UNP

MKT CAP:$161B

Union Pacific Corporation

Market Cap

$161B

Industrials·Railroads·🇺🇸 United States·NYSE

Industrials·Railroads·🇺🇸·NYSE

Stock Price

$270.70+$38.79 (+16.73%)

Apr 24, 2026

Company Details

Union Pacific Corporation, through its subsidiary, Union Pacific Railroad Company, operates in the railroad business in the United States. The company offers transportation services for grain and grain products, fertilizers, food and refrig...

CEO

Vincenzo James Vena

IPO Date

Jan 2, 1980

Website

www.up.com

Key Metrics TTM

Revenue

$18.3B

-24.7% YoY

Net Income

$5.4B

EPS (Diluted)

$11.83

Free Cash Flow

$3.9B

Revenue / Share

$30.78

Gross Margin

45.4%

Operating Margin

39.8%

Net Margin

29.3%

FCF Margin

21.5%

P/S

8.8x

P/E

30.0x

Earnings Reports

Q1 2026

Apr 23, 2026

NEW

$6M-99.9%EPS $2.87

FY 2025

Feb 6, 2026

$24.5B+1.1%EPS $11.97

Q4 2025

Feb 6, 2026

$6.1B-0.6%EPS $3.11

Q2 2025

Jul 24, 2025

$6.2B+2.4%EPS $3.15

Q1 2025

Apr 24, 2025

$6.0B-0.1%EPS $2.70

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$5.9B	$2.7B	$2.4B
Q2 22	$6.3B	$2.8B	$2.5B
Q3 22	$6.6B	$3.0B	$2.6B
Q4 22	$6.2B	$2.7B	$2.4B
Q1 23	$6.1B	$2.7B	$2.3B
Q2 23	$6.0B	$2.6B	$2.2B
Q3 23	$5.9B	$2.6B	$2.2B
Q4 23	$6.2B	$2.8B	$2.4B
Q1 24	$6.0B	$2.7B	$2.4B
Q2 24	$6.0B	$2.7B	$2.4B
Q3 24	$6.1B	$2.8B	$2.4B
Q4 24	$6.1B	$2.8B	$2.5B
Q1 25	$6.0B	$2.7B	$2.4B
Q2 25	$6.2B	$2.8B	$2.5B
Q4 25	$6.1B	$2.7B	$2.4B
Q1 26	$6M	$4M	$2M

Valuation

Quarter	P/S	P/E
Q1 22	7.7x	25.6x
Q2 22	5.7x	19.5x
Q3 22	5.0x	17.4x
Q4 22	5.2x	18.5x
Q1 23	4.8x	17.4x
Q2 23	5.1x	18.6x
Q3 23	5.1x	19.4x
Q4 23	6.1x	23.0x
Q1 24	6.2x	23.2x
Q2 24	5.7x	21.0x
Q3 24	6.2x	22.6x
Q4 24	5.7x	20.5x
Q1 25	5.8x	20.8x
Q2 25	5.6x	19.7x
Q4 25	5.7x	19.5x
Q1 26	7.8x	26.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$2.2B	$1.4B
Q2 22	$1.9B	$1.1B
Q3 22	$2.9B	$1.9B
Q4 22	$2.3B	$1.4B
Q1 23	$1.8B	$1.1B
Q2 23	$2.0B	$1.2B
Q3 23	$2.1B	$1.2B
Q4 23	$2.4B	$1.4B
Q1 24	$2.1B	$1.3B
Q2 24	$1.9B	$1.0B
Q3 24	$2.7B	$1.8B
Q4 24	$2.7B	$1.7B
Q1 25	$2.2B	$1.3B
Q2 25	$2.3B	$1.4B
Q4 25	$2.2B	$1.2B
Q1 26	$2M	$2M

Capital Expenditures

Quarter	CapEx
Q1 22	$848M
Q2 22	$797M
Q3 22	$1.0B
Q4 22	$930M
Q1 23	$772M
Q2 23	$835M
Q3 23	$975M
Q4 23	$1.0B
Q1 24	$797M
Q2 24	$902M
Q3 24	$831M
Q4 24	$922M
Q1 25	$906M
Q2 25	$936M
Q4 25	$999M
Q1 26	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+17.2%	+15.8%
Q2 22	+13.9%	+24.5%
Q3 22	+18.0%	+25.5%
Q4 22	+7.8%	+14.4%
Q1 23	+3.3%	+8.0%
Q2 23	-4.9%	-0.4%
Q3 23	-9.5%	-4.3%
Q4 23	-0.3%	-0.4%
Q1 24	-0.4%	-2.7%
Q2 24	+0.7%	-3.8%
Q3 24	+2.5%	-2.2%
Q4 24	-0.6%	-4.2%
Q1 25	-0.1%	-0.1%
Q2 25	+2.4%	+0.6%
Q4 25	-0.1%	+0.4%
Q1 26	-99.9%	-99.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$30M	0.5%
Q2 22	$26M	0.4%
Q3 22	$21M	0.3%
Q4 22	$22M	0.4%
Q1 23	$28M	0.5%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q4 25	$0	0.0%
Q1 26	$0	0.0%

OpEx Breakdown

Quarter	S&M	SG&A
Q1 22	—	$337M
Q2 22	—	$331M
Q3 22	—	$319M
Q4 22	—	$301M
Q1 23	$371M	—
Q2 23	—	$351M
Q3 23	—	$378M
Q4 23	—	$361M
Q1 24	$370M	—
Q2 24	—	$336M
Q4 25	—	$344M

Revenue Segments

Quarter	Accessorial Revenues	Bulk	Industrial	Other Miscellaneous Product and Service Revenues	Other Subsidiary Revenues	Premium
Q1 22	$201M	$1.8B	$1.9B	$14M	$205M	$1.7B
Q2 22	$183M	$1.8B	$2.1B	$11M	$233M	$1.9B
Q3 22	$212M	$2.0B	$2.2B	$14M	$231M	$2.0B
Q4 22	$183M	$1.9B	$2.0B	$14M	$215M	$1.8B
Q1 23	$151M	$1.9B	$2.0B	$14M	$235M	$1.7B
Q2 23	$149M	$1.8B	$2.1B	$25M	$220M	$1.7B
Q3 23	$142M	$1.8B	$2.1B	$28M	$226M	$1.7B
Q4 23	$142M	$1.9B	$2.1B	$25M	$191M	$1.8B
Q1 24	$174M	$1.8B	$2.1B	$24M	$217M	$1.7B
Q2 24	$131M	$1.7B	$2.1B	$26M	$212M	$1.8B
Q3 24	$122M	$1.8B	$2.1B	$22M	$179M	$1.8B
Q4 24	$127M	$1.9B	$2.1B	$25M	$180M	$1.8B
Q1 25	$118M	$1.8B	$2.1B	$24M	$194M	$1.8B
Q2 25	$107M	$1.9B	$2.2B	$23M	$181M	$1.7B
Q4 25	$126M	$1.9B	$2.1B	$29M	$171M	$1.7B

Revenue by Geography

Quarter	Mexico	United States
Q2 25	$751M	$5.4B

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$788M	$46M	$834M
Q3 22	$1.3B	$46M	$1.3B
Q4 22	$973M	$46M	$1.0B
Q1 23	$1.1B	$0	$1.1B
Q2 23	$830M	$0	$830M
Q3 23	$750M	$16M	$766M
Q4 23	$1.1B	$16M	$1.1B
Q1 24	$925M	$20M	$945M
Q2 24	$1.1B	$20M	$1.2B
Q3 24	$947M	$20M	$967M
Q4 24	$1.0B	$20M	$1.0B
Q1 25	$1.4B	$0	$1.4B
Q2 25	$1.1B	$0	$1.1B
Q3 25	$808M	$0	$808M
Q4 25	$1.3B	$250M	$1.5B
Q1 26	$735.0K	$0	$735.0K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	634M	-1.3%	-5.3%
Q2 22	627M	-1.1%	-5.0%
Q3 22	622M	-0.8%	-4.4%
Q4 22	614M	-1.3%	-4.4%
Q1 23	612M	-0.4%	-3.5%
Q2 23	610M	-0.3%	-2.8%
Q3 23	610M	+0.0%	-1.9%
Q4 23	610M	+0.0%	-0.6%
Q1 24	610M	+0.0%	-0.2%
Q2 24	610M	+0.0%	+0.1%
Q3 24	609M	-0.3%	-0.2%
Q4 24	609M	0.0%	-0.2%
Q1 25	602M	-1.1%	-1.4%
Q2 25	595M	-1.2%	-2.5%
Q4 25	594M	-0.2%	-2.5%
Q1 26	594M	+0.0%	-2.5%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$182.4K	32K
Q2 22	$195.2K	32K
Q3 22	$204.4K	32K
Q4 22	$186.3K	33K
Q1 23	$182.5K	33K
Q2 23	$179.7K	33K
Q3 23	$179.1K	33K
Q4 23	$186.8K	33K
Q1 24	$182.9K	33K
Q2 24	$182.2K	33K
Q3 24	$184.7K	33K
Q4 24	$188.7K	32K
Q1 25	$185.8K	32K
Q2 25	$189.7K	32K
Q4 25	$207.8K	29K
Q1 26	$212	29K

Revenue / Employee