Is Union Pacific financially healthy?

On 30 September 2026 Union Pacific held 3.09B USD in cash and short-term investments against total debt of 31.11B USD. Its current ratio is 1.16: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 6.69B USD of free cash flow.

Is Union Pacific growing?

Union Pacific's revenue grew 4.6% a year over its last five fiscal years, from 19.53B USD in fiscal year 2020 to 24.51B USD in fiscal year 2025. Over the last twelve months it was up 7.4% on the twelve months before.

Where can I find Union Pacific's annual report (10-K)?

Union Pacific files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

Union Pacific
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Arincen ScoreBeta77/100

77/100B

302.03

USD

1.43

(0.48%)

Post Trading·302.17USD+0.14(+0.05%)

Fair value272.53Plus+11%212Price 302.03356

Q4 FY2026 · Earnings report

EPS estimate 3.31Revenue estimate 7.13B

Q4 FY2026 · Earnings report

Tuesday 26 January

EPS estimate 3.31Revenue estimate 7.13B

Fair value272.53Plus+11%212Price 302.03356

Q4 FY2026 · Earnings report

EPS estimate 3.31Revenue estimate 7.13B

Q4 FY2026 · Earnings report

Tuesday 26 January

EPS estimate 3.31Revenue estimate 7.13B

Overview Financials Forecast Earnings Dividends Company

Union Pacific financials

Yes. Union Pacific earned 7.62B USD of net income over the last twelve months, 28.9% of its revenue. It made a profit in 39 of its 41 fiscal years since 1985. Its last loss was in fiscal year 1998.

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 26.36B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 7.62B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 6.69B USD
Cash and short-term investments: 3.09B USD
Total debt: 31.11B USD
Shareholders' equityWhat is a balance sheet? The balance sheet lists what a company owns (assets), what it owes (liabilities) and what is left for its shareholders (equity) on one date.: 22.02B USD

Cash, debt and equity as of 30 Sept 2026.

Union Pacific earnings

Next earnings · Q4 FY2026

26 Jan 2027

EPS estimate

3.31 USD

Revenue estimate

7.13B USD

Last quarter · Q3 FY2026

EPS3.53Beat +1.7%Revenue7.20BBeat +0.5%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q1 FY2028	—	3.46	—	—	+6.58%	8.60B	—	—	+24.71%
Q4 FY2027	—	3.67	—	—	+10.96%	7.88B	—	—	+10.52%
Q1 FY2027	—	3.25	—	—	+10.90%	6.89B	—	—	+10.88%
Q4 FY2026	26 Jan 2027	3.31	—	—	+15.73%	7.13B	—	—	+17.23%
Q3 FY2026	22 Oct 2026	3.47	3.53	+1.73%	+14.61%	7.16B	7.20B	+0.52%	+15.26%
Q2 FY2026	23 Jul 2026	3.26	3.41	+4.60%	+12.54%	6.72B	6.86B	+2.21%	+11.54%
Q1 FY2026	23 Apr 2026	2.86	2.93	+2.45%	+8.52%	6.23B	6.22B	-0.19%	+3.15%
Q4 FY2025	27 Jan 2026	2.86	2.86	0.00%	-1.72%	6.11B	6.09B	-0.43%	-0.59%
Q3 FY2025	23 Oct 2025	2.99	3.08	+3.01%	+12.00%	6.25B	6.24B	-0.14%	+2.51%
Q2 FY2025	24 Jul 2025	2.91	3.03	+4.12%	+10.58%	6.16B	6.15B	-0.16%	+2.45%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	15.75	—	—	+9.38%	31.26B	—	—	+7.77%
FY2027	14.40	—	—	+9.28%	29.01B	—	—	+5.81%
FY2026	13.18	—	—	+12.91%	27.42B	—	—	+11.87%
FY2025	11.69	11.67	-0.17%	+5.23%	24.54B	24.51B	-0.11%	+1.07%
FY2024	10.96	11.09	+1.18%	+6.02%	24.28B	24.25B	-0.11%	+0.54%
FY2023	10.29	10.46	+1.65%	-7.92%	24.02B	24.12B	+0.42%	-3.04%
FY2022	11.41	11.36	-0.40%	+14.17%	24.96B	24.88B	-0.36%	+14.08%

Union Pacific growth and profitability

Full income statement

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 26.36B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 7.62B USD
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.: 44.04%
Operating margin: 39.98%
Net margin: 28.90%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	24.51B	+1.07%	7.14B	+5.80%	59.38%	40.14%	29.12%	12.94B	+3.84%
FY2024	24.25B	+0.54%	6.75B	+5.77%	45.52%	40.05%	27.82%	12.46B	+4.79%
FY2023	24.12B	-3.04%	6.38B	-8.85%	43.65%	37.65%	26.45%	11.89B	-5.54%
FY2022	24.88B	+14.08%	7.00B	+7.28%	45.05%	39.87%	28.13%	12.59B	+6.30%
FY2021	21.80B	+11.63%	6.52B	+21.95%	48.22%	42.83%	29.92%	11.84B	+14.64%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q3 FY2026	7.20B	2.08B	40.89%	40.89%	28.85%
Q2 FY2026	6.86B	1.99B	45.53%	40.25%	29.04%
Q1 FY2026	6.22B	1.70B	45.21%	39.36%	27.36%
Q4 FY2025	6.09B	1.85B	44.88%	39.23%	30.37%
Q3 FY2025	6.24B	1.79B	46.46%	40.82%	28.64%

How Union Pacific makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Industrial8.60B 35.1%

Bulk7.59B 31.0%

Premium7.03B 28.7%

Other Subsidiary Revenues718.00M 2.9%

Accessorial Revenues475.00M 1.9%

Other Miscellaneous Product and Service Revenues97.00M 0.4%

Revenue24.51B 100.0%

Cost of revenue9.96B 40.6%

Gross profit14.55B 59.4%

Selling and administration3.33B 13.6%

Other operating expenses1.39B 5.7%

Operating income9.84B 40.1%

Tax2.03B 8.3%

Other expense673.00M 2.7%

Net income7.14B 29.1%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

Union Pacific revenue breakdown

By product

FY2025

35.1%Industrial31.0%Bulk28.7%Premium2.9%Other Subsidiary Revenues1.9%Accessorial Revenues

Segment	Revenue	Share of revenue	Change on the year
Industrial	8.60B	35.1%	+1.9%
Bulk	7.59B	31.0%	+5.3%
Premium	7.03B	28.7%	-1.9%
Other Subsidiary Revenues	718.00M	2.9%	-8.9%
Accessorial Revenues	475.00M	1.9%	-14.3%
Other Miscellaneous Product and Service Revenues	97.00M	0.4%	0.0%

By region

FY2025

100.0%M [X]

Region	Revenue	Share of revenue	Change on the year
M [X]	2.90B	100.0%	—

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	9.29B	5.50B
FY2024	9.35B	5.89B
FY2023	8.38B	4.77B
FY2022	9.36B	5.74B
FY2021	9.03B	6.10B
FY2020	8.54B	5.61B
FY2019	8.61B	5.16B
FY2018	8.69B	5.25B
FY2017	7.23B	3.97B
FY2016	7.53B	4.02B

Union Pacific financial health

Full balance sheet

Cash and short-term investments: 3.09B USD
Total debt: 31.11B USD
Net cash: -28.03B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 6.69B USD
Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.: 1.16
Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.: 1.41
Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.: 7 / 9
Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.: 4.33

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	1.53B	31.81B	5.50B
FY2024	1.04B	32.46B	5.89B
FY2023	1.07B	34.18B	4.77B
FY2022	1.02B	34.96B	5.74B
FY2021	1.01B	31.49B	6.10B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	69.70B	51.23B	18.47B
FY2024	67.72B	50.83B	16.89B
FY2023	67.13B	52.34B	14.79B
FY2022	65.45B	53.29B	12.16B
FY2021	63.53B	49.36B	14.16B
FY2020	62.40B	45.44B	16.96B
FY2019	61.67B	43.55B	18.13B
FY2018	59.15B	38.72B	20.42B
FY2017	57.81B	32.95B	24.86B
FY2016	55.72B	35.79B	19.93B

Union Pacific valuation

Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.: 23.50
Forward P/E (FY2026)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.: 22.92
Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.: 6.81
Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.: 8.15
EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.: 15.11

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Market capitalization

179.43B USD

Total debt

31.11B USD

−

Cash and short-term investments

3.09B USD

Enterprise value

207.45B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	19.18	—	—	—	—
FY2027 (est.)	20.98	19.18	—	—	—
FY2026 (est.)	22.92	20.98	—	—	—
Now (TTM)	23.50	21.22	6.81	8.15	15.11
FY2025	19.26	17.56	5.59	7.42	12.95
FY2024	20.54	19.52	5.71	8.20	13.64
FY2023	23.46	22.42	6.20	10.12	15.37
FY2022	18.42	20.11	5.18	10.60	12.94
FY2021	25.24	22.08	7.55	11.63	16.49

Union Pacific against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: CSX, Norfolk Southern, and Westinghouse Air Brake Technologies, the US Railroads companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Above its median23.5
16.527.7
Gross marginHighest in 5 years59.4%
43.7%59.4%
Against its peers: 1 of 4Peers' median 33.2%
Operating marginAbove its median40.1%
37.7%42.8%
Against its peers: 1 of 4Peers' median 32.1%
Net marginAbove its median29.1%
26.4%29.9%
Against its peers: 1 of 4Peers' median 20.5%
Return on equityLowest in 5 years38.7%
38.7%57.5%
Against its peers: 1 of 4Peers' median 18.5%
Free cash flow marginBelow its median22.4%
19.8%28.0%
Against its peers: 1 of 4Peers' median 13.4%
Revenue growthAt its median1.1%
-3.0%14.1%
Against its peers: 2 of 4Peers' median 0.5%
EPS growthAt its median7.9%
-6.8%26.3%
Against its peers: 3 of 4Peers' median 10.2%
Debt to EBITDALowest in 5 years2.46×
2.46×2.87×
Against its peers: 2 of 4Peers' median 2.92×
Current ratioHighest in 5 years0.91
0.620.91
Against its peers: 2 of 4Peers' median 0.85

Figure	FY2025	5-year low – high	Against its history	Against its peers
P/E (today)	23.5	16.527.7	Above its median	—
Gross margin	59.4%	43.7%59.4%	Highest in 5 years	1 of 4
Operating margin	40.1%	37.7%42.8%	Above its median	1 of 4
Net margin	29.1%	26.4%29.9%	Above its median	1 of 4
Return on equity	38.7%	38.7%57.5%	Lowest in 5 years	1 of 4
Free cash flow margin	22.4%	19.8%28.0%	Below its median	1 of 4
Revenue growth	1.1%	-3.0%14.1%	At its median	2 of 4
EPS growth	7.9%	-6.8%26.3%	At its median	3 of 4
Debt to EBITDA	2.46×	2.46×2.87×	Lowest in 5 years	2 of 4
Current ratio	0.91	0.620.91	Highest in 5 years	2 of 4

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

Union Pacific dividends

Annual dividend: 5.68 USD
Dividend yield (indicated)What is dividend yield? Dividend yield is a year of dividends as a percentage of the share price: the income a shareholder receives for each dollar invested at today's price.: 1.88%
Payout ratioWhat is the payout ratio? The payout ratio is the share of a company's earnings paid out as dividends: dividends per share divided by earnings per share (EPS).: 43.27%
Years of dividend growthWhat are years of dividend growth? The years in a row a company has raised its dividend per share. 25 years make an S&P 500 company a Dividend Aristocrat; 50 make a Dividend King.: 20
Frequency: Quarterly
Last payment: 1.42 USD
Last ex-dividend dateWhat is the ex-dividend date? The ex-dividend date is the first day a stock trades without its next dividend: buy before it to receive the payment; buy on or after it and the seller gets it.: 31 Aug 2026
Last payment date: 30 Sept 2026

Dividends per share

Year	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Dividends per share	5.44	5.28	5.20	5.08	4.29	3.88	3.70	3.06	2.48	2.26

Union Pacific ownership

InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.: 89.91%
Institutional holders: 2,976 (+114)
Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.: 99.83%

Who owns the shares

Institutions 89.9% Others 10.1%

As of 30 Jun 2026

Shares free to trade

Free float 593.05M shares ·99.8% Closely held 1.02M shares ·0.2%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Insider trading

Quarter	Sales	Shares acquired	Shares disposed of
Q4 2026	0	2.81K	0.00
Q3 2026	0	2.81K	431.00
Q2 2026	3	30.93K	44.23K
Q1 2026	1	430.31K	56.18K

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	592.50M	593.50M	-2.48%
FY2024	607.60M	608.60M	-0.26%
FY2023	609.20M	610.20M	-2.21%
FY2022	622.70M	624.00M	-4.79%
FY2021	653.80M	655.40M	-3.49%

Common questions about Union Pacific's financials

Source: Financial Modeling Prep

Union Pacific
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Union Pacific financials

Union Pacific earnings

Revenue

EPS

Union Pacific growth and profitability

Revenue / Net income

How Union Pacific makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Union Pacific revenue breakdown

By product

By region

Operating and free cash flow

Union Pacific financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Union Pacific valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Union Pacific against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Union Pacific dividends

Dividends per share

Union Pacific ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Union Pacific's financials

Is Union Pacific profitable?

Is Union Pacific financially healthy?

Is Union Pacific growing?

Where can I find Union Pacific's annual report (10-K)?

Need help?

Union Pacific DQuotes are delayed by 15 minutes

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Union Pacific financials

Union Pacific earnings

Revenue

EPS

Union Pacific growth and profitability

Revenue / Net income

How Union Pacific makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Union Pacific revenue breakdown

By product

By region

Operating and free cash flow

Union Pacific financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Union Pacific valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Union Pacific against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Union Pacific dividends

Dividends per share

Union Pacific ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Union Pacific's financials

Is Union Pacific profitable?

Is Union Pacific financially healthy?

Is Union Pacific growing?

Where can I find Union Pacific's annual report (10-K)?

Need help?

Union Pacific
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Quotes are delayed by 15 minutes