earnings	72,816)	71,584)	70,411)	69,529)	68,501)	67,532)	66,450)	65,628)	64,677)	63,820)	62,940)	62,093)	61,235)	60,500)	59,724)	58,887)	58,047)	56,958)	55,937)	55,049)	54,094)	53,116)	52,019)
Treasury stock	(58,785)	(58,815)	(58,844)	(58,843)	(58,856)	(58,870)	(57,549)	(56,132)	(55,481)	(54,757)	(54,661)	(54,666)	(54,682)	(54,699)	(54,591)	(54,004)	(53,309)	(51,218)	(50,515)	(47,734)	(46,372)	(44,542)	(41,826)
Accumulated other comprehensive loss	(539)	(556)	(553)	(591)	(672)	(692)	(720)	(723)	(692)	(606)	(610)	(614)	(497)	(517)	(560)	(582)	(832)	(841)	(878)	(914)	(1,533)	(1,551)	(1,594)
Common shareholders’ equity	22,018)	20,673)	19,418)	18,467)	17,304)	16,258)	16,039)	16,890)	16,584)	16,489)	15,665)	14,788)	14,004)	13,194)	12,454)	12,163)	11,743)	12,710)	11,897)	14,161)	13,917)	14,303)	16,254)
Total liabilities and common shareholders’ equity	72,609)	71,211)	69,644)	69,698)	68,647)	68,576)	68,492)	67,715)	67,570)	67,817)	67,266)	67,132)	66,540)	66,033)	65,968)	65,449)	65,343)	64,440)	64,051)	63,525)	62,360)	62,073)	61,793)

The balance sheet exhibits a general expansion in total assets and liabilities and equity, growing from $61.79 billion in March 2021 to $72.61 billion by September 2026. This period is marked by a transition from increasing leverage toward a strengthened equity position, driven primarily by robust growth in retained earnings despite an aggressive share repurchase program.

Liability Structure and Debt Management: Total liabilities experienced an initial upward trajectory, peaking at $53.60 billion in September 2022, before stabilizing and gradually declining to $50.59 billion by September 2026. Long-term debt, the primary driver of this trend, increased from $25.12 billion in March 2021 to a peak of $31.74 billion in September 2022, eventually moderating to $29.04 billion. Short-term debt obligations demonstrated significant volatility, with debt due within one year fluctuating between a low of $727 million and a high of $2.59 billion, indicating periodic refinancing cycles.
Deferred Tax and Other Long-Term Obligations: Deferred income taxes showed a consistent and steady increase, rising from $12.31 billion to $13.64 billion over the analyzed timeframe. Noncurrent operating lease liabilities trended downward, decreasing from $1.17 billion in March 2021 to $563 million by September 2026, suggesting a reduction in long-term leased assets or the expiration of lease agreements.
Equity Dynamics and Shareholder Value: Common shareholders' equity displayed a U-shaped recovery. After declining from $16.25 billion in March 2021 to a low of $11.90 billion in March 2022, equity entered a sustained growth phase, reaching $22.02 billion by September 2026. This recovery was fueled by a substantial and uninterrupted increase in retained earnings, which climbed from $52.02 billion to $72.82 billion, signaling strong cumulative profitability.
Treasury Stock and Capital Allocation: An aggressive capital return strategy is evident in the treasury stock account, which grew from negative $41.83 billion to a peak of negative $58.87 billion. The scale of share repurchases served as a significant offset to the growth in retained earnings, though the growth in earnings eventually outpaced the buyback activity, resulting in the overall increase in common shareholders' equity in the later years.

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Union Pacific Corp. (NYSE:UNP)

Balance Sheet: Liabilities and Stockholders’ EquityQuarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data