Pricing Log in Create free account
Friday 6 November 2026 Export UNP’s income statement to Excel — free account

Union Pacific Corporation

UNP Industrials Railroads

Union Pacific Corporation’s revenue for fiscal 2025 (year ended December 2025) was $24.5 billion, up 1.07% from fiscal 2024.

Revenue
+15.3%
EPS
+15.9%
Free cash flow
+12.1%
Total debt
−4.66%

Quarter to September 2026, against a year earlier

293.00 4.95 −1.66%
Market cap
$177.1B
P/E
23.2×
Fwd P/E
23.3×
Dividend yield
1.87%
F-score
8/9
Altman Z
3.82
Beneish M
−2.64
Dividend safety
73/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Reportable Segment

Every year since 2018 →

Insider Decisions last twelve months

Sold, $m 9.25
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 1 2 — 1 — — — — —
Insider Ownership 0.11%

Capital & Financial Ratios $m

Size
Market Cap 177,060.00
Revenue ttm 26,363.00
Net income ttm 7,618.00
Free cash flow ttm 6,694.00
Net debt Q 27,238.00
Valuation
P/E 23.15
Forward P/E 23.30
Price / sales 6.70
Forward P/S Powerpack
Price / FCF 26.38
Price / book 8.02 (above 6: high)
Financial health
Current ratio Q 1.16
Debt / equity Q 1.38
Interest coverage Q 9.43
Growth
Revenue growth Q +15.26% (above 0%: growing)
Operating income growth Q +15.46% (above 0%: growing)
EPS, this year +13.01%
EPS, next year A +9.28%
Revenue, next year A +11.76% (at or above 10%: strong)
EPS, past 5 yrs +8.74%
EPS, next 5 yrs A +10.54%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.7×, against a ten-year median of 6.7×; over the ten years it ranged from 3.4× in 2016 to 9.1× in 2021.
P/E against its own 10 years 80.12%
10-year low 10-year high
P/S against its own 10 years 84.93%
10-year low 10-year high
P/B against its own 10 years 50.42%
10-year low 10-year high
EV/Sales against its own 10 years 82.25%
10-year low 10-year high
EV/FCF against its own 10 years 72.97%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.87%
Annual rate
5.56
Payout ratio
43.3%
Growth, 2017–25
+10.3%/yr
  1. 2.48 ’17
  2. 3.06 ’18 +23
  3. 3.70 ’19 +21
  4. 3.88 ’20 +5
  5. 4.29 ’21 +11
  6. 5.08 ’22 +18
  7. 5.20 ’23 +2
  8. 5.28 ’24 +2
  9. 5.44 ’25 +3
  10. 5.60 ’26e +3
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,071 1,036 1,516 3,086
Receivables 2,073 1,894 1,860 2,140
Inventory 743 769 787 985
Other 261 322 392 306
4,148 4,021 4,555 6,517
2023 2024 2025 Q'26
Payables 3,683 3,829 3,494 4,316
ST’ Debt 1,423 1,425 1,520 1,289
Other — — — —
5,106 5,254 5,014 5,605

Compound Annual Growth %

10y 5y 3y
Sales 1.17% 4.64% (0.49%)
Cash Flow 2.38% 1.70% (0.26%)
Earnings 4.11% 5.94% 0.66%
Book Value (1.14%) 1.72% 14.93%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.47 Actual 3.53

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.90 2.86 Miss by 0.04
Q1 FY26 2.85 2.93 Beat by 0.08
Q2 FY26 3.20 3.41 Beat by 0.21
Q3 FY26 3.47 3.53 Beat by 0.06
Q4 FY26 3.31 — Reports 26 January 2027

EPS $

Mar Jun Sep Dec Year
’26 2.87 3.36 3.49 — —
’25 2.70 3.15 3.01 3.11 11.98
’24 2.69 2.74 2.75 2.91 11.09
’23 2.67 2.57 2.51 2.71 10.45
’22 2.57 2.93 3.05 2.67 11.21
’21 2.00 2.72 2.57 2.66 9.95
’20 2.15 1.67 2.01 2.05 7.88
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,217 6,864 7,197 — —
’25 6,027 6,154 6,244 6,085 24,510
’24 6,031 6,007 6,091 6,121 24,250
’23 6,056 5,963 5,941 6,159 24,119
’22 5,860 6,269 6,566 6,180 24,875
’21 5,001 5,504 5,566 5,733 21,804
’20 5,229 4,244 4,919 5,141 19,533
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2,440 3,076 2,786 — —
’25 2,210 2,333 2,522 2,225 9,290
’24 2,122 1,911 2,651 2,662 9,346
’23 1,840 2,018 2,126 2,395 8,379
’22 2,236 1,931 2,903 2,292 9,362
’21 1,958 2,261 2,284 2,529 9,032
’20 2,155 2,237 1,601 2,547 8,540
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,503 2,203 1,762 — —
’25 1,304 1,397 1,572 1,226 5,499
’24 1,325 1,009 1,820 1,740 5,894
’23 1,068 1,183 1,151 1,371 4,773
’22 1,420 1,222 1,738 1,362 5,742
’21 1,439 1,691 1,548 1,418 6,096
’20 1,356 1,544 918 1,944 5,762
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 11.2% a year for ten years. It grew 5.4% a year over the last ten.

Implied
11.2%
10 years, reported
5.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 19,941 21,240 22,832 21,708 19,533 21,804 24,875 24,119 24,250 24,510 26,363 +2.3% 27,393 28,963 30,174 +7.2%
Gross margin, % 57.24 56.72 56.07 59.03 62.79 62.29 57.68 57.19 59.20 59.56 58.40 +2.3 pt
EBT 6,766 7,632 7,741 7,747 6,980 8,478 9,072 8,233 8,794 9,166 9,918 +3.4%
EBT margin, % 33.93 35.93 33.90 35.69 35.73 38.88 36.47 34.13 36.26 37.40 37.62 +3.5 pt
Net income 4,233 10,712 5,966 5,919 5,349 6,523 6,998 6,379 6,747 7,138 7,618 +6.0%
Per share, $
Per share, $ Revenue 23.96 26.60 30.41 30.86 28.84 33.35 39.95 39.59 39.91 41.19 44.40 +6.2%
Earnings 5.09 13.42 7.95 8.41 7.90 9.98 11.24 10.47 11.10 12.00 12.85 +10.0%
Cash flow 9.04 9.06 11.57 12.24 12.61 13.81 15.03 13.75 15.38 15.61 17.73 +6.3%
Capex (4.06) (3.85) (4.49) (4.80) (4.10) (4.49) (5.81) (5.92) (5.68) (6.37) (6.46) +5.1%
Free cash flow 4.98 5.21 7.07 7.43 8.51 9.32 9.22 7.83 9.70 9.24 11.28 +7.1%
Book value 23.95 31.13 27.20 25.77 25.04 21.66 19.53 24.27 27.80 31.04 37.09 +2.9%
Shares, m 832 798 751 704 677 654 623 609 608 595 594 (3.7%)
Valuation, ×
Valuation, × P/E 20.14 10.01 17.37 21.47 26.39 25.22 18.48 23.25 20.53 19.26 23.15 20.2
P/S 4.28 5.10 4.55 5.86 7.22 7.55 5.20 6.15 5.71 5.62 6.70 5.7
P/B 4.28 4.36 5.08 7.02 8.32 11.63 10.63 10.03 8.20 7.45 8.02 7.7
EV/Sales 4.97 5.84 5.47 6.98 8.49 8.87 6.50 7.45 6.96 6.85 7.73 6.8
EV/FCF 23.86 29.80 23.50 28.97 28.79 31.73 28.14 37.67 28.62 30.54 30.45 29.2
Cash, $m
Cash, $m Operating cash flow 7,525 7,230 8,686 8,609 8,540 9,032 9,362 8,379 9,346 9,290 10,527 +2.4%
Capex (3,376) (3,070) (3,374) (3,379) (2,778) (2,936) (3,620) (3,606) (3,452) (3,791) (3,833) +1.3%
Free cash flow 4,149 4,160 5,312 5,230 5,762 6,096 5,742 4,773 5,894 5,499 6,694 +3.2%
Balance, $m
Balance, $m Working capital (44) 67 (463) (892) 41 (2,193) (1,568) (958) (1,233) (459) 912 +29.8%
Net debt 13,670 15,579 21,058 24,309 24,870 28,723 32,307 31,508 30,156 30,298 27,238 +9.2%
Shareholders’ equity 19,932 24,856 20,423 18,128 16,958 14,161 12,163 14,788 16,890 18,467 22,018 (0.8%)
Returns, %
Returns, % ROA 7.67 18.87 10.20 9.80 8.62 10.36 10.85 9.62 10.01 10.39 10.79 +2.7 pt
ROIC 13.47 12.53 12.83 12.60 11.71 13.61 13.94 12.26 12.90 12.62 13.41 (0.8) pt
ROE 20.83 47.83 26.35 30.71 30.49 41.92 53.17 47.34 42.60 40.38 38.75 +19.5 pt
People
People Employees 42,919 41,992 41,967 37,483 30,960 32,124 33,179 32,973 32,439 29,287 — (4.2%)
Revenue/emp, $m 0.46 0.51 0.54 0.58 0.63 0.68 0.75 0.73 0.75 0.84 — +6.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Union Pacific Corporation is a freight-rail company founded in 1969 and headquartered in Omaha. Its principal operating company, Union Pacific Railroad Company, moves freight by rail for customers across the western two-thirds of the United States. Jim Vena is Chief Executive Officer.

The railroad operates 32,889 route miles linking Pacific and Gulf Coast ports with Midwest and Eastern gateways. It also connects with Canadian rail systems and serves all six major Mexico gateways. Freight can enter or leave its network through ports, border crossings and interchange points with other rail carriers.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Reportable Segment 24,510 100.00%
Gross margin 59.56%
Operating margin 40.17%
Pre-tax margin 37.40%

Revenue by segment since 2018

Union Pacific Corporation vs peers in Railroads (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UNP Union Pacific Corporation $177.1B 23.2× 23.3× +15.26% (above 0%: growing) +15.89% (above 0%: growing) +12.09% (above 0%: growing) 57.62% 40.89%
CSX CSX Corporation $93.7B 26.3× 25.3× +11.99% (above 0%: growing) +54.05% (above 0%: growing) +65.76% (above 0%: growing) 70.13% 39.08% Compare
CP Canadian Pacific Kansas City Limited $81.5B 29.9× 27.0× +13.46% (above 0%: growing) +2.30% (above 0%: growing) +124.63% (above 0%: growing) 67.03% 35.25% Compare
NSC Norfolk Southern Corporation $74.0B 27.5× 27.8× +13.63% (above 0%: growing) +6.65% (above 0%: growing) +7.49% (above 0%: growing) 66.25% 32.61% Compare
WAB Wabtec $46.7B 34.7× 30.0× +8.11% (above 0%: growing) +34.25% (above 0%: growing) +22.12% (above 0%: growing) 37.31% 20.03% Compare
TRN Trinity Industries, Inc. $2.4B 7.5× 13.4× +17.84% (above 0%: growing) −42.16% (below 0%: shrinking) +50.99% (above 0%: growing) 23.70% 17.87% Compare
GBX Greenbrier Companies, Inc. (The) $1.3B 16.1× 12.5× −22.19% (below 0%: shrinking) −64.93% (below 0%: shrinking) −373.08% (below 0%: shrinking) 13.50% 4.31% Compare
FSTR L.B. Foster Company $411.0M 29.3× 22.1× +21.48% (above 0%: growing) +54.76% (above 0%: growing) −10.70% (below 0%: shrinking) 20.49% 6.00% Compare
RAIL Freightcar America, Inc. $136.1M — (loss-making) 9.7× −4.62% (below 0%: shrinking) n/m +33.43% (above 0%: growing) 5.45% (3.80%) Compare
Median of peers $24.6B 27.5× 23.7× +12.73% +6.65% +27.78% 30.51% 18.95%

All 11 Railroads stocks →

From the latest earnings call

Updated

  • CFO Jennifer Hamann said intermodal traffic accounted for nearly 75% of quarterly volume growth, masking pricing gains in the freight revenue mix.
  • CEO Jim Vena said Union Pacific needs to demonstrate consistent service to retain customers trying rail as higher fuel prices affect transportation choices.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.73%
Held by the ten largest 44.55%
Holder Shares Stake Change
Vanguard 59.63m 10.04% +194.45k
BlackRock 47.89m 8.06% +115.61k
Capital Group 47.67m 8.03% +209.19k
State Street 27.89m 4.70% +1.30m
Geode Capital Management 16.12m 2.71% +260.10k
JPMorgan Chase 15.67m 2.64% −1.97m
Morgan Stanley 14.58m 2.45% −305.66k
Bank of America 14.53m 2.45% +64.49k
UBS 11.71m 1.97% +774.26k
Franklin Templeton 8.90m 1.50% −229.22k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 25 March 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group (c) 10.00%
BlackRock, Inc. (d) 7.08%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Union Pacific Corporation (UNP) Latest News

29 Oct

Impact 3 · · Trefis

28 Oct

Impact 3 · · Zacks

27 Oct

Impact 3 · · Trefis

24 Oct

Impact 4 · · The Motley Fool

23 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · 24/7 Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Trefis
Impact 3 · · wwd.com

22 Oct

Impact 4 · · MarketBeat transcript
Impact 4 · · Moby
Impact 4 · · MarketBeat transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · FreightWaves
Impact 4 · · Zacks
Impact 4 · · FreightWaves
Impact 4 · · StockStory
Impact 4 · · Business Wire earnings
Impact 4 · · Simply Wall St.
Impact 3 · · MT Newswires
Impact 3 · · Zacks
Impact 3 · · Zacks

21 Oct

Impact 3 · · Trefis
Impact 3 · · Trefis
Impact 3 · · Zacks
Impact 3 · · FreightWaves

20 Oct

Impact 3 · · Zacks

19 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

18 Oct

Impact 4 · · Simply Wall St.

UNP metrics, ten years each

stockrow.com/UNP · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com