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

	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	4,324)	3,735)	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	1,288)	867)	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	5,612)	4,602)	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	29,039)	29,784)	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	609)	619)	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	13,525)	13,475)	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	1,753)	1,746)	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	44,926)	45,624)	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	50,538)	50,226)	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)	2,783)	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	5,677)	5,621)	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	71,584)	70,411)	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	(58,815)	(58,844)	(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	(556)	(553)	(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	20,673)	19,418)	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	71,211)	69,644)	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 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.

AI Ask an analyst for more

Download chart

Union Pacific Corp. (NYSE:UNP)

Balance Sheet: Liabilities and Stockholders’ EquityQuarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data