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
+11.5%
EPS
+6.33%
Free cash flow
+57.7%
Total debt
−7.58%

Quarter to June 2026, against a year earlier

304.00 2.07 +0.69%
Market cap
$179.4B
P/E
24.6×
Fwd P/E
23.3×
Dividend yield
1.83%
F-score
8/9
Altman Z
3.82
Beneish M
−2.64
Dividend safety
73/100

Union Pacific Corporation 10-Q filed Oct 22, 2026

Fiscal Q3 2026 · Period ended Sep 30, 2026 · Filed · accepted 3:45 PM ET · Document on sec.gov · Filing index

What changed

Part I, Item 2, Management’s Discussion and Analysis, against the 10-Q filed Jul 23, 2026: 31 modified; 12 with only figures updated

  1. Modified · Quarterly summary

    The Company reported earnings of $3.363.49 per diluted share on net income of $2.02.1 billion and an operating ratio of 59.759.1% in the secondthird quarter of 2026 compared to earnings of $3.153.01 per diluted share on net income of $1.91.8 billion and an operating ratio of 59.059.2% in the secondthird quarter of 2025. Freight revenues increased 1215% in the secondthird quarter of 2026 compared to the same period inthird quarter of 2025 as higher fuel surcharge revenues, 26% volume growth, and core pricing gains more than offset the impact of unfavorable business mix (from higher domestic intermodal carloads). Second quarter of 2026 volume growth was attributable to a 19% increase in domestic Continued strong intermodal combined with higher and grain and grain products and plastics carloads, offsetting the impact of lower international intermodal carloads shipments coupled with increased metals and minerals and coal carloads, which declined 14% energy and 17%, respectively, compared to the second quarter of 2025specialized market shipments more than offset declines in coal shipments.