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
Based on: 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 overall capital structure reflects a period of expansion in total liabilities and equity, moving from 61,793 million in March 2021 to 69,644 million by March 2026. While total liabilities peaked in the third quarter of 2022, the subsequent trend indicates a gradual deleveraging process combined with a substantial increase in shareholders' equity.
- Liability Profile and Debt Management
- Total liabilities exhibited an upward trajectory from 45,539 million in March 2021, reaching a peak of 53,600 million in September 2022 before declining to 50,226 million by March 2026. This trend was primarily driven by long-term debt, which rose from 25,117 million to a peak of 31,744 million in September 2022 and eventually stabilized near 29,784 million. Current liabilities showed significant volatility, largely due to fluctuations in debt due within one year, which varied between a low of 727 million and a high of 2,592 million over the analyzed period.
- Equity Growth and Capital Allocation
- Common shareholders' equity experienced a notable recovery, climbing from a low of 11,743 million in September 2022 to 19,418 million by March 2026. This growth was underpinned by a consistent and strong increase in retained earnings, which rose from 52,019 million to 70,411 million. Simultaneously, an aggressive share repurchase strategy is evident, as treasury stock increased from 41,826 million to 58,844 million in absolute terms, offsetting a portion of the equity growth.
- Deferred Tax and Other Long-Term Obligations
- Deferred income taxes showed a steady, incremental increase throughout the period, rising from 12,307 million to 13,475 million. Conversely, noncurrent operating lease liabilities followed a downward trend, decreasing from 1,171 million in March 2021 to 619 million by March 2026, indicating a reduction in long-term lease commitments.
- Solvency and Balance Sheet Stability
- The shift in the balance sheet composition suggests an improving solvency position. From late 2022 onward, the simultaneous decrease in total liabilities and the increase in common shareholders' equity indicate a transition toward a more equity-heavy capital structure, reducing the company's reliance on external debt relative to its internal capital reserves.