Union Pacific Corporation (UNP) financials
NYSE · Industrials · Railroads · 28,716 employees · CEO Vincenzo James Vena
- Price
- $304.00 +0.69%
- Market cap
- $181B
- Enterprise value
- $210B
- Last report
- Q3 '26 filed 2026-10-22
- Next report
- 2027-01-26 EPS est. $3.31
Revenue (TTM)$26.4B+7.4% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)40.0%-0.6 pp vs a year agoOperating income $10.5B
Net income (TTM)$7.62B+8.0% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$6.69B+11.3% vs a year agoCapex $3.83B
Diluted EPS (TTM)$12.83+9.0% vs a year agoSum of the last 4 quarters
Net cash-$28.3B+11.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $181B EV $210B
- Revenue
- $26.4B Trailing 12 months
- Revenue growth
- +12% FY2026 consensus
- Profit margin
- 28.9% Net income / revenue, TTM
- P/E
- 23.7× Forward 23.1× (FY2026)
- P/S
- 6.9× Price / sales, TTM
- EV / EBITDA
- 15.3× TTM
- Free cash flow
- $6.69B Trailing 12 months
- Net income
- $7.62B Trailing 12 months
- Revenue estimate
- $27.4B FY2026 consensus
- Earnings
- 2027-01-26 Revenue est. $7.13B
- Dividend
- $5.56 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-22): revenue beat by 0.5%, EPS beat by 1.7%Revenue $7.2B vs $7.16B expected (+0.5%); EPS $3.53 vs $3.47 (+1.7%).
- Revenue growth accelerating: 15.3% year on yearQ3 '26 revenue $7.2B, against an average of 4.2% over the four quarters before.
- Operating margin 40.0% (TTM), -0.6 pp on a year agoOperating income grew 5.8% while revenue grew 7.4%.
- Capex 14.5% of revenue (a year ago 15.1%)$3.83B invested in the last 4 quarters (+3.2% on a year earlier). Free cash flow $6.69B = 87.9% of net income.
- Returned $3.33B to shareholders = 49.7% of free cash flowBuybacks $26M (a year earlier $3.35B), dividends $3.3B, stock-based pay $0 (TTM).
- Diluted share count up 0.2% in a year595M diluted shares in Q3 '26, 593M a year earlier.
- Net debt $28.3BCash + short-term investments $3.09B, debt incl. leases $31.3B; a year ago net debt $32B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $7.2B | $6.24B | +15.3% |
| Gross margin | 40.9% | 46.5% | -5.6 pp |
| Operating income | $2.94B | $2.55B | +15.5% |
| Operating margin | 40.9% | 40.8% | +0.1 pp |
| Net income | $2.08B | $1.79B | +16.1% |
| Diluted EPS | $3.49 | $3.01 | +15.9% |
| Operating cash flow | $2.79B | $2.52B | +10.5% |
| Capex | $1.02B | $950M | +7.8% |
| Free cash flow | $1.76B | $1.57B | +12.1% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-10-22| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $7.2B | $7.16B | +0.5% |
| EPS (as estimated) | $3.53 | $3.47 | +1.7% |
From the report of 2026-10-22 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Industrial | $2.51B | +14.4% | 34.9% | $9.2B | +7.2% | |
| Premium | $2.19B | +21.4% | 30.4% | $7.68B | +7.5% | |
| Bulk | $2.12B | +9.6% | 29.4% | $8.1B | +7.6% | |
| Other Subsidiary Revenues | $201M | +16.9% | 2.8% | $741M | +1.9% | |
| Accessorial Revenues | $157M | +26.6% | 2.2% | $538M | +13.0% | |
| Other Miscellaneous Product and Service Revenues | $26M | +23.8% | 0.4% | $101M | +8.6% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| M [X] | $820M | +9.0% | 100.0% | $4.53B | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $10.5B
- Capex
- -$3.83B
- Buybacks
- -$26M
- Dividends
- -$3.3B
- Acquisitions
- $0
- Net debt issued
- -$1.52B
- Stock-based compensation
- $0
- Free cash flow
- $6.69B
- Returned to shareholders / FCF
- 49.7%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 23.7× | 21.4× | 18.4× – 25.2× |
| EV / EBITDA | 15.3× | 14.3× | 12.9× – 16.5× |
| EV / Sales | 8.0× | 7.4× | 6.5× – 9.0× |
| Price / FCF | 27.0× | 25.9× | 22.5× – 31.3× |
| Price / Book | 8.2× | 9.6× | 7.4× – 11.6× |
| FCF yield | 3.7% | 3.9% | 3.2% – 4.5% |
| Return on invested capital | 11.8% | 11.7% | 11.0% – 12.4% |
| Return on equity | 37.8% | 45.1% | 38.7% – 57.5% |
Analysts
Consensus target $331.00 (+8.9%)
range $294.00 – $350.00 · rating Buy
Strong buy1
Buy28
Hold17
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $27.4B | +11.8% | $13.18 | +10.1% | 23.1× | 16 |
| FY2027 | $29B | +5.8% | $14.39 | +9.2% | 21.1× | 17 |
| FY2028 | $31.2B | +7.7% | $15.72 | +9.3% | 19.3× | 8 |
| FY2029 | $35.8B | +14.8% | $18.02 | +14.6% | 16.9× | 5 |
| FY2030 | $39.6B | +10.5% | $19.63 | +8.9% | 15.5× | 5 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 237 figures Union Pacific Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities, Current | $4.32B | $3.7B | +16.7% | $3.49B2025-12-31 | $3.83B | -8.7% |
| Accounts Payable, Current | $1.04B | $853M | +21.7% | $804M2025-12-31 | $847M | -5.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.14B | $1.92B | +11.4% | $1.86B2025-12-31 | $1.89B | -1.8% |
| Accounts Receivable, Allowance for Credit Loss, Current | $9M | $5M | +80.0% | $4M2025-12-31 | $6M | -33.3% |
| Accounts Receivable, Allowance for Credit Loss, Noncurrent | $61M | $71M | -14.1% | $64M2025-12-31 | $69M | -7.2% |
| Accrual for Environmental Loss Contingencies | $274M | $257M | +6.6% | $259M2025-12-31 | $268M | -3.4% |
| Accrual for Environmental Loss Contingencies, Charges to Expense for New Losses | $37M | $16M | +131.3% | $70M2025-12-31 | $129M | -45.7% |
| Accrual for Environmental Loss Contingencies, Payments | $24M | $14M | +71.4% | $79M2025-12-31 | $106M | -25.5% |
| Accrued Employee Benefits, Current | $639M | $612M | +4.4% | $642M2025-12-31 | $618M | +3.9% |
| Accrued Environmental Loss Contingencies, Current | $65M | $66M | -1.5% | $62M2025-12-31 | $83M | -25.3% |
| Accrued Rent, Current | $106M | $105M | +1.0% | $102M2025-12-31 | $109M | -6.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$539M | -$672M | +19.8% | -$591M2025-12-31 | -$723M | +18.3% |
| Additional Paid in Capital | $5.74B | $5.55B | +3.5% | $5.59B2025-12-31 | $5.33B | +4.8% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 1M | -100.0% | 300K2020-12-31 | 500K | -40.0% |
| Assets | $72.6B | $68.6B | +5.8% | $69.7B2025-12-31 | $67.7B | +2.9% |
| Assets, Current | $6.52B | $3.9B | +66.9% | $4.56B2025-12-31 | $4.02B | +13.3% |
| Capital Expenditures Incurred but Not yet Paid | $58M | $33M | +75.8% | $131M2025-12-31 | $165M | -20.6% |
| Cash and Cash Equivalents, at Carrying Value | $2.21B | $808M | +173.6% | $1.27B2025-12-31 | $1.02B | +24.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.22B | $830M | +167.2% | $1.28B2025-12-31 | $1.03B | +24.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $595M | -$253M | +335.2% | $252M2025-12-31 | -$46M | +647.8% |
| Commercial Paper | $0 | $0 | – | $02025-12-31 | $0 | – |
| Common Stock, Dividends, Per Share, Declared | $1.42 | $1.38 | +2.9% | $5.442025-12-31 | $5.28 | +3.0% |
| Common Stock, Par or Stated Value Per Share | $2.50 | $2.50 | 0.0% | $2.502025-12-31 | $2.50 | 0.0% |
| Common Stock, Shares Authorized | 1.4B | 1.4B | 0.0% | 1.4B2025-12-31 | 1.4B | 0.0% |
| Common Stock, Shares, Issued | 1.11B | 1.11B | 0.0% | 1.11B2025-12-31 | 1.11B | 0.0% |
| Common Stock, Shares, Outstanding | 594M | 593M | +0.2% | 593M2025-12-31 | 604M | -1.8% |
| Common Stock, Value, Issued | $2.78B | $2.78B | 0.0% | $2.78B2025-12-31 | $2.78B | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $2.09B | $1.81B | +15.8% | $7.27B2025-12-31 | $6.64B | +9.5% |
| Cost of Property Repairs and Maintenance | – | – | – | $2.3B2025-12-31 | $2.3B | 0.0% |
| Costs and Expenses | $4.25B | $3.7B | +15.1% | $14.7B2025-12-31 | $14.5B | +0.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.46B2025-12-31 | $1.65B | -11.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $6M2025-12-31 | $11M | -45.5% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.79B2025-12-31 | $2.02B | -11.5% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $321M2025-12-31 | $359M | -10.6% |
| Debt Instrument, Fair Value Disclosure | $22.8B | $26.8B | -14.9% | $26.5B2025-12-31 | $25.3B | +4.7% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $1.68B2025-12-31 | $1.69B | -0.9% | $1.68B2025-12-31 | $1.69B | -0.9% |
| Debt Securities, Held-to-maturity, Current | $875M | – | – | $250M2025-12-31 | $20M | +1,150.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $351M2025-12-31 | $47M | +646.8% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $4M2025-12-31 | $5M | -20.0% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $241M2025-12-31 | $28M | +760.7% |
| Deferred Income Tax Liabilities, Net | $13.6B | $13.3B | +2.3% | $13.4B2025-12-31 | $13.2B | +2.1% |
| Deferred Income Taxes and Tax Credits | $114M | $295M | -61.4% | $241M2025-12-31 | $28M | +760.7% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$114M2025-12-31 | -$24M | -375.0% |
| Deferred Tax Assets, Gross | $726M2025-12-31 | $764M | -5.0% | $726M2025-12-31 | $764M | -5.0% |
| Deferred Tax Assets, Other | $215M2025-12-31 | $205M | +4.9% | $215M2025-12-31 | $205M | +4.9% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | $52M2025-12-31 | $51M | +2.0% | $52M2025-12-31 | $51M | +2.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $34M2025-12-31 | $28M | +21.4% | $34M2025-12-31 | $28M | +21.4% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Loss Reserves | $184M2025-12-31 | $172M | +7.0% | $184M2025-12-31 | $172M | +7.0% |
| Deferred Tax Assets, Valuation Allowance | $02025-12-31 | $0 | – | $02025-12-31 | $0 | – |
| Deferred Tax Liabilities, Gross | $14.1B2025-12-31 | $13.9B | +1.7% | $14.1B2025-12-31 | $13.9B | +1.7% |
| Deferred Tax Liabilities, Leasing Arrangements | $248M2025-12-31 | $314M | -21.0% | $248M2025-12-31 | $314M | -21.0% |
| Deferred Tax Liabilities, Net | $13.4B2025-12-31 | $13.2B | +2.1% | $13.4B2025-12-31 | $13.2B | +2.1% |
| Deferred Tax Liabilities, Other | $639M2025-12-31 | $581M | +10.0% | $639M2025-12-31 | $581M | +10.0% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $13.3B2025-12-31 | $13B | +1.8% | $13.3B2025-12-31 | $13B | +1.8% |
| Defined Benefit Plan, Amortization of Gain (Loss) | -$5M | -$2M | -150.0% | – | – | – |
| Defined Benefit Plan, Expected Return (Loss) on Plan Assets | $56M | $60M | -6.7% | – | – | – |
| Defined Benefit Plan, Interest Cost | $41M | $45M | -8.9% | – | – | – |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | -$1M | -$4M | +75.0% | $02023-12-31 | $9M | -100.0% |
| Defined Benefit Plan, Service Cost | $9M | $9M | 0.0% | – | – | – |
| Defined Contribution Plan, Cost | – | – | – | $29M2025-12-31 | $28M | +3.6% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01