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UNP

Union Pacific Corporation

UNP

Union Pacific Corporation • NYSE
$231.83 ▲ 0.51% (+1.17)
Market Cap $137.50 B
52w High $256.84
52w Low $204.66
Dividend Yield 5.40%
P/E 19.68
Volume 980.29K
Outstanding Shares 593.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $6.244B ▲ $352M ▲ $1.788B ▼ 28.635% ▼ $3.02 ▼ $3.263B ▼
Q2-2025 $6.154B ▲ $319M ▼ $1.876B ▲ 30.484% ▲ $3.16 ▲ $3.268B ▲
Q1-2025 $6.027B ▼ $359M ▲ $1.626B ▼ 26.979% ▼ $2.705 ▼ $3.059B ▼
Q4-2024 $6.121B ▲ $281M ▼ $1.762B ▲ 28.786% ▲ $2.92 ▲ $3.199B ▲
Q3-2024 $6.091B $354M $1.671B 27.434% $2.75 $3.112B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $808M ▼ $68.647B ▲ $51.343B ▼ $17.304B ▲
Q2-2025 $1.06B ▼ $68.576B ▲ $52.318B ▼ $16.258B ▲
Q1-2025 $1.411B ▲ $68.492B ▲ $52.453B ▲ $16.039B ▼
Q4-2024 $1.036B ▲ $67.715B ▲ $50.825B ▼ $16.89B ▲
Q3-2024 $967M $67.57B $50.986B $16.584B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.339B ▼ $2.522B ▲ $-952M ▼ $-1.823B ▼ $-253M ▲ $1.572B ▲
Q2-2025 $1.876B ▲ $2.333B ▲ $-901M ▲ $-1.771B ▼ $-339M ▼ $1.397B ▲
Q1-2025 $1.626B ▼ $2.21B ▼ $-938M ▼ $-878M ▲ $394M ▲ $1.304B ▼
Q4-2024 $1.762B ▲ $2.662B ▲ $-899M ▼ $-1.692B ▲ $71M ▲ $1.74B ▼
Q3-2024 $1.671B $2.651B $-834M $-2.007B $-190M $1.82B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Accessorial Revenues
Accessorial Revenues
 $130.00M ▲$120.00M ▼$110.00M ▼$120.00M ▲
Bulk
Bulk
 $1.86Bn ▲$1.84Bn ▼$1.90Bn ▲$1.93Bn ▲
Industrial
Industrial
 $2.09Bn ▲$2.08Bn ▼$2.21Bn ▲$2.19Bn ▼
Other Miscellaneous Product and Service Revenues
Other Miscellaneous Product and Service Revenues
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Other Subsidiary Revenues
Other Subsidiary Revenues
 $180.00M ▲$190.00M ▲$180.00M ▼$170.00M ▼
Premium
Premium
 $1.83Bn ▲$1.77Bn ▼$1.73Bn ▼$1.80Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Union Pacific’s income statement shows a mature, profitable railroad that has grown over the past five years, but with a noticeable speed bump in the middle. Revenue has generally trended upward, with a strong recovery after 2020 and then more or less flattening in the most recent couple of years. Profit margins remain solid: the company consistently turns a large share of its sales into operating profit and net income, which is a sign of good pricing power and cost control. That said, peak profitability was reached a few years ago, then dipped as costs and network disruptions weighed on results, and has only partly recovered. Overall, earnings are still well above pre-2020 levels, but the recent pattern suggests the business is in a more mature, steady phase rather than a fast growth phase.

Balance Sheet

Balance Sheet The balance sheet reflects a capital-intensive but stable infrastructure business that leans heavily on debt. Total assets have crept up over time as Union Pacific continues to invest in its network and equipment. Cash on hand is modest relative to the size of the company, which is typical for a large, predictable utility‑like operator. Debt has grown meaningfully compared with several years ago, leaving the company quite leveraged, although this is partly offset by the resilience and visibility of rail cash flows. Shareholders’ equity dipped earlier in the period, likely due to buybacks and leverage, but has rebuilt more recently, which is a healthier signal. In short, the balance sheet is strong enough for a regulated, high‑moat railroad, but it does rely on continued steady cash generation to comfortably support its debt load.

Cash Flow

Cash Flow Cash flow is a clear strength. Union Pacific regularly converts a substantial portion of its earnings into operating cash, and it has consistently generated positive free cash flow after funding its capital needs. Investment in the network and locomotives has been steady and sizable, reflecting the ongoing maintenance and upgrades required in rail. Even after these outlays, there is room for dividends, buybacks, and debt service, underscoring the cash‑rich nature of the franchise. The pattern over the last five years shows a business that is not only profitable on paper but also reliably turning those profits into real cash, which is critical for a company with a large asset base and meaningful leverage.

Competitive Edge

Competitive Edge Union Pacific enjoys a very strong competitive position built on geography, scale, and regulation. Its rail network spans much of the western United States and connects key ports, industrial regions, and all major gateways to Mexico, giving it access to trade flows that are extremely difficult to replicate. The industry’s high fixed costs, strict regulations, and scarcity of track rights make it almost impossible for new full‑scale competitors to emerge. In many areas, Union Pacific effectively operates in a duopoly, especially against BNSF, which supports pricing power and volume stability. Rail’s cost advantage over long‑haul trucking for heavy and bulk goods further reinforces this position. Customer-facing tools and a focus on service reliability help differentiate it within this concentrated landscape, but the core moat is the physical network and entrenched role in the North American supply chain.

Innovation and R&D

Innovation and R&D While railroads are often seen as old‑economy businesses, Union Pacific is investing meaningfully in technology and sustainability. It is modernizing its locomotive fleet with cleaner, more fuel‑efficient engines and experimenting with hybrid and alternative‑fuel locomotives, which could cut emissions and fuel costs over time. Operationally, the company is rolling out advanced safety systems, extensive trackside sensors, and camera‑based technologies to prevent accidents and detect problems early. Data analytics and artificial intelligence are being applied to predictive maintenance, routing, and a new digital control system, all aimed at squeezing more efficiency and capacity out of the existing network. These efforts do not show up as a classic “R&D line,” but they are substantial, ongoing investments designed to improve margins, reliability, and environmental performance over the long term.

Summary

Union Pacific today looks like a highly profitable, cash‑generative railroad with a very durable competitive position, operating in a mature but essential industry. The income statement shows strong profitability with some recent normalization after a peak period, while the balance sheet carries notable leverage that is supported by steady and robust cash flow. The company’s vast network, high barriers to entry, and advantaged access to key trade corridors provide a long‑lasting moat. At the same time, management is not standing still: significant spending on technology, automation, and cleaner locomotives is aimed at lifting efficiency, safety, and sustainability. The main trade‑offs to watch are between leverage, capital spending, and returning cash to shareholders, along with how well the company can maintain service quality and pricing power in a slower‑growth, highly regulated environment.

NEWS

November 25, 2025 · 8:00 AM UTC

Union Pacific Corporation Executives to Address the UBS Global Industrials and Transportation Conference

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November 24, 2025 · 11:00 AM UTC

International Brotherhood of Boilermakers and Union Pacific Reach Agreement to Protect Union Jobs

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November 18, 2025 · 4:15 PM UTC

Union Pacific Corporation Declares Fourth Quarter 2025 Dividend

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November 17, 2025 · 11:10 AM UTC

Brotherhood of Railway Carmen Reaches Agreement with Union Pacific to Protect ‘Good Paying Railroad Jobs'

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November 14, 2025 · 9:20 AM UTC

Union Pacific Shareholders Approve Norfolk Southern Merger

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