• Union Pacific average debt/equity ratio for 2023 was 2.31, a 9.41% decline from 2022.
• Union Pacific average debt/equity ratio for 2022 was 2.55, a 37.1% decline from 2021.
• Union Pacific average debt/equity ratio for 2021 was 1.86, a 18.47% increase from 2020.

Debt/equity ratio can be defined as a measure of a company's financial leverage calculated by dividing its long-term debt by stockholders' equity.