UNP Q4 2025 Earnings Report — Union Pacific Corporation Revenue & Financial Results | Market Cap Arena

Union Pacific CorporationUNP

Q4 2025 Earnings

Reported February 6, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2025	Q3 2025	Q4 2024	QoQ Change	YoY Change
Revenue	$6.1B	—	$6.1B	—	-0.6%
Op. Income	$2.4B	—	$2.5B	—	-5.5%
Gross Margin	44.9%	—	45.8%	—	-1.0pp
Net Margin	30.4%	—	28.8%	—	1.6pp
EPS (Diluted)	$3.11	—	$2.91	—	6.9%
Free Cash Flow	$1.2B	—	$1.7B	—	-29.5%

Revenue Flow

Item	Amount
REVENUE	$6.1B
Cost of Revenue	$3.4B
GROSS PROFIT	$2.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$344M
Other Expenses	$0
Operating Expenses	$344M
Cost & Expenses	$3.7B
OPERATING INCOME	$2.4B
Interest Income	$14M
Interest Expense	$325M
Other Income/Expenses	$21M
INCOME BEFORE TAX	$2.4B
Income Tax Expense	$560M
Net Income from Continuing Ops	$1.8B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.8B
D&A	$624M
EBIT	$2.7B
EBITDA	$3.4B
EPS	$3
EPS Diluted	$3

Income Statement

Item	Amount
REVENUE	$6.1B
Cost of Revenue	$3.4B
GROSS PROFIT	$2.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$344M
Other Expenses	$0
Operating Expenses	$344M
Cost & Expenses	$3.7B
OPERATING INCOME	$2.4B
Interest Income	$14M
Interest Expense	$325M
Other Income/Expenses	$21M
INCOME BEFORE TAX	$2.4B
Income Tax Expense	$560M
Net Income from Continuing Ops	$1.8B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.8B
D&A	$624M
EBIT	$2.7B
EBITDA	$3.4B
EPS	$3
EPS Diluted	$3

Cash Flow Statement

Item	Amount
Net Income	$1.8B
Depreciation & Amortization	$624M
Stock-Based Compensation	$0
Deferred Income Tax	$69M
Other Non-Cash Items	-$199M
Change in Working Capital	-$117M
OPERATING CASH FLOW	$2.2B
Capital Expenditure	-$999M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$28M
NET CASH FROM INVESTING	-$971M
Net Debt Issuance	-$4M
Common Stock Repurchased	$0
Common Dividends Paid	-$818M
Other Financing Activities	$18M
NET CASH FROM FINANCING	-$804M
FREE CASH FLOW	$1.2B
Net Change in Cash	$450M

Balance Sheet

Item	Amount
Cash & Equivalents	$1.3B
Short-Term Investments	$250M
Net Receivables	$1.9B
Inventory	$787M
Other Current Assets	$383M
TOTAL CURRENT ASSETS	$4.6B
PP&E (Net)	$59.6B
Goodwill	$0
Intangible Assets	$745M
Long-Term Investments	$3.0B
Tax Assets	$0
Other Non-Current Assets	$1.8B
TOTAL NON-CURRENT ASSETS	$65.1B
TOTAL ASSETS	$69.7B
Account Payables	$804M
Short-Term Debt	$1.5B
Deferred Revenue	$0
Other Current Liabilities	$2.2B
TOTAL CURRENT LIABILITIES	$5.0B
Long-Term Debt	$30.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$13.4B
Other Non-Current Liabilities	$1.8B
TOTAL NON-CURRENT LIABILITIES	$46.2B
TOTAL LIABILITIES	$51.2B
Common Stock	$2.8B
Additional Paid-In Capital	$5.6B
Retained Earnings	$69.5B
Treasury Stock	-$58.8B
Accum. Other Comp. Income	-$591M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$18.5B
Minority Interest	$0
TOTAL EQUITY	$18.5B
TOTAL LIABILITIES & EQUITY	$69.7B
Total Debt	$31.8B
Net Debt	$30.5B