UNION PACIFIC CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data UNION PACIFIC CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	19,941	21,240	22,832	21,708	19,533	21,804	24,875	24,119	24,250	24,510
Operating expenses	12,698	13,134	14,315	13,154	11,699
Operating income	7,243	8,106	8,517	8,554	7,834	9,338	9,917	9,082	9,713	9,846
Interest expense	698	719	870	1,050	1,141	1,157	1,271	1,340	1,269	1,309
Interest income	11	16	30	32	12	4	23	52	52	56
Other non-operating income	221	245	94	243	287	297	426	491	350	629
Pre-tax income	6,766	7,632	7,741	7,747	6,980	8,478	9,072	8,233	8,794	9,166
Income tax	2,533	-3,080	1,775	1,828	1,631	1,955	2,074	1,854	2,047	2,028
Net income	4,233	10,712	5,966	5,919	5,349	6,523	6,998	6,379	6,747	7,138
EBITDA	9,281	10,211	10,708	10,770	10,044	11,546	12,163	11,400	12,111	12,311
EPS, basic	5.09	13.42	7.95	8.41	7.90	9.98	11.24	10.47	11.10	12.00
EPS, diluted	5.07	13.36	7.91	8.38	7.88	9.95	11.21	10.45	11.09	11.98
Shares, basic (weighted)	832	798	751	704	677	654	623	609	608	595
Shares, diluted (weighted)	835	802	754	706	679	655	624	610	609	596
Dividend per share	2.26	2.48	3.06	3.70	3.88	4.29	5.08	5.20	5.28	5.44

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,277	1,275	1,273	831	1,799	960	973	1,055	1,016	1,266
Receivables	1,258	1,493	1,755	1,595	1,505	1,722	1,891	2,073	1,894	1,860
Other current assets	284	399	333	222	212	202	301	261	322	392
Total current assets	3,596	4,006	4,163	3,459	4,214	3,551	3,952	4,148	4,021	4,555
Property, plant and equipment	50,389	51,605	52,679	53,916	54,161	54,871	56,038	57,398	58,343	59,645
Lease right-of-use assets				1,812	1,610	1,787	1,672	1,643	1,297	1,036
Other non-current assets	276	386	393	436	249	1,075	1,412	1,338	1,390	1,577
Total assets	55,718	57,806	59,147	61,673	62,398	63,525	65,449	67,132	67,715	69,698
Accounts payable	955	1,013	872	749	612	752	784	856	847	804
Short-term debt	758	800	1,466	1,257	1,069	2,166	1,678	1,423	1,425	1,520
Total current liabilities	3,640	3,939	4,626	4,351	4,173	5,744	5,520	5,106	5,254	5,014
Long-term debt	14,249	16,144	20,925	23,943	25,660	27,563	31,648	31,156	29,767	30,294
Lease liabilities				1,471	1,283	1,429	1,300	1,245	925	738
Other non-current liabilities	1,901	1,931	1,871	1,788	2,077	1,953	1,785	1,714	1,728	1,764
Total liabilities	35,786	32,950	38,724	43,545	45,440	49,364	53,286	52,344	50,825	51,231
Total debt	15,007	16,944	22,391	25,200	26,729	29,729	33,326	32,579	31,192	31,814
Paid-in capital	4,421	4,476	4,449	4,523	4,864	4,979	5,080	5,193	5,334	5,589
Retained earnings	32,587	41,317	45,284	48,605	51,326	55,049	58,887	62,093	65,628	69,529
Treasury stock	-18,581	-22,574	-30,674	-36,424	-40,420	-47,734	-54,004	-54,666	-56,132	-58,843
Other comprehensive income	-1,272	-1,141	-1,415	-1,356	-1,593	-914	-582	-614	-723	-591
Shareholders' equity	19,932	24,856	20,423	18,128	16,958	14,161	12,163	14,788	16,890	18,467
Total equity	19,932	24,856	20,423	18,128	16,958	14,161	12,163	14,788	16,890	18,467
Total liabilities and equity	55,718	57,806	59,147	61,673	62,398	63,525	65,449	67,132	67,715	69,698
Shares outstanding	816	781	725	692	671	639	612	610	604	593

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4,233	10,712	5,966	5,919	5,349	6,523	6,998	6,379	6,747	7,138
Depreciation and amortization	2,038	2,105	2,191	2,216	2,210	2,208	2,246	2,318	2,398	2,465
Stock-based compensation	82	103	96	93	73	88	99	107	118	142
Deferred income tax	831	-5,067	339	566	340	154	262	117	28	241
Change in receivables	98	-235	-262	160	90	-217	-169	-177	179	34
Change in payables	232	182	-125	-179	-73	184	565	-215	189	-196
Cash from operations	7,525	7,230	8,686	8,609	8,540	9,032	9,362	8,379	9,346	9,290
Capital expenditures	-3,505	-3,238	-3,437	-3,453	-2,927	-2,936	-3,620	-3,606	-3,452	-3,791
Purchases of investments	-580	-120	-90	-115	-136	-70	-46
Cash from investing	-3,393	-3,086	-3,411	-3,435	-2,676	-2,709	-3,471	-3,667	-3,325	-3,762
Debt issued	1,983	2,735	6,892	3,986	4,004	4,201	6,080	1,599	800	1,995
Stock issued				130	95	58	27	27	46	51
Share buybacks	-3,105	-4,013	-8,225	-5,804	-3,705	-7,291	-6,282	-705	-1,505	-2,679
Dividends paid	-1,879	-1,982	-2,299	-2,598	-2,626	-2,800	-3,159	-3,173	-3,213	-3,236
Cash from financing	-4,246	-4,146	-5,222	-5,646	-4,902	-7,158	-5,887	-4,625	-6,067	-5,276
Net change in cash	-114	-2	53	-472	962	-835	4	87	-46	252
Free cash flow	4,020	3,992	5,249	5,156	5,613	6,096	5,742	4,773	5,894	5,499
Interest paid	652	666	728	1,033	1,050	1,087	1,156	1,268	1,260	1,311
Income taxes paid	1,347	2,112	1,205	-1,382	-1,214	-1,658	2,060	1,486	1,340

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $273.79 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	40.0%	Operating income / revenue.
EBITDA margin	49.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	37.4%	Pre-tax income / revenue.
Net margin	28.8%	Net income / revenue.
FCF margin	25.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	40.4%	Cash from operations / revenue.
Effective tax rate	22.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	35.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	10.3%	Net income / average total assets.
Return on invested capital (ROIC)	15.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	14.8%	Capital expenditures / revenue.
D&A / revenue	9.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	1.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-0.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	4.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	1.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	5.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	0.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	8.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-0.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	1.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-6.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-1.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-0.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.99x	Current assets / current liabilities.
Quick ratio	0.67x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.29x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.47x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	42.6%	Total debt / total assets.
Liabilities / assets	71.0%	Total liabilities / total assets.
Net debt	$28.71B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.26x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.92x	Operating income / interest expense.
Working capital	-$79.0M	Current assets - current liabilities.
Tangible book value	$20.67B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.36x	Revenue / average total assets.
Fixed asset turnover	0.42x	Revenue / average property, plant and equipment.
Receivables turnover	11.9x	Revenue / average receivables.
Days sales outstanding	31 days	365 x average receivables / revenue.
FCF conversion	88.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	36.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$12.34	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$42.78	Revenue / diluted weighted shares.
FCF per share	$10.95	Free cash flow / diluted weighted shares.
Operating cash flow per share	$17.28	Cash from operations / diluted weighted shares.
Book value per share	$34.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$34.81	Tangible book value / shares outstanding.
Cash per share	$2.72	(Cash + short-term investments) / shares outstanding.
Payout ratio	44.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	50.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$162.65B	Share price x shares outstanding.
Enterprise value	$191.36B	Market cap + total debt - cash - short-term investments.
P/E	22.2x	Market cap / net income. Only when net income is positive.
P/S	6.40x	Market cap / revenue.
P/B	7.87x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.87x	Market cap / tangible book value, when positive.
P/FCF	25.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	15.8x	Market cap / cash from operations, when positive.
EV/Sales	7.53x	Enterprise value / revenue.
EV/EBIT	18.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.0%	Free cash flow / market cap.
Earnings yield	4.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.0%	Dividends paid over the period / market cap.
Shareholder yield	2.0%	(Dividends paid + share buybacks) / market cap.
PEG	9.91x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was UNION PACIFIC CORP's revenue in fiscal 2025?

UNION PACIFIC CORP reported revenue of $24.51B for fiscal 2025, 1.1% higher than the year before.

Was UNION PACIFIC CORP profitable in fiscal 2025?

Yes. Net income was $7.14B, a net margin of 29.1%.

How much free cash flow did UNION PACIFIC CORP generate in fiscal 2025?

Cash from operations of $9.29B minus capital expenditures of $3.79B left free cash flow of $5.50B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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