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MARKETS / NYSE / Industrials / Railroads / UNP
NYSE · RAILROADS, LINE-HAUL OPERATING · LARGE CAP

Union Pacific Corp. UNP

19 fiscal years on record · USD · FY2025 reported · SEC filings only
11 YEARS OF DIVIDEND GROWTH
$24.5B
▲ 1.1% YoY
$7.1B
▲ 5.8% YoY
$5.5B
▼ 6.7% YoY

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

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
10B20B
2007201020132016201920222025
Compound annual growth
−0.5%
+4.6%
+1.2%
+2.5%
+0.7%
+5.9%
+4.1%
+6.5%
+2.2%
+8.7%
+8.1%
+2.3%
+7.0%
+9.5%
−14.6%
−1.2%
+0.1%
+16.4%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +4.6% a year over the five years to FY2025 — 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%
20%40%
200720162025
ROE
FY2025 · ROE 40.4%
20%40%
200720162025
Three returns, three denominators.
Gross margin·
Operating margin40.2%
Net margin29.1%
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
2.5B5.0B
200720162025
Net buybacks $B Dividends $B
FY2025 · Dividends 3.2 · Net buybacks 2.6
5B10BDividendsNet buybacks
2007201020132016201920222025
Dividends paidUSD 3.2B
Net buybacksUSD 2.6B
Share of profit82.2%
Consecutive raises11 years (since the 2014 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—not applicable◌not available in our data
UNP, 19-year financial record
Metric 2025202420232022202120202019201820172016201520142013201220112010200920082007
Revenue $B24.524.224.124.921.819.521.722.821.219.921.824.022.020.919.617.014.118.016.3
Operating income $B9.89.79.19.99.37.88.68.58.17.28.18.87.46.75.75.03.44.13.4
EBITDA $B12.312.111.412.211.510.010.810.710.29.310.110.79.28.57.36.54.85.44.7
Income tax $B2.02.01.92.12.01.61.81.8−3.12.52.93.22.72.42.01.71.11.31.2
Net income $B7.16.76.47.06.55.35.96.010.74.24.85.24.43.93.32.81.92.31.9
Free cash flow $B5.55.94.85.76.15.65.25.24.04.02.73.03.32.42.71.60.81.30.8
EPS, diluted $11.9811.0910.4511.219.957.888.387.9113.365.075.495.754.714.146.725.533.744.533.46
Dividend / sh $5.445.285.205.084.293.883.703.062.482.252.201.911.481.251.931.311.080.980.74
Payout %45485045434944391944493230292522292120
ROE %40.442.647.353.241.930.530.726.447.820.822.824.421.420.518.116.111.715.112.0
Shares out B0.590.600.610.610.640.670.690.730.780.820.850.880.460.470.480.490.510.50◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

Union Pacific Corp.vsCSX Corp.Same industry: Railroads, Line-Haul OperatingUnion Pacific Corp.vsNorfolk Southern Corp.Same industry: Railroads, Line-Haul OperatingUnion Pacific Corp.vsFtai Infrastructure Inc.Same industry: Railroads, Line-Haul Operating
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Provenance

Company facts, as filed

How we verify · 0 failures in 74 reconciliationsAUDITED

Reconciled in 19 of the 19 fiscal years we could check. Two checks were skipped: the balance sheet is not tagged before 2008.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityRailroads, Line-Haul Operating
Listed onNYSE
Incorporated inUtah
Fiscal year endsDecember 31
Data on record since2007

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