Stock Analysis on Net
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Union Pacific Corp. (NYSE:UNP)

$24.99

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

Microsoft Excel
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
Debt due within one year
Current liabilities
Debt due after one year
Noncurrent operating lease liabilities
Deferred income taxes
Other long-term liabilities
Long-term liabilities
Total liabilities
Common shares, $2.50 par value
Paid-in-surplus
Retained earnings
Treasury stock
Accumulated other comprehensive loss
Common shareholders’ equity
Total liabilities and common shareholders’ equity

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 balance sheet demonstrates a period of strategic expansion in total liabilities followed by a phase of stabilization and a strengthening of the equity position. Total liabilities grew from 45,539 million USD in March 2021 to a peak of 53,600 million USD in September 2022, before gradually declining to 50,538 million USD by June 2026.

Debt Maturity and Composition
Long-term debt due after one year showed a significant increase from 25,117 million USD in early 2021, peaking at 31,744 million USD in September 2022. Since that peak, long-term debt has remained relatively stable, oscillating around the 30,000 million USD mark, eventually settling at 29,039 million USD by June 2026. Short-term debt due within one year exhibits high volatility, indicating a cyclical refinancing pattern, with values fluctuating between a low of 727 million USD in June 2024 and a high of 2,592 million USD in March 2023.
Deferred Tax Obligations
A consistent and linear upward trend is observed in deferred income taxes, which rose from 12,307 million USD in March 2021 to 13,525 million USD by June 2026. This steady increase suggests a growing gap between accounting and taxable income over the analyzed period.
Shareholders' Equity Dynamics
Common shareholders' equity experienced a notable contraction in the first half of the period, dropping from 16,254 million USD in March 2021 to 11,897 million USD by March 2022. However, a sustained recovery followed, with equity growing to 20,673 million USD by June 2026. This recovery is primarily driven by a steady increase in retained earnings, which climbed from 52,019 million USD to 71,584 million USD, signaling consistent profitability.
Capital Allocation and Treasury Stock
There is evidence of an aggressive share repurchase strategy. Treasury stock increased from 41,826 million USD in March 2021 to 58,815 million USD by June 2026. The magnitude of these buybacks has partially offset the growth in retained earnings, tempering the overall increase in common shareholders' equity.
Overall Balance Sheet Growth
The total balance sheet size, represented by total liabilities and common shareholders' equity, grew from 61,793 million USD in March 2021 to 71,211 million USD by June 2026. This expansion reflects a general increase in the company's asset base funded by a combination of long-term debt and retained profits.