Union Pacific Corporation balance sheet

At the end of fiscal 2025, Union Pacific Corporation had total assets of $69.70bn, total liabilities of $51.23bn and shareholders' equity of $18.47bn. It held $1.27bn in cash against $33.49bn of debt: net debt of $32.23bn.

Balance sheet

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Union Pacific Corporation: balance sheet, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash and equivalents	1.9	1.1	1.2	1.1	1.4	1.6	1.4	1.3	1.3	1.3	0.8	1.8	1.0	1.0	1.1	1.0	1.3	2.2
Receivables	0.7	1.2	1.4	1.3	1.4	1.6	1.4	1.3	1.5	1.8	1.6	1.5	1.7	1.9	2.1	1.9	1.9	2.1
Total current assets	3.7	3.4	3.7	3.6	4.0	4.4	4.1	3.6	4.0	4.2	3.5	4.2	3.6	4.0	4.1	4.0	4.6	6.5
Total assets	42.2	43.1	45.1	47.2	49.7	52.4	54.6	55.7	57.8	59.1	61.7	62.4	63.5	65.4	67.1	67.7	69.7	72.6
Accounts payable	0.6	0.7	0.8	0.8	0.8	0.9	0.7	1.0	1.0	0.9	0.7	0.6	0.8	0.8	0.9	0.8	0.8	1.0
Total current liabilities	2.7	3.0	3.3	3.1	3.8	3.8	3.2	3.6	3.9	4.6	4.4	4.2	5.7	5.5	5.1	5.3	5.0	5.6
Long-term debt	9.8	9.2	8.9	9.0	9.6	11.4	14.2	15.0	16.9	22.4	25.2	26.7	29.7	33.3	32.6	31.2	31.8	29.0
Total debt	9.8	9.2	8.9	9.0	9.6	11.4	14.2	15.9	17.8	23.2	26.4	28.3	31.5	35.1	34.3	32.9	33.5	30.3
Total liabilities	25.4	25.3	26.5	27.3	28.5	31.2	33.9	35.8	33.0	38.7	43.5	45.4	49.4	53.3	52.3	50.8	51.2	50.6
Shareholders' equity	16.8	17.8	18.6	19.9	21.2	21.2	20.7	19.9	24.9	20.4	18.1	17.0	14.2	12.2	14.8	16.9	18.5	22.0
Net debt (negative = net cash)	8.0	8.2	7.7	7.9	8.1	9.8	12.8	14.6	16.6	21.9	25.6	26.5	30.5	34.1	33.3	31.9	32.2	28.1
Shares outstanding	1,010m	983m	960m	939m	912m	883m	849m	816m	781m	725m	692m	671m	639m	612m	610m	604m	593m	594m

US$ billions unless shown otherwise. Fiscal quarters.

Union Pacific Corporation: balance sheet, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Receivables	1.9	2.0	1.9	1.9	1.9	2.0	2.1	2.1
Total current assets	4.0	4.5	4.2	3.9	4.6	4.2	5.5	6.5
Total assets	67.7	68.5	68.6	68.6	69.7	69.6	71.2	72.6
Accounts payable	0.8	0.9	0.8	0.9	0.8	0.9	0.9	1.0
Total current liabilities	5.3	6.2	6.5	5.2	5.0	4.6	5.6	5.6
Long-term debt	31.2	30.6	30.3	30.3	31.8	29.8	29.0	29.0
Total debt	31.2	30.6	30.3	30.3	31.8	29.8	29.0	29.0
Total liabilities	50.8	52.5	52.3	51.3	51.2	50.2	50.5	50.6
Shareholders' equity	16.9	16.0	16.3	17.3	18.5	19.4	20.7	22.0
Shares outstanding	604m	599m	593m	593m	593m	594m	594m	594m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Union Pacific Corporation's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Union Pacific Corporation.