Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Union Pacific Corp., solvency ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Union Pacific Corp. debt to equity ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Debt to equity (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Union Pacific Corp. debt to equity ratio (including operating lease liability) improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Union Pacific Corp. debt to capital ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Debt to capital (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Union Pacific Corp. debt to capital ratio (including operating lease liability) improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Union Pacific Corp. debt to assets ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Debt to assets (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Union Pacific Corp. debt to assets ratio (including operating lease liability) improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Union Pacific Corp. financial leverage ratio decreased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Union Pacific Corp. interest coverage ratio deteriorated from Q2 2023 to Q3 2023 but then slightly improved from Q3 2023 to Q4 2023. |
Debt to Equity
Union Pacific Corp., debt to equity calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Debt due within one year | 1,423) | 1,724) | 1,745) | 2,592) | 1,678) | 1,678) | 2,334) | 1,559) | 2,166) | 1,835) | 1,110) | 1,565) | 1,069) | 1,980) | 1,990) | 1,511) | 1,257) | 1,421) | 2,297) | 1,703) | ||||||
| Debt due after one year | 31,156) | 31,153) | 31,557) | 31,192) | 31,648) | 31,744) | 29,673) | 30,680) | 27,563) | 27,560) | 27,702) | 25,117) | 25,660) | 26,080) | 26,439) | 26,365) | 23,943) | 24,314) | 22,955) | 23,409) | ||||||
| Total debt | 32,579) | 32,877) | 33,302) | 33,784) | 33,326) | 33,422) | 32,007) | 32,239) | 29,729) | 29,395) | 28,812) | 26,682) | 26,729) | 28,060) | 28,429) | 27,876) | 25,200) | 25,735) | 25,252) | 25,112) | ||||||
| Common shareholders’ equity | 14,788) | 14,004) | 13,194) | 12,454) | 12,163) | 11,743) | 12,710) | 11,897) | 14,161) | 13,917) | 14,303) | 16,254) | 16,958) | 17,199) | 16,452) | 15,991) | 18,128) | 18,016) | 18,171) | 17,742) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity1 | 2.20 | 2.35 | 2.52 | 2.71 | 2.74 | 2.85 | 2.52 | 2.71 | 2.10 | 2.11 | 2.01 | 1.64 | 1.58 | 1.63 | 1.73 | 1.74 | 1.39 | 1.43 | 1.39 | 1.42 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | 0.79 | 0.82 | 0.84 | 0.80 | 0.81 | 0.84 | 0.82 | 0.85 | 0.86 | 1.07 | 1.11 | 1.20 | 1.20 | 1.03 | 1.01 | 1.03 | 0.99 | 0.93 | 0.90 | 0.88 | ||||||
| Uber Technologies Inc. | 0.84 | 0.99 | 1.07 | 1.23 | 1.26 | 1.48 | 1.39 | 1.04 | 0.64 | 0.67 | 0.55 | 0.57 | 0.62 | 0.75 | 0.70 | 0.50 | 0.40 | 0.38 | 0.28 | — | ||||||
| United Parcel Service Inc. | 1.29 | 1.10 | 1.04 | 1.11 | 0.99 | 1.20 | 1.26 | 1.42 | 1.54 | 1.84 | 2.09 | 3.32 | 37.53 | 4.60 | 6.18 | 8.67 | 7.73 | 4.30 | 5.31 | 6.68 | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to equity = Total debt ÷ Common shareholders’ equity
= 32,579 ÷ 14,788 = 2.20
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Union Pacific Corp. debt to equity ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Debt to Equity (including Operating Lease Liability)
Union Pacific Corp., debt to equity (including operating lease liability) calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Debt due within one year | 1,423) | 1,724) | 1,745) | 2,592) | 1,678) | 1,678) | 2,334) | 1,559) | 2,166) | 1,835) | 1,110) | 1,565) | 1,069) | 1,980) | 1,990) | 1,511) | 1,257) | 1,421) | 2,297) | 1,703) | ||||||
| Debt due after one year | 31,156) | 31,153) | 31,557) | 31,192) | 31,648) | 31,744) | 29,673) | 30,680) | 27,563) | 27,560) | 27,702) | 25,117) | 25,660) | 26,080) | 26,439) | 26,365) | 23,943) | 24,314) | 22,955) | 23,409) | ||||||
| Total debt | 32,579) | 32,877) | 33,302) | 33,784) | 33,326) | 33,422) | 32,007) | 32,239) | 29,729) | 29,395) | 28,812) | 26,682) | 26,729) | 28,060) | 28,429) | 27,876) | 25,200) | 25,735) | 25,252) | 25,112) | ||||||
| Noncurrent operating lease liabilities | 1,245) | 1,244) | 1,217) | 1,233) | 1,300) | 1,303) | 1,295) | 1,291) | 1,429) | 1,262) | 1,256) | 1,171) | 1,283) | 1,293) | 1,320) | 1,339) | 1,471) | 1,542) | 1,612) | 1,663) | ||||||
| Total debt (including operating lease liability) | 33,824) | 34,121) | 34,519) | 35,017) | 34,626) | 34,725) | 33,302) | 33,530) | 31,158) | 30,657) | 30,068) | 27,853) | 28,012) | 29,353) | 29,749) | 29,215) | 26,671) | 27,277) | 26,864) | 26,775) | ||||||
| Common shareholders’ equity | 14,788) | 14,004) | 13,194) | 12,454) | 12,163) | 11,743) | 12,710) | 11,897) | 14,161) | 13,917) | 14,303) | 16,254) | 16,958) | 17,199) | 16,452) | 15,991) | 18,128) | 18,016) | 18,171) | 17,742) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 2.29 | 2.44 | 2.62 | 2.81 | 2.85 | 2.96 | 2.62 | 2.82 | 2.20 | 2.20 | 2.10 | 1.71 | 1.65 | 1.71 | 1.81 | 1.83 | 1.47 | 1.51 | 1.48 | 1.51 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | 1.47 | 1.54 | 1.58 | 1.50 | 1.49 | 1.52 | 1.48 | 1.49 | 1.51 | 1.75 | 1.83 | 1.95 | 1.97 | 1.78 | 1.78 | 1.81 | 0.99 | 0.93 | 0.90 | 0.88 | ||||||
| Uber Technologies Inc. | 1.00 | 1.17 | 1.27 | 1.48 | 1.52 | 1.77 | 1.68 | 1.25 | 0.77 | 0.78 | 0.67 | 0.70 | 0.76 | 0.94 | 0.88 | 0.65 | 0.52 | 0.49 | 0.38 | — | ||||||
| United Parcel Service Inc. | 1.54 | 1.33 | 1.25 | 1.32 | 1.19 | 1.41 | 1.48 | 1.65 | 1.79 | 2.13 | 2.42 | 3.75 | 42.24 | 5.14 | 6.86 | 9.58 | 8.62 | 4.76 | 5.88 | 7.43 | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Common shareholders’ equity
= 33,824 ÷ 14,788 = 2.29
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Union Pacific Corp. debt to equity ratio (including operating lease liability) improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Debt to Capital
Union Pacific Corp., debt to capital calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Debt due within one year | 1,423) | 1,724) | 1,745) | 2,592) | 1,678) | 1,678) | 2,334) | 1,559) | 2,166) | 1,835) | 1,110) | 1,565) | 1,069) | 1,980) | 1,990) | 1,511) | 1,257) | 1,421) | 2,297) | 1,703) | ||||||
| Debt due after one year | 31,156) | 31,153) | 31,557) | 31,192) | 31,648) | 31,744) | 29,673) | 30,680) | 27,563) | 27,560) | 27,702) | 25,117) | 25,660) | 26,080) | 26,439) | 26,365) | 23,943) | 24,314) | 22,955) | 23,409) | ||||||
| Total debt | 32,579) | 32,877) | 33,302) | 33,784) | 33,326) | 33,422) | 32,007) | 32,239) | 29,729) | 29,395) | 28,812) | 26,682) | 26,729) | 28,060) | 28,429) | 27,876) | 25,200) | 25,735) | 25,252) | 25,112) | ||||||
| Common shareholders’ equity | 14,788) | 14,004) | 13,194) | 12,454) | 12,163) | 11,743) | 12,710) | 11,897) | 14,161) | 13,917) | 14,303) | 16,254) | 16,958) | 17,199) | 16,452) | 15,991) | 18,128) | 18,016) | 18,171) | 17,742) | ||||||
| Total capital | 47,367) | 46,881) | 46,496) | 46,238) | 45,489) | 45,165) | 44,717) | 44,136) | 43,890) | 43,312) | 43,115) | 42,936) | 43,687) | 45,259) | 44,881) | 43,867) | 43,328) | 43,751) | 43,423) | 42,854) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital1 | 0.69 | 0.70 | 0.72 | 0.73 | 0.73 | 0.74 | 0.72 | 0.73 | 0.68 | 0.68 | 0.67 | 0.62 | 0.61 | 0.62 | 0.63 | 0.64 | 0.58 | 0.59 | 0.58 | 0.59 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | 0.44 | 0.45 | 0.46 | 0.44 | 0.45 | 0.46 | 0.45 | 0.46 | 0.46 | 0.52 | 0.53 | 0.54 | 0.55 | 0.51 | 0.50 | 0.51 | 0.50 | 0.48 | 0.47 | 0.47 | ||||||
| Uber Technologies Inc. | 0.46 | 0.50 | 0.52 | 0.55 | 0.56 | 0.60 | 0.58 | 0.51 | 0.39 | 0.40 | 0.35 | 0.36 | 0.38 | 0.43 | 0.41 | 0.33 | 0.29 | 0.27 | 0.22 | — | ||||||
| United Parcel Service Inc. | 0.56 | 0.52 | 0.51 | 0.53 | 0.50 | 0.55 | 0.56 | 0.59 | 0.61 | 0.65 | 0.68 | 0.77 | 0.97 | 0.82 | 0.86 | 0.90 | 0.89 | 0.81 | 0.84 | 0.87 | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 32,579 ÷ 47,367 = 0.69
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Union Pacific Corp. debt to capital ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Debt to Capital (including Operating Lease Liability)
Union Pacific Corp., debt to capital (including operating lease liability) calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Debt due within one year | 1,423) | 1,724) | 1,745) | 2,592) | 1,678) | 1,678) | 2,334) | 1,559) | 2,166) | 1,835) | 1,110) | 1,565) | 1,069) | 1,980) | 1,990) | 1,511) | 1,257) | 1,421) | 2,297) | 1,703) | ||||||
| Debt due after one year | 31,156) | 31,153) | 31,557) | 31,192) | 31,648) | 31,744) | 29,673) | 30,680) | 27,563) | 27,560) | 27,702) | 25,117) | 25,660) | 26,080) | 26,439) | 26,365) | 23,943) | 24,314) | 22,955) | 23,409) | ||||||
| Total debt | 32,579) | 32,877) | 33,302) | 33,784) | 33,326) | 33,422) | 32,007) | 32,239) | 29,729) | 29,395) | 28,812) | 26,682) | 26,729) | 28,060) | 28,429) | 27,876) | 25,200) | 25,735) | 25,252) | 25,112) | ||||||
| Noncurrent operating lease liabilities | 1,245) | 1,244) | 1,217) | 1,233) | 1,300) | 1,303) | 1,295) | 1,291) | 1,429) | 1,262) | 1,256) | 1,171) | 1,283) | 1,293) | 1,320) | 1,339) | 1,471) | 1,542) | 1,612) | 1,663) | ||||||
| Total debt (including operating lease liability) | 33,824) | 34,121) | 34,519) | 35,017) | 34,626) | 34,725) | 33,302) | 33,530) | 31,158) | 30,657) | 30,068) | 27,853) | 28,012) | 29,353) | 29,749) | 29,215) | 26,671) | 27,277) | 26,864) | 26,775) | ||||||
| Common shareholders’ equity | 14,788) | 14,004) | 13,194) | 12,454) | 12,163) | 11,743) | 12,710) | 11,897) | 14,161) | 13,917) | 14,303) | 16,254) | 16,958) | 17,199) | 16,452) | 15,991) | 18,128) | 18,016) | 18,171) | 17,742) | ||||||
| Total capital (including operating lease liability) | 48,612) | 48,125) | 47,713) | 47,471) | 46,789) | 46,468) | 46,012) | 45,427) | 45,319) | 44,574) | 44,371) | 44,107) | 44,970) | 46,552) | 46,201) | 45,206) | 44,799) | 45,293) | 45,035) | 44,517) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.70 | 0.71 | 0.72 | 0.74 | 0.74 | 0.75 | 0.72 | 0.74 | 0.69 | 0.69 | 0.68 | 0.63 | 0.62 | 0.63 | 0.64 | 0.65 | 0.60 | 0.60 | 0.60 | 0.60 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | 0.60 | 0.61 | 0.61 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.64 | 0.65 | 0.66 | 0.66 | 0.64 | 0.64 | 0.64 | 0.50 | 0.48 | 0.47 | 0.47 | ||||||
| Uber Technologies Inc. | 0.50 | 0.54 | 0.56 | 0.60 | 0.60 | 0.64 | 0.63 | 0.56 | 0.43 | 0.44 | 0.40 | 0.41 | 0.43 | 0.48 | 0.47 | 0.40 | 0.34 | 0.33 | 0.27 | — | ||||||
| United Parcel Service Inc. | 0.61 | 0.57 | 0.56 | 0.57 | 0.54 | 0.58 | 0.60 | 0.62 | 0.64 | 0.68 | 0.71 | 0.79 | 0.98 | 0.84 | 0.87 | 0.91 | 0.90 | 0.83 | 0.85 | 0.88 | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 33,824 ÷ 48,612 = 0.70
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Union Pacific Corp. debt to capital ratio (including operating lease liability) improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Debt to Assets
Union Pacific Corp., debt to assets calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Debt due within one year | 1,423) | 1,724) | 1,745) | 2,592) | 1,678) | 1,678) | 2,334) | 1,559) | 2,166) | 1,835) | 1,110) | 1,565) | 1,069) | 1,980) | 1,990) | 1,511) | 1,257) | 1,421) | 2,297) | 1,703) | ||||||
| Debt due after one year | 31,156) | 31,153) | 31,557) | 31,192) | 31,648) | 31,744) | 29,673) | 30,680) | 27,563) | 27,560) | 27,702) | 25,117) | 25,660) | 26,080) | 26,439) | 26,365) | 23,943) | 24,314) | 22,955) | 23,409) | ||||||
| Total debt | 32,579) | 32,877) | 33,302) | 33,784) | 33,326) | 33,422) | 32,007) | 32,239) | 29,729) | 29,395) | 28,812) | 26,682) | 26,729) | 28,060) | 28,429) | 27,876) | 25,200) | 25,735) | 25,252) | 25,112) | ||||||
| Total assets | 67,132) | 66,540) | 66,033) | 65,968) | 65,449) | 65,343) | 64,440) | 64,051) | 63,525) | 62,360) | 62,073) | 61,793) | 62,398) | 63,714) | 63,555) | 62,216) | 61,673) | 61,978) | 61,708) | 61,319) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets1 | 0.49 | 0.49 | 0.50 | 0.51 | 0.51 | 0.51 | 0.50 | 0.50 | 0.47 | 0.47 | 0.46 | 0.43 | 0.43 | 0.44 | 0.45 | 0.45 | 0.41 | 0.42 | 0.41 | 0.41 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | 0.24 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.24 | 0.25 | 0.25 | 0.28 | 0.29 | 0.30 | 0.30 | 0.28 | 0.27 | 0.27 | 0.32 | 0.34 | 0.32 | 0.33 | ||||||
| Uber Technologies Inc. | 0.24 | 0.26 | 0.27 | 0.29 | 0.29 | 0.30 | 0.30 | 0.28 | 0.24 | 0.25 | 0.22 | 0.23 | 0.23 | 0.23 | 0.24 | 0.19 | 0.18 | 0.18 | 0.15 | 0.28 | ||||||
| United Parcel Service Inc. | 0.31 | 0.30 | 0.30 | 0.31 | 0.28 | 0.29 | 0.29 | 0.31 | 0.32 | 0.34 | 0.35 | 0.37 | 0.40 | 0.41 | 0.43 | 0.47 | 0.44 | 0.45 | 0.44 | 0.44 | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 32,579 ÷ 67,132 = 0.49
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Union Pacific Corp. debt to assets ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Debt to Assets (including Operating Lease Liability)
Union Pacific Corp., debt to assets (including operating lease liability) calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Debt due within one year | 1,423) | 1,724) | 1,745) | 2,592) | 1,678) | 1,678) | 2,334) | 1,559) | 2,166) | 1,835) | 1,110) | 1,565) | 1,069) | 1,980) | 1,990) | 1,511) | 1,257) | 1,421) | 2,297) | 1,703) | ||||||
| Debt due after one year | 31,156) | 31,153) | 31,557) | 31,192) | 31,648) | 31,744) | 29,673) | 30,680) | 27,563) | 27,560) | 27,702) | 25,117) | 25,660) | 26,080) | 26,439) | 26,365) | 23,943) | 24,314) | 22,955) | 23,409) | ||||||
| Total debt | 32,579) | 32,877) | 33,302) | 33,784) | 33,326) | 33,422) | 32,007) | 32,239) | 29,729) | 29,395) | 28,812) | 26,682) | 26,729) | 28,060) | 28,429) | 27,876) | 25,200) | 25,735) | 25,252) | 25,112) | ||||||
| Noncurrent operating lease liabilities | 1,245) | 1,244) | 1,217) | 1,233) | 1,300) | 1,303) | 1,295) | 1,291) | 1,429) | 1,262) | 1,256) | 1,171) | 1,283) | 1,293) | 1,320) | 1,339) | 1,471) | 1,542) | 1,612) | 1,663) | ||||||
| Total debt (including operating lease liability) | 33,824) | 34,121) | 34,519) | 35,017) | 34,626) | 34,725) | 33,302) | 33,530) | 31,158) | 30,657) | 30,068) | 27,853) | 28,012) | 29,353) | 29,749) | 29,215) | 26,671) | 27,277) | 26,864) | 26,775) | ||||||
| Total assets | 67,132) | 66,540) | 66,033) | 65,968) | 65,449) | 65,343) | 64,440) | 64,051) | 63,525) | 62,360) | 62,073) | 61,793) | 62,398) | 63,714) | 63,555) | 62,216) | 61,673) | 61,978) | 61,708) | 61,319) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.50 | 0.51 | 0.52 | 0.53 | 0.53 | 0.53 | 0.52 | 0.52 | 0.49 | 0.49 | 0.48 | 0.45 | 0.45 | 0.46 | 0.47 | 0.47 | 0.43 | 0.44 | 0.44 | 0.44 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | 0.44 | 0.44 | 0.44 | 0.44 | 0.43 | 0.44 | 0.44 | 0.44 | 0.44 | 0.47 | 0.47 | 0.49 | 0.49 | 0.48 | 0.47 | 0.48 | 0.32 | 0.34 | 0.32 | 0.33 | ||||||
| Uber Technologies Inc. | 0.29 | 0.31 | 0.32 | 0.34 | 0.35 | 0.36 | 0.36 | 0.34 | 0.29 | 0.30 | 0.26 | 0.27 | 0.28 | 0.29 | 0.30 | 0.25 | 0.23 | 0.23 | 0.19 | 0.34 | ||||||
| United Parcel Service Inc. | 0.38 | 0.36 | 0.36 | 0.37 | 0.33 | 0.34 | 0.34 | 0.36 | 0.37 | 0.39 | 0.40 | 0.42 | 0.44 | 0.46 | 0.48 | 0.52 | 0.49 | 0.50 | 0.49 | 0.49 | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 33,824 ÷ 67,132 = 0.50
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets (including operating lease liability) ratio | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Union Pacific Corp. debt to assets ratio (including operating lease liability) improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Financial Leverage
Union Pacific Corp., financial leverage calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Total assets | 67,132) | 66,540) | 66,033) | 65,968) | 65,449) | 65,343) | 64,440) | 64,051) | 63,525) | 62,360) | 62,073) | 61,793) | 62,398) | 63,714) | 63,555) | 62,216) | 61,673) | 61,978) | 61,708) | 61,319) | ||||||
| Common shareholders’ equity | 14,788) | 14,004) | 13,194) | 12,454) | 12,163) | 11,743) | 12,710) | 11,897) | 14,161) | 13,917) | 14,303) | 16,254) | 16,958) | 17,199) | 16,452) | 15,991) | 18,128) | 18,016) | 18,171) | 17,742) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Financial leverage1 | 4.54 | 4.75 | 5.00 | 5.30 | 5.38 | 5.56 | 5.07 | 5.38 | 4.49 | 4.48 | 4.34 | 3.80 | 3.68 | 3.70 | 3.86 | 3.89 | 3.40 | 3.44 | 3.40 | 3.46 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||
| FedEx Corp. | 3.34 | 3.47 | 3.55 | 3.41 | 3.45 | 3.43 | 3.38 | 3.37 | 3.43 | 3.77 | 3.86 | 3.99 | 4.02 | 3.72 | 3.75 | 3.77 | 3.06 | 2.74 | 2.76 | 2.71 | ||||||
| Uber Technologies Inc. | 3.44 | 3.84 | 3.93 | 4.32 | 4.37 | 4.98 | 4.66 | 3.68 | 2.68 | 2.65 | 2.56 | 2.55 | 2.71 | 3.23 | 2.96 | 2.65 | 2.24 | 2.14 | 1.95 | — | ||||||
| United Parcel Service Inc. | 4.09 | 3.67 | 3.51 | 3.60 | 3.59 | 4.10 | 4.30 | 4.55 | 4.87 | 5.46 | 6.00 | 8.86 | 94.99 | 11.16 | 14.22 | 18.46 | 17.71 | 9.59 | 11.98 | 15.02 | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Financial leverage = Total assets ÷ Common shareholders’ equity
= 67,132 ÷ 14,788 = 4.54
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Union Pacific Corp. financial leverage ratio decreased from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Interest Coverage
Union Pacific Corp., interest coverage calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Net income | 1,652) | 1,528) | 1,569) | 1,630) | 1,638) | 1,895) | 1,835) | 1,630) | 1,711) | 1,673) | 1,798) | 1,341) | 1,380) | 1,363) | 1,132) | 1,474) | 1,403) | 1,555) | 1,570) | 1,391) | ||||||
| Add: Income tax expense | 532) | 421) | 389) | 512) | 533) | 547) | 507) | 487) | 517) | 507) | 518) | 413) | 413) | 410) | 364) | 444) | 475) | 466) | 488) | 399) | ||||||
| Add: Interest expense | 331) | 334) | 339) | 336) | 333) | 315) | 316) | 307) | 295) | 290) | 282) | 290) | 279) | 295) | 289) | 278) | 278) | 266) | 259) | 247) | ||||||
| Earnings before interest and tax (EBIT) | 2,515) | 2,283) | 2,297) | 2,478) | 2,504) | 2,757) | 2,658) | 2,424) | 2,523) | 2,470) | 2,598) | 2,044) | 2,072) | 2,068) | 1,785) | 2,196) | 2,156) | 2,287) | 2,317) | 2,037) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Interest coverage1 | 7.14 | 7.13 | 7.59 | 8.00 | 8.14 | 8.40 | 8.34 | 8.53 | 8.33 | 8.05 | 7.66 | 6.91 | 7.12 | 7.20 | 7.58 | 8.28 | 8.38 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||
| Uber Technologies Inc. | 4.74 | 2.67 | 0.55 | -4.42 | -15.49 | -15.64 | -19.05 | -13.64 | -1.20 | -4.91 | -1.89 | -7.20 | -14.24 | -15.12 | -16.13 | -22.17 | -14.15 | — | — | — | ||||||
| United Parcel Service Inc. | 11.92 | 15.44 | 18.59 | 20.44 | 22.06 | 21.60 | 21.21 | 20.95 | 24.91 | 12.99 | 12.33 | 10.56 | 3.63 | 9.58 | 9.32 | 9.39 | 9.66 | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Interest coverage
= (EBITQ4 2023
+ EBITQ3 2023
+ EBITQ2 2023
+ EBITQ1 2023)
÷ (Interest expenseQ4 2023
+ Interest expenseQ3 2023
+ Interest expenseQ2 2023
+ Interest expenseQ1 2023)
= (2,515 + 2,283 + 2,297 + 2,478)
÷ (331 + 334 + 339 + 336)
= 7.14
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Union Pacific Corp. interest coverage ratio deteriorated from Q2 2023 to Q3 2023 but then slightly improved from Q3 2023 to Q4 2023. |