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.

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

US$ in millions

	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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Accounts payable and other current liabilities	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)	3,104)	2,861)	3,289)	3,130)
Debt due within one year	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)	1,069)	1,980)	1,990)	1,511)
Current liabilities	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)	4,173)	4,841)	5,279)	4,641)
Debt due after one year	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)	25,660)	26,080)	26,439)	26,365)
Noncurrent operating lease liabilities	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)	1,283)	1,293)	1,320)	1,339)
Deferred income taxes	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)	12,247)	12,328)	12,171)	12,088)
Other long-term liabilities	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)	2,077)	1,973)	1,894)	1,792)
Long-term liabilities	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)	41,267)	41,674)	41,824)	41,584)
Total liabilities	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)	45,440)	46,515)	47,103)	46,225)
Common shares, $2.50 par value	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)	2,781)	2,781)	2,781)	2,781)
Paid-in-surplus	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)	4,864)	4,849)	4,135)	4,112)
Retained earnings	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)	51,326)	50,600)	49,892)	49,419)
Treasury stock	(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)	(40,420)	(39,680)	(38,984)	(38,992)
Accumulated other comprehensive loss	(672)	(692)	(720)	(723)	(692)	(606)	(610)	(614)	(497)	(517)	(560)	(582)	(832)	(841)	(878)	(914)	(1,533)	(1,551)	(1,594)	(1,593)	(1,351)	(1,372)	(1,329)
Common shareholders’ equity	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)	16,958)	17,199)	16,452)	15,991)
Total liabilities and common shareholders’ equity	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)	62,398)	63,714)	63,555)	62,216)

Liabilities Overview: The total liabilities displayed a fluctuating but generally increasing trend from approximately 46.2 billion USD at the end of Q1 2020 to around 51.3 billion USD by Q3 2025. Current liabilities demonstrated variability with peaks notably around Q4 2021 and Q3 2025, reaching highs near 6.2 billion USD, followed by slight decreases. Debt due within one year showed considerable volatility, hitting a peak in Q4 2021 at about 2.6 billion USD then declining before rising again near Q3 2025, underscoring changes in short-term debt obligations. Long-term liabilities increased overall, peaking below 48 billion USD around Q3 2022 before a modest decline towards Q3 2025.
Current and Short-term Obligations: Accounts payable and other current liabilities rose steadily from roughly 3.1 billion USD in early 2020 to around 3.7 to 4.0 billion USD by 2025, suggesting incremental operational payables growth. Current liabilities reflected similar upward movement with some quarters demonstrating consolidation, possibly influenced by variations in short-term debt instruments and operating leases. Short-term debt exhibited notable fluctuations, with irregular spikes that might signal refinancing activities or working capital management adjustments.
Long-term Debt and Lease Liabilities: Debt due after one year carried a general upward trend from around 26.3 billion USD in early 2020 to above 30 billion USD in subsequent years, stabilizing near 30 billion USD by late 2024 and 2025. Noncurrent operating lease liabilities trended downward overall, decreasing from above 1.3 billion USD in 2020 to figures below 1 billion USD in the 2024-2025 period. This decrease might indicate reduced lease commitments or shifts in accounting treatment of leases.
Equity and Shareholders’ Components: Common shareholders’ equity initially decreased from about 16 billion USD in early 2020 to a low near 11.9 billion USD by Q1 2022, then followed an uptrend reaching approximately 17.3 billion USD by Q3 2025. This recovery suggests strengthening equity base after a period of decline. Paid-in surplus showed growth overall with intermittent fluctuations, suggestive of capital injections or share-based transactions. Retained earnings consistently increased over the time frame from 49.4 billion USD to above 68.5 billion USD, indicating accumulated profitability retention.
Other Equity Items: Treasury stock consistently increased negatively, representing rising repurchases or shares held by the company, moving from near -39 billion USD to nearly -58.8 billion USD by Q3 2025, which reflects aggressive share buyback activities reducing outstanding shares. Accumulated other comprehensive loss appeared relatively stable with minor fluctuations, suggesting consistent levels of unrealized losses or valuation adjustments not affecting net income directly.
Total Capital Structure and Financial Position: The combined total of liabilities and common shareholders’ equity increased steadily from approximately 62.2 billion USD to about 68.6 billion USD over the evaluation period, reflecting overall growth in the company’s reported financial scale. The patterns in liabilities and equity suggest a cautious balance between debt addition and equity value recovery, accompanied by active share repurchase programs and retained earnings accumulation.

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Union Pacific Corp. (NYSE:UNP)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data