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Union Pacific

UNP NYSE Rail Transportation Financials FY2016–FY2025

Union Pacific's revenue rose 1.1% to $24.5 billion in fiscal 2025. Its operating margin was 40.2%, up from 40.0% a year earlier. Free cash flow was $5.5 billion, down 6.7%. It paid out $5.9 billion in dividends and buybacks, 108% of free cash flow. The diluted share count fell 2.1%.

Last close · Oct 23, 2026

$292.87

1.8%
Value it Compare
Revenue Total sales reported in the income statement.
$24.5B
1.1% vs prior year
Operating margin Operating income as a share of revenue.
40.2%
0.1 pts
Net income Profit after all expenses, interest and tax.
$7.1B
5.8%
Free cash flow Cash from operations minus capital spending.
$5.5B
6.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
15.9%
0.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$174.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
22.8x
On $12.83 EPS (TTM)

What Union Pacific does

No business description yet.

Legal name
UNION PACIFIC CORP
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000100885-26-000037
0000100885

Revenue and margins

Union Pacific had $24.5B of revenue in fiscal 2025, up 1.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 10.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $5.5B in fiscal 2025, 22.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Union Pacific returned $5.9B to shareholders in fiscal 2025, 108% of free cash flow. The diluted share count fell 2.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Union Pacific yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$30.7B and divides by 595.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 22.8x · peers 27.1x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Union Pacific can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $960M$973M$1.1B$1.0B$1.3B
Debt incl. finance leases $30.1B$33.5B$32.7B$31.3B$31.9B
Net debt / EBITDA 2.5x2.7x2.8x2.5x2.5x
Debt / equity 2.1x2.8x2.2x1.9x1.7x
Interest coverage 8.1x7.8x6.8x7.7x7.5x
Current ratio 0.6x0.7x0.8x0.8x0.9x
Quick ratio 0.6x0.7x0.8x0.8x0.9x
Total assets $63.5B$65.4B$67.1B$67.7B$69.7B
Total liabilities $49.4B$53.3B$52.3B$50.8B$51.2B
Shareholders' equity $14.2B$12.2B$14.8B$16.9B$18.5B
Net debt (− = net cash) $29.2B$32.6B$31.7B$30.3B$30.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$9.3M

3 insiders

Of sales under plans

5%

$0.5M

DateInsiderTradeSharesPriceValueFiling
Jun 3, 2026 Eric J GehringerEVP Operations Sold 2,991 $263.96 $0.8M Form 4
Apr 24, 2026 Jennifer L HamannEVP & Chief Financial Officer Sold 2,000 $274.70 $0.5M Form 4
Apr 24, 2026 Kenyatta G RockerEVP Marketing & Sales Sold 27,387 $271.76 $7.4M Form 4
Mar 20, 2026 Eric J GehringerEVP Operations Sold plan 1,999 $234.93 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 6 / 86 / 87 / 8
Accruals ratio −3.0%−3.9%−3.1%
Altman Z'' 4.134.354.54

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Union Pacific UNP $174.1B 1.1% 40.2% 22.4% 15.9% 22.8x 7
CSX CSX $94.1B −3.1% 32.1% 12.1% 11.3% 26.5x 4 Compare →
Norfolk Southern NSC $74.3B 0.5% 35.8% 17.7% 11.2% 27.7x 6 Compare →
3M MMM $90.7B 1.5% 18.6% 5.6% 34.2% 25.9x 5 Compare →
Waste Management WM $96.3B 14.2% 17.1% 11.2% 10.9% 33.9x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $19.9B $21.2B $22.8B $21.7B $19.5B $21.8B $24.9B $24.1B $24.3B $24.5B
Operating income $7.2B $8.1B $8.5B $8.6B $7.8B $9.3B $9.9B $9.1B $9.7B $9.8B
Interest expense $698M $719M $870M $1.1B $1.1B $1.2B $1.3B $1.3B $1.3B $1.3B
Pretax income $6.8B $7.6B $7.7B $7.7B $7.0B $8.5B $9.1B $8.2B $8.8B $9.2B
Income tax $2.5B −$3.1B $1.8B $1.8B $1.6B $2.0B $2.1B $1.9B $2.0B $2.0B
Net income $4.2B $10.7B $6.0B $5.9B $5.3B $6.5B $7.0B $6.4B $6.7B $7.1B
Diluted EPS $5.07 $13.36 $7.91 $8.38 $7.88 $9.95 $11.21 $10.45 $11.09 $11.98
Diluted shares 0.84B 0.80B 0.75B 0.71B 0.68B 0.66B 0.62B 0.61B 0.61B 0.60B
Cash flow
Cash from operations $7.5B $7.2B $8.7B $8.6B $8.5B $9.0B $9.4B $8.4B $9.3B $9.3B
Capital expenditure $3.5B $3.2B $3.4B $3.5B $2.9B $2.9B $3.6B $3.6B $3.5B $3.8B
Free cash flow $4.0B $4.0B $5.2B $5.2B $5.6B $6.1B $5.7B $4.8B $5.9B $5.5B
Depreciation and amortization $2.0B $2.1B $2.2B $2.2B $2.2B $2.2B $2.2B $2.3B $2.4B $2.5B
Stock-based compensation $82.0M $103M $96.0M $93.0M $73.0M $88.0M $99.0M $107M $118M $142M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $3.1B $4.0B $8.2B $5.8B $3.7B $7.3B $6.3B $705M $1.5B $2.7B
Dividends paid $1.9B $2.0B $2.3B $2.6B $2.6B $2.8B $3.2B $3.2B $3.2B $3.2B
Dividends and buybacks $5.0B $6.0B $10.5B $8.4B $6.3B $10.1B $9.4B $3.9B $4.7B $5.9B
Balance sheet
Cash and short-term investments $1.3B $1.3B $1.3B $831M $1.8B $960M $973M $1.1B $1.0B $1.3B
Total debt $15.0B $16.9B $22.6B $25.4B $26.8B $30.1B $33.5B $32.6B $31.2B $31.8B
Finance lease liabilities $0.0M $0.0M $0.0M $605M $449M $0.0M $0.0M $158M $109M $105M
Current assets $3.6B $4.0B $4.2B $3.5B $4.2B $3.6B $4.0B $4.1B $4.0B $4.6B
Current liabilities $3.6B $3.9B $4.6B $4.4B $4.2B $5.7B $5.5B $5.1B $5.3B $5.0B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $50.4B $51.6B $52.7B $53.9B $54.2B $54.9B $56.0B $57.4B $58.3B $59.6B
Total assets $55.7B $57.8B $59.1B $61.7B $62.4B $63.5B $65.4B $67.1B $67.7B $69.7B
Total liabilities $35.8B $33.0B $38.7B $43.5B $45.4B $49.4B $53.3B $52.3B $50.8B $51.2B
Shareholders' equity $19.9B $24.9B $20.4B $18.1B $17.0B $14.2B $12.2B $14.8B $16.9B $18.5B
Margins
Operating margin 36.3% 38.2% 37.3% 39.4% 40.1% 42.8% 39.9% 37.7% 40.1% 40.2%
EBITDA margin 46.5% 48.1% 46.9% 49.6% 51.4% 53.0% 48.9% 47.3% 49.9% 50.2%
Net margin 21.2% 50.4% 26.1% 27.3% 27.4% 29.9% 28.1% 26.5% 27.8% 29.1%
FCF margin 20.2% 18.8% 23.0% 23.8% 28.7% 28.0% 23.1% 19.8% 24.3% 22.4%
Returns
Return on capital 13.5% 21.9% 16.0% 15.4% 14.0% 16.8% 17.4% 15.4% 15.9% 15.9%
Return on capital employed 14.0% 15.3% 15.7% 15.3% 13.6% 16.1% 16.9% 14.9% 15.6% 15.5%
Return on equity 20.8% 47.8% 26.4% 30.7% 30.5% 41.9% 53.2% 47.3% 42.6% 40.4%
Return on assets 7.7% 18.9% 10.2% 9.8% 8.6% 10.4% 10.9% 9.6% 10.0% 10.4%
Growth
Revenue growth −8.6% 6.5% 7.5% −4.9% −10.0% 11.6% 14.1% −3.0% 0.5% 1.1%
Net income growth −11.3% 153.1% −44.3% −0.8% −9.6% 22.0% 7.3% −8.9% 5.8% 5.8%
EPS growth −7.7% 163.5% −40.8% 5.9% −6.0% 26.3% 12.7% −6.8% 6.1% 8.0%
FCF growth 49.2% −0.7% 31.5% −1.8% 8.9% 8.6% −5.8% −16.9% 23.5% −6.7%
Share count change −3.9% −4.0% −5.9% −6.4% −3.8% −3.5% −4.8% −2.2% −0.3% −2.1%
Financial health
Net debt / EBITDA 1.5x 1.5x 2.0x 2.3x 2.5x 2.5x 2.7x 2.8x 2.5x 2.5x
Debt / equity 0.8x 0.7x 1.1x 1.4x 1.6x 2.1x 2.8x 2.2x 1.9x 1.7x
Interest coverage 10.4x 11.3x 9.8x 8.2x 6.9x 8.1x 7.8x 6.8x 7.7x 7.5x
Current ratio 1.0x 1.0x 0.9x 0.8x 1.0x 0.6x 0.7x 0.8x 0.8x 0.9x
Quick ratio 1.0x 1.0x 0.9x 0.8x 1.0x 0.6x 0.7x 0.8x 0.8x 0.9x
Capital allocation
Capex / revenue 17.6% 15.2% 15.1% 15.9% 15.0% 13.5% 14.6% 15.0% 14.2% 15.5%
Stock comp / revenue 0.4% 0.5% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.5% 0.6%
Payouts / FCF 124.0% 150.2% 200.5% 163.0% 112.8% 165.5% 164.4% 81.3% 80.1% 107.6%
Quality scores
Piotroski F-score 4.0 6.0 5.0 4.0 5.0 6.0 7.0 6.0 6.0 7.0
Altman Z'' 3.4 4.1 4.0 3.8 3.9 3.9 4.0 4.1 4.4 4.5
Accruals ratio −6.0% 6.1% −4.7% −4.5% −5.1% −4.0% −3.7% −3.0% −3.9% −3.1%

Source: SEC EDGAR XBRL filings (CIK 0000100885). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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