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

The biggest changes in the 10-K filed 2026-02-06, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Net income

+5.8% FY to 2025-12-31 vs 2024-12-31

“Other income, net – Other income increased $279 million in 2025 compared to 2024 driven by $295 million in higher real estate income, including $250 million in industrial park land sales.”
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Operating margin

40.1% → 40.2% (+0.1 pts) FY to 2025-12-31 vs 2024-12-31

“Operating expenses increased $127 million, or 1%, in 2025 compared to 2024 driven by inflation, volume-related costs, acquisition-related expenses, and higher depreciation, partially offset by productivity and lower fuel prices.”
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Revenue

+1.1% FY to 2025-12-31 vs 2024-12-31

“Fuel surcharge revenues in 2025 decreased $218 million due to lower fuel prices and the lag impact of fluctuating fuel prices (it can generally take up to two months for changing fuel prices to affect fuel surcharge recoveries), partially offset by higher volumes.”
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“In 2025, other subsidiary revenues decreased compared to 2024 due to the transfer of our commuter operations to Metra.”
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Cash from operations

-0.6% FY to 2025-12-31 vs 2024-12-31

“Cash provided by operating activities decreased in 2025 compared to 2024 due to timing of payments to taxing authorities and purchased tax credits.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

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.