FirmAtlas
Company handbook · UNP · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
UNP · CIK 100885 · LATEST FILING: 10-Q JUN '26 · FILED JUL 23, 2026
UNION PACIFIC CORP
$289.04
+0.33 (+0.11%)
Close, Oct 16, 2026 · 52-week $216–316
Union Pacific runs a railroad across the western two-thirds of the U.S. It carries coal, grain, chemicals, fertilizer, building materials, cars and auto parts, and shipping containers.
Business
- ProductsCargo And Freight 95% · Product And Service Other 5% (FY25)
- CustomersFarmers and grain firms, chemical, energy and industrial companies, car makers, and shipping and trucking companies that move containers; sold by its own sales force
- Cash useFY24–FY25: capex $7.2B · dividends $6.4B · buybacks $4.2B
Reinvested 39% of operating cash flow · returned 93% of free cash flow
Last fiscal year
UNION PACIFIC CORP reported revenue of $24.5B for the year ended Dec 31, 2025 (FY25), up 1.1% from FY24. Net income was $7.1B, operating cash flow $9.3B and free cash flow $5.5B. Source: 10-K filed Feb 6, 2026.
Market cap
$171.5B
P/E
23.4
EV/EBITDA
16.3x
P/B
8.3
Div yield
1.92%
ROIC
16.5%
Revenue 1Y
1.1%/yr
EPS 1Y
8.0%/yr
Shares 1Y
−2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJim Vena
HQOmaha, NE
AuditorDeloitte & Touche LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
11.6%
5.1%
11.1%
29.0%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$17.9B deployed
Capex
$7.2B
40.5%
Dividends
$6.4B
36.1%
Buybacks
$4.2B
23.4%
Operating cash flow over the period: $18.6B. Total debt changed by +$527M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
24,250
24,510+1.1%
25,410
YoY
+1.1%
Operating income
9,713
9,846+1.4%
10,171
Operating margin
40.1%
40.2%+0.1 pp
—
EBITDA
12,111
12,311+1.7%
—
EBITDA margin
49.9%
50.2%+0.3 pp
—
Interest expense
1,269
1,309+3.2%
—
Interest coverage
9.54x
9.40x−0.14x
—
Net income
6,747
7,138+5.8%
7,330
YoY
+5.8%
Net margin
27.8%
29.1%+1.3 pp
—
EPS (diluted, $)
11.09
11.98+8.0%
12.36
YoY
+8.0%
Balance sheet
Total assets
67,715
69,698+2.9%
71,211
Cash & short-term investments
1,028
1,280+24.5%
—
Accounts receivable
1,894
1,860−1.8%
—
Net PP&E
58,343
59,645+2.2%
—
Other assets
6,450
6,913+7.2%
—
Total liabilities
50,825
51,231+0.8%
50,538
Accounts payable
847
804−5.1%
—
Total debt
29,767
30,294+1.8%
29,039
Other liabilities
20,211
20,133−0.4%
—
Shareholders’ equity
16,890
18,467+9.3%
20,673
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
9,346
9,290−0.6%
10,263
Net income
6,747
7,138+5.8%
—
Depreciation & amortization
2,398
2,465+2.8%
—
Stock-based compensation
118
142+20.3%
—
Working capital & other
83
(455)−648.2%
—
Cash from investing
(3,325)
(3,762)n/m
—
Capex
(3,452)
(3,791)n/m
—
Other investing
127
29−77.2%
—
Cash from financing
(6,067)
(5,276)n/m
—
Debt raised
800
1,995+149.4%
—
Dividends
(3,213)
(3,236)n/m
—
Buybacks
(1,505)
(2,679)n/m
—
Shares issued
46
51+10.9%
—
Other financing
(2,195)
(1,407)n/m
—
Net change in cash
(46)
252n/m
—
Free cash flow (OCF − capex)
5,894
5,499−6.7%
6,504
Where the cash went
Operating cash flow
9,346
9,290−0.6%
10,263
Reinvested in the business
3,452
3,791+9.8%
—
% of operating cash flow
36.9%
40.8%
Capex
3,452
3,791+9.8%
3,759
Free cash flow
5,894
5,499−6.7%
6,504
YoY
−6.7%
Returned to shareholders
4,718
5,915+25.4%
—
% of free cash flow
80.0%
107.6%
Dividends
3,213
3,236+0.7%
—
Buybacks
1,505
2,679+78.0%
—
Change in total debt
—
527
—
Cash left over
—
111
—
FCF conversion (FCF ÷ net income)
87.4%
77.0%−10.3 pp
—
Owner earnings
—
5,803
—
Owner earnings margin
—
23.7%
—
Buyback yield
1.1%
2.0%+0.9 pp
—
Returns & ratios
ROIC (all capital)
16.3%
16.5%+0.1 pp
—
ROIC (operating)
12.5%
12.8%+0.2 pp
—
Net debt / EBITDA
2.37x
2.36x−0.02x
—
Debt / equity
1.76x
1.64x−0.12x
—
ROE
39.9%
38.7%−1.3 pp
—
ROA
10.0%
10.2%+0.3 pp
—
ROCE
15.6%
15.2%−0.3 pp
—
NOPAT
7,452
7,668+2.9%
—
Invested capital (operating)
59,390
60,701+2.2%
—
Invested capital (all)
45,629
47,481+4.1%
—
Reinvestment rate
—
17.1%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
6,244
6,085
6,217
6,864
vs year-ago quarter
Operating income
2,549
2,401
2,458
2,763
Net income
1,788
1,848
1,701
1,993
vs year-ago quarter
Net margin
28.6%
30.4%
27.4%
29.0%
EPS (diluted, $)
3.01
3.12
2.87
3.36
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
68,647
69,698
69,644
71,211
Cash & equivalents
830
1,280
751
1,623
Total debt
30,286
30,294
29,784
29,039
Shareholders’ equity
17,304
18,467
19,418
20,673
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
2,522
2,225
2,440
3,076
Capex
950
999
937
873
Free cash flow
1,572
1,226
1,503
2,203
vs year-ago quarter