Stock Analysis on Net

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
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: 2026-03-31), 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.