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Stocks · Industrials · Railroads, Line-Haul Operating

Union Pacific Corporation

UNP Clue Score44
United States Fiscal year ends December CIK 0000100885
$278.34 +0.05% Close, 9 Oct 2026
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Price $278.34 +29.51% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue19.94Operating income7.24Net income4.23EPS, diluted5.07Fiscal year 2017Revenue21.24 +6.5%Operating income8.11Net income10.71 +153.1%EPS, diluted13.36 +163.5%Fiscal year 2018Revenue22.83 +7.5%Operating income8.52Net income5.97 −44.3%EPS, diluted7.91 −40.8%Fiscal year 2019Revenue21.71 −4.9%Operating income8.55Net income5.92 −0.8%EPS, diluted8.38 +5.9%Fiscal year 2020Revenue19.53 −10.0%Operating income7.83Net income5.35 −9.6%EPS, diluted7.88 −6.0%Fiscal year 2021Revenue21.80 +11.6%Operating income9.34Net income6.52 +21.9%EPS, diluted9.95 +26.3%Fiscal year 2022Revenue24.88 +14.1%Operating income9.92Net income7.00 +7.3%EPS, diluted11.21 +12.7%Fiscal year 2023Revenue24.12 −3.0%Operating income9.08Net income6.38 −8.8%EPS, diluted10.45 −6.8%Fiscal year 2024Revenue24.25 +0.5%Operating income9.71Net income6.75 +5.8%EPS, diluted11.09 +6.1%Fiscal year 2025Revenue24.51 +1.1%Operating income9.85Net income7.14 +5.8%EPS, diluted11.98 +8.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 19.94 21.24 22.83 21.71 19.53 21.80 24.88 24.12 24.25 24.51
Growth +6.5% +7.5% −4.9% −10.0% +11.6% +14.1% −3.0% +0.5% +1.1%
Operating income 7.24 8.11 8.52 8.55 7.83 9.34 9.92 9.08 9.71 9.85
Net income 4.23 10.71 5.97 5.92 5.35 6.52 7.00 6.38 6.75 7.14
Growth +153.1% −44.3% −0.8% −9.6% +21.9% +7.3% −8.8% +5.8% +5.8%
EPS, diluted 5.07 13.36 7.91 8.38 7.88 9.95 11.21 10.45 11.09 11.98
Growth +163.5% −40.8% +5.9% −6.0% +26.3% +12.7% −6.8% +6.1% +8.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin36.3%Net margin21.2%Free cash flow margin20.2%Fiscal year 2017Operating margin38.2%Net margin50.4%Free cash flow margin18.8%Fiscal year 2018Operating margin37.3%Net margin26.1%Free cash flow margin23.0%Fiscal year 2019Operating margin39.4%Net margin27.3%Free cash flow margin23.8%Fiscal year 2020Operating margin40.1%Net margin27.4%Free cash flow margin28.7%Fiscal year 2021Operating margin42.8%Net margin29.9%Free cash flow margin28.0%Fiscal year 2022Operating margin39.9%Net margin28.1%Free cash flow margin23.1%Fiscal year 2023Operating margin37.7%Net margin26.4%Free cash flow margin19.8%Fiscal year 2024Operating margin40.1%Net margin27.8%Free cash flow margin24.3%Fiscal year 2025Operating margin40.2%Net margin29.1%Free cash flow margin22.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 36.3% 38.2% 37.3% 39.4% 40.1% 42.8% 39.9% 37.7% 40.1% 40.2%
Net margin 21.2% 50.4% 26.1% 27.3% 27.4% 29.9% 28.1% 26.4% 27.8% 29.1%
Free cash flow margin 20.2% 18.8% 23.0% 23.8% 28.7% 28.0% 23.1% 19.8% 24.3% 22.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow7.53Capital expenditure−3.51Free cash flow4.02Buybacks−3.11Dividends paid−1.88Fiscal year 2017Operating cash flow7.23Capital expenditure−3.24Free cash flow3.99 −0.7%Buybacks−4.01Dividends paid−1.98Fiscal year 2018Operating cash flow8.69Capital expenditure−3.44Free cash flow5.25 +31.5%Buybacks−8.23Dividends paid−2.30Fiscal year 2019Operating cash flow8.61Capital expenditure−3.45Free cash flow5.16 −1.8%Buybacks−5.80Dividends paid−2.60Fiscal year 2020Operating cash flow8.54Capital expenditure−2.93Free cash flow5.61 +8.9%Buybacks−3.71Dividends paid−2.63Fiscal year 2021Operating cash flow9.03Capital expenditure−2.94Free cash flow6.10 +8.6%Buybacks−7.29Dividends paid−2.80Fiscal year 2022Operating cash flow9.36Capital expenditure−3.62Free cash flow5.74 −5.8%Buybacks−6.28Dividends paid−3.16Fiscal year 2023Operating cash flow8.38Capital expenditure−3.61Free cash flow4.77 −16.9%Buybacks−0.71Dividends paid−3.17Fiscal year 2024Operating cash flow9.35Capital expenditure−3.45Free cash flow5.89 +23.5%Buybacks−1.51Dividends paid−3.21Fiscal year 2025Operating cash flow9.29Capital expenditure−3.79Free cash flow5.50 −6.7%Buybacks−2.68Dividends paid−3.24
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 7.53 7.23 8.69 8.61 8.54 9.03 9.36 8.38 9.35 9.29
Capital expenditure −3.51 −3.24 −3.44 −3.45 −2.93 −2.94 −3.62 −3.61 −3.45 −3.79
Free cash flow 4.02 3.99 5.25 5.16 5.61 6.10 5.74 4.77 5.89 5.50
Growth −0.7% +31.5% −1.8% +8.9% +8.6% −5.8% −16.9% +23.5% −6.7%
Buybacks −3.11 −4.01 −8.23 −5.80 −3.71 −7.29 −6.28 −0.71 −1.51 −2.68
Dividends paid −1.88 −1.98 −2.30 −2.60 −2.63 −2.80 −3.16 −3.17 −3.21 −3.24

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash1.28Total debt15.01Net cash (debt)−13.73Shareholders’ equity19.93Debt to equity0.75Fiscal year 2017Cash1.28Total debt16.94Net cash (debt)−15.67Shareholders’ equity24.86Debt to equity0.68Fiscal year 2018Cash1.27Total debt22.39Net cash (debt)−21.12Shareholders’ equity20.42Debt to equity1.10Fiscal year 2019Cash0.83Total debt25.20Net cash (debt)−24.37Shareholders’ equity18.13Debt to equity1.39Fiscal year 2020Cash1.80Total debt26.73Net cash (debt)−24.93Shareholders’ equity16.96Debt to equity1.58Fiscal year 2021Cash0.96Total debt29.73Net cash (debt)−28.77Shareholders’ equity14.16Debt to equity2.10Fiscal year 2022Cash0.97Total debt33.33Net cash (debt)−32.35Shareholders’ equity12.16Debt to equity2.74Fiscal year 2023Cash1.06Total debt32.58Net cash (debt)−31.52Shareholders’ equity14.79Debt to equity2.20Fiscal year 2024Cash1.02Total debt31.19Net cash (debt)−30.18Shareholders’ equity16.89Debt to equity1.85Fiscal year 2025Cash1.27Total debt31.81Net cash (debt)−30.55Shareholders’ equity18.47Debt to equity1.72
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 1.28 1.28 1.27 0.83 1.80 0.96 0.97 1.06 1.02 1.27
Total debt 15.01 16.94 22.39 25.20 26.73 29.73 33.33 32.58 31.19 31.81
Net cash (debt) −13.73 −15.67 −21.12 −24.37 −24.93 −28.77 −32.35 −31.52 −30.18 −30.55
Shareholders’ equity 19.93 24.86 20.42 18.13 16.96 14.16 12.16 14.79 16.89 18.47
Debt to equity 0.75 0.68 1.10 1.39 1.58 2.10 2.74 2.20 1.85 1.72

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
36.3% 38.2% 37.3% 39.4% 40.1% 42.8% 39.9% 37.7% 40.1% 40.2%
33.9% 35.9% 33.9% 35.7% 35.7% 38.9% 36.5% 34.1% 36.3% 37.4%
21.2% 50.4% 26.1% 27.3% 27.4% 29.9% 28.1% 26.4% 27.8% 29.1%
20.2% 18.8% 23.0% 23.8% 28.7% 28.0% 23.1% 19.8% 24.3% 22.4%
Spending
17.6% 15.2% 15.1% 15.9% 15.0% 13.5% 14.6% 15.0% 14.2% 15.5%
37.4% −40.4% 22.9% 23.6% 23.4% 23.1% 22.9% 22.5% 23.3% 22.1%
Returns
21.2% 43.1% 29.2% 32.7% 31.5% 46.1% 57.5% 43.1% 39.9% 38.7%
7.6% 18.5% 10.1% 9.6% 8.6% 10.3% 10.7% 9.5% 10.0% 10.2%
Balance and payout
0.75 0.68 1.10 1.39 1.58 2.10 2.74 2.20 1.85 1.72
64.2% 57.0% 65.5% 70.6% 72.8% 77.7% 81.4% 78.0% 75.1% 73.5%
44.4% 18.5% 38.5% 43.9% 49.1% 42.9% 45.1% 49.7% 47.6% 45.3%
124.0% 150.2% 200.5% 163.0% 112.8% 165.5% 164.4% 81.2% 80.0% 107.6%