Here are the 10-K annual reports from Union Pacific Corp. (UNP) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow UNP and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full UNP filings page.
Union Pacific Corporation reports record 2025 performance while pursuing a transformative merger with Norfolk Southern. Earnings per share rose 8% versus 2024, supported by a 1% increase in total volume and an operating ratio of 59.8%, reflecting a more efficient railroad.
Freight revenues reached $23.2 billion, with Bulk contributing 33%, Industrial 37%, and Premium 30%. The company improved safety to its best levels ever, with a 2025 personal injury rate of 0.68 and derailment incident rate of 1.75, and invested $3.5 billion in capital to strengthen infrastructure, modernize locomotives, expand intermodal capacity, and deploy new technology. Union Pacific highlights climate, cybersecurity, labor, regulatory, and macroeconomic risks, and details significant execution and regulatory risks around the proposed Norfolk Southern acquisition, including potential termination fees, added leverage, and integration complexity.