UNPUnion Pacific Corporation

Industrials · Railroads · NYSE

Union Pacific Railroad Company is the principal operating company of Union Pacific Corporation. 10-K, Item 1

Employees: 29,287
Headquarters: Omaha, NE
Next results: around Jan 26, 2027

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	12.82	Sales (ttm)	26.4B	Net income (ttm)	7.6B	Sales growth	+1.1%	EPS growth	+8.0%	Sales Q/Q	+15.3%
Free cash flow	6.7B	Gross margin	-	Oper. margin	40.1%	Net margin	28.9%	FCF margin	25.4%	ROE	34.6%
ROA	10.5%	R&D / sales	-	Dividend	5.44	Debt/Eq	1.38	Curr. ratio	1.16	Cash	2.2B
Op. cash flow (ttm)	10.5B	EBITDA	12.3B	EBITDA margin	50.2%	Net debt	28.1B	Quick ratio	1.16	Interest cover	7.52
ROIC	14.6%	Payout ratio	45.4%	Tax rate	22.1%	Stock pay / sales	0.6%	Shares out.	594.3M	Shares Y/Y	-2.1%
Book / share	37.05	Cash / share	3.72	Sales / share	44.36	Asset turnover	0.36	Days sales out.	28	Sales 3Y CAGR	-0.5%
Sales 5Y CAGR	+4.6%	EPS 3Y CAGR	+2.2%	EPS 5Y CAGR	+8.7%	Employees	29,287	Sales / employee	900K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

UNP against Industrials peers

Ten years, side by side → · All 83 →

UNPPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth

+1.1%62nd of 82 · median +4.8%

Net margin

28.9%2nd of 82 · median 13.0%

Return on equity

34.6%21st of 77 · median 24.9%

Free cash flow margin

25.4%5th of 79 · median 13.0%

Debt / equity (less is better)

1.3863rd of 72 · median 0.72

UNP and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
UNP Union Pacific Corporation	$26.4B	+1.1%	-	28.9%	34.6%	25.4%	1.38
PCAR Paccar	$29.1B	-15.5%	20.1%	9.5%	13.2%	10.5%	-
WM Waste Management	$26.1B	+14.2%	40.4%	11.8%	31.1%	14.3%	2.37
MMM 3M	$25.2B	+1.5%	39.5%	14.0%	85.7%	10.6%	4.22
JCI Johnson Controls	$24.4B	+2.8%	36.6%	14.5%	26.1%	10.9%	0.70
TT Trane Technologies	$23.2B	+7.5%	-	13.6%	34.6%	16.4%	0.46

Profitability

3 of 3

✓
Net margin above the peer median28.9% vs 13.0%
✓
Return on equity above 15%34.6%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 21.2% → 29.1%

Balance sheet

2 of 4

✓
Interest covered more than 5 timesOperating income is 7.5× interest expense
!
Debt larger than equityDebt / equity 1.38 on the latest balance sheet (peer median 0.72)
✓
Current assets cover current liabilitiesCurrent ratio 1.16
!
Net debt over 3 years of free cash flow$28.1B net debt, 4.2 years

Debt / equity at each year end, FY2016 to FY2025: 0.75 → 1.72

What the debt is made of ↓

Cash and shareholders

4 of 4

✓
Free cash flow positive in every one of 10 years$5.5B last year
✓
Share count down over 5 years−12.3%
✓
Dividend per share up over 5 years$3.88 → $5.44
✓
Cash from operations above net income$9.3B vs $7.1B

Free cash flow, FY2016 to FY2025: 4.0B → 5.5B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025

The debt note's own lines, 2025-12-31

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
Notes and Debentures	Notes and bonds	2.30–7.20%	not stated	$32.7B
Equipment Obligations	–	2.60–6.20%	not stated	$693.0M
Finance Lease	–	3.10–6.80%	not stated	$105.0M

From the debt note in the 10-K's XBRL (0000100885-26-000037), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 24.5B Net income 7.1B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $24.5B of revenue came from

by product, year to Dec 31, 2025

Freight revenues $23.2B · 95%
Other revenues $1.3B · 5%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

UNP's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue24.5B

Net income7.1B

Free cash flow5.5B

EPS (diluted)11.98

Dividend per share5.44

Diluted shares595.9M

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Freight revenues	23.2B	94.7%	+1.8%
Other revenues	1.3B	5.3%	-10.4%

10-K 0000100885-26-000037, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	19.9B	21.2B	22.8B	21.7B	19.5B	21.8B	24.9B	24.1B	24.2B	24.5B
Operating income	7.2B	8.1B	8.5B	8.6B	7.8B	9.3B	9.9B	9.1B	9.7B	9.8B
Interest expense	698.0M	719.0M	870.0M	1.1B	1.1B	1.2B	1.3B	1.3B	1.3B	1.3B
Pretax income	6.8B	7.6B	7.7B	7.7B	7.0B	8.5B	9.1B	8.2B	8.8B	9.2B
Income tax	2.5B	-3.1B	1.8B	1.8B	1.6B	2.0B	2.1B	1.9B	2.0B	2.0B
Net income	4.2B	10.7B	6.0B	5.9B	5.3B	6.5B	7.0B	6.4B	6.7B	7.1B
EPS (diluted)	5.07	13.36	7.91	8.38	7.88	9.95	11.21	10.45	11.09	11.98
Diluted shares	835.4M	801.7M	754.3M	706.1M	679.1M	655.4M	624.0M	610.2M	608.6M	595.9M
Depreciation & amortization	2.0B	2.1B	2.2B	2.2B	2.2B	2.2B	2.2B	2.3B	2.4B	2.5B
EBITDA	9.3B	10.2B	10.7B	10.8B	10.0B	11.5B	12.2B	11.4B	12.1B	12.3B
Operating margin	36.3%	38.2%	37.3%	39.4%	40.1%	42.8%	39.9%	37.7%	40.1%	40.2%
Net margin	21.2%	50.4%	26.1%	27.3%	27.4%	29.9%	28.1%	26.4%	27.8%	29.1%
Revenue growth	-	+6.5%	+7.5%	-4.9%	-10.0%	+11.6%	+14.1%	-3.0%	+0.5%	+1.1%
EPS growth	-	+164%	-40.8%	+5.9%	-6.0%	+26.3%	+12.7%	-6.8%	+6.1%	+8.0%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	1.3B	1.3B	1.3B	831.0M	1.8B	960.0M	973.0M	1.1B	1.0B	1.3B
Receivables	1.3B	1.5B	1.8B	1.6B	1.5B	1.7B	1.9B	2.1B	1.9B	1.9B
Current assets	3.6B	4.0B	4.2B	3.5B	4.2B	3.6B	4.0B	4.1B	4.0B	4.6B
Property & equipment	50.4B	51.6B	52.7B	53.9B	54.2B	54.9B	56.0B	57.4B	-	-
Total assets	55.7B	57.8B	59.1B	61.7B	62.4B	63.5B	65.4B	67.1B	67.7B	69.7B
Accounts payable	955.0M	1.0B	872.0M	749.0M	612.0M	752.0M	784.0M	856.0M	847.0M	804.0M
Current liabilities	3.6B	3.9B	4.6B	4.4B	4.2B	5.7B	5.5B	5.1B	5.3B	5.0B
Total debt	15.0B	16.9B	22.6B	25.4B	26.8B	30.1B	33.5B	32.6B	31.2B	31.8B
Total liabilities	35.8B	33.0B	38.7B	43.5B	45.4B	49.4B	53.3B	52.3B	50.8B	51.2B
Shareholders' equity	19.9B	24.9B	20.4B	18.1B	17.0B	14.2B	12.2B	14.8B	16.9B	18.5B
Retained earnings	32.6B	41.3B	45.3B	48.6B	51.3B	55.0B	58.9B	62.1B	65.6B	69.5B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	7.5B	7.2B	8.7B	8.6B	8.5B	9.0B	9.4B	8.4B	9.3B	9.3B
Capital spending	3.5B	3.2B	3.4B	3.5B	2.9B	2.9B	3.6B	3.6B	3.5B	3.8B
Free cash flow	4.0B	4.0B	5.2B	5.2B	5.6B	6.1B	5.7B	4.8B	5.9B	5.5B
Stock-based pay (added back)	82.0M	103.0M	96.0M	93.0M	73.0M	88.0M	99.0M	107.0M	118.0M	142.0M
Dividends paid	1.9B	2.0B	2.3B	2.6B	2.6B	2.8B	3.2B	3.2B	3.2B	3.2B
Buybacks	3.1B	4.0B	8.2B	5.8B	3.7B	7.3B	6.3B	705.0M	1.5B	2.7B
Debt raised	2.0B	2.7B	6.9B	4.0B	4.0B	4.2B	6.1B	1.6B	800.0M	2.0B
Investing cash flow	-3.4B	-3.1B	-3.4B	-3.4B	-2.7B	-2.7B	-3.5B	-3.7B	-3.3B	-3.8B
Financing cash flow	-4.2B	-4.1B	-5.2B	-5.6B	-4.9B	-7.2B	-5.9B	-4.6B	-6.1B	-5.3B
Dividend per share	2.25	2.48	3.06	3.70	3.88	4.29	5.08	5.20	5.28	5.44

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	82.0M	103.0M	96.0M	93.0M	73.0M	88.0M	99.0M	107.0M	118.0M	142.0M
Stock-based pay / revenue	0.4%	0.5%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.5%	0.6%
Operating lease cost	-	-	-	328.0M	317.0M	303.0M	338.0M	369.0M	340.0M	305.0M
Operating lease cash paid	-	-	-	387.0M	323.0M	292.0M	319.0M	323.0M	319.0M	310.0M
Finance lease principal paid	-	-	-	112.0M	113.0M	106.0M	91.0M	65.0M	47.0M	36.0M
Right-of-use assets	-	-	-	1.8B	1.6B	1.8B	1.7B	1.6B	1.3B	1.0B
Operating lease liabilities	-	-	-	1.8B	1.6B	1.8B	1.6B	1.6B	1.3B	1.0B
Finance lease liabilities	-	-	-	605.0M	449.0M	-	-	-	109.0M	105.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on UNP in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/UNP/export.csv") into a cell.