MARKETS / NYSE / UNP

NYSE · RAILROADS, LINE-HAUL OPERATING · LARGE CAP

Union Pacific Corp. UNP

19 fiscal years on record · USD · FY2025 reported · SEC filings only

12 YEARS OF DIVIDEND GROWTH

Revenue

$24.5B

▲ 1.1% YoY

Net income

$7.1B

▲ 5.8% YoY

Free cash flow

$5.5B

▼ 6.7% YoY

In brief

What this company does

Union Pacific Railroad Company connects 23 states in the western two-thirds of the country by rail, providing a critical link in the global supply chain. We employed an average of 29,287 employees during 2025. UPRR operates a Class I railroad in the U.S. with 32,889 route miles, connecting Pacific Coast and Gulf Coast ports with the Midwest and Eastern U.S. gateways. In 2025, Union Pacific generated freight revenues totaling $23.2 billion from three commodity groups: Bulk, Industrial, and Premium. The Company's Bulk shipments, consisting of grain and grain products, fertilizer, food and refrigerated, and coal and renewables, generated 33% of freight revenues in 2025. The Industrial group includes construction, industrial chemicals, plastics, forest products, specialized products such as waste, salt, and roofing, metals and ores, petroleum, liquid petroleum gases, soda ash, and sand, and accounted for 37% of freight revenues in 2025. Premium shipments—finished automobiles, automotive parts, and merchandise moved in intermodal containers, both domestic and international—generated 30% of Union Pacific's total freight revenues in 2025. Union Pacific Corporation was incorporated in Utah in 1969.

Written from the business description in UNION PACIFIC CORP's annual report to the U.S. Securities and Exchange Commission, filed 6 February 2026. Every sentence was checked against that document before publication.

Growth

USD 24.5B

Revenue, FY2025 · full 19-year series below

Revenue $B Net income $B

FY2025 · Revenue 24.5 · Net income 7.1

Compound annual growth

Revenue

−0.5%

+4.6%

+1.2%

+2.5%

Net income

+0.7%

+5.9%

+4.1%

+6.5%

EPS, diluted

+2.2%

+8.7%

+8.1%

Dividend / share

+2.3%

+7.0%

+9.5%

Returned to shareholders

−14.6%

−1.2%

+0.1%

+16.4%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +4.6% a year over five years — but profit grew faster: net income at +5.9%, earnings per share at +8.7%.

The share count fell from 0.67B to 0.59B — the buyback concentrates the same profit into fewer slices.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

29 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 40.2% · Net 29.1%

ROE

FY2025 · ROE 40.4%

Gross margin—

Operating margin40.2%

Net margin29.1%

Return on assets10.4%

EBITDAUSD 12.3B

Each USD of equity produced 40 cents of profit this year.

Cash & shareholders

USD 5.9B

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF 5.5

Net buybacks $B Dividends $B

FY2025 · Dividends 3.2 · Net buybacks 2.6

Dividends paidUSD 3.2B

Net buybacksUSD 2.6B

Share of profit82.2%

Consecutive raises12 years (since the 2013 share-count change)

USD 3.2B in dividends and USD 2.6B in buybacks — 82% of the year's profit went back to shareholders.

Total assetsUSD 69.7B

EquityUSD 18.5B

CashUSD 1.3B

Gross debtUSD 31.8B

Net debtUSD 30.5B

Current ratio0.91×

Net debt stands at 165% of equity.

The 19-year record

19 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue $B	24.5	24.2	24.1	24.9	21.8	19.5	21.7	22.8	21.2	19.9	21.8	24.0	22.0	20.9	19.6	17.0	14.1	18.0	16.3
Operating income $B	9.8	9.7	9.1	9.9	9.3	7.8	8.6	8.5	8.1	7.2	8.1	8.8	7.4	6.7	5.7	5.0	3.4	4.1	3.4
EBITDA $B	12.3	12.1	11.4	12.2	11.5	10.0	10.8	10.7	10.2	9.3	10.1	10.7	9.2	8.5	7.3	6.5	4.8	5.4	4.7
Income tax $B	2.0	2.0	1.9	2.1	2.0	1.6	1.8	1.8	−3.1	2.5	2.9	3.2	2.7	2.4	2.0	1.7	1.1	1.3	1.2
Net income $B	7.1	6.7	6.4	7.0	6.5	5.3	5.9	6.0	10.7	4.2	4.8	5.2	4.4	3.9	3.3	2.8	1.9	2.3	1.9
Free cash flow $B	5.5	5.9	4.8	5.7	6.1	5.6	5.2	5.2	4.0	4.0	2.7	3.0	3.3	2.4	2.7	1.6	0.8	1.3	0.8
EPS, diluted $	11.98	11.09	10.45	11.21	9.95	7.88	8.38	7.91	13.36	5.07	5.49	5.75	4.71	4.14	6.72	5.53	3.74	4.53	3.46
Dividend / sh $	5.44	5.28	5.20	5.08	4.29	3.88	3.70	3.06	2.48	2.25	2.20	1.91	1.48	1.25	1.93	1.31	1.08	0.98	0.74
Payout %	45	48	50	45	43	49	44	39	19	44	49	32	30	29	25	22	29	21	20
ROE %	40.4	42.6	47.3	53.2	41.9	30.5	30.7	26.4	47.8	20.8	22.8	24.4	21.4	20.5	18.1	16.1	11.7	15.1	·
Shares out B	0.59	0.60	0.61	0.61	0.64	0.67	0.69	0.73	0.78	0.82	0.85	0.88	0.91	0.47	0.48	0.49	0.51	0.50	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

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Provenance

Company facts, as filed

How we verify · 0 failures in 74 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 2 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityRailroads, Line-Haul Operating

Listed onNYSE

Incorporated inUtah

Fiscal year endsDecember 31

Data on record since2007