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

	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	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	1,520)	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	5,014)	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	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	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	13,421)	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	1,764)	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	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	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)	2,782)	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	5,589)	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	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	(58,843)	(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	(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	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	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 liabilities and stockholders’ equity of the company exhibit several notable trends over the observed period from March 2021 to December 2025. Total liabilities generally increased throughout the period, with fluctuations in certain quarters. A significant shift is observed in the composition of liabilities, particularly concerning debt and equity. Stockholders’ equity demonstrates a generally increasing trend, though with periods of decline, and is heavily influenced by retained earnings and treasury stock activity.

Current Liabilities: Current liabilities generally increased from $4,871 million in March 2021 to $5,014 million in December 2025, with peaks in late 2021 and early 2022. There is a noticeable dip in the first half of 2024, followed by a recovery. Accounts payable and other current liabilities remained relatively stable, fluctuating between approximately $3,500 million and $4,000 million. Debt due within one year showed more volatility, peaking at $2,334 million in June 2022, and declining to $1,520 million by December 2025.
Long-Term Liabilities: Long-term liabilities demonstrated a general upward trend from $40,668 million in March 2021 to $46,217 million in December 2025. Debt due after one year constitutes the largest portion of these liabilities, remaining consistently above $25,000 million throughout the period. Deferred income taxes also represent a substantial component, increasing from $12,307 million to $13,421 million. Noncurrent operating lease liabilities and other long-term liabilities remained relatively stable, though with a slight decreasing trend towards the end of the period.
Total Liabilities: Total liabilities increased from $45,539 million in March 2021 to $51,231 million in December 2025. The most significant increase occurred between March 2021 and December 2022. While there were fluctuations, the overall trend indicates a growing obligation base. The period from September 2024 to December 2025 shows a stabilization in total liabilities.
Stockholders’ Equity: Common shareholders’ equity experienced a more complex pattern. It decreased from $16,254 million in March 2021 to $11,897 million in March 2022, before beginning a recovery. By December 2025, it reached $18,467 million. Retained earnings were the primary driver of this change, increasing substantially from $52,019 million to $69,529 million over the period. Treasury stock consistently represents a significant deduction from equity, increasing in absolute value from -$41,826 million to -$58,843 million. Paid-in surplus also increased, but to a lesser extent than retained earnings. Accumulated other comprehensive loss remained relatively stable, with a slight improvement towards the end of the period.
Total Liabilities and Equity: The sum of total liabilities and common shareholders’ equity increased from $61,793 million in March 2021 to $69,698 million in December 2025. This growth reflects the combined effect of increasing liabilities and the eventual recovery in stockholders’ equity. The period between March 2021 and March 2022 saw the most substantial increase, followed by a period of more moderate growth.

In summary, the company’s financial structure has evolved over the observed period, with a general increase in both liabilities and equity. The composition of liabilities has shifted, and equity has been significantly impacted by retained earnings and treasury stock activities. The trends suggest a growing scale of operations and a dynamic capital structure.

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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