Union Pacific Corporation (UNP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$3.24	$3.41	+5.2%	—	—	—
Q4 26	$2.86	$2.93	+2.4%	—	—	—
Q3 26	$2.87	$2.86	-0.3%	—	—	—
Q2 26	$3	$3.08	+2.7%	—	—	—
Q1 26	$2.91	$3.03	+4.1%	—	—	—
Q4 25	$2.73	$2.7	-1.1%	—	—	—
Q3 25	$2.79	$2.98	+6.8%	—	—	—
Q2 25	$2.78	$2.75	-1.1%	—	—	—
Q1 25	$2.71	$2.74	+1.1%	—	—	—
Q4 24	$2.52	$2.69	+6.7%	—	—	—
Q3 24	$2.57	$2.71	+5.4%	—	—	—
Q2 24	$2.43	$2.51	+3.3%	—	—	—
Q1 24	$2.75	$2.57	-6.5%	—	—	—
Q4 23	$2.57	$2.53	-1.6%	—	—	—
Q3 23	$2.77	$2.67	-3.6%	—	—	—
Q2 23	$3.06	$3.05	-0.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$12	—	—	$24.5B	—
FY24	—	$11.1	—	—	$24.3B	—
FY23	—	$10.5	—	—	$24.1B	—
FY22	—	$11.2	—	—	$24.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$19.9B	$21.2B	$22.8B	$21.7B	$19.5B	$21.8B	$24.9B	$24.1B	$24.3B	$24.5B
YoY change	-8.58%	+6.51%	+7.5%	-4.92%	-10%	+11.6%	+14.1%	-3.04%	+0.54%	+1.07%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	19.9B	21.2B	22.8B	21.7B	19.5B	21.8B	24.9B	24.1B	24.3B	24.5B
Cost of revenue	11.7B	12.2B	13.3B	12.1B	10.4B	11.3B	13.7B	13.6B	13.2B	13.3B
Gross profit	8.2B	9.1B	9.5B	9.6B	9.2B	10.5B	11.2B	10.5B	11B	11.2B
Gross margin	41.3%	42.6%	41.8%	44.3%	47%	48.2%	45%	43.7%	45.5%	45.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	997M	948M	1B	1.1B	1.3B	1.2B	1.3B	1.4B	1.3B	1.4B
Operating income	7.2B	8.1B	8.5B	8.6B	7.8B	9.3B	9.9B	9.1B	9.7B	9.8B
Operating margin	36.3%	38.2%	37.3%	39.4%	40.1%	42.8%	39.9%	37.7%	40.1%	40.2%
Non-operating income, net	210M	229M	64M	180M	275M	293M	403M	439M	274M	573M
Pretax income	6.8B	7.6B	7.7B	7.7B	7B	8.5B	9.1B	8.2B	8.8B	9.2B
Income tax	2.5B	-3.1B	1.8B	1.8B	1.6B	2B	2.1B	1.9B	2B	2B
Net income	4.2B	10.7B	6B	5.9B	5.3B	6.5B	7B	6.4B	6.7B	7.1B
Net margin	21.2%	50.4%	26.1%	27.3%	27.4%	29.9%	28.1%	26.4%	27.8%	29.1%
EBITDA	9.4B	10.3B	10.9B	11B	10.2B	11.5B	12.2B	11.5B	12.5B	12.9B
EPS	5.09	13.4	7.95	8.41	7.9	9.98	11.2	10.5	11.1	12
Diluted EPS	5.07	13.4	7.91	8.38	7.88	9.95	11.2	10.4	11.1	12

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	5.9B	6.2B	6B	6B	6.1B	6.1B	6B	6.2B	6.2B	6.1B	6.2B	6.9B
Cost of revenue	3.4B	3.4B	3.3B	3.3B	3.3B	3.3B	3.3B	3.3B	3.3B	3.3B	3.4B	3.7B
Gross profit	2.6B	2.8B	2.7B	2.7B	2.8B	2.8B	2.7B	2.8B	2.9B	2.7B	2.8B	3.1B
Gross margin	43%	44.9%	45.2%	45.5%	45.5%	45.8%	45.3%	46.2%	46.5%	45.1%	45.4%	45.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	-15M	-15M	—	—	-13M	—	—	—	—	—
Operating expenses	378M	361M	340M	321M	354M	281M	346M	319M	352M	344M	364M	362M
Operating income	2.2B	2.4B	2.4B	2.4B	2.4B	2.5B	2.4B	2.5B	2.5B	2.4B	2.5B	2.8B
Operating margin	36.6%	39.1%	39.6%	40.2%	39.7%	41.3%	39.3%	41%	40.8%	39.5%	39.5%	40.3%
Non-operating income, net	106M	56M	77M	64M	87M	16M	78M	107M	84M	318M	76M	89M
Pretax income	1.9B	2.2B	2.1B	2.2B	2.2B	2.3B	2.1B	2.3B	2.3B	2.4B	2.2B	2.6B
Income tax	421M	532M	499M	511M	518M	519M	501M	437M	530M	560M	528M	562M
Net income	1.5B	1.7B	1.6B	1.7B	1.7B	1.8B	1.6B	1.9B	1.8B	1.8B	1.7B	2B
Net margin	25.7%	26.8%	27.2%	27.9%	27.4%	28.8%	27%	30.5%	28.6%	30.4%	27.4%	29%
EBITDA	2.8B	3B	3B	3.1B	3.1B	3.2B	3.1B	3.3B	3.3B	3.4B	3.2B	3.5B
EPS	2.51	2.71	2.69	2.75	2.75	2.92	2.71	3.16	3.02	3.12	2.87	3.36
Diluted EPS	2.51	2.71	2.69	2.74	2.75	2.91	2.7	3.15	3.01	3.11	2.87	3.36

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	86.3B	107.1B	103.8B	127.2B	141B	164.7B	128.9B	149.6B	138.6B	137.6B	162.8B
Enterprise value	100B	122.6B	124.9B	153.3B	167.5B	195.2B	162.9B	182.7B	170B	168.9B	191.7B
Shares outstanding	832.4M	798.4M	750.9M	703.5M	677.3M	653.8M	622.7M	609.2M	607.6M	595M	595M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	20.4	9.99	17.4	21.5	26.4	25.3	18.4	23.5	20.5	19.3	22.2
P/S	4.33	5.04	4.55	5.86	7.22	7.55	5.18	6.2	5.71	5.62	6.4
P/B	4.33	4.31	5.08	7.02	8.32	11.6	10.6	10.1	8.2	7.45	8.37
EV/EBITDA	10.6	11.9	11.5	13.9	16.4	16.9	13.3	15.9	13.6	13.1	14.9
EV/Sales	5.01	5.77	5.47	7.06	8.58	8.95	6.55	7.58	7.01	6.89	7.54
Earnings yield	4.9%	10%	5.75%	4.65%	3.79%	3.96%	5.43%	4.26%	4.87%	5.19%	4.51%
FCF yield	4.66%	3.73%	5.06%	4.05%	3.98%	3.7%	4.45%	3.19%	4.25%	4%	2.9%
PEG	—	—	—	—	—	—	—	—	—	—	3.5

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41.3%	42.6%	41.8%	44.3%	47%	48.2%	45%	43.7%	45.5%	45.8%	45.5%
Operating margin	36.3%	38.2%	37.3%	39.4%	40.1%	42.8%	39.9%	37.7%	40.1%	40.2%	41%
Net margin	21.2%	50.4%	26.1%	27.3%	27.4%	29.9%	28.1%	26.4%	27.8%	29.1%	28.8%
ROE	21.2%	43.1%	29.2%	32.7%	31.5%	46.1%	57.5%	43.1%	39.9%	38.7%	39.7%
ROA	7.6%	18.5%	10.1%	9.6%	8.57%	10.3%	10.7%	9.5%	9.96%	10.2%	9.27%
ROIC	13.5%	20%	15.8%	14.8%	13.8%	16.1%	16.6%	14.7%	15.4%	15.4%	15.8%
Return on tangible assets	7.75%	19%	10.3%	9.8%	8.76%	10.5%	10.9%	9.74%	10.2%	10.5%	10.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.99	1.02	0.9	0.79	1.01	0.62	0.72	0.81	0.77	0.91	0.99
Quick ratio	0.79	0.83	0.74	0.62	0.86	0.51	0.58	0.67	0.62	0.75	0.82
Debt / equity	0.75	0.68	1.1	1.49	1.67	2.22	2.87	2.31	1.92	1.78	1.51
Debt / assets	0.27	0.29	0.38	0.44	0.45	0.5	0.53	0.51	0.48	0.47	0.44
Net debt / EBITDA	1.45	1.51	1.94	2.38	2.59	2.64	2.78	2.88	2.52	2.42	2.18
Interest coverage	10.7	11.6	9.9	8.38	7.12	8.33	8.14	7.14	7.93	8	8.4
Effective tax rate	37.4%	0%	22.9%	23.6%	23.4%	23.1%	22.9%	22.5%	23.3%	22.1%	22.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	24	26.6	30.4	30.9	28.8	33.3	39.9	39.6	39.9	41.2	42.9
EPS (basic)	5.09	13.4	7.95	8.41	7.9	9.98	11.2	10.5	11.1	12	12
EPS (diluted)	5.07	13.4	7.91	8.38	7.88	9.95	11.2	10.4	11.1	12	12.3
Book value per share	23.9	31.1	27.2	25.8	25	21.7	19.5	24.3	27.8	31	32.7
FCF per share	4.83	5	6.99	7.33	8.29	9.32	9.22	7.83	9.7	9.24	10.9
Cash per share	1.61	1.71	1.78	1.27	2.74	1.54	1.64	1.76	1.71	2.55	3.56
Capex per share	—	—	—	—	—	—	—	—	—	6.37	6.33

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	15.5%	14.8%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	40.8%	36.6%
Payout ratio	44.4%	18.5%	38.5%	43.9%	49.1%	42.9%	45.1%	49.7%	47.6%	45.3%	44.7%
Dividend yield	2.18%	1.85%	2.21%	2.04%	1.86%	1.7%	2.45%	2.12%	2.32%	2.35%	2.07%

Yield

2.07%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.42

ex-dividend Aug 31, 2026

Payout ratio

45%

of earnings

Dividend growth

16 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 31, 2026	$1.42
May 29, 2026	$1.38
Feb 27, 2026	$1.38

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$5.9B	$6.2B	$6B	$6B	$6.1B	$6.1B	$6B	$6.2B	$6.2B	$6.1B	$6.2B	$6.9B
YoY change	-9.52%	-0.34%	-0.41%	+0.74%	+2.52%	-0.62%	-0.07%	+2.45%	+2.51%	-0.59%	+3.15%	+11.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.3B	1.4B	1.3B	891M	1.9B	1B	1B	1.1B	1B	1.5B
Receivables	1.3B	1.5B	1.8B	1.6B	1.5B	1.7B	1.9B	2.1B	1.9B	1.9B
Inventory	717M	749M	742M	751M	638M	621M	741M	743M	769M	787M
Total current assets	3.6B	4B	4.2B	3.5B	4.2B	3.6B	4B	4.1B	4B	4.6B
Property, plant & equipment	87.8B	90.8B	93.4B	98.6B	100.3B	44.4B	45.3B	46.2B	46.3B	47.7B
Goodwill & intangibles	1.1B	1.3B	1.2B	1.3B	1.4B	1.4B	1.5B	1.6B	1.6B	1.5B
Total assets	55.7B	57.8B	59.1B	61.7B	62.4B	63.5B	65.4B	67.1B	67.7B	69.7B
Accounts payable	955M	1B	872M	749M	612M	752M	784M	856M	847M	804M
Short-term debt	758M	800M	1.5B	1.6B	1.4B	2.5B	2B	1.8B	1.8B	1.8B
Total current liabilities	3.6B	3.9B	4.6B	4.4B	4.2B	5.7B	5.5B	5.1B	5.3B	5B
Long-term debt	14.2B	16.1B	20.9B	25.4B	26.9B	29B	32.9B	32.4B	30.7B	31B
Total liabilities	35.8B	33B	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	17B	14.2B	12.2B	14.8B	16.9B	18.5B
Total debt	15B	16.9B	22.4B	27B	28.3B	31.5B	35B	34.2B	32.5B	32.8B
Net debt	13.7B	15.7B	21.1B	26.2B	26.5B	30.5B	34B	33.1B	31.4B	31.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	766M	1.1B	945M	1.2B	967M	1B	1.4B	1.1B	808M	1.5B	1B	2.1B
Receivables	1.9B	2.1B	2.2B	2.1B	2B	1.9B	2B	1.9B	1.9B	1.9B	2B	2.1B
Inventory	770M	743M	770M	807M	775M	769M	747M	774M	782M	787M	838M	919M
Total current assets	3.8B	4.1B	4.2B	4.5B	4.1B	4B	4.5B	4.2B	3.9B	4.6B	4.2B	5.5B
Property, plant & equipment	45.9B	46.2B	46B	45.9B	46B	46.3B	46.3B	47.3B	47.5B	47.7B	47.7B	47.9B
Goodwill & intangibles	1.5B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.5B	1.5B	1.5B	1.5B	—
Total assets	66.5B	67.1B	67.3B	67.8B	67.6B	67.7B	68.5B	68.6B	68.6B	69.7B	69.6B	71.2B
Accounts payable	936M	856M	814M	870M	830M	847M	898M	815M	853M	804M	940M	931M
Short-term debt	2.1B	1.8B	1.1B	1B	2B	1.8B	2.5B	2.8B	1.8B	1.8B	1.1B	1.5B
Total current liabilities	5.3B	5.1B	4.5B	4.3B	5.4B	5.3B	6.2B	6.5B	5.2B	5B	4.6B	5.6B
Long-term debt	32.4B	32.4B	32.2B	32.2B	30.7B	30.7B	31.4B	31.1B	31.1B	31B	30.4B	29.6B
Total liabilities	52.5B	52.3B	51.6B	51.3B	51B	50.8B	52.5B	52.3B	51.3B	51.2B	50.2B	50.5B
Shareholders' equity	14B	14.8B	15.7B	16.5B	16.6B	16.9B	16B	16.3B	17.3B	18.5B	19.4B	20.7B
Total debt	34.5B	34.2B	33.3B	33.2B	32.7B	32.5B	33.9B	34B	32.8B	32.8B	31.5B	31.2B
Net debt	33.7B	33.1B	32.3B	32.1B	31.7B	31.4B	32.5B	32.9B	32B	31.6B	30.8B	29.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	4.2B	10.7B	6B	5.9B	5.3B	6.5B	7B	6.4B	6.7B	7.1B
Depreciation & amortization	2B	2.1B	2.2B	2.2B	2.2B	2.2B	2.2B	2.3B	2.4B	2.5B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	745M	-127M	-126M	-170M	266M	203M	8M	-303M	186M	-361M
Operating cash flow	7.6B	7.3B	8.7B	8.6B	8.7B	9B	9.4B	8.4B	9.3B	9.3B
Capital expenditure	—	—	—	—	—	—	—	—	—	-3.8B
Investing cash flow	112M	152M	26M	18M	251M	251M	149M	-61M	127M	-3.8B
Dividends paid	-1.9B	-2B	-2.3B	-2.6B	-2.6B	-2.8B	-3.2B	-3.2B	-3.2B	-3.2B
Share repurchases	-3.1B	-4B	-8.2B	-5.8B	-3.7B	-7.3B	-6.3B	-705M	-1.5B	-2.7B
Financing cash flow	-4.2B	-4.1B	-5.2B	-5.6B	-4.9B	-6.8B	-6.1B	-4.6B	-6.1B	-5.3B
Net change in cash	3.5B	3.3B	3.5B	3B	4B	2.5B	3.4B	3.7B	3.4B	252M
Free cash flow	4B	4B	5.2B	5.2B	5.6B	6.1B	5.7B	4.8B	5.9B	5.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.5B	1.7B	1.6B	1.7B	1.7B	1.8B	1.6B	1.9B	1.8B	1.8B	1.7B	2B
Depreciation & amortization	580M	589M	594M	596M	602M	606M	610M	613M	618M	624M	633M	638M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-10M	107M	-56M	-390M	328M	304M	3M	-19M	-228M	-117M	78M	374M
Operating cash flow	2.1B	2.4B	2.1B	1.9B	2.7B	2.7B	2.2B	2.3B	2.5B	2.2B	2.4B	3.1B
Capital expenditure	—	—	—	—	—	—	—	—	-950M	-999M	-937M	-873M
Investing cash flow	-1M	7M	-5M	112M	-3M	23M	-32M	35M	-952M	-971M	-988M	-1.1B
Dividends paid	-792M	-793M	-795M	-793M	-815M	-810M	-804M	-795M	-819M	-818M	-821M	-819M
Share repurchases	0	0	0	-100M	-731M	-674M	-1.7B	-959M	0	0	0	-26M
Financing cash flow	-1.2B	-1.1B	-1.5B	-917M	-1.7B	-1.7B	-878M	-1.8B	-1.8B	-804M	-2B	-1.1B
Net change in cash	932M	1.3B	666M	1.1B	938M	993M	1.3B	597M	-253M	450M	-529M	872M
Free cash flow	1.2B	1.4B	1.3B	1B	1.8B	1.7B	1.3B	1.4B	1.6B	1.2B	1.5B	2.2B

Date	Ratio
Jun 9, 2014	2:1
May 29, 2008	2:1
Oct 16, 1996	10000:6724
Oct 2, 1991	2:1
May 12, 1980	2:1

Union Pacific Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history