undamentalytics Newsletter
Sign in

Union Pacific Corporation (UNP) stock

Add to watchlist

Add holding +

NYSE: UNP NYSE Rail Transportation Next results ~January 26, 2027

B+ Fundamentals grade

Union Pacific Corporation is a US-listed company in the rail transportation industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$200

Cash-flow model

Base case. Range ~$140–$290 across our lower- and higher-growth cases (0.2%–10.2% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 33% below it.

Price used: $307.00, November 2, 2026

Union Pacific Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Union Pacific files

10-Q filed October 22: Union Pacific

Model value +21.3%

Revenue for the twelve months to September 2026 reached $26.4bn, up 7.4% on a year earlier. That marks an acceleration from the 4.2% recorded a quarter earlier. Free cash flow margin held steady at 25.4%. On the back of this, the fundamentals grade improves from B to B+, and our model value rises from $165 to $200 a share. Set against a share price of $298, that leaves the stock well ahead of our estimate, and the rating stays Sell. At $298, the market is effectively pricing in roughly 11.2% a year of cash flow growth over five years. That is a good deal faster than the 3.9% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 22, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Union Pacific stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $25.4bn, up 4.2% on a year earlier, faster than 1.9% a quarter earlier. Free-cash-flow margin held at 25.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 1 of our 3 financial-health checks. Our cash-flow model value is $120 a share, against a share price of $287. At that price, our model says the market is pricing in about 14.7% a year of cash-flow growth for five years, faster than the 3.1% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

Union Pacific Corporation's trailing-twelve-month revenue grew 7.4% year on year, with a free-cash-flow margin of 25.4%. Where it stands out: operating margin of 40.1% ranks 15 of 544 industrials companies we cover. Where it lags: long-term debt as % of assets of 40.0% ranks 377 of 453 industrials companies we cover.

Our discounted-cash-flow model values the business at ~$200 per share in the base case (~$140–$290 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 7.4% (+3.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 3.2 points higher than a quarter earlier.
  • High operating margin. 40.1% of revenue is left as operating profit, against a median of 5.5% for industrials companies we cover.
  • Strong cash generation. 25.4% of revenue turned into free cash flow, against a median of 4.6% for industrials companies we cover.

Things to watch

  • Priced above our value. The share price of $307.00 is 33% above our value per share of $200.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 40.0% ranks 377 of 453 industrials companies we cover (median 22.6%).

Latest results: FY2026 Q3

Filed October 22, 2026
Earnings per share
$3.53 against an average estimate of $3.48: beat by 1.6%
Revenue
$7.20bn, up 15.3% on a year earlier
Share reaction
+1.7% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
capital plan $3.5bn (2026 Outlook)
Next report
October 22, 2026; average EPS estimate $3.31

Union Pacific's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.0%
  • 1 week+3.4%
  • 1 month+10.3%
  • This year+34.7%
  • 1 year+42.2%
  • 5 years+43.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$26.4B
Operating margin
40.1%
Net margin
28.9%
EPS (TTM, diluted)
$12.83

Growth

Revenue growth
+7.4%
Change in growth rate
+3.2 pts
Share count change
−0.8%

Cash

Free cash flow (TTM)
$6.7B
FCF margin
25.4%
Stock pay % of revenue
0.5%

Earnings

Last results
October 22, 2026
Next results (est.)
January 26, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Guidance
  4. Leadership
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Union Pacific Corporation valuation models and calculator

What the price is pricing in

The share price implies about 11.4% a year of cash-flow growth for five years.That is faster than the 3.9% a year revenue growth Union Pacific has delivered.

  • Priced in11.4%
  • Last 12 months7.4%
  • 3 years a year3.0%
  • 5 years a year3.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($302.29, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$200
Price used
$302.29close November 3, 2026
Implied change
▼ 32%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Union Pacific Corporation's free cash flow after stock-based pay with after-tax interest added back ($7.3B, FY2026 Q3 TTM), growing 7.3% and 5.4% in the next two years (forecasts, guidance and its record), then back to 5.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$140–~$290 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Union Pacific Corporation's free cash flow after stock-based pay ( $7.3B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Union Pacific Corporation as an operating company, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.72 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$200 ~$140–$290 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$220 ~$240–$390 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$210 ~$180–$260 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$210 ~$200–$220 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Union Pacific Corporation with Industrials sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +4%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $131$194$279$390$534$722
8.5% $89$135$196$275$379$511
10% $64$99$146$207$286$386

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$61.58$83.73$110.78$116.61$155.90$183.40$226.15$190.12$231.20$219.40$227.87$307.00
Market value$53.5bn$69.9bn$88.8bn$88.0bn$110.1bn$124.5bn$148.2bn$118.6bn$141.1bn$133.5bn$135.8bn$182.3bn
+ Net debt (− = net cash)$12.8bn$14.6bn$16.6bn$21.9bn$25.6bn$26.5bn$30.5bn$34.1bn$33.3bn$31.9bn$32.2bn$28.1bn
Enterprise value$66.3bn$84.6bn$105.4bn$109.9bn$135.6bn$151.0bn$178.8bn$152.8bn$174.3bn$165.4bn$168.0bn$210.5bn
Multiples
Price / sales 2.5x3.5x4.2x3.9x5.1x6.4x6.8x4.8x5.8x5.5x5.5x6.9x
Price / earnings 11.2x16.5x8.3x14.7x18.6x23.3x22.7x17.0x22.1x19.8x19.0x23.9x
Price / free cash flow 19.9x17.4x22.2x16.8x21.4x22.2x24.3x20.7x29.6x22.7x24.7x27.2x
EV / EBITDA 6.6x9.1x10.3x10.3x12.6x15.0x15.5x12.6x15.3x13.7x13.6x16.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

95 /100

Strong moat

How hard Union Pacific's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 16 / 20

    Net income has been a median 9.9% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 39.8%; its worst year was 37.3%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 23.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 10.5% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $13.17 +13% $27.4bn +12%
Next $14.39 +9% $28.9bn +6%

Next year's EPS estimate has moved +1.9% in 90 days, across 24 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.9% on 90 days ago. In the last 30 days, 10 analysts raised Union Pacific Corporation's forecast and 6 cut it.

Consensus EPS forecast Union Pacific Corporation, last 90 days
$13.00 $13.50 $14.00 $14.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $13.05 Current fiscal year, 60 days ago: $13.05 Current fiscal year, 30 days ago: $13.06 Current fiscal year, 7 days ago: $13.10 Current fiscal year, Now: $13.17 $13.17 Next fiscal year, 90 days ago: $14.12 Next fiscal year, 60 days ago: $14.15 Next fiscal year, 30 days ago: $14.18 Next fiscal year, 7 days ago: $14.25 Next fiscal year, Now: $14.39 $14.39

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $13.05$14.12
60 days ago $13.05$14.15
30 days ago $13.06$14.18
7 days ago $13.10$14.25
Now $13.17$14.39

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.48 $3.53 +1.6%
Jun 2026 $3.24 $3.41 +5.2%
Mar 2026 $2.86 $2.93 +2.4%
Dec 2025 $2.87 $2.86 −0.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • Capital plan 2026 Outlook about $3.5bn Raised vs about 3.3bn
    “Capital plan of $3.5 billion .” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Union Pacific Corporation's revenue by +7.3% next year and +5.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.2%, weight 70%) and the company's own record (+5.2%, weight 30%) . How the weights are set.

Analyst recommendations

25 analysts, Oct 2026
Buy1872%
Hold624%
Sell14%

Monthly trend

  1. Oct 2026315625
  2. Sep 2026315625
  3. Aug 2026314725
  4. Jul 2026314725

Counts of recommendations published by analysts covering Union Pacific Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.2%
of tradable shares
Days to cover
11.08
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
0.1%
of shares
Employees
28,658
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +42.2%

$215.82 on October 31, 2025 to $307.00

ThenNowEffect
Revenue (last 12 months) $24.4bn $25.4bn +4.2%
Net margin 28.4% 28.8% +1.5%
P/E multiple 18.8x 24.9x +32.6%
Share count 603m 594m +1.5%

Biggest factor: p/e multiple.

Last 3 years +54.6%

$198.56 on November 3, 2023 to $307.00

ThenNowEffect
Revenue (last 12 months) $24.8bn $25.4bn +2.6%
Net margin 27.2% 28.8% +6.1%
P/E multiple 18.1x 24.9x +37.3%
Share count 614m 594m +3.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
UNP+23%−16%+22%−5%+4%+35%
Industry peers (median)——————
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
UNP50%42%50%33%67%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
UNP−14%−32%−15%−13%−18%−13%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 39% from January 23, 2020 to March 23, 2020. Getting back needed a 63% gain, reached on August 10, 2020, 140 days after the low.

Price behaviour

52-week range
$212.89 – $309.19
From 52-week high
−0.7%
vs 50-day average
+6.9%
vs 200-day average
+14.1%
Volatility (1 year)
23%
Beta vs S&P 500
0.16

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±3.5%
After a week
7 up, 5 down
typical move ±3.9%
After a month
9 up, 2 down
typical move ±3.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 +1.7% −1.7% +4.9% —
July 23, 2026 +5.0% −1.1% −1.1% +5.3%
April 23, 2026 +7.7% +0.4% +8.1% +6.6%
January 27, 2026 −1.4% +0.4% +4.6% +15.0%
October 23, 2025 −3.8% +1.4% −2.8% +0.4%
July 24, 2025 −2.7% +0.5% −3.9% −1.4%
April 24, 2025 −3.0% +2.8% −2.6% +1.1%
January 23, 2025 +5.5% +0.3% +6.0% +2.8%
October 24, 2024 −4.6% +0.2% −3.8% +0.4%
July 25, 2024 +1.3% +0.6% +3.0% +4.0%
April 25, 2024 +4.7% +0.6% +2.5% 0.0%
January 25, 2024 −0.8% +0.4% +2.9% +4.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Union Pacific Corporation’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.27× the last 60 days’ realised volatility , richer than 68% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

UNP Union Pacific Corporation Grade B+ $307.34

Own 100 shares, sell the $320 call expiring November 27, 2026 (25 days) for $2.15 a share — $215 per contract.

Previous session · Bid $2.15, ask $2.90, quoted Mon 2 Nov, 17:38 New York time with UNP at $307.34. Option prices move with the shares: check the live chain at your broker before trading.

  • If UNP ends below $320: you keep your shares and the $215 — 0.7% extra on the position, 10.2% a year at that pace.
  • If it ends above $320: your shares are sold at $320, a total return of 4.8% including the premium — at or above our value of ~$200.
$1.5k $0 −$6.1k Break-even $305.19 Price $307.34 ← Our value ~$200
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$215
Annualised
10.2%
Break-even
$305.19
Max gain
$1,481
Chance of selling
~28%

Collar

Own the shares, buy the $290 put and sell the $325 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.90 a share ($90.00 per contract of 100 shares).
  • Worst case at expiry: -5.9%, if the shares fall below $290 (-5.6% from today).
  • Best case at expiry: +5.5%, if the shares rise above $325 (+5.7%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $200: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Union Pacific Corporation in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Union Pacific Corporation
$24B $25B $26B $27B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $24.1B Revenue (TTM), FY24 Q1: $24.1B Revenue (TTM), FY24 Q2: $24.1B Revenue (TTM), FY24 Q3: $24.3B Revenue (TTM), FY24 Q4: $24.3B Revenue (TTM), FY25 Q1: $24.2B Revenue (TTM), FY25 Q2: $24.4B Revenue (TTM), FY25 Q3: $24.5B Revenue (TTM), FY25 Q4: $24.5B Revenue (TTM), FY26 Q1: $24.7B Revenue (TTM), FY26 Q2: $25.4B Revenue (TTM), FY26 Q3: $26.4B $26.4B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $24.1B
FY24 Q1 $24.1B
FY24 Q2 $24.1B
FY24 Q3 $24.3B
FY24 Q4 $24.3B
FY25 Q1 $24.2B
FY25 Q2 $24.4B
FY25 Q3 $24.5B
FY25 Q4 $24.5B
FY26 Q1 $24.7B
FY26 Q2 $25.4B
FY26 Q3 $26.4B
Revenue growth, TTM YoY Union Pacific Corporation
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -3.0% Revenue growth, TTM YoY, FY24 Q1: -3.9% Revenue growth, TTM YoY, FY24 Q2: -2.5% Revenue growth, TTM YoY, FY24 Q3: 0.6% Revenue growth, TTM YoY, FY24 Q4: 0.5% Revenue growth, TTM YoY, FY25 Q1: 0.6% Revenue growth, TTM YoY, FY25 Q2: 1.1% Revenue growth, TTM YoY, FY25 Q3: 1.1% Revenue growth, TTM YoY, FY25 Q4: 1.1% Revenue growth, TTM YoY, FY26 Q1: 1.9% Revenue growth, TTM YoY, FY26 Q2: 4.2% Revenue growth, TTM YoY, FY26 Q3: 7.4% 7.4%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -3.0%
FY24 Q1 -3.9%
FY24 Q2 -2.5%
FY24 Q3 0.6%
FY24 Q4 0.5%
FY25 Q1 0.6%
FY25 Q2 1.1%
FY25 Q3 1.1%
FY25 Q4 1.1%
FY26 Q1 1.9%
FY26 Q2 4.2%
FY26 Q3 7.4%
Operating margin (TTM) Union Pacific Corporation
37% 38% 39% 40% 41% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 37.7% Operating margin (TTM), FY24 Q1: 38.0% Operating margin (TTM), FY24 Q2: 38.8% Operating margin (TTM), FY24 Q3: 39.5% Operating margin (TTM), FY24 Q4: 40.1% Operating margin (TTM), FY25 Q1: 40.1% Operating margin (TTM), FY25 Q2: 40.3% Operating margin (TTM), FY25 Q3: 40.6% Operating margin (TTM), FY25 Q4: 40.2% Operating margin (TTM), FY26 Q1: 40.2% Operating margin (TTM), FY26 Q2: 40.0% Operating margin (TTM), FY26 Q3: 40.1% 40.1%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 37.7%
FY24 Q1 38.0%
FY24 Q2 38.8%
FY24 Q3 39.5%
FY24 Q4 40.1%
FY25 Q1 40.1%
FY25 Q2 40.3%
FY25 Q3 40.6%
FY25 Q4 40.2%
FY26 Q1 40.2%
FY26 Q2 40.0%
FY26 Q3 40.1%
FCF margin (TTM) Union Pacific Corporation
18% 20% 22% 24% 26% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 19.8% FCF margin (TTM), FY24 Q1: 20.9% FCF margin (TTM), FY24 Q2: 20.1% FCF margin (TTM), FY24 Q3: 22.7% FCF margin (TTM), FY24 Q4: 24.3% FCF margin (TTM), FY25 Q1: 24.2% FCF margin (TTM), FY25 Q2: 25.7% FCF margin (TTM), FY25 Q3: 24.5% FCF margin (TTM), FY25 Q4: 22.4% FCF margin (TTM), FY26 Q1: 23.1% FCF margin (TTM), FY26 Q2: 25.6% FCF margin (TTM), FY26 Q3: 25.4% 25.4%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 19.8%
FY24 Q1 20.9%
FY24 Q2 20.1%
FY24 Q3 22.7%
FY24 Q4 24.3%
FY25 Q1 24.2%
FY25 Q2 25.7%
FY25 Q3 24.5%
FY25 Q4 22.4%
FY26 Q1 23.1%
FY26 Q2 25.6%
FY26 Q3 25.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Union Pacific took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $24.5B
  2. Other operating costs $14.7B · 59.8%
  3. Operating income $9.8B · 40.2%
  4. Income tax $2B · 8.3%
  5. Interest and other $680M · 2.8%
  6. Net income $7.1B · 29.1%

Shares of revenue. Source: Union Pacific's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 14.1 17.0 19.6 20.9 22.0 24.0 21.8 19.9 21.2 22.8 21.7 19.5 21.8 24.9 24.1 24.3 24.5 26.4
EBITDA 4.8 6.5 7.3 8.5 9.2 10.7 10.1 9.3 10.2 10.7 10.8 10.0 11.5 12.2 11.4 12.1 12.3 13.1
Operating income 3.4 5.0 5.7 6.7 7.4 8.8 8.1 7.2 8.1 8.5 8.6 7.8 9.3 9.9 9.1 9.7 9.8 10.6
Net income 1.9 2.8 3.3 3.9 4.4 5.2 4.8 4.2 10.7 6.0 5.9 5.3 6.5 7.0 6.4 6.7 7.1 7.6
Diluted EPS $1.87 $2.77 $3.36 $4.14 $4.71 $5.75 $5.49 $5.07 $13.36 $7.91 $8.38 $7.88 $9.95 $11.21 $10.45 $11.09 $11.98 $12.83
Growth (year on year)
Revenue −21.3% +20.0% +15.3% +7.0% +5.0% +9.2% −9.1% −8.6% +6.5% +7.5% −4.9% −10.0% +11.6% +14.1% −3.0% +0.5% +1.1% +7.4%
EBITDA −11.6% +34.6% +13.5% +15.9% +8.4% +15.5% −5.6% −7.8% +10.0% +4.9% +0.6% −6.7% +15.0% +5.3% −6.3% +6.2% +1.7% +5.5%
Operating income −17.0% +47.4% +14.9% +17.8% +10.4% +17.6% −8.0% −10.0% +11.9% +5.1% +0.4% −8.4% +19.2% +6.2% −8.4% +6.9% +1.4% +6.0%
Net income −19.1% +47.1% +18.4% +19.8% +11.3% +18.0% −7.9% −11.3% +153.1% −44.3% −0.8% −9.6% +21.9% +7.3% −8.8% +5.8% +5.8% +8.0%
Diluted EPS −17.4% +47.9% +21.5% +23.2% +13.8% +22.1% −4.5% −7.7% +163.5% −40.8% +5.9% −6.0% +26.3% +12.7% −6.8% +6.1% +8.0% +8.9%
Margins
EBITDA margin 34.0% 38.1% 37.5% 40.6% 42.0% 44.4% 46.1% 46.5% 48.1% 46.9% 49.6% 51.4% 53.0% 48.9% 47.3% 49.9% 50.2% 49.7%
Operating margin 23.9% 29.4% 29.3% 32.2% 33.9% 36.5% 36.9% 36.3% 38.2% 37.3% 39.4% 40.1% 42.8% 39.9% 37.7% 40.1% 40.2% 40.1%
Net margin 13.4% 16.4% 16.8% 18.8% 20.0% 21.6% 21.9% 21.2% 50.4% 26.1% 27.3% 27.4% 29.9% 28.1% 26.4% 27.8% 29.1% 28.9%
Free-cash-flow margin 6.0% 9.6% 13.8% 11.6% 15.1% 12.7% 12.4% 20.2% 18.8% 23.0% 23.8% 28.7% 28.0% 23.1% 19.8% 24.3% 22.4% 25.4%
Cash flow
Cash from operations 3.2 4.1 5.9 6.2 6.8 7.4 7.3 7.5 7.2 8.7 8.6 8.5 9.0 9.4 8.4 9.3 9.3 10.5
Capital spending 2.4 2.5 3.2 3.7 3.5 4.3 4.7 3.5 3.2 3.4 3.5 2.9 2.9 3.6 3.6 3.5 3.8 3.8
Free cash flow 0.9 1.6 2.7 2.4 3.3 3.0 2.7 4.0 4.0 5.2 5.2 5.6 6.1 5.7 4.8 5.9 5.5 6.7
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.8 1.5 2.6 2.3 3.2 2.9 2.6 3.9 3.9 5.2 5.1 5.5 6.0 5.6 4.7 5.8 5.4 6.6
Balance sheet
Cash 1.9 1.1 1.2 1.1 1.4 1.6 1.4 1.3 1.3 1.3 0.8 1.8 1.0 1.0 1.1 1.0 1.3 2.2
Total debt 9.8 9.2 8.9 9.0 9.6 11.4 14.2 15.9 17.8 23.2 26.4 28.3 31.5 35.1 34.3 32.9 33.5 30.3
Net debt (negative = net cash) 8.0 8.2 7.7 7.9 8.1 9.8 12.8 14.6 16.6 21.9 25.6 26.5 30.5 34.1 33.3 31.9 32.2 28.1
Diluted shares 1,012m 1,006m 980m 953m 932m 901m 869m 835m 802m 754m 706m 679m 655m 624m 610m 609m 596m 594m
Returned to shareholders
Dividends 0.5 0.6 0.8 1.1 1.3 1.6 2.3 1.9 2.0 2.3 2.6 2.6 2.8 3.2 3.2 3.2 3.2 3.3
Buybacks 0.0 1.2 1.4 1.5 2.2 3.2 3.5 3.1 4.0 8.2 5.8 3.7 7.3 6.3 0.7 1.5 2.7 0.0
Total returned 0.5 1.9 2.3 2.6 3.6 4.9 5.8 5.0 6.0 10.5 8.4 6.3 10.1 9.4 3.9 4.7 5.9 3.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $72.6bn
Short-term assets $6.5bnLonger-term assets $66.1bn
What it owes, and who funded it · $72.6bn
Short-term liabilities $5.6bnLonger-term liabilities $45.0bnShareholders' equity $22.0bn
  • Short-term assets cover short-term liabilities $6.5bn of assets due within a year against $5.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6.5bn short-term assets against $45.0bn of longer-dated liabilities.
  • More cash than debt $2.2bn of cash against $29.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 132% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 258% to 132% over five years.
  • A year's operating cash flow covers at least 20% of debt $10.5bn of operating cash flow against $29.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $10.6bn against $1.3bn of interest.

From Union Pacific Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$26M
Dividends (TTM)
$3.3B
Returned to shareholders
50%
of free cash flow
Buybacks, last 3 fiscal years
$4.9B
Diluted share count
−0.8%
year over year
Total shareholder yield
1.8%
dividends 1.8% + buybacks 0.0% of market value
Dividend payout ratio
43%
of net income paid out
Days sales outstanding
30 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in rail transportation
Last 12 months unless stated UNP CSX NSC Median
Revenue, last 12 months $26.4bn $14.9bn $13.0bn $14.9bn
Revenue growth, last 12 months 7.4% 5.8% 6.0% 6.0%
Revenue growth, 3-year average 3.0% 0.5% 1.7% 1.7%
Revenue growth, latest quarter 15.3% 12.0% 13.6% 13.6%
Operating margin 40.1% 36.4% 31.5% 36.4%
Operating margin, 3-year average 40.1% 35.2% 33.2% 35.2%
Net margin 28.9% 24.0% 20.7% 24.0%
Cash from operations / revenue 39.9% 37.5% 29.2% 37.5%
Free-cash-flow margin 25.4% 21.5% 12.7% 21.5%
Free-cash-flow margin, 3-year average 24.2% 17.6% 13.3% 17.6%
Stock pay / revenue 0.5% 0.5% 0.6% 0.5%
Change in share count −0.8% −1.5% −0.3% −0.8%

Median of all 3 companies we cover in rail transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

584 industrials companies
Measure Company Peer median Rank
Revenue growth Growth 7.4% 7.6% 293 of 581
Change in growth rate Growth +3.2pp +1.1pp 189 of 580
Operating margin Profitability 40.1% 5.5% 15 of 544
Net margin Profitability 28.9% 3.8% 20 of 582
Free-cash-flow margin Cash generation 25.4% 4.6% 29 of 579
Stock pay as % of revenue Cash generation 0.5% 0.9% 133 of 512
Long-term debt as % of assets Balance sheet 40.0% 22.6% 377 of 453
Change in share count Balance sheet -0.8% 0.0% 186 of 529
Days sales outstanding Balance sheet 30 days 57 days 72 of 453

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Cargo and Freight $23.2B 94.7% ▲ 1.8%
Other $1.3B 5.3% ▼ 10.4%

From Union Pacific Corporation's 10-K filed February 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$144B
Institutions reporting
2,874
Shares held vs prior quarter
▲ 2.3%
Positions opened / closed
201 / 95

Top buyers and sellers, Q2 2026: 1,402 institutions bought and 1,078 sold ; the biggest buyer was Viking Global Investors LP (+2.0M shares) and the biggest seller Canada Pension Plan Investment Board (−2.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $13B 47.9M 9.0% ▲ 0.2%
Vanguard Capital Management LLC $10.5B 38.8M 7.3% ▲ 0.6%
State Street Corp $7.6B 27.9M 5.3% ▲ 4.9%
Capital World Investors $7.4B 27.1M 5.1% ▲ 0.3%
Capital Research Global Investors $4.7B 17.1M 3.2% ▲ 1.2%
Geode Capital Management, LLC $4.4B 16.1M 3.0% ▲ 1.6%
Jpmorgan Chase & Co $4.3B 15.7M 3.0% ▼ 11.2%
Morgan Stanley $4B 14.6M 2.8% ▼ 2.1%
Bank Of America Corp $4B 14.5M 2.7% ▲ 0.4%
Vanguard Portfolio Management LLC $3.9B 14.3M 2.7% ▼ 1.1%
Norges Bank $2.1B 7.6M 1.4% —
UBS Group AG $1.8B 6.6M 1.3% ▲ 15.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Union Pacific Corporation's complete shareholder register. Values are as reported by the filers ; 9 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $9.3M 5 trades by 3 insiders · 5% under pre-set plans
Net ▼ $9.3M net selling
Insider Date Trade Shares Price Value
Gehringer Eric J EVP OPERATIONS June 3, 2026 Sell 2,991 $263.96 $789,504
Rocker Kenyatta G EVP MARKETING & SALES April 24, 2026 Sell 11,856 $271.76 $3.2M
Rocker Kenyatta G EVP MARKETING & SALES April 24, 2026 Sell 15,531 $271.76 $4.2M
Hamann Jennifer L EVP & CHIEF FINANCIAL OFFICER April 24, 2026 Sell 2,000 $274.70 $549,400
Gehringer Eric J EVP OPERATIONS March 20, 2026 Sell pre-set plan 1,999 $234.93 $469,625

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 132 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 2 sales of Union Pacific Corporation shares.

  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded December 18, 2025, filed January 15, 2026
  • Julie Johnson(D-TX 32):Sale (partial), $1,001 - $15,000, traded November 13, 2025, filed December 11, 2025
  • Scott Franklin(R-FL 18):Purchase, $50,001 - $100,000, traded October 14, 2025, filed October 22, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 23, 2026
  • January 27, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Union Pacific Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Union Pacific Corporation in brief

What does Union Pacific Corporation do?
Union Pacific Corporation is a US-listed company in the rail transportation industry. Its financial year ends in December.
What is Union Pacific Corporation's stock ticker?
Union Pacific Corporation trades under the ticker UNP on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Union Pacific Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Union Pacific Corporation reported revenue of $26.4B, 7.4% higher than a year earlier, according to its SEC filings.
What is Union Pacific Corporation's free cash flow?
Union Pacific Corporation's free-cash-flow margin is 25.4% of revenue over the trailing twelve months, ranking 29 of the 579 industrials companies we cover.
What is Union Pacific Corporation's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Union Pacific Corporation's free cash flow after stock-based pay gives ~$200 per share in the base case, and ~$140–$290 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Union Pacific Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Union Pacific Corporation buying back stock, and does it pay a dividend?
Union Pacific Corporation spent $26M on share repurchases over the trailing twelve months, and its diluted share count fell 0.8% over the year.
What is Union Pacific Corporation's market cap?
On November 2, 2026, Union Pacific Corporation's market capitalisation was about $182B, with a price-to-earnings ratio of 23.9 and net debt of $28.1B. Market figures come from third-party market data and may be delayed.
Does Union Pacific Corporation pay a dividend?
Yes: Union Pacific Corporation paid $3.3B in dividends over the trailing twelve months, a dividend yield of 1.81% and a payout ratio of 43.3%.
How much debt does Union Pacific Corporation have?
Union Pacific Corporation's debt-to-equity ratio is 131.9%, from its latest balance sheet (257.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Union Pacific Corporation's competitors?
In our Rail Transportation peer group, the companies closest to Union Pacific Corporation are CSX Corporation and Norfolk Southern. The side-by-side comparison below sets their revenue, margins and growth against Union Pacific Corporation's.
Are insiders buying or selling Union Pacific Corporation stock?
Over the last 12 months, Union Pacific Corporation's directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Union Pacific Corporation's next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Union Pacific Corporation announces its own schedule.