NYSE : UNP
Union Pacific Corporation — Financial statements
Industrials · Railroads · United States
Last price 301.93 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 179.42B
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Financial statements
Union Pacific Corporation (UNP) reported revenue of 26.36B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 24.98B | 23.22B | 22.81B | 22.57B | 23.16B | 20.24B |
| Other Revenue | 1.38B | 1.29B | 1.44B | 1.55B | 1.72B | 1.56B |
| Revenue | 26.36B | 24.51B | 24.25B | 24.12B | 24.88B | 21.80B |
| Cost of Revenue | 11.66B | 10.70B | 10.76B | 11.22B | 11.34B | 9.06B |
| Gross Profit | 14.70B | 13.81B | 13.49B | 12.90B | 13.54B | 12.75B |
| Other Operating Expenses | 1.42B | 1.37B | 1.33B | 1.45B | 1.29B | 1.18B |
| Operating Expenses | 3.96B | 3.84B | 3.72B | 3.77B | 3.53B | 3.38B |
| Operating Income | 10.74B | 9.97B | 9.77B | 9.13B | 10.00B | 9.36B |
| Interest Expense | -1.27B | -1.31B | -1.27B | -1.34B | -1.27B | -1.16B |
| Interest & Investment Income | 71.00M | 56.00M | 76.00M | 52.00M | 23.00M | |
| Other Non Operating Income (Expenses) | 497.00M | 518.00M | 219.00M | 280.00M | 205.00M | 272.00M |
| EBT Excluding Unusual Items | 10.04B | 9.24B | 8.79B | 8.13B | 8.96B | 8.48B |
| Merger & Restructuring Charges | -123.00M | -72.00M | ||||
| Gain (Loss) on Sale of Assets | 114.00M | |||||
| Other Unusual Items | 107.00M | |||||
| Pretax Income | 9.92B | 9.17B | 8.79B | 8.23B | 9.07B | 8.48B |
| Income Tax Expense | 2.30B | 2.03B | 2.05B | 1.85B | 2.07B | 1.96B |
| Net Income | 7.62B | 7.14B | 6.75B | 6.38B | 7.00B | 6.52B |
| Net Income to Common | 7.62B | 7.14B | 6.75B | 6.38B | 7.00B | 6.52B |
| Shares Outstanding (Basic) | 593.20M | 595.00M | 607.60M | 609.20M | 622.70M | 653.80M |
| Shares Outstanding (Diluted) | 593.88M | 595.90M | 608.60M | 610.20M | 624.00M | 655.40M |
| EPS (Basic) | 12.84 | 12.00 | 11.10 | 10.47 | 11.24 | 9.98 |
| EPS (Diluted) | 12.82 | 11.98 | 11.09 | 10.45 | 11.21 | 9.95 |
| Free Cash Flow | 6.69B | 5.50B | 5.89B | 4.77B | 5.74B | 6.10B |
| Free Cash Flow Per Share | 11.27 | 9.23 | 9.69 | 7.82 | 9.20 | 9.30 |
| Dividend Per Share | 5.56 | 5.44 | 5.28 | 5.20 | 5.08 | 4.29 |
| Gross Margin | 55.77% | 56.35% | 55.64% | 53.48% | 54.41% | 58.46% |
| Operating Margin | 40.75% | 40.69% | 40.28% | 37.87% | 40.20% | 42.94% |
| Profit Margin | 28.90% | 29.12% | 27.82% | 26.45% | 28.13% | 29.92% |
| Free Cash Flow Margin | 25.39% | 22.44% | 24.30% | 19.79% | 23.08% | 27.96% |
| EBITDA | 13.28B | 12.44B | 12.17B | 11.45B | 12.25B | 11.57B |
| EBITDA Margin | 50.38% | 50.75% | 50.17% | 47.48% | 49.23% | 53.07% |
| D&A For EBITDA | 2.54B | 2.46B | 2.40B | 2.32B | 2.25B | 2.21B |
| EBIT | 10.74B | 9.97B | 9.77B | 9.13B | 10.00B | 9.36B |
| EBIT Margin | 40.75% | 40.69% | 40.28% | 37.87% | 40.20% | 42.94% |
| Effective Tax Rate | 23.19% | 22.12% | 23.28% | 22.52% | 22.86% | 23.06% |
| Revenue as Reported | 26.36B | 24.51B | 24.25B | 24.12B | 24.88B | 21.80B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.21B | 1.27B | 1.02B | 1.05B | 973.00M | 960.00M |
| Short-Term Investments | 875.00M | 250.00M | 20.00M | 16.00M | 46.00M | 46.00M |
| Cash & Short-Term Investments | 3.09B | 1.52B | 1.04B | 1.07B | 1.02B | 1.01B |
| Receivables | 2.14B | 1.86B | 1.89B | 2.07B | 1.89B | 1.72B |
| Inventory | 985.00M | 787.00M | 769.00M | 743.00M | 741.00M | 621.00M |
| Restricted Cash | 1.00M | 9.00M | 4.00M | 10.00M | 10.00M | 19.00M |
| Other Current Assets | 305.00M | 383.00M | 318.00M | 251.00M | 291.00M | 183.00M |
| Total Current Assets | 6.52B | 4.55B | 4.02B | 4.15B | 3.95B | 3.55B |
| Property, Plant & Equipment | 60.71B | 59.94B | 58.85B | 58.23B | 56.98B | 55.97B |
| Long-Term Investments | 3.03B | 2.88B | 2.66B | 2.60B | 2.38B | 2.24B |
| Other Intangible Assets | 718.00M | 745.00M | 791.00M | 814.00M | 729.00M | 686.00M |
| Other Long-Term Assets | 1.64B | 1.58B | 1.39B | 1.34B | 1.41B | 1.07B |
| Total Assets | 72.61B | 69.70B | 67.72B | 67.13B | 65.45B | 63.52B |
| Accounts Payable | 1.04B | 804.00M | 847.00M | 856.00M | 784.00M | 752.00M |
| Accrued Expenses | 1.29B | 1.40B | 1.42B | 1.33B | 1.67B | 1.27B |
| Current Portion of Long-Term Debt | 1.29B | 1.48B | 1.39B | 1.37B | 1.61B | 2.07B |
| Current Portion of Leases | 227.00M | 309.00M | 383.00M | 404.00M | 398.00M | 422.00M |
| Current Income Taxes Payable | 1.22B | 491.00M | 605.00M | 685.00M | 628.00M | 823.00M |
| Other Current Liabilities | 548.00M | 532.00M | 613.00M | 460.00M | 431.00M | 404.00M |
| Total Current Liabilities | 5.61B | 5.01B | 5.25B | 5.11B | 5.52B | 5.74B |
| Long-Term Debt | 28.97B | 30.23B | 29.70B | 31.05B | 31.48B | 27.32B |
| Long-Term Leases | 629.00M | 804.00M | 997.00M | 1.35B | 1.47B | 1.67B |
| Pension & Post-Retirement Benefits | 364.00M | 518.00M | ||||
| Long-Term Deferred Tax Liabilities | 13.64B | 13.42B | 13.15B | 13.12B | 13.03B | 12.68B |
| Other Long-Term Liabilities | 1.75B | 1.76B | 1.73B | 1.71B | 1.42B | 1.44B |
| Total Liabilities | 50.59B | 51.23B | 50.83B | 52.34B | 53.29B | 49.36B |
| Common Stock | 2.78B | 2.78B | 2.78B | 2.78B | 2.78B | 2.78B |
| Additional Paid-In Capital | 5.74B | 5.59B | 5.33B | 5.19B | 5.08B | 4.98B |
| Retained Earnings | 72.82B | 69.53B | 65.63B | 62.09B | 58.89B | 55.05B |
| Treasury Stock | -58.78B | -58.84B | -56.13B | -54.67B | -54.00B | -47.73B |
| Comprehensive Income & Other | -539.00M | -591.00M | -723.00M | -614.00M | -582.00M | -914.00M |
| Shareholders' Equity | 22.02B | 18.47B | 16.89B | 14.79B | 12.16B | 14.16B |
| Total Liabilities & Equity | 72.61B | 69.70B | 67.72B | 67.13B | 65.45B | 63.52B |
| Total Debt | 31.11B | 32.82B | 32.46B | 34.18B | 34.96B | 31.49B |
| Net Cash (Debt) | -28.03B | -31.31B | -31.43B | -33.11B | -33.94B | -30.48B |
| Net Cash Per Share | -47.19 | -52.54 | -51.64 | -54.26 | -54.39 | -46.51 |
| Filing Date Shares Outstanding | 594.25M | 593.39M | 604.29M | 609.78M | 611.87M | 636.90M |
| Total Common Shares Outstanding | 594.22M | 593.25M | 604.24M | 609.70M | 612.39M | 638.84M |
| Working Capital | 912.00M | -459.00M | -1.23B | -958.00M | -1.57B | -2.19B |
| Book Value Per Share | 37.05 | 31.13 | 27.95 | 24.25 | 19.86 | 22.17 |
| Tangible Book Value | 21.30B | 17.72B | 16.10B | 13.97B | 11.43B | 13.47B |
| Tangible Book Value Per Share | 35.85 | 29.87 | 26.64 | 22.92 | 18.67 | 21.09 |
| Land | 5.50B | 5.47B | 5.44B | 5.43B | 5.34B | 5.34B |
| Machinery | 14.79B | 14.32B | 13.75B | 13.40B | 12.98B | 12.76B |
| Construction In Progress | 1.59B | 1.41B | 1.17B | 1.17B | 948.00M | 961.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 7.62B | 7.14B | 6.75B | 6.38B | 7.00B | 6.52B |
| Depreciation & Amortization | 2.54B | 2.46B | 2.40B | 2.32B | 2.25B | 2.21B |
| Other Operating Activities | 109.00M | 48.00M | 15.00M | -15.00M | 110.00M | 98.00M |
| Change in Accounts Receivable | -219.00M | 34.00M | 179.00M | -177.00M | -169.00M | -217.00M |
| Change in Inventory | -203.00M | -18.00M | -26.00M | -2.00M | -120.00M | 17.00M |
| Change in Accounts Payable | 150.00M | -196.00M | 189.00M | -215.00M | 565.00M | 184.00M |
| Change in Income Taxes | 491.00M | -206.00M | -87.00M | 129.00M | -273.00M | 188.00M |
| Change in Other Net Operating Assets | 43.00M | 25.00M | -69.00M | -38.00M | 5.00M | 31.00M |
| Operating Cash Flow | 10.53B | 9.29B | 9.35B | 8.38B | 9.36B | 9.03B |
| Capital Expenditures | -3.83B | -3.79B | -3.45B | -3.61B | -3.62B | -2.94B |
| Investment in Securities | -625.00M | |||||
| Other Investing Activities | 31.00M | 29.00M | 127.00M | -61.00M | 149.00M | 227.00M |
| Investing Cash Flow | -4.43B | -3.76B | -3.33B | -3.67B | -3.47B | -2.71B |
| Long-Term Debt Issued | 2.00B | 800.00M | 1.60B | 6.08B | 4.20B | |
| Total Debt Issued | 2.00B | 800.00M | 1.60B | 6.08B | 4.20B | |
| Long-Term Debt Repaid | -1.43B | -2.23B | -2.19B | -2.29B | -1.30B | |
| Total Debt Repaid | -1.52B | -1.43B | -2.23B | -2.19B | -2.29B | -1.30B |
| Net Debt Issued (Repaid) | -1.52B | 567.00M | -1.43B | -591.00M | 3.79B | 2.90B |
| Repurchase of Common Stock | -26.00M | -2.68B | -1.50B | -705.00M | -6.28B | -7.29B |
| Common Dividends Paid | -3.30B | -3.24B | -3.21B | -3.17B | -3.16B | -2.80B |
| Other Financing Activities | 139.00M | 72.00M | 77.00M | -156.00M | -235.00M | 31.00M |
| Financing Cash Flow | -4.71B | -5.28B | -6.07B | -4.62B | -5.89B | -7.16B |
| Net Cash Flow | 1.39B | 252.00M | -46.00M | 87.00M | 4.00M | -835.00M |
| Free Cash Flow | 6.69B | 5.50B | 5.89B | 4.77B | 5.74B | 6.10B |
| Free Cash Flow Margin | 25.39% | 22.44% | 24.30% | 19.79% | 23.08% | 27.96% |
| Free Cash Flow Per Share | 11.27 | 9.23 | 9.69 | 7.82 | 9.20 | 9.30 |
| Levered Free Cash Flow | 5.07B | 3.92B | 4.62B | 3.36B | 4.06B | 4.76B |
| Unlevered Free Cash Flow | 5.86B | 4.74B | 5.42B | 4.20B | 4.85B | 5.49B |
| Cash Interest Paid | 1.30B | 1.31B | 1.26B | 1.27B | 1.16B | 1.09B |
| Cash Income Tax Paid | 376.00M | 877.00M | 1.34B | 1.49B | 2.06B | 1.66B |
| Change in Working Capital | 262.00M | -361.00M | 186.00M | -303.00M | 8.00M | 203.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 182.36B | 137.21B | 138.25B | 149.73B | 133.12B | 161.96B |
| Enterprise Value | 210.39B | 169.23B | 169.98B | 183.45B | 166.86B | 191.68B |
| Last Close Price | 304.00 | 227.87 | 219.40 | 231.20 | 190.12 | 226.15 |
| PE Ratio | 23.94 | 19.22 | 20.49 | 23.47 | 19.02 | 24.83 |
| Forward PE | 21.85 | 18.83 | 19.48 | 22.29 | 17.87 | 22.88 |
| PS Ratio | 6.86 | 5.60 | 5.70 | 6.21 | 5.35 | 7.43 |
| PB Ratio | 8.20 | 7.43 | 8.19 | 10.12 | 10.95 | 11.44 |
| P/TBV Ratio | 8.49 | 7.74 | 8.59 | 10.71 | 11.64 | 12.02 |
| P/FCF Ratio | 27.02 | 24.95 | 23.46 | 31.37 | 23.18 | 26.57 |
| P/OCF Ratio | 17.18 | 14.77 | 14.79 | 17.87 | 14.22 | 17.93 |
| PEG Ratio | 2.58 | 2.40 | 2.25 | 2.55 | 2.22 | 1.67 |
| EV/Sales Ratio | 7.92 | 6.91 | 7.01 | 7.61 | 6.71 | 8.79 |
| EV/EBITDA Ratio | 15.73 | 13.61 | 13.97 | 16.02 | 13.62 | 16.57 |
| EV/EBIT Ratio | 19.44 | 16.97 | 17.40 | 20.08 | 16.68 | 20.47 |
| EV/FCF Ratio | 31.20 | 30.77 | 28.84 | 38.43 | 29.06 | 31.44 |
| Debt / Equity Ratio | 1.41 | 1.78 | 1.92 | 2.31 | 2.87 | 2.22 |
| Debt / EBITDA Ratio | 2.29 | 2.56 | 2.58 | 2.76 | 2.66 | 2.53 |
| Debt / FCF Ratio | 4.65 | 5.97 | 5.51 | 7.16 | 6.09 | 5.17 |
| Net Debt / Equity Ratio | 1.27 | 1.70 | 1.86 | 2.24 | 2.79 | 2.15 |
| Net Debt / EBITDA Ratio | 2.11 | 2.52 | 2.58 | 2.89 | 2.77 | 2.63 |
| Net Debt / FCF Ratio | 4.19 | 5.69 | 5.33 | 6.94 | 5.91 | 5.00 |
| Asset Turnover | 0.37 | 0.36 | 0.36 | 0.36 | 0.39 | 0.35 |
| Inventory Turnover | 13.20 | 13.75 | 14.23 | 15.12 | 16.65 | 14.39 |
| Quick Ratio | 0.93 | 0.67 | 0.56 | 0.62 | 0.53 | 0.47 |
| Current Ratio | 1.16 | 0.91 | 0.77 | 0.81 | 0.72 | 0.62 |
| Return on Equity (ROE) | 38.75% | 40.38% | 42.60% | 47.34% | 53.17% | 41.92% |
| Return on Assets (ROA) | 9.51% | 9.07% | 9.05% | 8.61% | 9.69% | 9.29% |
| Return on Invested Capital (ROIC) | 16.54% | 15.83% | 15.58% | 15.06% | 17.00% | 16.36% |
| Return on Capital Employed (ROCE) | 16.00% | 15.40% | 15.60% | 14.70% | 16.70% | 16.20% |
| Earnings Yield | 4.18% | 5.20% | 4.88% | 4.26% | 5.26% | 4.03% |
| FCF Yield | 3.70% | 4.01% | 4.26% | 3.19% | 4.31% | 3.76% |
| Dividend Yield | 1.85% | 2.35% | 2.31% | 2.12% | 2.34% | 1.69% |
| Payout Ratio | 44.30% | 45.34% | 47.62% | 49.74% | 45.14% | 42.93% |
| Buyback Yield / Dilution | 0.83% | 2.09% | 0.26% | 2.21% | 4.79% | 3.49% |
| Total Shareholder Return | 2.70% | 4.44% | 2.57% | 4.33% | 7.13% | 5.18% |