Stock Analysis on Net

Union Pacific Corp. (NYSE:UNP)

Analysis of Solvency Ratios
Quarterly Data

Microsoft Excel

Solvency Ratios (Summary)

Union Pacific Corp., solvency ratios (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Debt Ratios
Debt to equity 1.89 1.93 2.04 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
Debt to equity (including operating lease liability) 1.95 1.99 2.10 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
Debt to capital 0.65 0.66 0.67 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
Debt to capital (including operating lease liability) 0.66 0.67 0.68 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
Debt to assets 0.46 0.47 0.47 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
Debt to assets (including operating lease liability) 0.48 0.48 0.49 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
Financial leverage 4.07 4.11 4.29 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
Coverage Ratios
Interest coverage 7.75 7.47 7.20 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

Based on: 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), 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 Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
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 Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
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 Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
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 Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Union Pacific Corp. debt to assets ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
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 Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Union Pacific Corp. financial leverage ratio decreased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Union Pacific Corp. interest coverage ratio improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Debt to Equity

Union Pacific Corp., debt to equity calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 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 1,652 727 733 1,423 1,724 1,745 2,592 1,678 1,678 2,334 1,559 2,166 1,835 1,110 1,565 1,069 1,980 1,990 1,511 1,257 1,421 2,297 1,703
Debt due after one year 29,761 31,165 31,195 31,156 31,153 31,557 31,192 31,648 31,744 29,673 30,680 27,563 27,560 27,702 25,117 25,660 26,080 26,439 26,365 23,943 24,314 22,955 23,409
Total debt 31,413 31,892 31,928 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 16,584 16,489 15,665 14,788 14,004 13,194 12,454 12,163 11,743 12,710 11,897 14,161 13,917 14,303 16,254 16,958 17,199 16,452 15,991 18,128 18,016 18,171 17,742
Solvency Ratio
Debt to equity1 1.89 1.93 2.04 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. 0.77 0.77 0.77 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. 0.74 0.77 0.86 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. 1.30 1.30 1.18 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-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), 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 Q3 2024 Calculation
Debt to equity = Total debt ÷ Common shareholders’ equity
= 31,413 ÷ 16,584 = 1.89

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 Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Debt to Equity (including Operating Lease Liability)

Union Pacific Corp., debt to equity (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 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 1,652 727 733 1,423 1,724 1,745 2,592 1,678 1,678 2,334 1,559 2,166 1,835 1,110 1,565 1,069 1,980 1,990 1,511 1,257 1,421 2,297 1,703
Debt due after one year 29,761 31,165 31,195 31,156 31,153 31,557 31,192 31,648 31,744 29,673 30,680 27,563 27,560 27,702 25,117 25,660 26,080 26,439 26,365 23,943 24,314 22,955 23,409
Total debt 31,413 31,892 31,928 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 934 988 1,016 1,245 1,244 1,217 1,233 1,300 1,303 1,295 1,291 1,429 1,262 1,256 1,171 1,283 1,293 1,320 1,339 1,471 1,542 1,612 1,663
Total debt (including operating lease liability) 32,347 32,880 32,944 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 16,584 16,489 15,665 14,788 14,004 13,194 12,454 12,163 11,743 12,710 11,897 14,161 13,917 14,303 16,254 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 1.95 1.99 2.10 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. 1.42 1.43 1.44 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. 0.86 0.90 1.01 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. 1.56 1.55 1.44 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-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), 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 Q3 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Common shareholders’ equity
= 32,347 ÷ 16,584 = 1.95

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 Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Debt to Capital

Union Pacific Corp., debt to capital calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 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 1,652 727 733 1,423 1,724 1,745 2,592 1,678 1,678 2,334 1,559 2,166 1,835 1,110 1,565 1,069 1,980 1,990 1,511 1,257 1,421 2,297 1,703
Debt due after one year 29,761 31,165 31,195 31,156 31,153 31,557 31,192 31,648 31,744 29,673 30,680 27,563 27,560 27,702 25,117 25,660 26,080 26,439 26,365 23,943 24,314 22,955 23,409
Total debt 31,413 31,892 31,928 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 16,584 16,489 15,665 14,788 14,004 13,194 12,454 12,163 11,743 12,710 11,897 14,161 13,917 14,303 16,254 16,958 17,199 16,452 15,991 18,128 18,016 18,171 17,742
Total capital 47,997 48,381 47,593 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 0.65 0.66 0.67 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. 0.43 0.43 0.44 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. 0.43 0.43 0.46 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. 0.57 0.57 0.54 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-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), 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 Q3 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 31,413 ÷ 47,997 = 0.65

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 Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Debt to Capital (including Operating Lease Liability)

Union Pacific Corp., debt to capital (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 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 1,652 727 733 1,423 1,724 1,745 2,592 1,678 1,678 2,334 1,559 2,166 1,835 1,110 1,565 1,069 1,980 1,990 1,511 1,257 1,421 2,297 1,703
Debt due after one year 29,761 31,165 31,195 31,156 31,153 31,557 31,192 31,648 31,744 29,673 30,680 27,563 27,560 27,702 25,117 25,660 26,080 26,439 26,365 23,943 24,314 22,955 23,409
Total debt 31,413 31,892 31,928 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 934 988 1,016 1,245 1,244 1,217 1,233 1,300 1,303 1,295 1,291 1,429 1,262 1,256 1,171 1,283 1,293 1,320 1,339 1,471 1,542 1,612 1,663
Total debt (including operating lease liability) 32,347 32,880 32,944 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 16,584 16,489 15,665 14,788 14,004 13,194 12,454 12,163 11,743 12,710 11,897 14,161 13,917 14,303 16,254 16,958 17,199 16,452 15,991 18,128 18,016 18,171 17,742
Total capital (including operating lease liability) 48,931 49,369 48,609 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 0.66 0.67 0.68 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. 0.59 0.59 0.59 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. 0.46 0.47 0.50 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 0.61 0.59 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-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), 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 Q3 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 32,347 ÷ 48,931 = 0.66

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 Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Debt to Assets

Union Pacific Corp., debt to assets calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 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 1,652 727 733 1,423 1,724 1,745 2,592 1,678 1,678 2,334 1,559 2,166 1,835 1,110 1,565 1,069 1,980 1,990 1,511 1,257 1,421 2,297 1,703
Debt due after one year 29,761 31,165 31,195 31,156 31,153 31,557 31,192 31,648 31,744 29,673 30,680 27,563 27,560 27,702 25,117 25,660 26,080 26,439 26,365 23,943 24,314 22,955 23,409
Total debt 31,413 31,892 31,928 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 67,570 67,817 67,266 67,132 66,540 66,033 65,968 65,449 65,343 64,440 64,051 63,525 62,360 62,073 61,793 62,398 63,714 63,555 62,216 61,673 61,978 61,708 61,319
Solvency Ratio
Debt to assets1 0.46 0.47 0.47 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. 0.23 0.23 0.23 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. 0.23 0.23 0.24 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. 0.32 0.32 0.30 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-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), 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 Q3 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 31,413 ÷ 67,570 = 0.46

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 Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Debt to Assets (including Operating Lease Liability)

Union Pacific Corp., debt to assets (including operating lease liability) calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 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 1,652 727 733 1,423 1,724 1,745 2,592 1,678 1,678 2,334 1,559 2,166 1,835 1,110 1,565 1,069 1,980 1,990 1,511 1,257 1,421 2,297 1,703
Debt due after one year 29,761 31,165 31,195 31,156 31,153 31,557 31,192 31,648 31,744 29,673 30,680 27,563 27,560 27,702 25,117 25,660 26,080 26,439 26,365 23,943 24,314 22,955 23,409
Total debt 31,413 31,892 31,928 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 934 988 1,016 1,245 1,244 1,217 1,233 1,300 1,303 1,295 1,291 1,429 1,262 1,256 1,171 1,283 1,293 1,320 1,339 1,471 1,542 1,612 1,663
Total debt (including operating lease liability) 32,347 32,880 32,944 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 67,570 67,817 67,266 67,132 66,540 66,033 65,968 65,449 65,343 64,440 64,051 63,525 62,360 62,073 61,793 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 0.48 0.48 0.49 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 0.43 0.44 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. 0.27 0.27 0.28 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 0.38 0.36 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-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), 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 Q3 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 32,347 ÷ 67,570 = 0.48

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 Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Financial Leverage

Union Pacific Corp., financial leverage calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 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 67,570 67,817 67,266 67,132 66,540 66,033 65,968 65,449 65,343 64,440 64,051 63,525 62,360 62,073 61,793 62,398 63,714 63,555 62,216 61,673 61,978 61,708 61,319
Common shareholders’ equity 16,584 16,489 15,665 14,788 14,004 13,194 12,454 12,163 11,743 12,710 11,897 14,161 13,917 14,303 16,254 16,958 17,199 16,452 15,991 18,128 18,016 18,171 17,742
Solvency Ratio
Financial leverage1 4.07 4.11 4.29 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. 3.26 3.29 3.30 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. 3.19 3.36 3.58 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. 4.05 4.08 4.00 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-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), 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 Q3 2024 Calculation
Financial leverage = Total assets ÷ Common shareholders’ equity
= 67,570 ÷ 16,584 = 4.07

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 Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Interest Coverage

Union Pacific Corp., interest coverage calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 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 1,671 1,673 1,641 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 518 511 499 532 421 389 512 533 547 507 487 517 507 518 413 413 410 364 444 475 466 488 399
Add: Interest expense 314 319 324 331 334 339 336 333 315 316 307 295 290 282 290 279 295 289 278 278 266 259 247
Earnings before interest and tax (EBIT) 2,503 2,503 2,464 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 7.75 7.47 7.20 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. 9.95 5.18 4.12 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. 9.74 9.29 10.58 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-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), 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 Q3 2024 Calculation
Interest coverage = (EBITQ3 2024 + EBITQ2 2024 + EBITQ1 2024 + EBITQ4 2023) ÷ (Interest expenseQ3 2024 + Interest expenseQ2 2024 + Interest expenseQ1 2024 + Interest expenseQ4 2023)
= (2,503 + 2,503 + 2,464 + 2,515) ÷ (314 + 319 + 324 + 331) = 7.75

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 improved from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.