Detailed financial statements for Union Pacific Corporation (UNP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
Union Pacific Corporation reported revenue of $24.51B in the most recent fiscal year, growing at a 5-year CAGR of 4.6%. Net income reached $7.14B, with a 5.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 44.0%, operating margin 40.0%, net margin 28.9%. Free cash flow grew at -0.4% CAGR over 5 years.
At $304.00 (closing price, October 30, 2026), UNP trades at a P/E of 23.69 and an ROE of 37.82%. Market capitalisation stands at $180.6B, placing it among large-cap names.
Balance sheet quality for UNP: current ratio of 0.9, net debt of $30.29B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $5.50B represents 77% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.94B | $21.24B | $22.83B | $21.71B | $19.53B | $21.80B | $24.88B | $24.12B | $24.25B | $24.51B |
| Cost of Revenue | $11.67B | $12.23B | $13.29B | $12.09B | $10.35B | $11.29B | $13.67B | $13.59B | $13.21B | $9.96B |
| Gross Profit | $8.27B | $9.01B | $9.54B | $9.61B | $9.18B | $10.51B | $11.21B | $10.53B | $11.04B | $14.55B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $997.0M | $1.11B | $1.22B | $1.27B | $1.58B | $1.18B | $1.29B | $1.45B | 0 | $3.33B |
| Operating Expenses | $997.0M | $948.0M | $1.02B | $1.06B | $1.34B | $1.18B | $1.29B | $1.45B | $1.33B | $4.71B |
| Operating Income | $7.27B | $8.06B | $8.52B | $8.55B | $7.83B | $9.34B | $9.92B | $9.08B | $9.71B | $9.84B |
| EBITDA | $9.50B | $10.46B | $10.80B | $11.01B | $10.33B | $11.84B | $12.59B | $11.89B | $12.46B | $12.94B |
| Interest Expense | $698.0M | $719.0M | $870.0M | $1.05B | $1.14B | $1.16B | $1.27B | $1.34B | $1.27B | $1.31B |
| Pre-tax Income | $6.77B | $7.63B | $7.74B | $7.75B | $6.98B | $8.48B | $9.07B | $8.23B | $8.79B | $9.17B |
| Income Tax | $2.53B | -$3.08B | $1.77B | $1.83B | $1.63B | $1.96B | $2.07B | $1.85B | $2.05B | $2.03B |
| Net Income | $4.23B | $10.71B | $5.97B | $5.92B | $5.35B | $6.52B | $7.00B | $6.38B | $6.75B | $7.14B |
| EPS | $5.09 | $13.42 | $7.95 | $8.41 | $7.90 | $9.98 | $11.24 | $10.47 | $11.10 | $12.01 |
| EPS (Diluted) | $5.07 | $13.36 | $7.91 | $8.38 | $7.88 | $9.95 | $11.21 | $10.45 | $11.09 | $11.97 |
| Shares Outstanding (Diluted) | 835.4 M | 801.7 M | 754.3 M | 706.1 M | 679.1 M | 655.4 M | 624.0 M | 610.2 M | 608.6 M | 593.5 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $6.08B | $6.22B | $6.86B | $7.20B |
| Gross Profit | $2.73B | $2.81B | $3.12B | $2.94B |
| Operating Income | $2.39B | $2.45B | $2.76B | $2.94B |
| EBITDA | $3.36B | $3.18B | $3.51B | $3.68B |
| Net Income | $1.85B | $1.70B | $1.99B | $2.08B |
| EPS | $3.12 | $2.87 | $3.36 | $3.50 |
| EPS (Diluted) | $3.11 | $2.87 | $3.36 | $3.49 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.28B | $1.27B | $1.27B | $831.0M | $1.80B | $960.0M | $973.0M | $1.05B | $1.02B | $1.27B |
| Short-term Investments | $60.0M | $90.0M | $60.0M | $60.0M | $60.0M | $46.0M | $46.0M | $16.0M | $20.0M | $250.0M |
| Receivables | $1.26B | $1.49B | $1.75B | $1.59B | $1.50B | $1.72B | $1.89B | $2.07B | $1.89B | $1.86B |
| Inventory | $717.0M | $749.0M | $742.0M | $751.0M | $638.0M | $621.0M | $741.0M | $743.0M | $769.0M | $787.0M |
| Total Current Assets | $3.60B | $4.04B | $4.16B | $3.46B | $4.21B | $3.55B | $3.95B | $4.15B | $4.02B | $4.55B |
| Property, Plant & Equipment | $49.83B | $50.96B | $52.05B | $55.09B | $55.09B | $55.97B | $56.98B | $58.23B | $58.85B | $59.65B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $562.0M | $645.0M | $624.0M | $633.0M | $679.0M | $686.0M | $729.0M | $814.0M | $791.0M | $745.0M |
| Total Assets | $55.72B | $57.81B | $59.15B | $61.67B | $62.40B | $63.52B | $65.45B | $67.13B | $67.72B | $69.70B |
| Accounts Payable | $955.0M | $1.01B | $872.0M | $749.0M | $612.0M | $752.0M | $784.0M | $856.0M | $847.0M | $804.0M |
| Short-term Debt | $758.0M | $800.0M | $1.47B | $1.26B | $960.0M | $2.17B | $1.68B | $1.42B | $1.43B | $1.52B |
| Total Current Liabilities | $3.64B | $3.94B | $4.63B | $4.35B | $4.17B | $5.74B | $5.52B | $5.11B | $5.25B | $5.01B |
| Long-term Debt | $14.25B | $16.14B | $20.93B | $23.94B | $25.32B | $27.56B | $31.65B | $31.16B | $29.77B | $30.29B |
| Total Liabilities | $35.79B | $32.95B | $38.72B | $43.55B | $45.44B | $49.36B | $53.29B | $52.34B | $50.83B | $51.23B |
| Retained Earnings | $32.59B | $41.32B | $45.28B | $48.60B | $51.33B | $55.05B | $58.89B | $62.09B | $65.63B | $69.53B |
| Total Equity | $19.93B | $24.86B | $20.42B | $18.13B | $16.96B | $14.16B | $12.16B | $14.79B | $16.89B | $18.47B |
| Total Debt | $15.01B | $16.94B | $22.39B | $27.03B | $28.33B | $31.49B | $34.96B | $34.18B | $32.46B | $31.81B |
| Net Debt | $13.67B | $15.58B | $21.06B | $26.14B | $26.47B | $30.48B | $33.94B | $33.11B | $31.43B | $30.29B |
| Working Capital | -$44.0M | $99.0M | -$463.0M | -$892.0M | $41.0M | -$2.19B | -$1.57B | -$958.0M | -$1.23B | -$459.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $1.27B | $744.0M | $1.61B | $2.21B |
| Total Assets | $69.70B | $69.64B | $71.21B | $72.61B |
| Total Liabilities | $51.23B | $50.23B | $50.54B | $50.59B |
| Total Equity | $18.47B | $19.42B | $20.67B | $22.02B |
| Total Debt | $31.81B | $31.50B | $31.17B | $31.34B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $4.23B | $10.71B | $5.97B | $5.92B | $5.35B | $6.52B | $7.00B | $6.38B | $6.75B | $7.14B |
| Depreciation & Amortization | $2.04B | $2.10B | $2.19B | $2.22B | $2.21B | $2.21B | $2.25B | $2.32B | $2.40B | $2.46B |
| Stock-based Compensation | $82.0M | $103.0M | $96.0M | $93.0M | $73.0M | $88.0M | $99.0M | 0 | 0 | 0 |
| Change in Working Capital | $745.0M | -$127.0M | -$126.0M | -$170.0M | $266.0M | $203.0M | $8.0M | -$303.0M | $186.0M | -$361.0M |
| Operating Cash Flow | $7.53B | $7.23B | $8.69B | $8.61B | $8.54B | $9.03B | $9.36B | $8.38B | $9.35B | $9.29B |
| Capital Expenditure | -$3.50B | -$3.26B | -$3.44B | -$3.45B | -$2.93B | -$2.94B | -$3.62B | -$3.61B | -$3.45B | -$3.79B |
| Acquisitions | $60.0M | -$19.0M | 0 | 0 | $2.93B | $2.94B | $194.0M | 0 | 0 | 0 |
| Stock Repurchased | -$3.10B | -$4.01B | -$8.22B | -$5.80B | -$3.71B | -$7.29B | -$6.28B | -$705.0M | -$1.50B | -$2.68B |
| Dividends Paid | -$1.88B | -$1.98B | -$2.30B | -$2.60B | -$2.63B | -$2.80B | -$3.16B | -$3.17B | -$3.21B | -$3.24B |
| Free Cash Flow | $4.02B | $3.97B | $5.25B | $5.16B | $5.61B | $6.10B | $5.74B | $4.77B | $5.89B | $5.50B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $2.23B | $2.44B | $3.08B | $2.79B |
| Capital Expenditure | -$999.0M | -$937.0M | -$873.0M | -$1.02B |
| Free Cash Flow | $1.23B | $1.50B | $2.20B | $1.76B |
| Dividends Paid | -$818.0M | -$821.0M | -$819.0M | -$844.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.5% | +7.5% | -4.9% | -10.0% | +11.6% | +14.1% | -3.0% | +0.5% | +1.1% | |
| Net Income Growth (YoY) | +153.1% | -44.3% | -0.8% | -9.6% | +21.9% | +7.3% | -8.8% | +5.8% | +5.8% | |
| EPS Growth (YoY) | +163.7% | -40.8% | +5.8% | -6.1% | +26.3% | +12.6% | -6.9% | +6.0% | +8.2% | |
| Shares Change (YoY) | -4.0% | -5.9% | -6.4% | -3.8% | -3.5% | -4.8% | -2.2% | -0.3% | -2.5% | |
| FCF Growth (YoY) | -1.2% | +32.1% | -1.8% | +8.9% | +8.6% | -5.8% | -16.9% | +23.5% | -6.7% | |
| Gross Margin | 41.5% | 42.4% | 41.8% | 44.3% | 47.0% | 48.2% | 45.0% | 43.7% | 45.5% | 59.4% |
| Operating Margin | 36.5% | 38.0% | 37.3% | 39.4% | 40.1% | 42.8% | 39.9% | 37.7% | 40.1% | 40.1% |
| EBITDA Margin | 47.7% | 49.2% | 47.3% | 50.7% | 52.9% | 54.3% | 50.6% | 49.3% | 51.4% | 52.8% |
| Net Margin | 21.2% | 50.4% | 26.1% | 27.3% | 27.4% | 29.9% | 28.1% | 26.4% | 27.8% | 29.1% |
| FCF Margin | 20.2% | 18.7% | 23.0% | 23.8% | 28.7% | 28.0% | 23.1% | 19.8% | 24.3% | 22.4% |
| Effective Tax Rate | 37.4% | -40.4% | 22.9% | 23.6% | 23.4% | 23.1% | 22.9% | 22.5% | 23.3% | 22.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.81 | $4.96 | $6.96 | $7.30 | $8.27 | $9.30 | $9.20 | $7.82 | $9.68 | $9.27 |
| Dividends Per Share | $2.25 | $2.47 | $3.05 | $3.68 | $3.87 | $4.27 | $5.06 | $5.20 | $5.28 | $5.45 |
| Shares Outstanding (Basic) | 832.4 M | 798.4 M | 750.9 M | 703.5 M | 677.3 M | 653.8 M | 622.7 M | 609.2 M | 607.6 M | 592.5 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 37.82% |
| Return on Invested Capital | 11.78% |
| Return on Assets | 10.49% |
| Gross Margin | 44.04% |
| Operating Margin | 39.98% |
| Net Margin | 28.90% |
Financial Health
| Debt / Equity | 1.42 |
| Current Ratio | 1.16 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 3.81 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 20.37 | 9.99 | 17.39 | 21.50 | 26.36 | 25.24 | 18.42 | 23.46 | 20.54 | 19.26 |
| P/B | 4.33 | 4.31 | 5.08 | 7.02 | 8.32 | 11.63 | 10.60 | 10.12 | 8.20 | 7.42 |
| P/S | 4.33 | 5.04 | 4.55 | 5.86 | 7.22 | 7.55 | 5.18 | 6.20 | 5.71 | 5.59 |
| Gross Margin | 41.5% | 42.4% | 41.8% | 44.3% | 47.0% | 48.2% | 45.0% | 43.7% | 45.5% | 59.4% |
| Operating Margin | 36.5% | 38.0% | 37.3% | 39.4% | 40.1% | 42.8% | 39.9% | 37.7% | 40.1% | 40.1% |
| Net Margin | 21.2% | 50.4% | 26.1% | 27.3% | 27.4% | 29.9% | 28.1% | 26.4% | 27.8% | 29.1% |
Related companies: CSX · CP · CNI · NSC
Explore sector: Industrials · Railroads
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