Union Pacific Corp. (UNP) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 23, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the UNP SEC filings page.
Union Pacific Corp. (UNP) reported $25.4B in revenue over the twelve months to Jun 30, 2026, up 4.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Union Pacific converts high operating margins into cash, but heavy reinvestment and debt keep liquidity structurally tight.
Operating cash flow exceeded net income in FY2025, a cash-conversion signal that reported earnings were supported by cash generation. Yet free cash flow fell to$5.5B while net income rose, because capital spending reached$3.8B and absorbed more of the earnings growth.
Operating margin recovered from
Debt-to-equity declined from 2.1x in FY2023 to 1.6x in FY2025 as equity grew faster than debt. However, the current ratio was 0.9x in FY2025, meaning current assets remained slightly below current liabilities despite the broader balance-sheet improvement.
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Union Pacific Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Union Pacific Corp. has an operating margin of 40.2%, meaning the company retains $40 of operating profit per $100 of revenue. This strong profitability earns a score of 98/100, reflecting efficient cost management and pricing power. This is up from 40.1% the prior year.
Union Pacific Corp.'s revenue grew a modest 1.1% year-over-year to $24.5B. This slow but positive growth earns a score of 33/100.
Union Pacific Corp. has elevated debt relative to equity (D/E of 1.64), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 28/100, reflecting increased financial risk.
Union Pacific Corp.'s current ratio of 0.91 is below the typical benchmark, resulting in a score of 15/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Union Pacific Corp. converts 22.4% of revenue into free cash flow ($5.5B). This strong cash generation earns a score of 89/100.
Union Pacific Corp. earns a strong 38.6% return on equity (ROE), meaning it generates $39 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 86/100. This is down from 40.0% the prior year.
Union Pacific Corp. scores 4.17, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Union Pacific Corp. passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Union Pacific Corp. generates $1.30 in operating cash flow ($9.3B OCF vs $7.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Union Pacific Corp. earns $7.52 in operating income for every $1 of interest expense ($9.8B vs $1.3B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Union Pacific Corp. generated $6.9B in revenue in Q2 2026. This represents an increase of 11.5% from the same quarter a year earlier. Against the prior quarter it is up 10.4%.
Union Pacific Corp.'s EBITDA was $3.4B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.4% from the same quarter a year earlier. Against the prior quarter it is up 10.0%.
Union Pacific Corp. reported $2.0B in net income in Q2 2026. This represents an increase of 6.2% from the same quarter a year earlier. Against the prior quarter it is up 17.2%.
Union Pacific Corp. earned $3.36 per diluted share (EPS) in Q2 2026. This represents an increase of 6.7% from the same quarter a year earlier. Against the prior quarter it is up 17.1%.
Cash & Balance Sheet
Union Pacific Corp. generated $2.2B in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 57.7% from the same quarter a year earlier. Against the prior quarter it is up 46.6%.
Union Pacific Corp. held $1.6B in cash against $29.0B in long-term debt as of Q2 2026.
Union Pacific Corp. paid $1.38 per share in dividends in Q2 2026. This represents an increase of 3.0% from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
Union Pacific Corp.'s operating margin was 40.3% in Q2 2026, reflecting core business profitability. This is down 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.7 percentage points.
Union Pacific Corp.'s net profit margin was 29.0% in Q2 2026, showing the share of revenue converted to profit. This is down 1.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.7 percentage points.
Union Pacific Corp.'s ROE was 9.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 1.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.9 percentage points.
Not reported for Q2 2026.
Capital Allocation
Union Pacific Corp. spent $26.0M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 97.9% from the same quarter a year earlier.
Union Pacific Corp. invested $873.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 6.7% from the same quarter a year earlier. Against the prior quarter it is down 6.8%.
Not reported for Q2 2026.
UNP Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.9B+11.5% | $6.2B+3.2% | $6.1B-0.6% | $6.2B+2.5% | $6.2B+2.4% | $6.0B-0.1% | $6.1B-0.6% | $6.1B+2.5% |
| SG&A Expenses | $1.2B-0.7% | $1.2B+1.2% | $1.2B-3.1% | $1.2B-1.1% | $1.2B+5.2% | $1.2B-0.9% | $1.3B+7.9% | $1.2B+2.2% |
| Operating Income | $2.8B+9.4% | $2.5B+3.7% | $2.4B-4.9% | $2.5B+5.5% | $2.5B+5.2% | $2.4B0.0% | $2.5B+4.9% | $2.4B+11.0% |
| EBITDA | $3.4B+8.4% | $3.1B+3.7% | $3.1B-3.4% | $3.2B+4.9% | $3.1B+4.7% | $3.0B+0.5% | $3.2B+4.2% | $3.0B+9.5% |
| Interest Expense | $313.0M-6.6% | $320.0M-0.6% | $325.0M+4.2% | $327.0M+4.1% | $335.0M+5.0% | $322.0M-0.6% | $312.0M-5.7% | $314.0M-6.0% |
| Income Tax | $562.0M+28.6% | $528.0M+5.4% | $560.0M+7.9% | $530.0M+2.3% | $437.0M-14.5% | $501.0M+0.4% | $519.0M-2.4% | $518.0M+23.0% |
| Net Income | $2.0B+6.2% | $1.7B+4.6% | $1.8B+4.9% | $1.8B+7.0% | $1.9B+12.1% | $1.6B-0.9% | $1.8B+6.7% | $1.7B+9.4% |
| EPS (Basic) | $3.36+6.3% | $2.87+5.9% | $3.12+7.2% | $3.02+9.8% | $3.16+14.9% | $2.71+0.7% | $2.91+7.4% | $2.75+9.6% |
| EPS (Diluted) | $3.36+6.7% | $2.87+6.3% | $3.11+6.9% | $3.01+9.5% | $3.15+15.0% | $2.70+0.4% | $2.91+7.8% | $2.75+9.6% |
| Diluted Shares (Avg) | 594M-0.1% | 594M-1.4% | N/A | 593M-2.5% | 595M-2.5% | 602M-1.4% | N/A | 609M-0.2% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
UNP Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $71.2B+3.8% | $69.6B+1.7% | $69.7B+2.9% | $68.6B+1.6% | $68.6B+1.1% | $68.5B+1.8% | $67.7B+0.9% | $67.6B+1.5% |
| Current Assets | $5.5B+32.3% | $4.2B-7.1% | $4.6B+13.3% | $3.9B-5.9% | $4.2B-7.0% | $4.5B+8.2% | $4.0B-3.1% | $4.1B+8.8% |
| Cash & Equivalents | $1.6B+52.3% | $735.0M-47.9% | $1.3B+24.6% | $808.0M-14.7% | $1.1B-6.8% | $1.4B+52.5% | $1.0B-3.7% | $947.0M+26.3% |
| Short-Term Investments | $500.0M | $300.0M | $250.0M+1150.0% | $0-100.0% | $0-100.0% | $0-100.0% | $20.0M+25.0% | $20.0M+25.0% |
| Accounts Receivable | $2.1B+11.2% | $2.0B+1.1% | $1.9B-1.8% | $1.9B-5.6% | $1.9B-9.6% | $2.0B-9.1% | $1.9B-8.6% | $2.0B+5.3% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $50.5B-3.4% | $50.2B-4.2% | $51.2B+0.8% | $51.3B+0.7% | $52.3B+1.9% | $52.5B+1.7% | $50.8B-2.9% | $51.0B-3.0% |
| Current Liabilities | $5.6B-13.0% | $4.6B-26.0% | $5.0B-4.6% | $5.2B-2.7% | $6.5B+50.5% | $6.2B+37.2% | $5.3B+2.9% | $5.4B+1.2% |
| Non-Current Liabilities | $44.9B-2.0% | $45.6B-1.3% | $46.2B+1.4% | $46.1B+1.1% | $45.9B-2.5% | $46.2B-1.8% | $45.6B-3.5% | $45.6B-3.4% |
| Long-Term Debt | $29.0B-4.1% | $29.8B-2.7% | $30.3B+1.8% | $30.3B+1.8% | $30.3B-2.8% | $30.6B-1.9% | $29.8B-4.5% | $29.8B-4.5% |
| Total Equity | $20.7B+27.2% | $19.4B+21.1% | $18.5B+9.3% | $17.3B+4.3% | $16.3B-1.4% | $16.0B+2.4% | $16.9B+14.2% | $16.6B+18.4% |
| Retained Earnings | $71.6B+6.0% | $70.4B+6.0% | $69.5B+5.9% | $68.5B+5.9% | $67.5B+5.8% | $66.5B+5.6% | $65.6B+5.7% | $64.7B+5.6% |
Not reported in any period shown, so not listed: Inventory, Goodwill.
UNP Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.1B+31.8% | $2.4B+10.4% | $2.2B-16.4% | $2.5B-4.9% | $2.3B+22.1% | $2.2B+4.1% | $2.7B+11.1% | $2.7B+24.7% |
| Depreciation & Amortization | $638.0M+4.1% | $633.0M+3.8% | $624.0M+3.0% | $618.0M+2.7% | $613.0M+2.9% | $610.0M+2.7% | $606.0M+2.9% | $602.0M+3.8% |
| Stock-Based Compensation | $31.0M-16.2% | $29.0M-14.7% | N/A | $39.0M+18.2% | $37.0M+32.1% | $34.0M+30.8% | N/A | $33.0M+3.1% |
| Capital Expenditures | $873.0M-6.7% | $937.0M+3.4% | $999.0M+8.4% | $950.0M+14.3% | $936.0M+3.8% | $906.0M+13.7% | $922.0M-10.0% | $831.0M-14.8% |
| Free Cash Flow | $2.2B+57.7% | $1.5B+15.3% | $1.2B-29.5% | $1.6B-13.6% | $1.4B+38.5% | $1.3B-1.6% | $1.7B+26.9% | $1.8B+58.1% |
| Investing Cash Flow | -$1.1B-19.4% | -$988.0M-5.3% | -$971.0M-8.0% | -$952.0M-14.1% | -$901.0M-14.1% | -$938.0M-17.0% | -$899.0M+11.6% | -$834.0M+14.5% |
| Financing Cash Flow | -$1.1B+36.3% | -$2.0B-125.6% | -$804.0M+52.5% | -$1.8B+9.2% | -$1.8B-93.1% | -$878.0M+39.5% | -$1.7B-55.9% | -$2.0B-65.6% |
| Dividends Paid | $819.0M+3.0% | $821.0M+2.1% | $818.0M+1.0% | $819.0M+0.6% | $795.0M+0.3% | $804.0M+1.1% | $810.0M+2.1% | $814.0M+2.6% |
| Share Buybacks | $26.0M-97.9% | $0-100.0% | $0-100.0% | $0-100.0% | $1.3B+1159.0% | $1.4B | $674.0M | $731.0M |
UNP Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 40.3%-0.8pp | 39.5%+0.2pp | 39.5%-1.8pp | 40.8%+1.2pp | 41.0%+1.1pp | 39.3%0.0pp | 41.3%+2.2pp | 39.7%+3.0pp |
| Net Margin | 29.0%-1.4pp | 27.4%+0.4pp | 30.4%+1.6pp | 28.6%+1.2pp | 30.5%+2.6pp | 27.0%-0.2pp | 28.8%+2.0pp | 27.4%+1.7pp |
| Return on Equity | 9.6%-1.9pp | 8.8%-1.4pp | 10.0%-0.4pp | 10.3%+0.3pp | 11.5%+1.4pp | 10.1%-0.3pp | 10.4%-0.7pp | 10.1%-0.8pp |
| Return on Assets | 2.8%+0.1pp | 2.4%+0.1pp | 2.6%+0.1pp | 2.6%+0.1pp | 2.7%+0.3pp | 2.4%-0.1pp | 2.6%+0.1pp | 2.5%+0.2pp |
| Current Ratio | 0.99+0.3x | 0.92+0.2x | 0.91+0.1x | 0.750.0x | 0.65-0.4x | 0.73-0.2x | 0.770.0x | 0.77+0.1x |
| Debt-to-Equity | 1.40-0.5x | 1.53-0.4x | 1.64-0.1x | 1.750.0x | 1.860.0x | 1.91-0.1x | 1.76-0.3x | 1.79-0.4x |
| Asset Turnover | 0.100.0x | 0.090.0x | 0.090.0x | 0.090.0x | 0.090.0x | 0.090.0x | 0.090.0x | 0.090.0x |
| FCF Margin | 32.1%+9.4pp | 24.2%+2.5pp | 20.2%-8.3pp | 25.2%-4.7pp | 22.7%+5.9pp | 21.6%-0.3pp | 28.4%+6.2pp | 29.9%+10.5pp |
Not reported in any period shown, so not listed: Gross Margin.
Note: The current ratio is below 1.0 (0.91), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Union Pacific Corp. UNP | FY2025 | $24.5B | $7.1B | 29.1% | $167.3B | 58/100 |
| Norfolk Southern Corp. NSC | FY2025 | $12.2B | $2.9B | 23.6% | $71.7B | 51/100 |
| CSX Corporation CSX | FY2025 | $14.1B | $2.9B | 20.5% | $88.5B | 52/100 |
| Wabtec Inc. WAB | FY2025 | $11.2B | $1.2B | 10.5% | $48.3B | 57/100 |
Where Union Pacific Corp. Ranks
Frequently Asked Questions
What is Union Pacific Corp.'s annual revenue?
Union Pacific Corp. (UNP) reported $24.5B in total revenue for fiscal year 2025. This represents a 1.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Union Pacific Corp.'s revenue growing?
Union Pacific Corp. (UNP) revenue grew by 1.1% year-over-year, from $24.3B to $24.5B in fiscal year 2025.
Is Union Pacific Corp. profitable?
Yes, Union Pacific Corp. (UNP) reported a net income of $7.1B in fiscal year 2025, with a net profit margin of 29.1%.
What is Union Pacific Corp.'s EBITDA?
Union Pacific Corp. (UNP) had EBITDA of $12.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Union Pacific Corp. have?
As of fiscal year 2025, Union Pacific Corp. (UNP) had $1.3B in cash and equivalents against $30.3B in long-term debt.
What is Union Pacific Corp.'s operating margin?
Union Pacific Corp. (UNP) had an operating margin of 40.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Union Pacific Corp.'s net profit margin?
Union Pacific Corp. (UNP) had a net profit margin of 29.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Union Pacific Corp. pay dividends?
Yes, Union Pacific Corp. (UNP) paid $5.44 per share in dividends during fiscal year 2025.
What is Union Pacific Corp.'s return on equity (ROE)?
Union Pacific Corp. (UNP) has a return on equity of 38.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Union Pacific Corp.'s free cash flow?
Union Pacific Corp. (UNP) generated $5.5B in free cash flow during fiscal year 2025. This represents a -6.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Union Pacific Corp.'s operating cash flow?
Union Pacific Corp. (UNP) generated $9.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Union Pacific Corp.'s total assets?
Union Pacific Corp. (UNP) had $69.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Union Pacific Corp.'s capital expenditures?
Union Pacific Corp. (UNP) invested $3.8B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Union Pacific Corp.'s current ratio?
Union Pacific Corp. (UNP) had a current ratio of 0.91 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Union Pacific Corp.'s debt-to-equity ratio?
Union Pacific Corp. (UNP) had a debt-to-equity ratio of 1.64 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Union Pacific Corp.'s return on assets (ROA)?
Union Pacific Corp. (UNP) had a return on assets of 10.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Union Pacific Corp.'s P/E ratio?
Union Pacific Corp. (UNP) trades at 22.8x earnings, its market capitalization divided by net income of $7.3B net income, trailing 12 months to June 30, 2026. The market capitalization is $167.3B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Union Pacific Corp.'s price-to-sales ratio?
Union Pacific Corp. (UNP) trades at 6.6x sales, its market capitalization divided by revenue of $25.4B revenue, trailing 12 months to June 30, 2026. The market capitalization is $167.3B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Union Pacific Corp.'s Altman Z-Score?
Union Pacific Corp. (UNP) has an Altman Z-Score of 4.17, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Union Pacific Corp.'s Piotroski F-Score?
Union Pacific Corp. (UNP) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Union Pacific Corp.'s earnings high quality?
Union Pacific Corp. (UNP) has an earnings quality ratio of 1.30x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Union Pacific Corp. cover its interest payments?
Union Pacific Corp. (UNP) has an interest coverage ratio of 7.52x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Union Pacific Corp.?
Union Pacific Corp. (UNP) scores 58 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.