UNP
SP100NYSEUnion Pacific Corporation
Industrials · Railroads · United States
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.
www.up.com ↗Shares trade at a moderate 23.2× trailing earnings, easing to 20.5× on forward estimates. Profitability shows a net margin of 29.2% and return on equity of 40.7%. Leverage is elevated at 2.4× net debt/EBITDA. Revenue grew 3.2% year-on-year. It yields 2.0% in dividends. The mean analyst target of USD293.05 sits 3.8% above the current price (Buy, 22 analysts).
business model
Union Pacific operates one of the largest freight railroads in North America, hauling goods across 23 western US states via roughly 32,000 route miles. It earns freight revenue by transporting bulk, industrial and intermodal shipments, competing on cost efficiency and network reach.
revenue segments
Freight revenue is grouped into three broad commodity categories: Bulk (grain and grain products, fertilizer, food, coal/renewables), Industrial (construction, industrial chemicals, metals, forest products, energy), and Premium (automotive and intermodal container/trailer traffic).
key dependencies
Depends on US industrial and agricultural production, consumer goods volumes flowing through intermodal, fuel prices (partly offset by fuel surcharges), rail network capacity and service reliability, labor relations and crew availability, and coal secular decline.
competitors
Competes primarily with BNSF Railway in the western US, and against trucking companies, other Class I railroads, and barge/pipeline for certain commodities.
moat
Irreplaceable rail network and rights-of-way with enormous barriers to entry, cost advantage over trucking for long-haul bulk freight, a duopoly position in the western US, and pricing power on captive routes.
risks
Sensitivity to industrial and freight-cycle downturns, secular coal decline, fuel and labor cost inflation, service and safety/regulatory scrutiny, weather and network disruptions, and competition from trucking on shorter hauls.
Financials & metrics
as of 23 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
Tap any metric for an explanation.● provider● computedN/A not available from source
Valuation history is being recorded
We snapshot P/E and price targets daily. This chart fills in over the coming days.
Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $24.51B | $24.25B | $24.12B | $24.88B | — |
| Cost of revenue | $13.29B | $13.21B | $13.59B | $13.67B | — |
| Gross profit | $11.22B | $11.04B | $10.53B | $11.21B | — |
| Operating expense | $1.37B | $1.33B | $1.45B | $1.29B | — |
| Operating income | $9.85B | $9.71B | $9.08B | $9.92B | — |
| Interest expense | $1.31B | $1.27B | $1.34B | $1.27B | — |
| Pretax income | $9.17B | $8.79B | $8.23B | $9.07B | — |
| Tax provision | $2.03B | $2.05B | $1.85B | $2.07B | — |
| Net income | $7.14B | $6.75B | $6.38B | $7.00B | — |
| EBITDA | $12.94B | $12.46B | $11.89B | $12.59B | — |
| Diluted EPS | $11.98 | $11.09 | $10.45 | $11.21 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $69.70B | $67.72B | $67.13B | $65.45B | — |
| Current assets | $4.55B | $4.02B | $4.15B | $3.95B | — |
| Cash & equivalents | $1.27B | $1.02B | $1.05B | $973.00M | — |
| Inventory | $787.00M | $769.00M | $743.00M | $741.00M | — |
| Total liabilities | $51.23B | $50.83B | $52.34B | $53.29B | — |
| Current liabilities | $5.01B | $5.25B | $5.11B | $5.52B | — |
| Total debt | $32.82B | $32.46B | $34.18B | $34.96B | — |
| Long-term debt | $30.29B | $29.77B | $31.16B | $31.65B | — |
| Shareholders' equity | $18.47B | $16.89B | $14.79B | $12.16B | — |
| Retained earnings | $69.53B | $65.63B | $62.09B | $58.89B | — |
| Working capital | -$459.00M | -$1.23B | -$958.00M | -$1.57B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $9.29B | $9.35B | $8.38B | $9.36B | — |
| Investing cash flow | -$3.76B | -$3.33B | -$3.67B | -$3.47B | — |
| Financing cash flow | -$5.28B | -$6.07B | -$4.63B | -$5.89B | — |
| Capital expenditure | -$3.79B | -$3.45B | -$3.61B | -$3.62B | — |
| Free cash flow | $5.50B | $5.89B | $4.77B | $5.74B | — |
| Dividends paid | -$3.24B | -$3.21B | -$3.17B | -$3.16B | — |
| Share buybacks | -$2.68B | -$1.50B | -$705.00M | -$6.28B | — |
| End cash position | $1.28B | $1.03B | $1.07B | $987.00M | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 23 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 21 Aug 2026News
Sector peers
Notes & alerts
Sign in to keep a private research note and set price alerts for UNP.