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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. In the quarter to June 2026, revenue grew 11.5%, EPS grew 6.33%, free cash flow grew 57.7% and total debt fell 7.58%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

289.04 0.33 +0.11%
Market cap
$171.5B
P/E
23.4×
Fwd P/E
21.9×
Dividend yield
1.92%
F-score
8/9
Altman Z
3.82
Beneish M
−2.64
Dividend safety
73/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K
Officer departure
All filings →

Insider Decisions trades per month

Total sells 9.25
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — 1 2 — 1 — — — —
Insider Ownership 0.09%

Capital & Financial Ratios $m

Market Cap 171,520.00
Revenue 25,410.00
Net Income 7,330.00
Free Cash Flow 6,504.00
Net Debt 28,213.00
Current Ratio 0.99 (below 1: weak)
Debt/Equity 1.47
P/E ratio 23.37
Fwd P/E 21.90
P/S ratio 6.75
P/B ratio 8.30 (above 6: high)
Past 5Y EPS Growth 8.74%
This Y EPS Growth 12.34%
Next Y EPS Growth 8.82%
Next Y revenue growth 10.34% (at or above 10%: strong)
Next 5Y EPS Growth 10.30%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.9×, 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 81.68%
10-year low 10-year high
P/S against its own 10 years 85.44%
10-year low 10-year high
P/B against its own 10 years 57.69%
10-year low 10-year high
EV/Sales against its own 10 years 84.45%
10-year low 10-year high
EV/FCF against its own 10 years 75.12%
10-year low 10-year high

Dividends

Payout Ratio 0.45
Annual Dividend Rate 5.56
Annual Dividend Yield 1.92%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 5.54
1.38
1.38
1.42
2025 5.44
1.34
1.34
1.38
1.38
2024 5.28
1.30
1.30
1.34
1.34
2023 5.20
1.30
1.30
1.30
1.30
2022 5.08
1.18
1.30
1.30
1.30
2021 4.29
0.97
1.07
1.07
1.18
2020 3.88
0.97
0.97
0.97
0.97
2019 3.70
0.88
0.88
0.97
0.97
2018 3.06
0.73
0.73
0.80
0.80
2017 2.48
0.61
0.61
0.61
0.67
2016 2.26
0.55
0.55
0.55
0.61
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,071 1,036 1,516 2,114
Receivables 2,073 1,894 1,860 2,130
Inventory 743 769 787 919
Other 261 322 392 370
4,148 4,021 4,555 5,533
2023 2024 2025 Q'26
Payables 3,683 3,829 3,494 4,324
ST’ Debt 1,423 1,425 1,520 1,288
Other — — — —
5,106 5,254 5,014 5,612

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%

Revenue $m

Mar Jun Sep Dec Year
’26 6,217 6,864 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 2.87 3.36 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 67.06 101.06 121.22 132.17 105.08 193.14 183.70 183.69 218.55 204.66

Analyst estimates 2026–2028

Powerpack
High 106.62 136.32 165.63 181.59 211.14 253.33 278.94 246.99 258.66 256.84
People
People Employees 42,919 41,992 41,967 37,483 30,960 32,124 33,179 32,973 32,439 29,287
Revenue/emp, $m 0.46 0.51 0.54 0.58 0.63 0.68 0.75 0.73 0.75 0.84
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
Gross margin, % 57.24 56.72 56.07 59.03 62.79 62.29 57.68 57.19 59.20 59.56
EBT 6,766 7,632 7,741 7,747 6,980 8,478 9,072 8,233 8,794 9,166
EBT margin, % 33.93 35.93 33.90 35.69 35.73 38.88 36.47 34.13 36.26 37.40
Net income 4,233 10,712 5,966 5,919 5,349 6,523 6,998 6,379 6,747 7,138
Depreciation 2,038 2,105 2,191 2,216 2,210 2,208 2,246 2,318 2,398 2,465
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
Earnings 5.09 13.42 7.95 8.41 7.90 9.98 11.24 10.47 11.10 12.00
Cash flow 9.04 9.06 11.57 12.24 12.61 13.81 15.03 13.75 15.38 15.61
Capex (4.06) (3.85) (4.49) (4.80) (4.10) (4.49) (5.81) (5.92) (5.68) (6.37)
Free cash flow 4.98 5.21 7.07 7.43 8.51 9.32 9.22 7.83 9.70 9.24
Book value 23.95 31.13 27.20 25.77 25.04 21.66 19.53 24.27 27.80 31.04
Shares, m 832 798 751 704 677 654 623 609 608 595
Valuation, ×
Valuation, × P/E 20.14 10.01 17.37 21.47 26.39 25.22 18.48 23.25 20.53 19.26
P/S 4.28 5.10 4.55 5.86 7.22 7.55 5.20 6.15 5.71 5.62
P/B 4.28 4.36 5.08 7.02 8.32 11.63 10.63 10.03 8.20 7.45
EV/Sales 4.97 5.84 5.47 6.98 8.49 8.87 6.50 7.45 6.96 6.85
EV/FCF 23.86 29.80 23.50 28.97 28.79 31.73 28.14 37.67 28.62 30.54
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
Capex (3,376) (3,070) (3,374) (3,379) (2,778) (2,936) (3,620) (3,606) (3,452) (3,791)
Free cash flow 4,149 4,160 5,312 5,230 5,762 6,096 5,742 4,773 5,894 5,499
Balance, $m
Balance, $m Working capital (44) 67 (463) (892) 41 (2,193) (1,568) (958) (1,233) (459)
Total debt 15,007 16,944 22,391 25,200 26,729 29,729 33,326 32,579 31,192 31,814
Net debt 13,670 15,579 21,058 24,309 24,870 28,723 32,307 31,508 30,156 30,298
Shareholders’ equity 19,932 24,856 20,423 18,128 16,958 14,161 12,163 14,788 16,890 18,467
Returns, %
Returns, % ROA 7.67 18.87 10.20 9.80 8.62 10.36 10.85 9.62 10.01 10.39
ROIC 13.47 12.53 12.83 12.60 11.71 13.61 13.94 12.26 12.90 12.62
ROE 20.83 47.83 26.35 30.71 30.49 41.92 53.17 47.34 42.60 40.38
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $171.5B 23.4× 21.9× +11.54% (above 0%: growing) +6.33% (above 0%: growing) +57.70% (above 0%: growing) 57.94% 40.25%
CSX CSX Corporation $90.2B 28.1× 24.6× +10.10% (above 0%: growing) +22.73% (above 0%: growing) +816.52% (above 0%: growing) 69.83% 38.27% Compare
CP Canadian Pacific Kansas City Limited $76.4B 27.9× 25.5× +12.46% (above 0%: growing) −13.40% (below 0%: shrinking) +54.79% (above 0%: growing) 67.51% 35.35% Compare
NSC Norfolk Southern Corporation $73.0B 27.9× 26.4× +11.41% (above 0%: growing) −4.40% (below 0%: shrinking) −3.08% (below 0%: shrinking) 66.32% 32.44% Compare
WAB Wabtec $48.6B 38.5× 27.7× +17.48% (above 0%: growing) +18.88% (above 0%: growing) +122.94% (above 0%: growing) 36.52% 18.87% Compare
TRN Trinity Industries, Inc. $2.0B 5.9× 14.2× −4.17% (below 0%: shrinking) +623.53% (above 0%: growing) +75.30% (above 0%: growing) 22.66% 41.19% Compare
GBX Greenbrier Companies, Inc. (The) $1.2B 11.3× 14.8× −31.59% (below 0%: shrinking) −68.23% (below 0%: shrinking) −412.32% (below 0%: shrinking) 14.07% 5.53% Compare
FSTR L.B. Foster Company $360.8M 31.0× 23.9× −3.49% (below 0%: shrinking) +7.14% (above 0%: growing) +83.84% (above 0%: growing) 22.28% 4.44% Compare
RAIL Freightcar America, Inc. $201.0M — (loss-making) 4.4× −4.62% (below 0%: shrinking) n/m +33.43% (above 0%: growing) 5.45% (3.80%) Compare
Median of peers $25.3B 27.9× 24.3× +3.31% +7.14% +65.05% 29.59% 25.66%

All 11 Railroads stocks →

UNP metrics, ten years each

Union Pacific Corporation (UNP) key facts

  • Strength: Union Pacific Corporation’s revenue for fiscal 2025 (year ended December 2025) was $24.5 billion, up 1.07% from fiscal 2024.
  • Strength: Net income was $7.1 billion, or $12.00 per share (basic), a net margin of 29.1%.
  • Union Pacific Corporation (UNP) is a Railroads company in the Industrials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, UNP traded at $289.04, a market capitalization of $171.5 billion.
  • At that price the stock trades at 23.4× trailing-twelve-month earnings and 6.8× sales; its P/E is higher than 82% of its own readings over the past ten years.
  • Union Pacific Corporation pays an annual dividend of $5.56 per share, a yield of 1.92%, with a payout ratio of 45.0%.
  • Return on equity was 40.4% and debt-to-equity 1.47.
  • Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 3.82 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Union Pacific Corporation (UNP) Latest News

1 Sep

Impact 5 ·

27 Jul

Impact 5 ·

9 Jul

Impact 5 ·

8 Jul

Impact 5 ·

15 Jun

Impact 5 ·

28 May

Impact 5 ·
stockrow.com/UNP · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com