A Business at a Glance
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UNION PACIFIC CORP
UNP
$183.1B
Mkt Cap
$307.32
+0.98%
UNION PACIFIC CORP (UNP) has a current P/E ratio of 25.7, compared to its historical median P/E of 19.1. The stock is currently considered Expensive based on its historical valuation range.
UNION PACIFIC CORP (UNP) has a 5-year average return on invested capital (ROIC) of 16.1%. This indicates strong capital allocation and a potential competitive advantage.
UNION PACIFIC CORP (UNP) has a market capitalization of $182.4B. It is classified as a large-cap stock.
Yes, UNION PACIFIC CORP (UNP) pays a dividend with a trailing twelve-month yield of 1.78%. The company also returns capital through share buybacks, with a buyback yield of 0.69%.
Based on historical P/E analysis, UNION PACIFIC CORP (UNP) appears expensive. The current P/E of 25.7 is 34% above its historical median of 19.1. The estimated fair value CAGR (P/E method) is 6.1%.
UNION PACIFIC CORP (UNP) operates in the Railroads, Line-Haul Operating industry, within the Industrials sector.
UNION PACIFIC CORP (UNP) reported annual revenue of $24.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Union Pacific Railroad is a Class I railroad operating 32,889 route miles across the western two-thirds of the United States, connecting Pacific Coast and Gulf Coast ports with Midwest and Eastern gateways while serving all six major Mexico gateways and coordinating with Canadian rail systems. The company operates a diversified freight business organized into three commodity groups: Bulk (33% of 2025 freight revenues), which includes grain, fertilizer, food and refrigerated products, and coal; Industrial (37% of revenues), encompassing construction materials, chemicals, plastics, forest products, metals, petroleum, and soda ash; and Premium (30% of revenues), comprising finished automobiles, automotive parts, and intermodal containers for domestic and international commerce. Union Pacific generates revenue through transactional freight transportation services, leveraging its extensive network to connect thousands of origin and destination points across North America, with particular strength as the largest automotive carrier west of the Mississippi River and operator of over 40 vehicle distribution centers. The company's competitive advantages include its integrated rail network spanning multiple major ports and gateways, access to diverse commodity flows with seasonal variations, and demonstrated operational excellence in safety, service reliability, and productivity, supported by a workforce of approximately 29,287 employees with an 89% retention rate. The business model emphasizes disciplined pricing aligned with service value, operational efficiency through technology and process improvements, and strategic capital deployment to strengthen infrastructure and capture volume opportunities.
【Operating ratio improvement ahead】 Management expects to improve operating ratio in 2026 despite a softer macroeconomic environment and without material pricing support, driven by operational excellence, cost management, and productivity gains. The company remains committed to its three-year earnings per share CAGR target of high single-digit to low double-digit growth through 2027, with confidence in its ability to adapt to market conditions and maintain industry-leading safety and service performance. Capital spending is targeted at approximately $3.3 billion in 2026, prioritizing safe and reliable operations while investing in targeted capacity projects aligned with growth initiatives. Management anticipates a challenging near-term backdrop with industrial production forecasted to be flat and housing starts expected to decline, but expects continued strength in coal driven by favorable natural gas pricing, grain exports to Mexico and China, renewable fuels markets, and petrochemical volumes supported by Gulf Coast franchise investments.
| Metric | Target | Period |
|---|---|---|
| Earnings per share growth | mid-single-digit range | FY2026 |
| Operating ratio | improvement versus 2025 | FY2026 |
| Capital spending | roughly $3.3 billion | FY2026 |
| Compensation per employee increase | around 4%-5% | FY2026 |
| Three-year EPS CAGR | high single-digit to low double-digit | Through 2027 |
Earnings per share growth (FY2026): “Specific to 2026, our earnings outlook is in the mid-single-digit range as we continue to face volume and cost headwinds.”
Operating ratio (FY2026): “Importantly, we fully expect to improve our operating ratio versus 2025 and remain the industry leader in operating ratio and return on invested capital.”
Capital spending (FY2026): “In 2026, we are targeting a capital spending of roughly $3.3 billion.”
Compensation per employee increase (FY2026): “For 2026, we expect our all-in compensation per employee to be up around 4%-5% as we continue to identify opportunities to offset increasing wage and benefit inflation with process improvements, technology, and investments.”
Three-year EPS CAGR (Through 2027): “Despite this different backdrop, we remain committed to attaining our three-year CAGR of high single- to low double-digit EPS growth through 2027.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 24.7B | 24.5B | 24.3B | 24.1B | 24.9B | 21.8B |
| Net Income | 7.2B | 7.1B | 6.7B | 6.4B | 7.0B | 6.5B |
| EPS | $12.16 | $11.98 | $11.09 | $10.45 | $11.21 | $9.95 |
| Free Cash Flow | 5.7B | 5.5B | 5.9B | 4.8B | 5.7B | 6.1B |
| ROIC | 15.8% | 15.8% | 15.8% | 15.2% | 17.1% | 16.6% |
| Gross Margin | - | 75.5% | 75.4% | 72.8% | 72.7% | 77.3% |
| Debt/Equity | 1.58 | 1.78 | 1.92 | 2.31 | 2.86 | 2.23 |
| Dividends/Share | $5.48 | $5.44 | $5.28 | $5.20 | $5.08 | $4.29 |
| Operating Income | 9.9B | 9.8B | 9.7B | 9.1B | 9.9B | 9.3B |
| Operating Margin | 40.2% | 40.2% | 40.1% | 37.7% | 39.9% | 42.8% |
| ROE | 37.1% | 40.4% | 42.6% | 47.3% | 53.2% | 41.9% |
| Shares Outstanding | 594M | 596M | 608M | 610M | 624M | 656M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 24.0B | 21.8B | 19.9B | 21.2B | 22.8B | 21.7B | 19.5B | 21.8B | 24.9B | 24.1B | 24.3B | 24.5B | 24.7B |
| Gross Margin | 66.2% | 70.8% | 71.6% | 72.5% | 69.5% | 75.3% | 77.7% | 77.3% | 72.7% | 72.8% | 75.4% | 75.5% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 5.1B | 5.2B | 4.8B | 4.9B | 5.1B | 4.5B | 4.0B | 4.2B | 4.6B | 4.8B | 4.9B | 4.9B | 4.9B |
| EBIT | 8.8B | 8.1B | 7.2B | 8.1B | 8.5B | 8.6B | 7.8B | 9.3B | 9.9B | 9.1B | 9.7B | 9.8B | 9.9B |
| Op. Margin | 36.5% | 36.9% | 36.3% | 38.2% | 37.3% | 39.4% | 40.1% | 42.8% | 39.9% | 37.7% | 40.1% | 40.2% | 40.2% |
| Net Income | 5.2B | 4.8B | 4.2B | 10.7B | 6.0B | 5.9B | 5.3B | 6.5B | 7.0B | 6.4B | 6.7B | 7.1B | 7.2B |
| Net Margin | 21.6% | 21.9% | 21.2% | 50.4% | 26.1% | 27.3% | 27.4% | 29.9% | 28.1% | 26.4% | 27.8% | 29.1% | 29.2% |
| Non-Recurring | 69M | 113M | 285M | 197M | 55M | 44M | 675M | 368M | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 18.0% | 15.6% | 13.6% | 22.1% | 16.0% | 15.2% | 14.0% | 16.6% | 17.1% | 15.2% | 15.8% | 15.8% | 15.8% |
| ROE | 24.4% | 22.8% | 20.8% | 47.8% | 26.4% | 30.7% | 30.5% | 41.9% | 53.2% | 47.3% | 42.6% | 40.4% | 37.1% |
| ROA | 10.1% | 8.9% | 7.7% | 18.9% | 10.2% | 9.8% | 8.6% | 10.4% | 10.9% | 9.6% | 10.0% | 10.4% | 10.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 7.4B | 7.3B | 7.5B | 7.2B | 8.7B | 8.6B | 8.5B | 9.0B | 9.4B | 8.4B | 9.3B | 9.3B | 9.5B |
| Free Cash Flow | 3.0B | 2.7B | 4.0B | 4.0B | 5.2B | 5.2B | 5.6B | 6.1B | 5.7B | 4.8B | 5.9B | 5.5B | 5.7B |
| Owner Earnings | 5.4B | 5.2B | 5.4B | 5.0B | 6.4B | 6.3B | 6.3B | 6.7B | 7.0B | 6.0B | 6.8B | 6.6B | -18.7B |
| CapEx | 4.3B | 4.7B | 3.5B | 3.2B | 3.4B | 3.5B | 2.9B | 2.9B | 3.6B | 3.6B | 3.5B | 3.8B | 3.8B |
| Maint. CapEx | 1.9B | 2.0B | 2.0B | 2.1B | 2.2B | 2.2B | 2.2B | 2.2B | 2.2B | 2.3B | 2.4B | 2.5B | 28.0B |
| Growth CapEx | 2.4B | 2.6B | 1.5B | 1.1B | 1.2B | 1.2B | 717M | 728M | 1.4B | 1.3B | 1.1B | 1.3B | 0 |
| D&A | 1.9B | 2.0B | 2.0B | 2.1B | 2.2B | 2.2B | 2.2B | 2.2B | 2.2B | 2.3B | 2.4B | 2.5B | 28.0B |
| CapEx/OCF | 58.8% | 63.3% | 46.6% | 44.8% | 39.6% | 40.1% | 34.3% | 32.5% | 38.7% | 43.0% | 36.9% | 40.8% | 40.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.6B | 2.3B | 1.9B | 2.0B | 2.3B | 2.6B | 2.6B | 2.8B | 3.2B | 3.2B | 3.2B | 3.2B | 3.3B |
| Dividend Yield | 2.3% | 3.4% | 3.2% | 2.7% | 2.5% | 2.5% | 2.5% | 2.2% | 2.4% | 2.6% | 2.3% | 2.4% | 1.8% |
| Share Buybacks | 3.2B | 3.5B | 3.1B | 4.0B | 8.2B | 5.8B | 3.7B | 7.3B | 6.3B | 705M | 1.5B | 2.7B | 1.3B |
| Buyback Yield | 3.8% | 6.4% | 4.4% | 4.4% | 9.4% | 5.2% | 3.0% | 4.9% | 5.2% | 0.5% | 1.1% | 1.9% | 0.7% |
| Stock-Based Comp | 112M | 98M | 82M | 103M | 96M | 93M | 73M | 88M | 99M | 107M | 191M | 238M | 204M |
| Debt Repayment | 710M | 556M | 1.0B | 840M | 1.7B | 817M | 2.1B | 1.3B | 2.3B | 2.2B | 2.2B | 1.4B | 1.4B |
| Balance Sheet | |||||||||||||
| Net Debt | 9.8B | 12.8B | 13.2B | 15.5B | 21.2B | 26.3B | 26.5B | 30.5B | 33.8B | 33.1B | 31.4B | 31.3B | 29.6B |
| Cash & Equiv. | 1.6B | 1.4B | 1.3B | 1.3B | 1.3B | 831M | 1.8B | 960M | 973M | 1.1B | 1.0B | 1.3B | 1.0B |
| Long-Term Debt | 11.0B | 13.6B | 14.2B | 16.1B | 20.9B | 23.9B | 25.7B | 27.6B | 31.6B | 31.2B | 29.8B | 30.3B | 29.8B |
| Debt/Equity | 0.54 | 0.69 | 0.75 | 0.68 | 1.11 | 1.50 | 1.68 | 2.23 | 2.86 | 2.31 | 1.92 | 1.78 | 1.58 |
| Interest Coverage | 15.6 | 12.9 | 10.4 | 11.3 | 9.8 | 8.1 | 6.9 | 8.1 | 7.8 | 6.8 | 7.7 | 7.5 | 3311.0 |
| Equity | 21.2B | 20.7B | 19.9B | 24.9B | 20.4B | 18.1B | 17.0B | 14.2B | 12.2B | 14.8B | 16.9B | 18.5B | 19.4B |
| Total Assets | 52.4B | 54.6B | 55.7B | 57.8B | 59.1B | 61.7B | 62.4B | 63.5B | 65.4B | 67.1B | 67.7B | 69.7B | 69.6B |
| Total Liabilities | 31.2B | 33.9B | 35.8B | 33.0B | 38.7B | 43.5B | 45.4B | 49.4B | 53.3B | 52.3B | 50.8B | 51.2B | 50.2B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 27.4B | 30.2B | 32.6B | 41.3B | 45.3B | 48.6B | 51.3B | 55.0B | 58.9B | 62.1B | 65.6B | 69.5B | 70.4B |
| Working Capital | 637M | 924M | -44M | 67M | -463M | -892M | 41M | -2.2B | -1.6B | -958M | -1.2B | -459M | -387M |
| Current Assets | 4.4B | 4.1B | 3.6B | 4.0B | 4.2B | 3.5B | 4.2B | 3.6B | 4.0B | 4.1B | 4.0B | 4.6B | 4.2B |
| Current Liabilities | 3.8B | 3.2B | 3.6B | 3.9B | 4.6B | 4.4B | 4.2B | 5.7B | 5.5B | 5.1B | 5.3B | 5.0B | 4.6B |
| Per Share Data | |||||||||||||
| EPS | 5.75 | 5.49 | 5.07 | 13.36 | 7.91 | 8.38 | 7.88 | 9.95 | 11.21 | 10.45 | 11.09 | 11.98 | 12.16 |
| Owner EPS | 5.96 | 6.02 | 6.47 | 6.26 | 8.48 | 8.92 | 9.22 | 10.27 | 11.24 | 9.75 | 11.11 | 11.06 | -31.46 |
| Book Value | 23.52 | 23.82 | 23.87 | 31.00 | 27.08 | 25.67 | 24.98 | 21.60 | 19.48 | 24.23 | 27.76 | 30.99 | 32.71 |
| Cash Flow/Share | 8.20 | 8.45 | 9.01 | 9.02 | 11.52 | 12.19 | 12.58 | 13.78 | 15.00 | 13.73 | 15.36 | 15.59 | 59.31 |
| Dividends/Share | 1.91 | 2.20 | 2.26 | 2.48 | 3.06 | 3.70 | 3.88 | 4.29 | 5.08 | 5.20 | 5.28 | 5.44 | 5.48 |
| Shares Out. | 900.9M | 869.2M | 834.9M | 801.8M | 754.2M | 706.3M | 678.8M | 655.6M | 624.3M | 610.4M | 608.4M | 595.8M | 593.7M |
| Valuation | |||||||||||||
| P/E Ratio | 16.3 | 11.3 | 16.9 | 8.4 | 14.7 | 18.9 | 23.2 | 22.7 | 17.1 | 22.4 | 20.1 | 19.4 | 25.3 |
| P/FCF | 27.7 | 20.1 | 17.7 | 22.6 | 16.7 | 21.6 | 22.1 | 24.3 | 20.9 | 29.9 | 23.1 | 25.2 | 32.0 |
| EV/EBIT | 10.6 | 8.2 | 11.8 | 13.2 | 13.0 | 16.2 | 19.3 | 19.3 | 15.6 | 19.5 | 17.3 | 17.4 | 21.3 |
| Price/Book | 4.0 | 2.6 | 3.6 | 3.6 | 4.3 | 6.2 | 7.3 | 10.5 | 9.8 | 9.7 | 8.0 | 7.5 | 9.4 |
| Price/Sales | 2.9 | 3.1 | 3.0 | 3.4 | 4.0 | 4.7 | 5.4 | 6.0 | 5.2 | 5.0 | 5.8 | 5.5 | 7.4 |
| FCF Yield | 3.6% | 5.0% | 5.6% | 4.4% | 6.0% | 4.6% | 4.5% | 4.1% | 4.8% | 3.3% | 4.3% | 4.0% | 3.1% |
| Market Cap | 84.3B | 54.1B | 71.3B | 90.4B | 87.9B | 111.6B | 124.2B | 148.1B | 119.7B | 142.8B | 135.9B | 138.4B | 182.4B |
| Avg. Price | 77.63 | 78.36 | 71.12 | 91.29 | 120.62 | 144.26 | 156.37 | 198.19 | 207.68 | 196.80 | 230.34 | 224.75 | 307.32 |
| Year-End Price | 93.56 | 62.30 | 85.44 | 112.72 | 116.52 | 157.98 | 182.92 | 225.94 | 191.81 | 233.86 | 223.40 | 232.23 | 307.32 |
UNION PACIFIC CORP passes 6 of 9 quality checks, suggesting mixed fundamentals.
UNION PACIFIC CORP trades at 25.7x trailing earnings, compared to its 15-year median P/E of 19.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 33.3x vs a median of 22.4x. The company's 5-year average ROIC is 16.1% with a gross margin of 74.7%. Total shareholder yield (dividends + buybacks) is 2.5%. At current prices, the estimated annualized return to fair value is +3.5%.
UNION PACIFIC CORP (UNP) has a net profit margin of 29.1%. This is a strong margin indicating high profitability.
UNION PACIFIC CORP (UNP) generated $5.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
UNION PACIFIC CORP (UNP) has a debt-to-equity ratio of 1.78. This indicates higher leverage, which may increase financial risk.
UNION PACIFIC CORP (UNP) reported earnings per share (EPS) of $11.98 in its most recent fiscal year.
UNION PACIFIC CORP (UNP) has a return on equity (ROE) of 40.4%. This indicates the company generates strong returns for shareholders.
UNION PACIFIC CORP (UNP) has a 5-year average gross margin of 74.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for UNION PACIFIC CORP (UNP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
UNION PACIFIC CORP (UNP) has a book value per share of $30.99, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to improve operating ratio in 2026 despite a softer macroeconomic environment and without material pricing support, driven by operational excellence, cost management, and productivity gains. The company remains committed to its three-year earnings per share CAGR target of high single-digit to low double-digit growth through 2027, with confidence in its ability to adapt to market conditions and maintain industry-leading safety and service performance. Capital spending is targeted at approximately $3.3 billion in 2026, prioritizing safe and reliable operations while investing in targeted capacity projects aligned with growth initiatives. Management anticipates a challenging near-term backdrop with industrial production forecasted to be flat and housing starts expected to decline, but expects continued strength in coal driven by favorable natural gas pricing, grain exports to Mexico and China, renewable fuels markets, and petrochemical volumes supported by Gulf Coast franchise investments.
Based on recent SEC filings and earnings calls, UNION PACIFIC CORP (UNP) has provided the following forward guidance: Earnings per share growth: mid-single-digit range (FY2026); Operating ratio: improvement versus 2025 (FY2026); Capital spending: roughly $3.3 billion (FY2026); Compensation per employee increase: around 4%-5% (FY2026); Three-year EPS CAGR: high single-digit to low double-digit (Through 2027).
No recent press releases.