Union Pacific annual debt-to-equity ratio
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2025
Union Pacific Debt-to-Equity Ratio Growth & History (UNP)
Union Pacific's debt-to-equity ratio was 1.78 for fiscal 2025.
View full Union Pacific company overviewUnion Pacific annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 1.78 | −0.14 | −7.53% |
| 2024 | 2024-12-31 | 1.92 | −0.39 | −16.84% |
| 2023 | 2023-12-31 | 2.31 | −0.44 | −16.03% |
| 2022 | 2022-12-31 | 2.75 | 0.65 | +31.14% |
| 2021 | 2021-12-31 | 2.10 | 0.49 | +30.19% |
| 2020 | 2020-12-31 | 1.61 | 0.18 | +12.51% |
| 2019 | 2019-12-31 | 1.43 | 0.40 | +38.53% |
| 2018 | 2018-12-31 | 1.03 | 0.38 | +59.26% |
| 2017 | 2017-12-31 | 0.65 | −0.07 | −9.15% |
| 2016 | 2016-12-31 | 0.71 | 0.06 | +8.76% |
| 2015 | 2015-12-31 | 0.66 | 0.14 | +27.16% |
| 2014 | 2014-12-31 | 0.52 | 0.10 | +23.65% |
| 2013 | 2013-12-31 | 0.42 | −0.02 | −5.60% |
| 2012 | 2012-12-31 | 0.44 | −0.03 | −5.42% |
| 2011 | 2011-12-31 | 0.47 | −0.04 | −7.64% |
| 2010 | 2010-12-31 | 0.51 | −0.07 | −11.63% |
| 2009 | 2009-12-31 | 0.57 | 0.02 | +2.93% |
| 2008 | 2008-12-31 | 0.56 | — | — |
Union Pacific quarterly debt-to-equity ratio
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| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 1.45 | −0.49 | −25.24% |
| Q1 2026 | 2026-03-31 | 1.58 | −0.40 | −20.11% |
| Q4 2025 | 2025-12-31 | 1.78 | −0.14 | −7.53% |
| Q3 2025 | 2025-09-30 | 1.81 | −0.08 | −3.98% |
| Q2 2025 | 2025-06-30 | 1.93 | −0.05 | −2.71% |
| Q1 2025 | 2025-03-31 | 1.97 | −0.12 | −5.76% |
| Q4 2024 | 2024-12-31 | 1.92 | −0.39 | −16.84% |
| Q3 2024 | 2024-09-30 | 1.89 | −0.45 | −19.25% |
| Q2 2024 | 2024-06-30 | 1.99 | −0.51 | −20.54% |
| Q1 2024 | 2024-03-31 | 2.10 | −0.51 | −19.50% |
| Q4 2023 | 2023-12-31 | 2.31 | −0.44 | −16.03% |
| Q3 2023 | 2023-09-30 | 2.33 | −0.50 | −17.53% |
| Q2 2023 | 2023-06-30 | 2.50 | 0.04 | +1.82% |
| Q1 2023 | 2023-03-31 | 2.60 | −0.09 | −3.42% |
| Q4 2022 | 2022-12-31 | 2.75 | 0.65 | +31.14% |
| Q3 2022 | 2022-09-30 | 2.83 | 0.72 | +34.35% |
| Q2 2022 | 2022-06-30 | 2.46 | 0.40 | +19.27% |
| Q1 2022 | 2022-03-31 | 2.70 | 1.06 | +64.46% |
| Q4 2021 | 2021-12-31 | 2.10 | 0.49 | +30.19% |
| Q3 2021 | 2021-09-30 | 2.11 | 0.49 | +30.00% |
| Q2 2021 | 2021-06-30 | 2.06 | 0.34 | +19.81% |
| Q1 2021 | 2021-03-31 | 1.64 | −0.13 | −7.15% |
| Q4 2020 | 2020-12-31 | 1.61 | 0.18 | +12.51% |
| Q3 2020 | 2020-09-30 | 1.62 | 0.15 | +10.49% |
| Q2 2020 | 2020-06-30 | 1.72 | 0.31 | +21.60% |
| Q1 2020 | 2020-03-31 | 1.77 | 0.30 | +20.52% |
| Q4 2019 | 2019-12-31 | 1.43 | 0.40 | +38.53% |
| Q3 2019 | 2019-09-30 | 1.47 | 0.44 | +43.26% |
| Q2 2019 | 2019-06-30 | 1.41 | 0.33 | +30.54% |
| Q1 2019 | 2019-03-31 | 1.46 | 0.80 | +118.72% |
| Q4 2018 | 2018-12-31 | 1.03 | 0.38 | +59.26% |
| Q3 2018 | 2018-09-30 | 1.02 | 0.19 | +23.12% |
| Q2 2018 | 2018-06-30 | 1.08 | 0.31 | +39.46% |
| Q1 2018 | 2018-03-31 | 0.67 | −0.06 | −7.69% |
| Q4 2017 | 2017-12-31 | 0.65 | −0.07 | −9.15% |
| Q3 2017 | 2017-09-30 | 0.83 | 0.08 | +10.97% |
| Q2 2017 | 2017-06-30 | 0.78 | 0.05 | +7.30% |
| Q1 2017 | 2017-03-31 | 0.73 | 0.00 | +0.44% |
| Q4 2016 | 2016-12-31 | 0.71 | 0.06 | +8.76% |
| Q3 2016 | 2016-09-30 | 0.75 | 0.13 | +20.65% |
| Q2 2016 | 2016-06-30 | 0.72 | 0.11 | +17.66% |
| Q1 2016 | 2016-03-31 | 0.72 | 0.16 | +28.00% |
| Q4 2015 | 2015-12-31 | 0.66 | 0.14 | +27.16% |
| Q3 2015 | 2015-09-30 | 0.62 | 0.11 | +21.24% |
| Q2 2015 | 2015-06-30 | 0.61 | 0.13 | +26.96% |
| Q1 2015 | 2015-03-31 | 0.56 | 0.12 | +25.79% |
| Q4 2014 | 2014-12-31 | 0.52 | 0.10 | +23.65% |
| Q3 2014 | 2014-09-30 | 0.51 | 0.09 | +21.47% |
| Q2 2014 | 2014-06-30 | 0.48 | 0.04 | +9.53% |
| Q1 2014 | 2014-03-31 | 0.45 | −0.01 | −2.91% |
| Q4 2013 | 2013-12-31 | 0.42 | −0.02 | −5.60% |
| Q3 2013 | 2013-09-30 | 0.42 | −0.03 | −5.99% |
| Q2 2013 | 2013-06-30 | 0.44 | −0.01 | −2.26% |
| Q1 2013 | 2013-03-31 | 0.46 | 0.03 | +7.45% |
| Q4 2012 | 2012-12-31 | 0.44 | −0.03 | −5.42% |
| Q3 2012 | 2012-09-30 | 0.45 | −0.02 | −4.95% |
| Q2 2012 | 2012-06-30 | 0.45 | −0.03 | −5.44% |
| Q1 2012 | 2012-03-31 | 0.43 | −0.07 | −13.92% |
| Q4 2011 | 2011-12-31 | 0.47 | −0.04 | −7.64% |
| Q3 2011 | 2011-09-30 | 0.47 | −0.05 | −9.14% |
| Q2 2011 | 2011-06-30 | 0.48 | −0.05 | −9.09% |
| Q1 2011 | 2011-03-31 | 0.50 | −0.05 | −9.28% |
| Q4 2010 | 2010-12-31 | 0.51 | −0.07 | −11.63% |
| Q3 2010 | 2010-09-30 | 0.52 | −0.07 | −11.26% |
| Q2 2010 | 2010-06-30 | 0.53 | −0.09 | −14.11% |
| Q1 2010 | 2010-03-31 | 0.55 | — | — |
| Q4 2009 | 2009-12-31 | 0.57 | 0.02 | +2.93% |
| Q3 2009 | 2009-09-30 | 0.59 | — | — |
| Q2 2009 | 2009-06-30 | 0.61 | — | — |
| Q4 2008 | 2008-12-31 | 0.56 | — | — |
Union Pacific debt-to-equity ratio trends
Over the last five fiscal years, Union Pacific's debt-to-equity ratio increased from 1.61 to 1.78, a change of 0.17. The latest reported quarter, Q2 2026, shows 1.45.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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