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NYSE · Industrials

UNION PACIFIC CORP (UNP)

As-reported financials and SEC filings for UNION PACIFIC CORP. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About UNION PACIFIC CORP

Union Pacific Corporation operates the Union Pacific Railroad Company, a major freight railroad serving 23 states in the western two-thirds of the United States. It transports bulk commodities like grain and coal, industrial products including chemicals and metals, and premium goods such as automobiles and intermodal containers. The company connects key ports and gateways across the U.S., Canada, and Mexico, providing freight transportation services to various industries and markets.

Snapshot

Revenue
$24.51B
Revenue growth (YoY)
1.1%
Net income
$7.14B
Diluted EPS
$11.98
Gross margin
Operating margin
40.2%
Net margin
29.1%
FCF margin
22.4%
ROE
38.7%
net income / fiscal-year-end equity
P/E
23.1×
trailing when available, otherwise FY EPS
Market cap
$169.16B
Long-term debt / equity
1.64×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Union Pacific

  • Revenue grew 1.1% to $24.5B in FY2025, in line with the 0.5% the year before.
  • Operating margin is 40.2% in FY2025, -2.7 pp against 42.8% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $6.9B, up 11.5% from Q2 FY2025.
  • Free cash flow was $5.5B in FY2025, 22.4% of revenue.
  • Net income rose 5.8% to $7.1B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Union Pacific’s fundamentals sit among the 684 Industrials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin40.2%
98th percentile of 605
Net margin29.1%
97th percentile of 645
FCF margin22.4%
94th percentile of 562
Revenue growth (YoY)+1.1%
39th percentile of 668
ROE38.7%
95th percentile of 600
P/E23.1×
46th percentile of 435
Long-term debt / equity1.64×
87th percentile of 409
Short interest11.74d
98th percentile of 676

Union Pacific’s operating margin of 40.2% ranks in the 98th percentile of the 605 Industrials companies reporting it. Union Pacific’s net margin of 29.1% ranks in the 97th percentile of the 645 Industrials companies reporting it. Union Pacific’s return on equity of 38.7% ranks in the 95th percentile of the 600 Industrials companies reporting it.

No reported insider transactions (codes P/S) in the last 90 days. For context, about 14% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 9 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
9
+7 quant / multi-strat
Initiated / added
8
1 new, 7 added
Reduced / exited
8
8 trimmed, 0 exited
Combined position
$3.32B
reported long value
InvestorAs ofPosition valueSharesChange
Harris Associates (Oakmark)Q2 2026$1.05B3.8MAdded
Viking Global InvestorsQ2 2026$556.9M2.0MNew
Two Sigma InvestmentsquantQ2 2026$341.1M1.3MAdded
Baupost GroupQ2 2026$322.4M1.2MReduced
Point72 Asset ManagementquantQ2 2026$253.2M931.0KAdded
Citadel AdvisorsquantQ2 2026$144.8M532.4KAdded
Bridgewater AssociatesQ2 2026$139.9M514.3KReduced
AQR Capital ManagementquantQ2 2026$116.4M432.1KReduced
Third PointQ2 2026$95.2M350.0KAdded
Corvex ManagementQ2 2026$88.8M326.3KReduced
Dodge & CoxQ2 2026$71.0M260.9KReduced
Renaissance TechnologiesquantQ2 2026$60.1M221.1KAdded
Markel GroupQ2 2026$43.8M161.0KAdded
Millennium ManagementquantQ2 2026$15.7M57.8KReduced
Gotham Asset ManagementQ2 2026$11.6M42.5KReduced
D. E. ShawquantQ2 2026$8.4M30.9KReduced

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
0
Reported activity
Quiet
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-06-03
filed 2026-06-04
Gehringer Eric JEVP OPERATIONSSell3.0K$263.96$790K
2026-04-24
filed 2026-04-28
Rocker Kenyatta GEVP MARKETING & SALESSell15.5K$271.76$4.2M
2026-04-24
filed 2026-04-28
Rocker Kenyatta GEVP MARKETING & SALESSell11.9K$271.76$3.2M
2026-04-24
filed 2026-04-28
Hamann Jennifer LEVP & CHIEF FINANCIAL OFFICERSell2.0K$274.70$549K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
25.9M
settled 2026-08-14
Change vs prior
-1.3%
vs previous settlement
Days to cover
11.74
at avg daily volume
Avg daily volume
2.2M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-1425.9M-1.3%11.74
2026-07-3126.3M-6.9%6.86
2026-07-1528.2M-0.9%12.49
2026-06-3028.5M-3.3%9.34
2026-06-1529.5M-0.7%11.71
2026-05-2929.7M+2.5%7.84
2026-05-1528.9M-1.5%11.90
2026-04-3029.4M+10.7%7.88

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$24.51B$24.25B$24.12B$24.88B$21.80B
Gross profit
Operating income$9.85B$9.71B$9.08B$9.92B$9.34B
Net income$7.14B$6.75B$6.38B$7.00B$6.52B
Diluted EPS$11.98$11.09$10.45$11.21$9.95

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$9.29B$9.35B$8.38B$9.36B$9.03B
Capital expenditure$3.79B$3.45B$3.61B$3.62B$2.94B
Free cash flow$5.50B$5.89B$4.77B$5.74B$6.10B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$6.86B11.5%$1.99B$3.36
Q1 FY2026$6.22B3.2%$1.70B$2.87
Q4 FY2025$6.08B-0.6%$1.85B$3.11
Q3 FY2025$6.24B2.5%$1.79B$3.01
Q2 FY2025$6.15B2.4%$1.88B$3.15
Q1 FY2025$6.03B-0.1%$1.63B$2.70
Q4 FY2024$6.12B-0.6%$1.76B$2.91
Q3 FY2024$6.09B2.5%$1.67B$2.75

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNYSE
SectorIndustrials
SIC industryRailroads, Line-Haul Operating
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2020
SEC CIK100885

Selected SEC filings

10-K2026-02-06
View on EDGAR →
10-K2025-02-07
View on EDGAR →
10-Q2026-07-23
View on EDGAR →
10-Q2026-04-23
View on EDGAR →
10-Q2025-10-23
View on EDGAR →
10-Q2025-07-24
View on EDGAR →
8-K2026-07-23
View on EDGAR →
8-K2026-05-18
View on EDGAR →

Largest Industrials peers

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.