Railroad franchise operating in the western United States transporting agricultural, automotive, chemical, and industrial products.
Profile & Fundamentals
Union Pacific: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Union Pacific Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
Explore this pageJump to a Profile & Fundamentals section
Explore this research
Profile & Fundamentals contents
Jump directly to any section
Company and Market Context
Company Profile & Ownership
Union Pacific Corporation, through its subsidiary, Union Pacific Railroad Company, operates in the railroad business in the United States. It offers transportation services for grain and grain products, fertilizers, food and refrigerated products, and coal and renewables to grain processors, animal feeders, and ethanol and renewable biofuel producers; and construction products, industrial chemicals, plastics, forest products, specialized products, metals and ores, petroleum, liquid petroleum gases, soda ash, and sand, as well as finished automobiles, automotive parts, and merchandise in intermodal containers. The company was founded in 1862 and is headquartered in Omaha, Nebraska.
Company profile record
Union Pacific Corporation
Common Stock · Industrials · Rail Transportation
Company
- Company / asset
- Union Pacific Corporation
- Security type
- Common Stock
- Sector
- Industrials
- Industry
- Rail Transportation
- HQ
- 🇺🇸 United States
- Head office
- 1400 Douglas Street, Omaha, NE, United States, 68179
Leadership & scale
- Chief executive
- Mr. Vincenzo James Vena
- CEO year born
- 1959
- Full-time employees
- 28.7K
- Fiscal year end
- December
- IPO date
- 1978-01-13
Fundamentals snapshot
- Market Cap
- USD 164.3B
- P/E
- 22.4x
- Revenue (Q2 26)
- USD 6.9B
- Profit (Q2 26)
- USD 2.0B
- Dividend Yield
- 1.4%
- Revenue (FY 25)
- USD 24.5B
- Shares in public float
- 592.7M
- Insider ownership
- 0.07%
Reporting & identifiers
- Symbol
- UNP.NYSE
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US9078181081
- Asset ID
- equity_de703932-c64c-5c0f-b762-64317187ac78
Ownership
Shares Outstanding
Latest: 594.0M | Max: 787.0M | Min: 593.5M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
99.79%
592.7M latest reported shares
Insider Ownership
0.07%
Latest reported insider stake
Short Float
0.05%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 787,000,000 |
| 2018-01-01 | 732,900,000 |
| 2019-01-01 | 694,900,000 |
| 2020-01-01 | 674,100,000 |
| 2021-01-01 | 642,100,000 |
| 2022-01-01 | 613,700,000 |
| 2023-01-01 | 609,900,000 |
| 2024-01-01 | 608,600,000 |
| 2025-01-01 | 593,500,000 |
| 2026-01-01 | 594,000,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 47,778,540 | 8.04% | 2026-03-31 |
| Vanguard Capital Management, LLC | 38,555,904 | 6.49% | 2026-03-31 |
| Capital World Investors | 27,141,622 | 4.57% | 2026-06-30 |
| State Street Corp | 26,587,866 | 4.48% | 2026-03-31 |
| Vanguard MStar Total Stk Mkt Idx Invest | 18,867,807 | 3.18% | 2026-08-31 |
| JPMorgan Chase & Co | 17,642,696 | 2.97% | 2026-03-31 |
| Capital Research Global Investors | 17,112,417 | 2.88% | 2026-06-30 |
| Geode Capital Management, LLC | 15,862,607 | 2.67% | 2026-03-31 |
| Vanguard 500 Index Investor | 15,771,485 | 2.65% | 2026-08-31 |
| Morgan Stanley - Brokerage Accounts | 14,884,882 | 2.51% | 2026-03-31 |
| Bank of America Corp | 14,463,071 | 2.43% | 2026-03-31 |
| Vanguard Portfolio Management, LLC | 14,444,761 | 2.43% | 2026-03-31 |
| American Funds American Balanced A | 9,924,865 | 1.67% | 2026-06-30 |
| iShares Core S&P 500 ETF | 7,906,102 | 1.33% | 2026-08-31 |
| Fidelity 500 Index | 7,677,330 | 1.29% | 2026-07-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Union Pacific's headline financial results show strong revenue growth, but the underlying business is expanding at a more measured pace. In the second quarter of 2026, revenue increased 12% to $6.86 billion, yet freight revenue excluding fuel surcharges grew 4%. The apparent sales jump was largely driven by passing higher diesel costs through to customers rather than moving massive new cargo volumes. Net income advanced 6% to $1.99 billion, demonstrating that core pricing power and cost controls remain effective. Over the trailing twelve months, the company generated $25.4 billion in revenue and $6.50 billion in free cash flow. This prodigious cash conversion proves the franchise easily generates real liquidity from its daily operations. However, because unit volume growth across industrial sectors remains modest, future earnings expansion relies heavily on raising freight rates above rail inflation.
Union Pacific's headline financial results show strong revenue growth, but the underlying business is expanding at a more measured pace. In the second quarter of 2026, revenue increased 12% to $6.86 billion, yet freight revenue excluding fuel surcharges grew 4%. The apparent sales jump was largely driven by passing higher diesel costs through to customers rather than moving massive new cargo volumes. Net income advanced 6% to $1.99 billion, demonstrating that core pricing power and cost controls remain effective. Over the trailing twelve months, the company generated $25.4 billion in revenue and $6.50 billion in free cash flow. This prodigious cash conversion proves the franchise easily generates real liquidity from its daily operations. However, because unit volume growth across industrial sectors remains modest, future earnings expansion relies heavily on raising freight rates above rail inflation.
Revenue, Net Income, and Free Cash Flow
Latest: USD 24.5B | Max: USD 24.9B | Min: USD 4.0B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 19x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Union Pacific ranks among the most profitable transportation systems in North America, delivering an operating margin of 40.1% and a net profit margin of 29.1% in 2025. This exceptional profitability is managed through the operating ratio, which measures operating expenses as a percentage of revenue, where lower numbers signal higher efficiency. The company posted an adjusted operating ratio of 59.2% in the second quarter of 2026, reflecting tight operational scheduling under Jim Vena. Rising diesel fuel prices created an optical 120-basis-point drag on the reported operating ratio, but workforce productivity improvements and faster train speeds effectively cushioned profitability. Because fuel surcharges pass higher costs directly to customers, dollar profits stayed protected. With rail cars moving faster through terminal yards, underlying operating profitability remains structurally sound despite inflationary wage pressures from rail union agreements.
Union Pacific ranks among the most profitable transportation systems in North America, delivering an operating margin of 40.1% and a net profit margin of 29.1% in 2025. This exceptional profitability is managed through the operating ratio, which measures operating expenses as a percentage of revenue, where lower numbers signal higher efficiency. The company posted an adjusted operating ratio of 59.2% in the second quarter of 2026, reflecting tight operational scheduling under Jim Vena. Rising diesel fuel prices created an optical 120-basis-point drag on the reported operating ratio, but workforce productivity improvements and faster train speeds effectively cushioned profitability. Because fuel surcharges pass higher costs directly to customers, dollar profits stayed protected. With rail cars moving faster through terminal yards, underlying operating profitability remains structurally sound despite inflationary wage pressures from rail union agreements.
Profitability Margins
Latest: 59.4% | Max: 59.4% | Min: 21.2%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
59.4%
Gross profit / revenue
Operating Margin
40.1%
Operating income / revenue
Net Margin
29.1%
Net income / revenue
FCF Margin
22.4%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 19,941,000,000 | 4,233,000,000 | 4,020,000,000 |
| 2017-12-31 | 21,240,000,000 | 10,712,000,000 | 3,973,000,000 |
| 2018-12-31 | 22,832,000,000 | 5,966,000,000 | 5,249,000,000 |
| 2019-12-31 | 21,708,000,000 | 5,919,000,000 | 5,156,000,000 |
| 2020-12-31 | 19,533,000,000 | 5,349,000,000 | 5,613,000,000 |
| 2021-12-31 | 21,804,000,000 | 6,523,000,000 | 6,096,000,000 |
| 2022-12-31 | 24,875,000,000 | 6,998,000,000 | 5,742,000,000 |
| 2023-12-31 | 24,119,000,000 | 6,379,000,000 | 4,773,000,000 |
| 2024-12-31 | 24,250,000,000 | 6,747,000,000 | 5,894,000,000 |
| 2025-12-31 | 24,510,000,000 | 7,138,000,000 | 5,499,000,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 19.23 | Trailing four quarters |
| 2024-12-31 | 20.57 | Trailing four quarters |
| 2023-12-31 | 23.48 | Trailing four quarters |
| 2022-12-31 | 18.16 | Annual net income |
| 2021-12-31 | 24.8 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 41.47 | 36.47 | 21.23 | 20.16 |
| 2017-12-31 | 42.42 | 37.95 | 50.43 | 18.71 |
| 2018-12-31 | 41.78 | 37.3 | 26.13 | 22.99 |
| 2019-12-31 | 44.29 | 39.4 | 27.27 | 23.75 |
| 2020-12-31 | 46.99 | 40.11 | 27.38 | 28.74 |
| 2021-12-31 | 48.22 | 42.83 | 29.92 | 27.96 |
| 2022-12-31 | 45.05 | 39.87 | 28.13 | 23.08 |
| 2023-12-31 | 43.65 | 37.65 | 26.45 | 19.79 |
| 2024-12-31 | 45.52 | 40.05 | 27.82 | 24.31 |
| 2025-12-31 | 59.38 | 40.14 | 29.12 | 22.44 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
Complete Research Workspace
Unlock the complete Profile & Fundamentals
Sign in to verify your access, or upgrade to the Base plan to open the complete profile & fundamentals and available source data.