Union Pacific Corporation

UNP

IndustrialsLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

Union Pacific Corporation, through its subsidiary, Union Pacific Railroad Company, operates in the railroad business in the United States. It offers transportation services for grain and grain products, fertilizers, food and refrigerated products, and coal and renewables to grain processors, animal feeders, and ethanol and renewable biofuel producers; and construction products, industrial chemicals, plastics, forest products, specialized products, metals and ores, petroleum, liquid petroleum gases, soda ash, and sand, as well as finished automobiles, automotive parts, and merchandise in intermodal containers. The company was founded in 1862 and is headquartered in Omaha, Nebraska.

Valuation

Market Cap$156.7B

Current Price$260.06as of Jun 23, 2026

P/E Ratio21.95

P/B Ratio8.48

EV / EBITDA14.55

EV / Sales7.68

Profitability

Operating Margin40.2%

Net Profit Margin29.1%

EBITDA Margin52.8%

Returns

ROE38.7%

ROCE15.2%

ROIC %-

ROA10.2%

Solvency

Current Ratio0.91

Debt / Equity1.78

Debt / Assets0.47

CFO / Net Profit1.30

Price History▲ 15.13% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$24.5B▲ 1.1%

EBITDA$12.9B▲ 3.8%

Net Profit$7.1B▲ 5.8%

Cash from Ops (CFO)$9.3B▼ 0.6%

Free Cash Flow (FCF)$5.5B▼ 6.7%

Revenue CAGR 3Y-0.5%

Revenue CAGR 5Y-

Net Profit CAGR 3Y0.7%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$24.5B	$12.9B	$7.1B	$5.5B	38.7%	1.1%	5.8%
2024	$24.3B	$12.5B	$6.7B	$5.9B	39.9%	0.5%	5.8%
2023	$24.1B	$11.9B	$6.4B	$4.8B	43.1%	-3.0%	-8.8%
2022	$24.9B	$12.6B	$7.0B	$5.7B	57.5%	-	-
2021	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	24,875	24,119	24,250	24,510
Operating Revenue	-	23,159	22,571	22,811	23,220
Cost Of Revenue	-	13,670	13,590	13,211	13,290
Gross Profit	-	11,205	10,529	11,039	11,220
Operating Expense	-	1,288	1,447	1,326	1,374
Total Expenses	-	14,958	15,037	14,537	14,664
Operating Income	-	9,917	9,082	9,713	9,846
Total Operating Income As Reported	-	9,917	9,082	9,713	9,846
EBITDA	-	12,589	11,891	12,461	12,940
Normalized EBITDA	-	12,589	11,891	12,461	12,940
EBIT	-	10,343	9,573	10,063	10,475
Interest Income	-	23	52	76	56
Interest Expense	-	1,271	1,340	1,269	1,309
Net Interest Income	-	-1,248	-1,288	-1,193	-1,253
Other Non Operating Income Expenses	-	403	439	274	573
Other Income Expense	-	403	439	274	573
Interest Income Non Operating	-	23	52	76	56
Interest Expense Non Operating	-	1,271	1,340	1,269	1,309
Net Non Operating Interest Income Expense	-	-1,248	-1,288	-1,193	-1,253
Pretax Income	-	9,072	8,233	8,794	9,166
Tax Provision	-	2,074	1,854	2,047	2,028
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0	0	0	0
Net Income Continuous Operations	-	6,998	6,379	6,747	7,138
Net Income From Continuing And Discontinued Operation	-	6,998	6,379	6,747	7,138
Net Income From Continuing Operation Net Minority Interest	-	6,998	6,379	6,747	7,138
Net Income	-	6,998	6,379	6,747	7,138
Net Income Common Stockholders	-	6,998	6,379	6,747	7,138
Net Income Including Noncontrolling Interests	-	6,998	6,379	6,747	7,138
Normalized Income	-	6,998	6,379	6,747	7,138
Diluted NI Availto Com Stockholders	-	6,998	6,379	6,747	7,138
Basic Average Shares	-	622.70	609.20	607.60	595
Diluted Average Shares	-	624	610.20	608.60	595.90
Reconciled Depreciation	-	2,246	2,318	2,398	2,465
Reconciled Cost Of Revenue	-	13,670	13,590	13,211	13,290
Total Unusual Items	36	381	414	263	-
Total Unusual Items Excluding Goodwill	36	381	414	263	-
Special Income Charges	98	-	-	-	-
Gain On Sale Of Security	36	381	414	263	-
Gain On Sale Of Ppe	98	-	-	-	-
Rent Expense Supplemental	-	898	947	920	912
Other Operating Expenses	-	1,288	1,447	1,326	1,374

Peer Comparison

Industrials sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Union Pacific Corporationthis co.	UNP	$156.7B	21.95↓ discount	8.48	38.7%	14.55
The Boeing Company	BA	$171.4B	90.73	31.43	34.6%	26.69
Eaton Corporation plc	ETN	$162.5B	39.77	8.37	21.0%	27.91
Deere & Company	DE	$159.7B	31.78	6.16	19.4%	18.51
Honeywell International Inc.	HON	$137.9B

Learn while you research

Hand-picked academy chapters to deepen your understanding of Union Pacific Corporation and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Leverage Ratios

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$24.5B

$12.9B

$7.1B

$5.5B

38.7%

1.1%

5.8%

2024

$24.3B

$12.5B

$6.7B

$5.9B

39.9%

0.5%

5.8%

2023

$24.1B

$11.9B

$6.4B

$4.8B

43.1%

-3.0%

-8.8%

2022

$24.9B

$12.6B

$7.0B

$5.7B

57.5%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

24,875

24,119

24,250

24,510

Operating Revenue

23,159

22,571

22,811

23,220

Cost Of Revenue

13,670

13,590

13,211

13,290

Gross Profit

11,205

10,529

11,039

11,220

Operating Expense

1,288

1,447

1,326

1,374

Total Expenses

14,958

15,037

14,537

14,664

Operating Income

9,917

9,082

9,713

9,846

Total Operating Income As Reported

9,917

9,082

9,713

9,846

EBITDA

12,589

11,891

12,461

12,940

Normalized EBITDA

12,589

11,891

12,461

12,940

EBIT

10,343

9,573

10,063

10,475

Interest Income

Interest Expense

1,271

1,340

1,269

1,309

Net Interest Income

-1,248

-1,288

-1,193

-1,253

Other Non Operating Income Expenses

403

439

274

573

Other Income Expense

403

439

274

573

Interest Income Non Operating

Interest Expense Non Operating

1,271

1,340

1,269

1,309

Net Non Operating Interest Income Expense

-1,248

-1,288

-1,193

-1,253

Pretax Income

9,072

8,233

8,794

9,166

Tax Provision

2,074

1,854

2,047

2,028

Tax Rate For Calcs

Tax Effect Of Unusual Items

Net Income Continuous Operations

6,998

6,379

6,747

7,138

Net Income From Continuing And Discontinued Operation

6,998

6,379

6,747

7,138

Net Income From Continuing Operation Net Minority Interest

6,998

6,379

6,747

7,138

Net Income

6,998

6,379

6,747

7,138

Net Income Common Stockholders

6,998

6,379

6,747

7,138

Net Income Including Noncontrolling Interests

6,998

6,379

6,747

7,138

Normalized Income

6,998

6,379

6,747

7,138

Diluted NI Availto Com Stockholders

6,998

6,379

6,747

7,138

Basic Average Shares

622.70

609.20

607.60

595

Diluted Average Shares

624

610.20

608.60

595.90

Reconciled Depreciation

2,246

2,318

2,398

2,465

Reconciled Cost Of Revenue

13,670

13,590

13,211

13,290

Total Unusual Items

381

414

263

Total Unusual Items Excluding Goodwill

381

414

263

Special Income Charges

Gain On Sale Of Security

381

414

263

Gain On Sale Of Ppe

Rent Expense Supplemental

898

947

920

912

Other Operating Expenses

1,288

1,447

1,326

1,374

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Union Pacific Corporationthis co.

UNP

$156.7B

21.95↓ discount

8.48

38.7%

14.55

The Boeing Company

$171.4B

90.73

31.43

34.6%

26.69

Eaton Corporation plc

ETN

$162.5B

39.77

8.37

21.0%

27.91

Deere & Company

$159.7B

31.78

6.16

19.4%

18.51

Honeywell International Inc.

HON

$137.9B

Union Pacific Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Union Pacific Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on