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)
Debt Ratios
Coverage Ratios
Union Pacific Corp., solvency 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).
An analysis of the solvency metrics from March 2022 through September 2026 reveals a consistent and systematic reduction in financial leverage and a strengthening of the overall capital structure. The general trend is characterized by a deliberate decrease in debt relative to equity, assets, and total capital, paired with a recovery in interest coverage capabilities.
- Debt-to-Equity and Financial Leverage
- A significant downward trend is observed in the debt-to-equity ratio, which declined from 2.71 in March 2022 to 1.38 by September 2026. When operating lease liabilities are included, the ratio followed a nearly identical trajectory, falling from 2.82 to 1.40. This contraction is mirrored in the financial leverage ratio, which peaked at 5.56 in September 2022 before descending to 3.30 by the end of the period. These movements indicate a substantial shift toward a more equity-funded capital base.
- Debt-to-Capital and Debt-to-Assets
- Ratios measuring debt against total capital and total assets show a steady, gradual decline. The debt-to-capital ratio moved from 0.73 in early 2022 to 0.58 by September 2026. Similarly, the debt-to-assets ratio decreased from 0.50 to 0.42 over the same timeframe. These metrics suggest a consistent reduction in the proportion of the asset base financed through debt, thereby lowering the company's long-term financial risk profile.
- Interest Coverage
- The interest coverage ratio exhibited a U-shaped pattern during the analyzed period. After starting at 8.53 in March 2022, the ratio experienced a decline to a low of 7.13 by September 2023. However, from late 2023 onward, a steady recovery is evident, with the ratio climbing to 8.81 by September 2026. This upward trend indicates an improved capacity to service interest obligations, likely bolstered by the overall reduction in debt levels.
Overall, the data indicates a period of significant deleveraging. While there was a minor temporary increase in leverage ratios in early 2025, the long-term trajectory demonstrates a disciplined reduction in debt reliance and an enhancement of solvency margins.
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Debt to Equity
Union Pacific Corp., debt to equity 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) | |||||||||||||||||||||||||
| Debt due within one year | 1,289) | 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) | ||||||
| Debt due after one year | 29,035) | 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) | ||||||
| Total debt | 30,324) | 30,327) | 30,651) | 31,814) | 31,807) | 32,813) | 32,842) | 31,192) | 31,413) | 31,892) | 31,928) | 32,579) | 32,877) | 33,302) | 33,784) | 33,326) | 33,422) | 32,007) | 32,239) | ||||||
| Common shareholders’ equity | 22,018) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity1 | 1.38 | 1.47 | 1.58 | 1.72 | 1.84 | 2.02 | 2.05 | 1.85 | 1.89 | 1.93 | 2.04 | 2.20 | 2.35 | 2.52 | 2.71 | 2.74 | 2.85 | 2.52 | 2.71 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 0.85 | 0.75 | 0.76 | 0.73 | 0.75 | 0.76 | 0.75 | 0.73 | 0.77 | 0.77 | 0.77 | 0.79 | 0.82 | 0.84 | 0.80 | 0.81 | 0.84 | 0.82 | 0.85 | ||||||
| Uber Technologies Inc. | — | 0.47 | 0.42 | 0.39 | 0.38 | 0.42 | 0.38 | 0.39 | 0.74 | 0.77 | 0.86 | 0.84 | 0.99 | 1.07 | 1.23 | 1.26 | 1.48 | 1.39 | 1.04 | ||||||
| United Airlines Holdings Inc. | 1.49 | 1.58 | 1.52 | 1.64 | 1.78 | 2.02 | 2.19 | 2.26 | 2.49 | 2.78 | 3.24 | 3.40 | 3.57 | 4.17 | 4.80 | 4.68 | 6.74 | 8.55 | 9.55 | ||||||
| United Parcel Service Inc. | — | 1.63 | 1.55 | 1.49 | 1.57 | 1.57 | 1.36 | 1.27 | 1.30 | 1.30 | 1.18 | 1.29 | 1.10 | 1.04 | 1.11 | 0.99 | 1.20 | 1.26 | 1.42 | ||||||
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
Debt to equity = Total debt ÷ Common shareholders’ equity
= 30,324 ÷ 22,018 = 1.38
2 Click competitor name to see calculations.
The company exhibits a sustained improvement in its long-term solvency profile over the analyzed period. A consistent deleveraging trend is evident, driven by a simultaneous reduction in total debt and a significant expansion of common shareholders' equity, resulting in a substantial decrease in the overall debt-to-equity ratio.
- Total Debt Trajectory
- Total debt levels remained relatively volatile between March 2022 and December 2023, peaking at 33,422 million in September 2022. Following this peak, a gradual decline was observed, with a temporary increase in early 2025 reaching 32,842 million. By September 2026, total debt decreased to 30,324 million, representing a net reduction in total obligations over the observed timeframe.
- Shareholders' Equity Growth
- Common shareholders' equity demonstrated a strong and consistent upward trend, increasing from 11,897 million in March 2022 to 22,018 million by September 2026. This growth indicates a significant strengthening of the company's internal capital base, nearly doubling the equity position over the period.
- Debt to Equity Ratio Analysis
- The debt-to-equity ratio reflects a marked transition in capital structure. The ratio peaked at 2.85 in September 2022, signaling a higher reliance on debt financing. However, a persistent downward trend followed, with the ratio falling to 1.38 by September 2026. This contraction indicates a reduction in financial risk and an improved ability to cover long-term obligations through equity rather than borrowed funds.
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Debt to Equity (including Operating Lease Liability)
Union Pacific Corp., debt to equity (including operating lease liability) 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) | |||||||||||||||||||||||||
| Debt due within one year | 1,289) | 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) | ||||||
| Debt due after one year | 29,035) | 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) | ||||||
| Total debt | 30,324) | 30,327) | 30,651) | 31,814) | 31,807) | 32,813) | 32,842) | 31,192) | 31,413) | 31,892) | 31,928) | 32,579) | 32,877) | 33,302) | 33,784) | 33,326) | 33,422) | 32,007) | 32,239) | ||||||
| Noncurrent operating lease liabilities | 563) | 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) | ||||||
| Total debt (including operating lease liability) | 30,887) | 30,936) | 31,270) | 32,552) | 32,571) | 33,644) | 33,600) | 32,117) | 32,347) | 32,880) | 32,944) | 33,824) | 34,121) | 34,519) | 35,017) | 34,626) | 34,725) | 33,302) | 33,530) | ||||||
| Common shareholders’ equity | 22,018) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to equity (including operating lease liability)1 | 1.40 | 1.50 | 1.61 | 1.76 | 1.88 | 2.07 | 2.09 | 1.90 | 1.95 | 1.99 | 2.10 | 2.29 | 2.44 | 2.62 | 2.81 | 2.85 | 2.96 | 2.62 | 2.82 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 1.41 | 1.34 | 1.36 | 1.33 | 1.39 | 1.41 | 1.39 | 1.37 | 1.42 | 1.43 | 1.44 | 1.47 | 1.54 | 1.58 | 1.50 | 1.49 | 1.52 | 1.48 | 1.49 | ||||||
| Uber Technologies Inc. | — | 0.54 | 0.50 | 0.45 | 0.43 | 0.50 | 0.45 | 0.46 | 0.86 | 0.90 | 1.01 | 1.00 | 1.17 | 1.27 | 1.48 | 1.52 | 1.77 | 1.68 | 1.25 | ||||||
| United Airlines Holdings Inc. | 1.93 | 2.02 | 1.95 | 2.03 | 2.19 | 2.45 | 2.61 | 2.65 | 2.92 | 3.25 | 3.79 | 3.94 | 4.15 | 4.85 | 5.58 | 5.41 | 7.84 | 9.94 | 11.12 | ||||||
| United Parcel Service Inc. | — | 1.90 | 1.82 | 1.76 | 1.85 | 1.84 | 1.63 | 1.53 | 1.56 | 1.55 | 1.44 | 1.54 | 1.33 | 1.25 | 1.32 | 1.19 | 1.41 | 1.48 | 1.65 | ||||||
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
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Common shareholders’ equity
= 30,887 ÷ 22,018 = 1.40
2 Click competitor name to see calculations.
The financial data indicates a sustained improvement in the solvency position of the entity from March 2022 through September 2026. This improvement is characterized by a simultaneous reduction in total liabilities and a significant expansion of the equity base, leading to a substantial contraction in the debt-to-equity ratio.
- Total Debt Trends
- Total debt, including operating lease liabilities, exhibited a general downward trajectory over the analyzed period. After reaching a peak of 34,725 million USD in September 2022, debt levels gradually declined to 30,887 million USD by September 2026. While a temporary increase was observed in the first quarter of 2025, the overall trend reflects a systematic reduction in the total debt burden.
- Common Shareholders' Equity Growth
- Shareholders' equity demonstrated robust and consistent growth, rising from 11,897 million USD in March 2022 to 22,018 million USD by September 2026. This expansion suggests a strengthening of the internal capital base and indicates that a larger proportion of the entity's assets are being financed through equity rather than borrowed funds.
- Debt to Equity Ratio Analysis
- The debt-to-equity ratio experienced a significant decline, moving from 2.82 in March 2022 to 1.40 in September 2026. This reduction is the result of the dual effect of decreasing total debt and increasing equity. The most notable period of improvement occurred between December 2023 and June 2024, when the ratio fell from 2.29 to 1.99, signaling a transition toward a more conservative and stable capital structure.
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Debt to Capital
Union Pacific Corp., debt to capital 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) | |||||||||||||||||||||||||
| Debt due within one year | 1,289) | 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) | ||||||
| Debt due after one year | 29,035) | 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) | ||||||
| Total debt | 30,324) | 30,327) | 30,651) | 31,814) | 31,807) | 32,813) | 32,842) | 31,192) | 31,413) | 31,892) | 31,928) | 32,579) | 32,877) | 33,302) | 33,784) | 33,326) | 33,422) | 32,007) | 32,239) | ||||||
| Common shareholders’ equity | 22,018) | 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) | ||||||
| Total capital | 52,342) | 51,000) | 50,069) | 50,281) | 49,111) | 49,071) | 48,881) | 48,082) | 47,997) | 48,381) | 47,593) | 47,367) | 46,881) | 46,496) | 46,238) | 45,489) | 45,165) | 44,717) | 44,136) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital1 | 0.58 | 0.59 | 0.61 | 0.63 | 0.65 | 0.67 | 0.67 | 0.65 | 0.65 | 0.66 | 0.67 | 0.69 | 0.70 | 0.72 | 0.73 | 0.73 | 0.74 | 0.72 | 0.73 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 0.46 | 0.43 | 0.43 | 0.42 | 0.43 | 0.43 | 0.43 | 0.42 | 0.43 | 0.43 | 0.44 | 0.44 | 0.45 | 0.46 | 0.44 | 0.45 | 0.46 | 0.45 | 0.46 | ||||||
| Uber Technologies Inc. | — | 0.32 | 0.30 | 0.28 | 0.27 | 0.30 | 0.28 | 0.28 | 0.43 | 0.43 | 0.46 | 0.46 | 0.50 | 0.52 | 0.55 | 0.56 | 0.60 | 0.58 | 0.51 | ||||||
| United Airlines Holdings Inc. | 0.60 | 0.61 | 0.60 | 0.62 | 0.64 | 0.67 | 0.69 | 0.69 | 0.71 | 0.74 | 0.76 | 0.77 | 0.78 | 0.81 | 0.83 | 0.82 | 0.87 | 0.90 | 0.91 | ||||||
| United Parcel Service Inc. | — | 0.62 | 0.61 | 0.60 | 0.61 | 0.61 | 0.58 | 0.56 | 0.57 | 0.57 | 0.54 | 0.56 | 0.52 | 0.51 | 0.53 | 0.50 | 0.55 | 0.56 | 0.59 | ||||||
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
Debt to capital = Total debt ÷ Total capital
= 30,324 ÷ 52,342 = 0.58
2 Click competitor name to see calculations.
The solvency profile of the entity demonstrates a consistent improvement in its capital structure from March 31, 2022, through September 30, 2026. A sustained reduction in the debt-to-capital ratio indicates a strategic shift toward a more conservative financial leverage position over the observed period.
- Debt to Capital Ratio Trajectory
- The debt to capital ratio began at 0.73 in March 2022, reaching a peak of 0.74 in September 2022. Following this point, a long-term downward trend is observed, with the ratio declining to 0.58 by September 30, 2026. While there was a brief period of stabilization and a slight uptick to 0.67 in the first half of 2025, the overall trajectory remains negative, signaling a reduction in the proportion of debt relative to total capital.
- Total Debt Dynamics
- Total debt levels exhibited moderate volatility during the first half of the analysis period, peaking at 33,784 million USD in March 2023. Subsequently, debt levels entered a general decline, dropping below the 31,000 million USD threshold by December 2024 and eventually reaching a period low of 30,324 million USD by the end of the sequence. This reduction in absolute debt contributes directly to the improved solvency ratios.
- Total Capital Expansion
- A steady and nearly linear increase in total capital is observed throughout the entire timeframe. Total capital rose from 44,136 million USD in March 2022 to 52,342 million USD by September 30, 2026. This expansion of the capital base, occurring simultaneously with the reduction of total debt, serves as the primary driver for the compression of the debt to capital ratio.
- Solvency Synthesis
- The convergence of decreasing total debt and increasing total capital suggests a strengthening of the balance sheet. The transition from a ratio of 0.73 to 0.58 represents a significant reduction in financial risk and an increase in the entity's capacity to absorb future financial obligations.
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Debt to Capital (including Operating Lease Liability)
Union Pacific Corp., debt to capital (including operating lease liability) 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) | |||||||||||||||||||||||||
| Debt due within one year | 1,289) | 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) | ||||||
| Debt due after one year | 29,035) | 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) | ||||||
| Total debt | 30,324) | 30,327) | 30,651) | 31,814) | 31,807) | 32,813) | 32,842) | 31,192) | 31,413) | 31,892) | 31,928) | 32,579) | 32,877) | 33,302) | 33,784) | 33,326) | 33,422) | 32,007) | 32,239) | ||||||
| Noncurrent operating lease liabilities | 563) | 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) | ||||||
| Total debt (including operating lease liability) | 30,887) | 30,936) | 31,270) | 32,552) | 32,571) | 33,644) | 33,600) | 32,117) | 32,347) | 32,880) | 32,944) | 33,824) | 34,121) | 34,519) | 35,017) | 34,626) | 34,725) | 33,302) | 33,530) | ||||||
| Common shareholders’ equity | 22,018) | 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) | ||||||
| Total capital (including operating lease liability) | 52,905) | 51,609) | 50,688) | 51,019) | 49,875) | 49,902) | 49,639) | 49,007) | 48,931) | 49,369) | 48,609) | 48,612) | 48,125) | 47,713) | 47,471) | 46,789) | 46,468) | 46,012) | 45,427) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to capital (including operating lease liability)1 | 0.58 | 0.60 | 0.62 | 0.64 | 0.65 | 0.67 | 0.68 | 0.66 | 0.66 | 0.67 | 0.68 | 0.70 | 0.71 | 0.72 | 0.74 | 0.74 | 0.75 | 0.72 | 0.74 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 0.59 | 0.57 | 0.58 | 0.57 | 0.58 | 0.58 | 0.58 | 0.58 | 0.59 | 0.59 | 0.59 | 0.60 | 0.61 | 0.61 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | ||||||
| Uber Technologies Inc. | — | 0.35 | 0.33 | 0.31 | 0.30 | 0.33 | 0.31 | 0.32 | 0.46 | 0.47 | 0.50 | 0.50 | 0.54 | 0.56 | 0.60 | 0.60 | 0.64 | 0.63 | 0.56 | ||||||
| United Airlines Holdings Inc. | 0.66 | 0.67 | 0.66 | 0.67 | 0.69 | 0.71 | 0.72 | 0.73 | 0.74 | 0.76 | 0.79 | 0.80 | 0.81 | 0.83 | 0.85 | 0.84 | 0.89 | 0.91 | 0.92 | ||||||
| United Parcel Service Inc. | — | 0.66 | 0.65 | 0.64 | 0.65 | 0.65 | 0.62 | 0.61 | 0.61 | 0.61 | 0.59 | 0.61 | 0.57 | 0.56 | 0.57 | 0.54 | 0.58 | 0.60 | 0.62 | ||||||
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
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 30,887 ÷ 52,905 = 0.58
2 Click competitor name to see calculations.
An analysis of the solvency position reveals a consistent improvement in the capital structure from March 2022 through September 2026. The overall trend is characterized by systematic deleveraging, driven by a simultaneous reduction in total debt and a steady expansion of the total capital base.
- Total Debt Trajectory
- Total debt, including operating lease liabilities, experienced initial fluctuations between March 2022 and March 2023, reaching a peak of 35,017 million USD. Subsequent to this period, a sustained downward trend occurred, with liabilities decreasing to 30,887 million USD by September 2026. This indicates a disciplined approach to debt reduction over the observed timeframe.
- Total Capital Growth
- The total capital base demonstrated consistent growth, rising from 45,427 million USD in March 2022 to 52,905 million USD by September 2026. This upward trend suggests an increase in equity or retained earnings, which provides a larger cushion for obligations and enhances the overall financial stability of the organization.
- Debt to Capital Ratio Interpretation
- The debt to capital ratio declined from 0.74 in March 2022 to 0.58 by September 2026. While the ratio remained relatively stable between 0.70 and 0.75 through the end of 2023, a more pronounced contraction began in March 2024. The transition from a ratio of 0.68 in early 2024 to 0.58 by late 2026 reflects a significant shift toward a lower-leverage financial profile, reducing the company's reliance on borrowed funds relative to its total capital.
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Debt to Assets
Union Pacific Corp., debt to assets 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) | |||||||||||||||||||||||||
| Debt due within one year | 1,289) | 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) | ||||||
| Debt due after one year | 29,035) | 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) | ||||||
| Total debt | 30,324) | 30,327) | 30,651) | 31,814) | 31,807) | 32,813) | 32,842) | 31,192) | 31,413) | 31,892) | 31,928) | 32,579) | 32,877) | 33,302) | 33,784) | 33,326) | 33,422) | 32,007) | 32,239) | ||||||
| Total assets | 72,609) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets1 | 0.42 | 0.43 | 0.44 | 0.46 | 0.46 | 0.48 | 0.48 | 0.46 | 0.46 | 0.47 | 0.47 | 0.49 | 0.49 | 0.50 | 0.51 | 0.51 | 0.51 | 0.50 | 0.50 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 0.27 | 0.24 | 0.24 | 0.23 | 0.24 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.23 | 0.24 | 0.24 | 0.24 | 0.23 | 0.24 | 0.24 | 0.24 | 0.25 | ||||||
| Uber Technologies Inc. | — | 0.19 | 0.18 | 0.17 | 0.17 | 0.17 | 0.16 | 0.16 | 0.23 | 0.23 | 0.24 | 0.24 | 0.26 | 0.27 | 0.29 | 0.29 | 0.30 | 0.30 | 0.28 | ||||||
| United Airlines Holdings Inc. | 0.31 | 0.31 | 0.30 | 0.33 | 0.33 | 0.35 | 0.36 | 0.39 | 0.39 | 0.40 | 0.41 | 0.45 | 0.43 | 0.44 | 0.45 | 0.48 | 0.48 | 0.48 | 0.50 | ||||||
| United Parcel Service Inc. | — | 0.34 | 0.34 | 0.33 | 0.35 | 0.35 | 0.31 | 0.30 | 0.32 | 0.32 | 0.30 | 0.31 | 0.30 | 0.30 | 0.31 | 0.28 | 0.29 | 0.29 | 0.31 | ||||||
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
Debt to assets = Total debt ÷ Total assets
= 30,324 ÷ 72,609 = 0.42
2 Click competitor name to see calculations.
The solvency profile demonstrates a consistent trend toward deleveraging and improved financial stability over the period from March 2022 to September 2026. This improvement is characterized by a simultaneous increase in the total asset base and a general reduction in total debt obligations.
- Debt to Assets Ratio Dynamics
- The debt to assets ratio exhibited a gradual decline from a peak of 0.51 observed between September 2022 and March 2023 to a period low of 0.42 by September 2026. This downward trajectory indicates a decreasing reliance on borrowed capital to finance the organization's asset base, thereby enhancing long-term solvency.
- Total Asset Growth
- A steady upward trend in total assets is observed, rising from 64,051 million USD in March 2022 to 72,609 million USD by September 2026. This consistent expansion of the asset base provided a structural cushion that contributed to the reduction of the overall debt ratio.
- Total Debt Trajectory
- Total debt levels peaked at 33,784 million USD in March 2023. Following this peak, debt levels generally trended downward, despite a brief increase to 32,842 million USD in March 2025. By September 2026, total debt was reduced to 30,324 million USD, representing a notable decrease from the 2023 high.
- Overall Solvency Analysis
- The convergence of rising total assets and falling total debt has resulted in a strengthened balance sheet. The reduction of the debt to assets ratio by 9 percentage points over the analyzed period suggests a strategic shift toward a more conservative capital structure and a reduction in financial risk.
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Debt to Assets (including Operating Lease Liability)
Union Pacific Corp., debt to assets (including operating lease liability) 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) | |||||||||||||||||||||||||
| Debt due within one year | 1,289) | 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) | ||||||
| Debt due after one year | 29,035) | 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) | ||||||
| Total debt | 30,324) | 30,327) | 30,651) | 31,814) | 31,807) | 32,813) | 32,842) | 31,192) | 31,413) | 31,892) | 31,928) | 32,579) | 32,877) | 33,302) | 33,784) | 33,326) | 33,422) | 32,007) | 32,239) | ||||||
| Noncurrent operating lease liabilities | 563) | 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) | ||||||
| Total debt (including operating lease liability) | 30,887) | 30,936) | 31,270) | 32,552) | 32,571) | 33,644) | 33,600) | 32,117) | 32,347) | 32,880) | 32,944) | 33,824) | 34,121) | 34,519) | 35,017) | 34,626) | 34,725) | 33,302) | 33,530) | ||||||
| Total assets | 72,609) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Debt to assets (including operating lease liability)1 | 0.43 | 0.43 | 0.45 | 0.47 | 0.47 | 0.49 | 0.49 | 0.47 | 0.48 | 0.48 | 0.49 | 0.50 | 0.51 | 0.52 | 0.53 | 0.53 | 0.53 | 0.52 | 0.52 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 0.44 | 0.42 | 0.43 | 0.43 | 0.44 | 0.44 | 0.44 | 0.43 | 0.44 | 0.43 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.43 | 0.44 | 0.44 | 0.44 | ||||||
| Uber Technologies Inc. | — | 0.22 | 0.21 | 0.20 | 0.19 | 0.20 | 0.19 | 0.19 | 0.27 | 0.27 | 0.28 | 0.29 | 0.31 | 0.32 | 0.34 | 0.35 | 0.36 | 0.36 | 0.34 | ||||||
| United Airlines Holdings Inc. | 0.40 | 0.40 | 0.38 | 0.41 | 0.41 | 0.42 | 0.43 | 0.45 | 0.46 | 0.47 | 0.48 | 0.52 | 0.50 | 0.51 | 0.53 | 0.55 | 0.56 | 0.56 | 0.58 | ||||||
| United Parcel Service Inc. | — | 0.40 | 0.40 | 0.39 | 0.41 | 0.41 | 0.37 | 0.37 | 0.38 | 0.38 | 0.36 | 0.38 | 0.36 | 0.36 | 0.37 | 0.33 | 0.34 | 0.34 | 0.36 | ||||||
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
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 30,887 ÷ 72,609 = 0.43
2 Click competitor name to see calculations.
The solvency position from March 2022 through September 2026 demonstrates a consistent strengthening of the balance sheet, characterized by a progressive reduction in financial leverage relative to the total asset base.
- Debt Trajectory
- Total debt, inclusive of operating lease liabilities, reached a peak of 35,017 million US$ in March 2023. Following this period, a general downward trend emerged, with debt levels declining to 30,887 million US$ by September 2026. Although a marginal increase was observed in the first half of 2025, the overall trajectory indicates a sustained effort toward deleveraging.
- Asset Expansion
- Total assets exhibited a steady and continuous growth pattern throughout the analyzed period. Assets increased from 64,051 million US$ in March 2022 to 72,609 million US$ by September 2026. This consistent expansion of the resource base provides a larger cushion for existing obligations.
- Debt-to-Assets Ratio Analysis
- The debt-to-assets ratio reflects the combined effect of declining liabilities and an expanding asset base. The ratio remained relatively stagnant between 0.52 and 0.53 from March 2022 to June 2023. A definitive downward trend began in the latter half of 2023, with the ratio decreasing from 0.51 in September 2023 to 0.43 by September 2026. This contraction signifies a reduced dependence on borrowed capital to fund assets and a corresponding improvement in long-term solvency.
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Financial Leverage
Union Pacific Corp., financial leverage 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) | |||||||||||||||||||||||||
| Total assets | 72,609) | 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) | ||||||
| Common shareholders’ equity | 22,018) | 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) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Financial leverage1 | 3.30 | 3.44 | 3.59 | 3.77 | 3.97 | 4.22 | 4.27 | 4.01 | 4.07 | 4.11 | 4.29 | 4.54 | 4.75 | 5.00 | 5.30 | 5.38 | 5.56 | 5.07 | 5.38 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 3.18 | 3.17 | 3.18 | 3.12 | 3.18 | 3.23 | 3.19 | 3.15 | 3.26 | 3.29 | 3.30 | 3.34 | 3.47 | 3.55 | 3.41 | 3.45 | 3.43 | 3.38 | 3.37 | ||||||
| Uber Technologies Inc. | — | 2.41 | 2.42 | 2.29 | 2.25 | 2.48 | 2.40 | 2.38 | 3.19 | 3.36 | 3.58 | 3.44 | 3.84 | 3.93 | 4.32 | 4.37 | 4.98 | 4.66 | 3.68 | ||||||
| United Airlines Holdings Inc. | 4.79 | 5.06 | 5.10 | 5.00 | 5.33 | 5.77 | 6.03 | 5.84 | 6.35 | 6.96 | 7.83 | 7.63 | 8.26 | 9.52 | 10.56 | 9.77 | 14.08 | 17.76 | 19.05 | ||||||
| United Parcel Service Inc. | — | 4.73 | 4.56 | 4.50 | 4.51 | 4.50 | 4.37 | 4.19 | 4.05 | 4.08 | 4.00 | 4.09 | 3.67 | 3.51 | 3.60 | 3.59 | 4.10 | 4.30 | 4.55 | ||||||
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
Financial leverage = Total assets ÷ Common shareholders’ equity
= 72,609 ÷ 22,018 = 3.30
2 Click competitor name to see calculations.
The financial leverage profile exhibits a sustained downward trend over the analyzed period, indicating a progressive reduction in the reliance on debt relative to equity. While total assets experienced steady growth, the acceleration in common shareholders' equity served as the primary catalyst for the improvement in solvency ratios.
- Total Asset Growth
- Total assets increased from 64,051 million USD in March 2022 to 72,609 million USD by September 2026. This growth remained relatively linear, reflecting a consistent expansion of the balance sheet.
- Common Shareholders' Equity Expansion
- Equity demonstrated substantial growth, rising from 11,897 million USD in March 2022 to 22,018 million USD in September 2026. The growth rate of equity significantly outpaced that of total assets, which directly drove the compression of the financial leverage ratio.
- Financial Leverage Trajectory
- The leverage ratio peaked at 5.56 in September 2022. Following this peak, a consistent decline is observed, with the ratio falling to 4.54 by December 2023. Despite a brief increase to 4.27 in March 2024, the downward trend persisted throughout 2025 and 2026, reaching a period low of 3.30 by September 2026.
The overall trajectory suggests a strategic shift toward a more conservative capital structure. The reduction of the financial leverage ratio from 5.38 in March 2022 to 3.30 by September 2026 represents a significant enhancement in long-term solvency and a decrease in the proportion of assets financed through liabilities.
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Interest Coverage
Union Pacific Corp., interest coverage 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) | |||||||||||||||||||||||||
| Net income | 2,076) | 1,993) | 1,701) | 1,848) | 1,788) | 1,876) | 1,626) | 1,762) | 1,671) | 1,673) | 1,641) | 1,652) | 1,528) | 1,569) | 1,630) | 1,638) | 1,895) | 1,835) | 1,630) | ||||||
| Add: Income tax expense | 650) | 562) | 528) | 560) | 530) | 437) | 501) | 519) | 518) | 511) | 499) | 532) | 421) | 389) | 512) | 533) | 547) | 507) | 487) | ||||||
| Add: Interest expense | 312) | 313) | 320) | 325) | 327) | 335) | 322) | 312) | 314) | 319) | 324) | 331) | 334) | 339) | 336) | 333) | 315) | 316) | 307) | ||||||
| Earnings before interest and tax (EBIT) | 3,038) | 2,868) | 2,549) | 2,733) | 2,645) | 2,648) | 2,449) | 2,593) | 2,503) | 2,503) | 2,464) | 2,515) | 2,283) | 2,297) | 2,478) | 2,504) | 2,757) | 2,658) | 2,424) | ||||||
| Solvency Ratio | |||||||||||||||||||||||||
| Interest coverage1 | 8.81 | 8.40 | 8.09 | 8.00 | 7.97 | 7.94 | 7.93 | 7.93 | 7.75 | 7.47 | 7.20 | 7.14 | 7.13 | 7.59 | 8.00 | 8.14 | 8.40 | 8.34 | 8.53 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Interest Coverage, Competitors2 | |||||||||||||||||||||||||
| Uber Technologies Inc. | — | 15.32 | 11.95 | 14.06 | 15.41 | 14.78 | 13.09 | 8.81 | 9.95 | 5.18 | 4.12 | 4.74 | 2.67 | 0.55 | -4.42 | -15.49 | -15.64 | -19.05 | -13.64 | ||||||
| United Airlines Holdings Inc. | 5.01 | 5.05 | 5.15 | 4.69 | 4.54 | 4.43 | 4.65 | 3.97 | 3.40 | 3.34 | 3.02 | 2.91 | 3.09 | 2.92 | 2.44 | 1.59 | 0.40 | 0.06 | -0.56 | ||||||
| United Parcel Service Inc. | — | 6.36 | 7.38 | 8.04 | 8.06 | 8.86 | 9.32 | 9.59 | 9.74 | 9.29 | 10.58 | 11.92 | 15.44 | 18.59 | 20.44 | 22.06 | 21.60 | 21.21 | 20.95 | ||||||
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
Interest coverage
= (EBITQ3 2026
+ EBITQ2 2026
+ EBITQ1 2026
+ EBITQ4 2025)
÷ (Interest expenseQ3 2026
+ Interest expenseQ2 2026
+ Interest expenseQ1 2026
+ Interest expenseQ4 2025)
= (3,038 + 2,868 + 2,549 + 2,733)
÷ (312 + 313 + 320 + 325)
= 8.81
2 Click competitor name to see calculations.
The solvency profile reveals a cyclical trend in interest coverage, characterized by a period of moderate contraction followed by a sustained recovery. The organization maintains a robust capacity to meet its interest obligations throughout the observed timeframe, with the coverage ratio remaining well above critical thresholds.
- Earnings Before Interest and Tax (EBIT)
- Operational earnings exhibited volatility during the first two years, declining from a peak of 2,757 million in September 2022 to a low of 2,283 million in September 2023. Following this trough, a consistent upward trajectory is observed, with EBIT expanding to 3,038 million by September 2026. This growth suggests a strengthening of operational profitability over the latter half of the period.
- Interest Expense
- Interest costs remained relatively stable, fluctuating within a narrow range between 307 million and 339 million. Expenses peaked in June 2023 at 339 million before entering a gradual decline, reaching 312 million by September 2026. The stability of these costs indicates a controlled debt service environment.
- Interest Coverage Ratio
- The interest coverage ratio experienced a decline from 8.53 in March 2022 to a minimum of 7.13 in September 2023, correlating with the dip in EBIT and the peak in interest expenses. Subsequently, the ratio entered a steady recovery phase, climbing to 8.81 by September 2026. This recovery reflects an improved margin of safety and an increased ability to service debt from operational profits.
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