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Not Investment Advice

UNP

NYSE · USD
Union Pacific Corporation
Industrials · Railroads
CEO Vincenzo James Vena Employees 29,287 R&D / revenue 0.0%
Last price
$289.04+0.11%last session
Market cap
$171.7B
P/E (TTM)
23.4x
From 52w high
−8.5%
From 52w low
+34.1%
1-year return
+29.7%
RSI 14 · vs SMA200
62.9 · +8.4%
IS score
67.4/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

UNP   SPY   XLI (sector ETF) · weekly closes
100110120130140Jan 26Apr 26Jul 26Oct 26UNP 130SPY 116XLI 111

Score DNA

Each bar is a 0-100 score within the scored universe
84
Profitability
50
Growth
46
Value
76
Momentum
100
Risk (safety)
82
Quality
50
Balance sheet
83
Earnings quality

Flags

Strengths
✓ Piotroski 8+✓ Congress buying
Warnings
None of the computed warning flags fires for UNP (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Wide, Efficient ScalePiotroski 8 / 9Altman Z 4.2Beta 0.973 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
3 open-market sales, $4.6M
Form 144 notices (12m): 4, $9.3M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-05-01
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+120
242 new holders, 95 closed
2,904 filers hold 89.9% · 1,215 added, 996 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+299
1,358 funds adding shares
1,059 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
61.2%
20-day avg 53.9%, 50-day avg 53.6%
Latest 7.3 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$24.5B
Revenue growth YoY+1.1%
Gross margin59.4%
Operating income$9.8B
Operating margin40.1%
Net income$7.1B
Net margin29.1%
EPS (diluted)$11.97
Cash flow
Operating cash flow$9.3B
Capital expenditure$3.8B
Free cash flow$5.5B
FCF conversion (FCF / OCF)59.2%
Stock-based compensation$0
FCF less SBC$5.5B
Buybacks$2.7B
Dividends$3.2B
Balance sheet & returns
Cash & short-term investments$1.5B
Total debt$31.8B
Net debt$30.3B
Shareholders' equity$18.5B
Goodwill & intangibles$745.0M
Debt / equity1.51
ROE (TTM)38.6%
ROIC (TTM)11.7%
Operating margin by fiscal year
42.8%FY202139.9%FY202237.7%FY202340.0%FY202440.1%FY2025
Revenue $21.8B (FY2021) to $24.5B (FY2025), a 3.0% CAGR.

Valuation

P/E (TTM)23.4x
EV / EBITDA15.1x
Price / sales6.76x
Price / FCF26.4x
FCF yield3.79%
Buyback yield1.56%
SBC / revenue0.0%
Price / book8.30x
Forward P/E FY202622.1x
Forward P/E FY202720.3x
Forward P/E FY202818.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $333.00 across 10 analysts last quarter is theirs, not ours.

UNP vs industry median

42 companies in Railroads
Gross margin 45.5% 32.1% Operating margin 39.9% 13.7% Net margin 28.8% 9.1% ROIC 11.7% 6.3%
UNP (TTM)Industry median Asset turnover 0.36 vs industry 0.46 · financial leverage 3.44

Earnings delivery

Next report 2026-10-22 · consensus EPS $3.47
75%
beat rate, 9 of 12 quarters
+2.9%
median EPS surprise
4
longest beat streak
+3+5+7+1-1+5-1+4+3+0+2+5
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-19 to 2026-07-23. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
UNP Union Pacific Corporation $171.7B23.4x38.6%28.8%+1.1% +29.7%
CSX CSX Corporation $90.2B28.1x24.4%25.5%+2.5% +35.8%
NSC Norfolk Southern Corporation $73.4B27.9x17.0%21.2%+3.0% +13.8%
WAB Westinghouse Air Brake Techn $48.4B38.5x11.5%12.4%+13.4% +48.2%
DE Deere & Company $173.1B35.6x18.3%10.9%+9.9% +42.0%
ETN Eaton Corporation plc $152.0B39.7x19.7%9.6%+15.5% —
BA The Boeing Company $150.3B71.2x173.6%-1.8%+24.8% —
LMT Lockheed Martin Corporation $127.4B20.3x89.2%9.2%+7.2% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-10-16Officer/Director Change; Regulation FD; Exhibits
2026-07-23Earnings Release; Exhibits
2026-05-18Shareholder Vote
2026-04-23Earnings Release; Exhibits
2026-01-27Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-12-19Regulation FD Disclosure; Financial Statements and Exhibits

Context

Shares outstanding594,075,498
Free float99.8%
Institutional ownership89.9%
Beta0.97
Dividend yield1.92%
Last dividend$1.42 on 2026-08-31
50 / 200-day average$287.88 / $266.82
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Wide).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where UNP sits among 7 scored companies in Railroads (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureUNPIndustry medianIndustry percentileSector median
P/E (TTM) 23.4x 27.9x
33rd		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) 6.22 1.50
75th		 1.42
Price / sales 6.8x 4.0x
100th		 2.0x
Price / book 8.3x 4.3x
100th		 2.9x
Price / tangible book 7.8x 4.0x
100th		 5.6x
Price / free cash flow 26.4x 19.1x
100th		 20.8x
Price / operating cash flow 16.7x 16.7x
50th		 14.5x
Enterprise value $200.8B $54.7B
100th		 $4.8B
EV / sales 7.9x 4.6x
100th		 2.4x
EV / EBITDA 15.1x 15.1x
50th		 13.6x
EV / EBIT 18.6x 18.6x
50th		 19.9x
EV / free cash flow 30.9x 23.2x
100th		 24.3x
Earnings yield 4.3% 3.6%
67th		 3.3%
FCF yield 3.8% 3.8%
33rd		 3.8%
Operating cash flow yield 6.0% 6.0%
50th		 6.2%
Graham number (per share) $98.30 $59.82
67th		 $38.21

Profitability (TTM)

MeasureUNPIndustry medianIndustry percentileSector median
Gross margin 45.5% 34.3%
83rd		 30.5%
EBITDA margin 52.4% 43.3%
100th		 14.3%
Operating margin 39.9% 16.6%
100th		 9.8%
EBIT margin 42.5% 32.0%
100th		 9.9%
Net margin 28.8% 16.8%
100th		 6.0%
NOPAT margin 30.8% 12.5%
100th		 7.8%
FCF margin 25.6% 15.5%
67th		 7.0%
Operating cash flow margin 40.4% 19.0%
100th		 11.2%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 4.2% 9.3%
17th		 14.1%
Stock comp / revenue 0.0% 0.3%
0th		 0.6%
Effective tax rate 22.9% 24.8%
17th		 21.0%

Returns on capital

MeasureUNPIndustry medianIndustry percentileSector median
ROE (on average equity) 39.7% 17.0%
100th		 11.9%
ROA 10.5% 5.8%
100th		 4.8%
ROIC 15.7% 8.5%
100th		 8.7%
ROCE 16.5% 9.8%
100th		 9.4%
Return on tangible assets 15.4% 8.9%
100th		 7.9%
Cash ROIC (OCF / invested capital) 20.6% 11.7%
83rd		 12.8%
Gross profitability (GP / assets) 16.2% 14.9%
67th		 19.2%
ROIC, 3-yr average 12.7% 6.6%
100th		 7.8%
ROIC, 5-yr average 15.5% 6.7%
100th		 8.6%
ROE, 5-yr average 44.5% 15.9%
100th		 12.5%
Incremental ROIC 152.0% 24.0%
100th		 20.5%

Growth

MeasureUNPIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 4.2% 3.0%
67th		 8.6%
Revenue growth (QoQ) 10.4% 10.4%
50th		 9.9%
Revenue CAGR, 3 yr 0.9% -0.4%
67th		 5.0%
Revenue CAGR, 5 yr 4.3% 5.2%
33rd		 8.3%
Gross profit CAGR, 3 yr 2.1% 4.1%
33rd		 6.5%
Operating income CAGR, 3 yr 2.1% 0.2%
60th		 6.4%
Net income growth (TTM YoY) 5.7% 3.9%
67th		 11.3%
Net income CAGR, 3 yr 2.9% 11.8%
40th		 6.6%
EPS growth (TTM YoY) 5.8% 4.5%
67th		 13.3%
EPS CAGR, 3 yr 3.8% 13.4%
40th		 5.6%
EPS CAGR, 5 yr 6.7% 4.9%
60th		 8.3%
FCF growth (TTM YoY) 3.9% 80.8%
0th		 14.7%
FCF CAGR, 3 yr 5.9% — 12.2%
Operating cash flow CAGR, 3 yr 4.3% 1.4%
60th		 8.8%
Book value CAGR, 3 yr 17.1% 8.7%
100th		 7.3%
Dividend CAGR, 3 yr 1.4% 2.9%
20th		 2.7%
Sustainable growth rate 21.9% 9.8%
83rd		 11.0%

Margin history & stability

MeasureUNPIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 45.3% 33.1%
100th		 30.6%
Operating margin, 3-yr average 39.6% 16.3%
100th		 10.0%
Net margin, 3-yr average 28.1% 10.5%
100th		 6.2%
FCF margin, 3-yr average 23.8% 13.1%
100th		 7.1%
Revenue stability (0-1) 0.74 0.50
83rd		 0.81
Earnings stability (0-1) 0.63 0.55
83rd		 0.47
Margin stability (0-1) 0.96 0.91
100th		 0.90

Liquidity (latest quarter)

MeasureUNPIndustry medianIndustry percentileSector median
Cash & short-term investments $2.1B $670.0M
100th		 $249.6M
Net cash (− = net debt) −$29.1B −$6.3B
0th		 −$666.5M
Working capital −$79.0M $82.1M
33rd		 $376.4M
Current ratio 0.99 1.12
33rd		 1.79
Quick ratio 0.82 0.82
50th		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.38 0.32
83rd		 0.32
Defensive interval (days) 1,089 days 942 days
67th		 614 days

Leverage & solvency (latest quarter)

MeasureUNPIndustry medianIndustry percentileSector median
Total debt $31.2B $6.9B
100th		 $919.8M
Debt / equity 1.51 1.15
83rd		 0.65
Net debt / equity 1.41 0.97
83rd		 0.46
Debt / assets 43.8% 41.5%
83rd		 29.3%
Debt / capital 60.1% 53.4%
83rd		 39.5%
Debt / EBITDA 2.34 2.89
17th		 2.44
Net debt / EBITDA 2.18 2.68
17th		 1.86
Interest coverage (EBIT / interest) 8.4x 6.0x
100th		 5.0x
Cash interest coverage 8.0x 6.3x
83rd		 6.1x
Debt payback (years of OCF) 3.0 yrs 3.6 yrs
17th		 3.2 yrs
Liabilities / assets 71.0% 64.0%
83rd		 56.7%
IS credit model rating A — —
Implied credit spread (bps) 150 225
17th		 200

Efficiency

MeasureUNPIndustry medianIndustry percentileSector median
Asset turnover 0.36 0.36
50th		 0.75
Fixed asset turnover 0.42 0.42
50th		 5.14
Inventory turnover 16.4 6.1
67th		 5.0
Receivables turnover 12.6 7.6
83rd		 6.7
Days sales outstanding 29 days 48 days
17th		 54 days
Days inventory outstanding 22 days 60 days
33rd		 72 days
Days payables outstanding 23 days 60 days
0th		 41 days
Cash conversion cycle (days) 28 days 71 days
33rd		 63 days
Capex / revenue 14.8% 5.7%
80th		 3.0%
Capex / depreciation 1.49 1.49
60th		 0.76
Operating expense ratio 5.3% 10.5%
17th		 17.7%

Cash flow & earnings quality

MeasureUNPIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.40 1.42
33rd		 1.50
FCF / net income 0.89 1.45
33rd		 1.15
FCF / operating cash flow 63.4% 67.1%
40th		 74.0%
Capex / operating cash flow 36.6% 32.9%
60th		 26.1%
Accruals ratio -4.2% -3.4%
33rd		 -4.0%
Sloan accruals ratio -0.5% -3.9%
83rd		 -2.4%
Earnings quality score (0-1) 1.00 1.00
33rd		 1.00

Dividends & buybacks

MeasureUNPIndustry medianIndustry percentileSector median
Dividend yield 1.9% 1.7%
67th		 0.6%
Dividend per share (TTM) $5.56 $1.24
100th		 $0.44
Payout ratio (dividends / net income) 44.7% 31.2%
83rd		 22.5%
Dividends / FCF 50.4% 20.0%
100th		 19.6%
Dividend growth (YoY) 1.8% 5.8%
20th		 5.6%
Buyback yield -0.5% 0.8%
0th		 0.5%
Shareholder yield (dividends + buybacks) 1.4% 1.9%
17th		 2.0%
Share count change (YoY) -0.1% -0.6%
83rd		 0.0%
Buybacks, last 5 years $7.8B $1.7B
83rd		 $76.0M

Scores & forensic checks

MeasureUNPIndustry medianIndustry percentileSector median
IS score 67 59
100th		 53
IS profitability 84 55
100th		 37
IS growth 50 44
83rd		 54
IS value 46 46
50th		 47
IS momentum 76 70
83rd		 76
IS risk (safety) 100 65
83rd		 80
IS quality 82 75
83rd		 67
IS balance sheet 50 49
67th		 56
IS earnings quality 83 79
83rd		 70
IS cash flow 67 68
33rd		 54
Piotroski F-score (0-9) 8 7
83rd		 6
Altman Z-score 4.2 2.8
83rd		 3.3
Beneish M-score −2.60 −2.60
50th		 −2.52
Ohlson O-score −7.76 −7.55
17th		 −7.49
IS credit score 74 61
83rd		 65

Per share

MeasureUNPIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $12.34 $4.21
100th		 $2.21
Book value per share $34.80 $34.80
50th		 $18.38
Tangible book per share $34.84 $13.14
67th		 $4.39
Revenue per share $42.78 $52.64
33rd		 $36.64
FCF per share $10.95 $3.92
83rd		 $2.70
Operating cash flow per share $17.28 $5.54
100th		 $4.28
Cash per share $3.56 $3.56
50th		 $3.02

Size (TTM)

MeasureUNPIndustry medianIndustry percentileSector median
Market cap $171.7B $48.4B
100th		 $3.9B
Revenue $25.4B $12.0B
100th		 $2.7B
EBITDA $13.3B $2.5B
100th		 $394.8M
Net income $7.3B $1.3B
100th		 $136.3M
Free cash flow $6.5B $1.9B
100th		 $162.9M
Total assets $71.2B $23.1B
100th		 $3.5B
Shareholders' equity $20.7B $11.2B
100th		 $1.4B
Employees 28,716 19,300
83rd		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Williams Christopher J
Director
 Award / grant 194——6,576
2026-10-01Will W Anthony
Director
 Award / grant 162——500
2026-10-01Wiehoff John
Director
 Award / grant 172——2,388
2026-10-01Tien John K Jr
Director
 Award / grant 171——2,107
2026-10-01Simons Doyle
Director
 Award / grant 312——3,978
2026-10-01Mccarthy Michael R
Director
 Award / grant 839——73,661
2026-10-01Lute Jane H
Director
 Award / grant 372——12,833
2026-10-01Hopkins Deborah C
Director
 Award / grant 229——13,231
2026-10-01Finley Teresa
Director
 Award / grant 179——3,679
2026-10-01Edison Sheri H.
Director
 Award / grant 179——3,796
2026-09-10Powers Carrie J
VP & CONTROLLER
 Award / grant 6$285.78$1,5808,147
2026-09-10Conlin Christina B
EVP CHIEF LEGAL OFFICER & CORP
 Award / grant 2$285.78$63516,014

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired505,737$55,457
GiftDisposed1431—
Open-market saleDisposed316,847$4.6M
Option exerciseAcquired227,387$4.8M
Option exerciseDisposed227,387$4.8M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 4 notices · 34,377 shares · $9.3M
FiledFilerShares proposedEst. proceeds
2026-06-03Eric Gehringer2,991$789,504
2026-04-30Hamann Jennifer L2,000$549,000
2026-04-24Kenyatta G Rocker27,387$7.4M
2026-03-20Eric Gehringer1,999$469,625
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 9 trades (2 purchases) · Senate 5 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-05-01Ro KhannaHousePurchase$1,001 - $15,0002026-06-11
2026-04-13Ro KhannaHousePurchase$1,001 - $15,0002026-05-13
2026-03-27Alan ArmstrongSenatePurchase$15,001 - $50,0002026-07-21
2026-02-19John BoozmanSenateSale$1,001 - $15,0002026-03-06
2026-02-19John BoozmanSenateSale (Partial)$1,001 - $15,0002026-03-05
2026-01-29Ro KhannaHouseSale$15,001 - $50,0002026-02-10
2026-01-29John BoozmanSenateSale$1,001 - $15,0002026-02-15
2025-12-18Julie JohnsonHouseSale$1,001 - $15,0002026-01-16
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.47,894,147$13.0B8.06%
VANGUARD CAPITAL MANAGEMENT LLC38,772,919$10.5B6.53%
STATE STREET CORP27,890,598$7.6B4.69%
Capital World Investors27,141,622$7.4B4.57%
Capital Research Global Investors17,112,417$4.7B2.88%
GEODE CAPITAL MANAGEMENT, LLC16,122,702$4.4B2.71%
JPMORGAN CHASE & CO15,255,594$4.2B2.57%
BANK OF AMERICA CORP /DE/14,527,563$4.0B2.45%
VANGUARD PORTFOLIO MANAGEMENT LLC14,282,006$3.9B2.40%
MORGAN STANLEY13,990,342$3.8B2.35%
NORGES BANK7,553,360$2.1B1.27%
Fisher Asset Management, LLC6,578,759$1.8B1.11%
Invesco Ltd.6,384,935$1.7B1.07%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/6,272,629$1.7B1.06%
UBS Group AG6,247,516$1.7B1.05%

Institutional ownership by quarter

2023-092026-0689.9%
% of shares held by 13F filers
2023-092026-062,904
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,90489.9%2421,21599695
2026-03-312,78487.4%2121,1151,013135
2025-12-312,75186.9%2961,0031,057131
2025-09-302,65783.5%1859731,054156
2025-06-302,67581.0%1709281,180160
2025-03-312,70582.1%1861,0201,075142
2024-12-312,70682.3%303998994172
2024-09-302,62181.7%1791,02298597
2024-06-302,57582.0%1431,025992153
2024-03-312,62481.7%1959491,040119
2023-12-312,58582.8%340938937117
2023-09-302,40782.0%144886978127

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%44,823,799
2026-01-07SCHEDULE 13G/AThe Vanguard Group10.0%59,326,968
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.22%$5.1B
VSMPX0.22%$5.1B
VTSAX0.22%$5.1B
VTI0.22%$5.1B
VOO0.25%$4.2B
VFINX0.25%$4.2B

Share structure

Shares outstanding594,075,498
Float592,703,184
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$21.8B$24.9B$24.1B$24.2B$24.5B
Cost of revenue$11.3B$13.7B$13.6B$13.2B$10.0B
Gross profit$10.5B$11.2B$10.5B$11.0B$14.6B
R&D$0$0$0$0$0
SG&A$1.2B$1.3B$1.4B$0$3.3B
Operating income$9.3B$9.9B$9.1B$9.7B$9.8B
EBITDA$11.8B$12.6B$11.9B$12.5B$12.9B
Pretax income$8.5B$9.1B$8.2B$8.8B$9.2B
Income tax$2.0B$2.1B$1.9B$2.0B$2.0B
Net income$6.5B$7.0B$6.4B$6.7B$7.1B
EPS, diluted$9.95$11.21$10.45$11.09$11.97
Diluted shares655.4M624.0M610.2M608.6M593.5M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.0B$1.0B$1.1B$1.0B$1.5B
Receivables$1.7B$1.9B$2.1B$1.9B$1.9B
Inventory$621.0M$741.0M$743.0M$769.0M$787.0M
Total current assets$3.6B$4.0B$4.1B$4.0B$4.6B
PP&E, net$56.0B$57.0B$58.2B$58.8B$59.6B
Goodwill & intangibles$686.0M$729.0M$814.0M$791.0M$745.0M
Total assets$63.5B$65.4B$67.1B$67.7B$69.7B
Accounts payable$752.0M$784.0M$856.0M$847.0M$804.0M
Total current liabilities$5.7B$5.5B$5.1B$5.3B$5.0B
Long-term debt$27.6B$31.6B$31.2B$29.8B$30.3B
Total liabilities$49.4B$53.3B$52.3B$50.8B$51.2B
Shareholders' equity$14.2B$12.2B$14.8B$16.9B$18.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$6.5B$7.0B$6.4B$6.7B$7.1B
Depreciation & amortization$2.2B$2.2B$2.3B$2.4B$2.5B
Stock-based compensation$88.0M$99.0M$0$0$0
Change in working capital$203.0M$8.0M−$303.0M$186.0M−$361.0M
Operating cash flow$9.0B$9.4B$8.4B$9.3B$9.3B
Capital expenditure−$2.9B−$3.6B−$3.6B−$3.5B−$3.8B
Free cash flow$6.1B$5.7B$4.8B$5.9B$5.5B
Investing cash flow−$2.7B−$3.5B−$3.7B−$3.3B−$3.8B
Net debt issued / repaid$2.9B$3.8B−$591.0M−$1.4B$567.0M
Buybacks−$7.3B−$6.3B−$705.0M−$1.5B−$2.7B
Dividends paid−$2.8B−$3.2B−$3.2B−$3.2B−$3.2B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin48.2%45.0%43.7%45.5%45.7%
Operating margin42.8%39.9%37.7%40.0%40.1%
Net margin29.9%28.1%26.4%27.8%29.1%
FCF margin28.0%23.1%19.8%24.3%22.4%
ROE41.9%53.2%47.3%42.6%40.4%
ROIC16.1%16.6%14.7%15.4%15.7%
ROA10.4%10.9%9.6%10.0%10.4%
Debt / equity2.222.872.311.921.72
Interest coverage8.1x7.9x7.1x7.9x8.0x
Current ratio0.620.720.810.770.91
Revenue growth+11.6%+14.1%−3.0%+0.5%+1.1%
EPS growth+28.0%+12.2%−8.3%+6.0%+8.5%
P/E at year end22.6x16.9x22.4x20.1x19.2x
EV / EBITDA at year end15.4x12.3x14.8x13.4x12.9x
FCF yield at year end4.14%4.85%3.33%4.35%4.01%
Dividend payout42.9%45.1%49.7%47.6%45.3%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Industrial$7.3B$8.2B$8.2B$8.4B$8.6B
Bulk$6.7B$7.5B$7.4B$7.2B$7.6B
Premium$6.3B$7.4B$7.0B$7.2B$7.0B
Other Subsidiary Revenues$741.0M$884.0M$872.0M$788.0M$718.0M
Accessorial Revenues$752.0M$779.0M$584.0M$554.0M$475.0M
Other Miscellaneous Product and Service Revenues$67.0M$53.0M$92.0M$97.0M$97.0M

Street estimates by fiscal year

Next report 2026-10-22 · consensus EPS $3.47 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$27.1B$26.5B – $27.7B$13.10$12.78 – $13.251522.1x
2027$28.4B$27.8B – $29.2B$14.25$13.84 – $14.471520.3x
2028$31.8B$30.6B – $33.8B$15.65$14.95 – $16.16618.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-23$3.26$3.41+4.6%$6.7B$6.9B+2.2%
2026-04-23$2.86$2.93+2.4%$6.2B$6.2B−0.2%
2026-01-27$2.86$2.860.0%$6.1B$6.1B−0.4%
2025-10-23$2.99$3.08+3.0%$6.3B$6.2B−0.1%
2025-07-24$2.91$3.03+4.1%$6.2B$6.2B−0.2%
2025-04-24$2.74$2.70−1.5%$6.1B$6.0B−0.6%
2025-01-23$2.76$2.91+5.4%$6.1B$6.1B−0.4%
2024-10-24$2.78$2.75−1.1%$6.1B$6.1B−0.8%
2024-07-25$2.71$2.74+1.1%$6.1B$6.0B−0.8%
2024-04-25$2.51$2.69+7.2%$6.0B$6.0B+1.0%
2024-01-25$2.57$2.71+5.4%$6.0B$6.2B+1.8%
2023-10-19$2.44$2.51+2.9%$6.0B$5.9B−0.8%
2023-07-26$2.75$2.57−6.5%$6.1B$6.0B−2.6%
2023-04-20$2.58$2.67+3.5%$6.1B$6.1B−0.4%
2023-01-24$2.78$2.67−4.0%$6.3B$6.2B−1.5%
2022-10-20$3.06$3.19+4.2%$6.4B$6.6B+2.2%
2022-07-21$2.86$2.93+2.4%$6.1B$6.3B+2.5%
2022-04-21$2.56$2.57+0.4%$5.7B$5.9B+2.3%
2022-01-20$2.61$2.66+1.9%$5.6B$5.7B+2.9%
2021-10-21$2.49$2.57+3.2%$5.5B$5.6B+0.3%
2021-07-22$2.52$2.72+7.9%$5.5B$5.5B−0.8%
2021-04-22$2.06$2.00−2.9%$5.1B$5.0B−2.4%
2021-01-21$2.30$2.36+2.6%$5.0B$5.1B+2.7%
2020-10-22$2.06$2.01−2.4%$5.0B$4.9B−2.4%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.806-151.006-220.806-290.807-061.207-132.007-201.607-270.908-030.808-101.208-171.008-240.908-31
Week ofNotionalSharesTrades
2026-08-31$867.5M2,961,38579,110
2026-08-24$953.7M3,081,31975,321
2026-08-17$1.2B3,858,41893,884
2026-08-10$814.6M2,760,94679,499
2026-08-03$917.8M3,122,67583,552
2026-07-27$1.6B5,569,745103,185

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1561.2%
DateShort shareShort volumeTotal volume
2026-10-1561.2%779,7901,273,889
2026-10-1441.5%377,071907,641
2026-10-1360.7%307,855507,011
2026-10-1242.8%272,085635,047
2026-10-0958.8%283,852482,745
2026-10-0862.3%388,294622,950
2026-10-0766.1%517,106782,706
2026-10-0657.1%397,443696,489
2026-10-0562.8%407,361648,542
2026-10-0265.8%661,0781,005,262
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.7Jan+1.1Feb+0.9Mar+3.6Apr+1.2May-0.2Jun+2.9Jul-0.3Aug-0.4Sep+1.8Oct+4.0Nov+1.0Dec
MonthAvg returnUp yearsYears
Jan+0.7%55%20
Feb+1.1%70%20
Mar+0.9%52%21
Apr+3.6%70%20
May+1.2%50%20
Jun−0.2%40%20
Jul+2.9%70%20
Aug−0.3%50%20
Sep−0.4%60%20
Oct+1.8%50%20
Nov+4.0%80%20
Dec+1.0%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1462.9
MFI66.5
ADX24.7
Stochastic %K / %D92.7 / 93.0
Williams %R-12.7
CCI200
TSI / signal1.1 / -15.2
Chaikin money flow0.12
ATR$4.65
Bollinger width7.7%
Volume vs 20-day avg0.77x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$277.57 (+4.1%)
SMA 50$287.50 (+0.5%)
SMA 200$266.74 (+8.4%)
EMA 21$281.54 (+2.7%)
EMA 50$283.39 (+2.0%)
EMA 200$269.19 (+7.4%)
Bollinger upper$288.21 (+0.3%)
Bollinger lower$266.93 (+8.3%)
Parabolic SAR$276.59 (+4.5%)
Open the live chart, 110+ indicators

About Union Pacific Corporation

Union Pacific Corporation, a prominent American railway enterprise, conducts its primary operations through its subsidiary, Union Pacific Railroad Company. The company provides extensive freight transportation services for a wide array of commodities. Its diverse cargo includes agricultural products like grain, fertilizers, and refrigerated foods; energy resources such as coal, renewables, petroleum, and liquid petroleum gases; and industrial materials encompassing construction products, chemicals, plastics, forest products, metals, ores, soda ash, and sand. Union Pacific also facilitates the movement of finished automobiles, automotive parts, and general merchandise in intermodal containers, serving a varied clientele that spans agricultural processors, energy producers, and industrial manufacturers. As of December 31, 2021, the company's vast rail network stretched 32,452 route miles, strategically connecting major ports along the Pacific and Gulf Coasts with crucial gateways throughout the Midwestern and Eastern United States. Established in 1862, Union Pacific Corporation is headquartered in Omaha, Nebraska.

https://www.up.com

Key executives

NameTitlePayBorn
Vincenzo James VenaChief Executive Officer & Director$5.3M1959
Jennifer L. HamannExecutive Vice President & Chief Financial Officer$1.8M1968
Eric J. GehringerExecutive Vice President of Operations$1.8M1979
Kenny G. RockerExecutive Vice President of Marketing & Sales$1.7M1972
Rahul JalaliExecutive Vice President & Chief Information Officer$1.4M1974
Elizabeth F. WhitedAdvisor$1.3M1966
Christina ConlinExecutive Vice President, Chief Legal Officer & Corporate Secretary—1973
Kate OttosonDirector of Investor Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
V. James Vena Chief Executive Officer2025$1.5M$9.0M$3.4M$20.3M
Elizabeth F. Whited Former President2025$575,000$2.4M$687,450$7.6M
Jennifer L. Hamann EVP & Chief Financial Officer2025$707,500$1.8M$1.1M$6.1M
Eric J. Gehringer EVP Operations2025$693,333$1.7M$1.0M$5.0M
Kenny G. Rocker EVP Marketing & Sales2025$600,833$1.4M$1.0M$4.7M
Rahul Jalali EVP & Chief Information Officer2025$563,333$1.1M$824,940$3.2M

Employees

42k201837k201931k202032k202133k202233k202332k202429k2025

Dividends

Ex-dateAmountPaid
2026-08-31$1.422026-09-30
2026-05-29$1.382026-06-30
2026-02-27$1.382026-03-31
2025-12-05$1.382025-12-30
2025-08-29$1.382025-09-30
2025-05-30$1.342025-06-30
2025-02-28$1.342025-03-31
2024-12-09$1.342024-12-30

Moat model

Wide · Efficient Scale · 2026-06-30
Cost advantage86
Intangibles67
Switching costs59
Network effect50
Efficient scale95
Our component scores (0-100) and overall 70.5; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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