Union Pacific
UNP · NYSERailroads, Line-Haul Operating · Fiscal year ends Dec 31
Union Pacific reported revenue of $24.5B in the fiscal year ended Dec 2025, up 1.1% from the year before. Operating income was $9.8B, an operating margin of 40.2%, and net income was $7.1B. Operating cash flow of $9.3B less capital expenditure of $3.8B left free cash flow of $5.5B. Net debt was $30.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $21.8B | $24.9B | $24.1B | $24.3B | $24.5B |
| Operating income | $9.3B | $9.9B | $9.1B | $9.7B | $9.8B |
| Interest expense | $1.2B | $1.3B | $1.3B | $1.3B | $1.3B |
| Pre-tax income | $8.5B | $9.1B | $8.2B | $8.8B | $9.2B |
| Income tax | $2B | $2.1B | $1.9B | $2B | $2B |
| Net income | $6.5B | $7B | $6.4B | $6.7B | $7.1B |
| Diluted EPS | 9.95 | 11.21 | 10.45 | 11.09 | 11.98 |
| Diluted shares | 655M | 624M | 610M | 609M | 596M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $960M | $973M | $1.1B | $1B | $1.3B |
| Receivables | $1.7B | $1.9B | $2.1B | $1.9B | $1.9B |
| Current assets | $3.6B | $4B | $4.1B | $4B | $4.6B |
| Net PP&E | $54.9B | $56B | $57.4B | – | – |
| Total assets | $63.5B | $65.4B | $67.1B | $67.7B | $69.7B |
| Payables | $752M | $784M | $856M | $847M | $804M |
| Current liabilities | $5.7B | $5.5B | $5.1B | $5.3B | $5B |
| Long-term debt | $29.7B | $33.3B | $32.6B | $31.2B | $31.8B |
| Total liabilities | $49.4B | $53.3B | $52.3B | $50.8B | $51.2B |
| Shareholders' equity | $14.2B | $12.2B | $14.8B | $16.9B | $18.5B |
| Backlog (remaining obligations) | $169M | $194M | $149M | $159M | $157M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $9B | $9.4B | $8.4B | $9.3B | $9.3B |
| Capital expenditure | $2.9B | $3.6B | $3.6B | $3.5B | $3.8B |
| Free cash flow | $6.1B | $5.7B | $4.8B | $5.9B | $5.5B |
| Depreciation & amortisation | $2.2B | $2.2B | $2.3B | $2.4B | $2.5B |
| Stock-based compensation | $88M | $99M | $107M | $118M | $142M |
| Share buybacks | $7.3B | $6.3B | $705M | $1.5B | $2.7B |
| Dividends paid | $2.8B | $3.2B | $3.2B | $3.2B | $3.2B |
| Dividend per share | 4.29 | 5.08 | 5.20 | 5.28 | 5.44 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.1% | −3.0% | 0.5% | 1.1% |
| Operating income growth (YoY) | – | 6.2% | −8.4% | 6.9% | 1.4% |
| EPS growth (YoY) | – | 12.7% | −6.8% | 6.1% | 8.0% |
| Operating margin | 42.8% | 39.9% | 37.7% | 40.1% | 40.2% |
| Net margin | 29.9% | 28.1% | 26.4% | 27.8% | 29.1% |
| Return on equityBlank when equity is negative | 46.1% | 57.5% | 43.1% | 39.9% | 38.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.2% | 16.5% | 14.6% | 15.6% | 15.2% |
| Free cash flow margin | 28.0% | 23.1% | 19.8% | 24.3% | 22.4% |
| Cash conversion (CFO ÷ net income) | 1.38x | 1.34x | 1.31x | 1.39x | 1.30x |
| Receivable days | 29 | 28 | 31 | 29 | 28 |
| Interest cover | 8.07x | 7.80x | 6.78x | 7.65x | 7.52x |
| Debt ÷ equity | 2.10x | 2.74x | 2.20x | 1.85x | 1.72x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $28.8B | $32.4B | $31.5B | $30.2B | $30.5B |
| Current ratio | 0.62x | 0.72x | 0.81x | 0.77x | 0.91x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.