Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Union Pacific Corp., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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).
The liquidity profile exhibits a pattern of historical volatility followed by a significant improvement in the latter portion of the reporting period. For a substantial duration, liquidity ratios remained below the 1.0 threshold, suggesting a structural reliance on continuous operational cash flows or credit facilities to meet short-term obligations. However, a clear upward trajectory is evident toward the end of the analyzed timeframe, indicating a strengthening of the short-term financial position.
- Current Ratio
- The current ratio fluctuated between 0.65 and 0.81 from March 2022 through December 2023. A notable peak of 1.05 was achieved in June 2024, which was followed by a period of contraction where the ratio dipped back to 0.65 by June 2025. A subsequent and sustained recovery is observed starting in September 2025, culminating in a period high of 1.16 by September 2026, marking the first consistent move above the 1.0 parity level.
- Quick Ratio
- The quick ratio closely mirrored the trends of the current ratio, consistently remaining below 1.0. From an initial value of 0.52 in March 2022, the ratio reached a low of 0.46 in June 2025. A strong recovery phase began in the latter half of 2025, with the ratio ascending to 0.93 by September 2026. The narrow spread between the current and quick ratios suggests that inventory levels do not constitute a disproportionate share of current assets.
- Cash Ratio
- Cash liquidity remained relatively stable and low, oscillating between 0.13 and 0.27 for the majority of the period. A distinct shift occurred in 2026, where the ratio rose from 0.22 in March to a peak of 0.55 in September 2026. This sharp increase indicates a strategic accumulation of cash and cash equivalents, significantly enhancing the capacity to cover immediate liabilities without relying on the sale of other current assets.
Overall, the transition from ratios consistently below 1.0 to values exceeding or approaching that benchmark by September 2026 reflects a marked improvement in liquidity. The simultaneous rise in all three metrics, particularly the cash ratio, suggests a deliberate shift toward a more conservative and liquid balance sheet posture.
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Current Ratio
Union Pacific Corp., current ratio calculation (quarterly data)
| Sep 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 6,517) | 5,533) | 4,215) | 4,555) | 3,904) | 4,183) | 4,539) | 4,021) | 4,149) | 4,498) | 4,194) | 4,148) | 3,813) | 3,752) | 4,058) | 3,952) | 4,405) | 3,976) | 3,876) | ||||||
| Current liabilities | 5,605) | 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) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 1.16 | 0.99 | 0.92 | 0.91 | 0.75 | 0.65 | 0.73 | 0.77 | 0.77 | 1.05 | 0.93 | 0.81 | 0.72 | 0.71 | 0.65 | 0.72 | 0.77 | 0.66 | 0.71 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 1.47 | 1.27 | 1.25 | 1.19 | 1.24 | 1.23 | 1.28 | 1.36 | 1.31 | 1.34 | 1.37 | 1.37 | 1.32 | 1.30 | 1.42 | 1.43 | 1.39 | 1.49 | 1.51 | ||||||
| Uber Technologies Inc. | — | 0.84 | 1.07 | 1.14 | 1.15 | 1.11 | 1.02 | 1.07 | 1.41 | 1.21 | 1.21 | 1.19 | 1.14 | 1.23 | 1.06 | 1.04 | 1.04 | 0.98 | 1.00 | ||||||
| United Airlines Holdings Inc. | 0.75 | 0.78 | 0.70 | 0.65 | 0.67 | 0.70 | 0.78 | 0.81 | 0.79 | 0.77 | 0.75 | 0.83 | 0.89 | 0.91 | 0.91 | 1.00 | 1.03 | 1.04 | 1.04 | ||||||
| United Parcel Service Inc. | — | 1.18 | 1.21 | 1.22 | 1.30 | 1.32 | 1.09 | 1.17 | 1.14 | 1.25 | 1.10 | 1.10 | 1.22 | 1.32 | 1.34 | 1.22 | 1.39 | 1.47 | 1.52 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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).
1 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 6,517 ÷ 5,605 = 1.16
2 Click competitor name to see calculations.
The liquidity position of the organization exhibits a period of fluctuation characterized by a general upward trend in the latter stages of the analyzed timeframe. For a significant portion of the observed period, the current ratio remained below 1.0, indicating that current liabilities exceeded current assets, a condition that typically suggests a reliance on consistent operational cash flows or short-term credit facilities to meet immediate obligations.
- Current Ratio Trends
- The current ratio fluctuated between a low of 0.65, recorded in March 2023 and June 2025, and a peak of 1.16 in September 2026. A notable period of improvement occurred between December 2023 and June 2024, where the ratio rose from 0.81 to 1.05. Following a subsequent decline back to 0.65 by mid-2025, a sustained recovery is observed throughout 2026, culminating in the highest liquidity level of the entire period.
- Current Asset Dynamics
- Current assets remained relatively stable, oscillating between approximately 3.7 billion and 4.5 billion US dollars for the majority of the period. However, a significant acceleration in asset growth is evident in the second quarter of 2026, with values rising to 5.5 billion US dollars, and further increasing to a peak of 6.5 billion US dollars by September 2026. This surge in liquid assets is the primary driver behind the improved current ratio at the end of the sequence.
- Current Liability Patterns
- Current liabilities showed considerable volatility, peaking at 6.45 billion US dollars in June 2025 and reaching a low of 4.28 billion US dollars in June 2024. The improvement in the current ratio observed in mid-2024 was primarily driven by this contraction in short-term obligations. Conversely, the dip in liquidity in mid-2025 coincided with a peak in current liabilities, highlighting a period of increased short-term financial pressure.
- Overall Liquidity Assessment
- The transition from a current ratio of 0.71 in March 2022 to 1.16 in September 2026 reflects a strengthening of the short-term financial position. While the organization operated with a current ratio below 1.0 for much of the timeline, the final quarters demonstrate a shift toward a more conservative liquidity posture, where current assets provide full coverage for current liabilities.
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Quick Ratio
Union Pacific Corp., quick ratio calculation (quarterly data)
| Sep 30, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 2,211) | 1,614) | 735) | 1,266) | 808) | 1,060) | 1,411) | 1,016) | 947) | 1,137) | 925) | 1,055) | 750) | 830) | 1,079) | 973) | 1,267) | 788) | 909) | ||||||
| Short-term investments | 875) | 500) | 300) | 250) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Accounts receivable, net | 2,140) | 2,130) | 1,986) | 1,860) | 1,921) | 1,915) | 1,965) | 1,894) | 2,036) | 2,118) | 2,162) | 2,073) | 1,934) | 1,826) | 1,955) | 1,891) | 2,052) | 2,052) | 1,958) | ||||||
| Total quick assets | 5,226) | 4,244) | 3,021) | 3,376) | 2,729) | 2,975) | 3,376) | 2,910) | 2,983) | 3,255) | 3,087) | 3,128) | 2,684) | 2,656) | 3,034) | 2,864) | 3,319) | 2,840) | 2,867) | ||||||
| Current liabilities | 5,605) | 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) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 0.93 | 0.76 | 0.66 | 0.67 | 0.52 | 0.46 | 0.54 | 0.55 | 0.56 | 0.76 | 0.68 | 0.61 | 0.51 | 0.51 | 0.49 | 0.52 | 0.58 | 0.47 | 0.52 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 1.36 | 1.16 | 1.14 | 1.09 | 1.11 | 1.10 | 1.15 | 1.24 | 1.17 | 1.22 | 1.25 | 1.25 | 1.19 | 1.16 | 1.30 | 1.31 | 1.27 | 1.37 | 1.39 | ||||||
| Uber Technologies Inc. | — | 0.70 | 0.89 | 0.98 | 1.02 | 0.97 | 0.89 | 0.95 | 1.27 | 1.05 | 1.03 | 1.02 | 0.96 | 1.04 | 0.88 | 0.88 | 0.88 | 0.83 | 0.83 | ||||||
| United Airlines Holdings Inc. | 0.65 | 0.69 | 0.61 | 0.56 | 0.58 | 0.62 | 0.68 | 0.71 | 0.69 | 0.68 | 0.66 | 0.73 | 0.78 | 0.83 | 0.82 | 0.91 | 0.94 | 0.95 | 0.95 | ||||||
| United Parcel Service Inc. | — | 1.03 | 1.07 | 1.09 | 1.15 | 1.17 | 0.94 | 1.03 | 1.00 | 1.02 | 0.94 | 0.82 | 0.87 | 0.98 | 1.01 | 1.00 | 1.25 | 1.33 | 1.39 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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).
1 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 5,226 ÷ 5,605 = 0.93
2 Click competitor name to see calculations.
The liquidity profile of Union Pacific Corp. exhibits a pattern of moderate volatility with a significant strengthening of the quick ratio toward the end of the observed period. For the majority of the timeframe, the quick ratio remained below 1.0, suggesting a structural reliance on non-quick current assets or operational cash flow to cover short-term obligations.
- Quick Asset Trends
- Total quick assets remained relatively stable, fluctuating between $2.6 billion and $3.4 billion from March 2022 through March 2026. A sharp increase is observed in the final two quarters, with assets rising to $4.2 billion in June 2026 and peaking at $5.2 billion by September 2026. This represents a substantial expansion of the company's most liquid resources during the final phase of the period.
- Current Liabilities Trends
- Current liabilities fluctuated within a range of $4.2 billion to $6.5 billion. A peak in obligations occurred in June 2025 at $6.45 billion, which coincided with the period's lowest liquidity ratio. Toward the end of the period, liabilities stabilized around the $5.6 billion mark, providing a consistent baseline against which the growth in assets is measured.
- Quick Ratio Dynamics
- The quick ratio began at 0.52 in March 2022 and experienced several cycles of expansion and contraction. A notable peak of 0.76 was reached in June 2024 before the ratio declined to a period low of 0.46 in June 2025. The most significant improvement occurred between March 2026 (0.66) and September 2026 (0.93), driven primarily by the surge in quick assets. This trajectory indicates a marked improvement in the company's capacity to meet immediate financial obligations without relying on the sale of inventory.
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Cash Ratio
Union Pacific Corp., cash ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 2,211) | 1,614) | 735) | 1,266) | 808) | 1,060) | 1,411) | 1,016) | 947) | 1,137) | 925) | 1,055) | 750) | 830) | 1,079) | 973) | 1,267) | 788) | 909) | ||||||
| Short-term investments | 875) | 500) | 300) | 250) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total cash assets | 3,086) | 2,114) | 1,035) | 1,516) | 808) | 1,060) | 1,411) | 1,016) | 947) | 1,137) | 925) | 1,055) | 750) | 830) | 1,079) | 973) | 1,267) | 788) | 909) | ||||||
| Current liabilities | 5,605) | 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) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.55 | 0.38 | 0.22 | 0.30 | 0.15 | 0.16 | 0.23 | 0.19 | 0.18 | 0.27 | 0.20 | 0.21 | 0.14 | 0.16 | 0.17 | 0.18 | 0.22 | 0.13 | 0.17 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 0.68 | 0.41 | 0.40 | 0.36 | 0.37 | 0.35 | 0.42 | 0.49 | 0.42 | 0.47 | 0.51 | 0.50 | 0.40 | 0.33 | 0.50 | 0.48 | 0.43 | 0.49 | 0.53 | ||||||
| Uber Technologies Inc. | — | 0.41 | 0.56 | 0.67 | 0.73 | 0.67 | 0.60 | 0.66 | 0.92 | 0.69 | 0.66 | 0.66 | 0.64 | 0.75 | 0.58 | 0.56 | 0.61 | 0.55 | 0.55 | ||||||
| United Airlines Holdings Inc. | 0.55 | 0.60 | 0.51 | 0.47 | 0.49 | 0.54 | 0.59 | 0.62 | 0.61 | 0.59 | 0.57 | 0.65 | 0.69 | 0.75 | 0.73 | 0.82 | 0.85 | 0.86 | 0.86 | ||||||
| United Parcel Service Inc. | — | 0.31 | 0.40 | 0.38 | 0.46 | 0.43 | 0.31 | 0.37 | 0.39 | 0.42 | 0.29 | 0.18 | 0.27 | 0.33 | 0.38 | 0.31 | 0.62 | 0.68 | 0.72 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 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).
1 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 3,086 ÷ 5,605 = 0.55
2 Click competitor name to see calculations.
The cash ratio exhibited a period of relative stability characterized by low liquidity coverage, followed by a significant upward trajectory in the final quarters of the observed period.
- Liquidity Stability and Volatility (2022–2025)
- Between March 31, 2022, and June 30, 2025, the cash ratio remained primarily within a range of 0.13 to 0.27. During this interval, the ratio fluctuated without a clear directional trend, reflecting a consistent approach to maintaining minimal cash reserves relative to current liabilities. The lowest liquidity level was recorded in June 2022 at 0.13, while a temporary peak occurred in June 2024 at 0.27.
- Accelerated Liquidity Expansion (2026)
- A pronounced shift in the liquidity profile occurred during 2026. The cash ratio rose from 0.22 in March 2026 to 0.38 in June 2026, eventually peaking at 0.55 by September 30, 2026. This acceleration is directly attributable to a substantial increase in total cash assets, which surged from 1.035 billion US dollars in March 2026 to 3.086 billion US dollars by the end of the period.
- Current Liability Correlation
- Current liabilities remained relatively stable throughout the analysis period, generally fluctuating between 4.2 billion and 6.5 billion US dollars. Because liabilities did not increase proportionally with the late-period surge in cash assets, the immediate capacity to cover short-term obligations improved significantly, as evidenced by the final cash ratio of 0.55.
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