UNPNYSERailroads, Line-Haul OperatingFiscal year ends December 31
UNION PACIFIC CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 23, 2026
$287.01−2.03 (-0.70%)
Close on Oct 19, 2026
- Market cap
- $170.48B
- P/E (TTM)
- 23.2
- Dividend yield
- 1.90%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
40.2%+0.1 pts over 5 years
Net margin
29.1%+1.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.1% | -0.5% | +4.6% | +1.2% | |
| Operating income | +1.4% | -0.2% | +4.7% | +2.0% | |
| Net income | +5.8% | +0.7% | +5.9% | +4.1% | |
| EPS, diluted | +8.0% | +2.2% | +8.7% | +8.1% | |
| Free cash flow | -6.7% | -1.4% | -0.4% | +7.4% | |
| Dividend per share | +3.0% | +2.3% | +7.0% | +9.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 20.8% | 30.5% | 40.4% | |
| Return on assets | 7.7% | 8.6% | 10.4% | |
| Current ratio | 0.99 | 1.01 | 0.91 | |
| Debt to equity | 0.75 | 1.58 | 1.72 | |
| Interest coverage | 10.4× | 6.9× | 7.5× | |
| Capex to revenue | 17.6% | 15.0% | 15.5% | |
| Diluted shares | 835M | 679M | 596M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Union Pacific generated $45.41B from operations and spent $51.45B on capital expenditure, dividends and share buybacks. 34% of that went back into the business.
Generated
$45.41B
Used
$51.45B
Capital expenditure$17.41B34%Dividends$15.58B30%Share buybacks$18.46B36%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin29.1%
×Asset turnover0.36×
×Equity multiplier3.89×
=Return on equity, FY202540.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 29.1% | 0.36× | 3.89× | 40.4% |
| FY2024 | 27.8% | 0.36× | 4.26× | 42.6% |
| FY2023 | 26.4% | 0.36× | 4.92× | 47.3% |
| FY2022 | 28.1% | 0.39× | 4.90× | 53.2% |
| FY2021 | 29.9% | 0.35× | 4.05× | 41.9% |
| FY2020 | 27.4% | 0.31× | 3.54× | 30.5% |
| FY2019 | 27.3% | 0.36× | 3.13× | 30.7% |
| FY2018 | 26.1% | 0.39× | 2.58× | 26.4% |
| FY2017 | 50.4% | 0.37× | 2.53× | 47.8% |
| FY2016 | 21.2% | 0.36× | 2.71× | 20.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$7.14B
- Cash generatingOperating cash flow above zero$9.29B
- Return on assets improvedROA up on the prior year10.1% → 10.5%
- Earnings backed by cashOperating cash flow above net income$9.29B vs $7.14B
- Less leverageLong-term debt to assets fell44.0% → 43.5%
- Better liquidityCurrent ratio rose0.77 → 0.91
- No dilutionShare count did not rise609M → 596M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.36 → 0.36