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UNION PACIFIC CORPUNP

Sector
Other
Industry
Railroads, Line-Haul Operating
Exchange
NYSE

Stock Price $UNP

Latest filings

You are here#7 of 57 in Industrials by market cap

Filing record · 2016–202610-K1110-Q328-K174

UNP filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 174 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Aug ’17Aug ’17
  2. Leadership change8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Sep ’21Sep ’21
  4. Material agreement8-K · Jul ’25Jul ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $24.51B
YoY changeLargest recent move+14.1%in FY22Latest +1.1%

1 older move runs past ±20% (largest −21.3%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All UNP Financial Metrics52 metrics

Income Statement12

Balance Sheet21

Cash Flow14

Per Share5

02—Overview

UNION PACIFIC CORP Financial Overview 2021–2025

Updated Jul 10, 2026

Between FY2021 and FY2025, Union Pacific delivered a 20% increase in earnings per share, even as underlying freight volumes stagnated. This bottom-line expansion underscores a railroad that has ruthlessly optimized its network to squeeze more profit from every carload. The core investment thesis now centers on whether this stabilized operational efficiency can finance and successfully integrate the massive pending acquisition of Norfolk Southern. Highlighting this steady long-term trajectory, freight revenues grew modestly from $20.2 billion in FY2021 to $23.2 billiona in FY2025.

The company’s path to efficiency has been volatile but ultimately effective. Union Pacific’s profitability deteriorated from a record 57.2% operating ratio in FY2021 to 62.3% in FY2023 due to severe network congestion and inflation. However, management reversed this slide, improving the operating ratio to 59.8% in FY2025 by driving an 8% increase in freight car velocity and achieving a 24% reduction in personal injury rates. This turnaround generated $7.1 billion in net incomeb and $2.3 billion in free cash flow for the year. The market rewarded this structural recovery at the close of FY2025, valuing the $137.2 billion market cap enterprise at $231.32 per share, which represented a 19.3x P/E multiple as investors awaited Surface Transportation Board approval for the merger.

Recent Developments (Q4 2025 and Q1 2026)

Union Pacific carried its momentum into Q1 2026, generating $6.22 billionc in total operating revenue, a 3% increase over the prior year. Freight revenues rose 4% to $5.89 billion, driven by core pricing gains that easily offset a 1% decrease in total carloads. Net income reached $1.70 billion, or $2.87 per diluted share, while the operating ratio ticked down to 60.5%. Operating metrics accelerated further, highlighted by a 9% increase in freight car velocity and an 11% decrease in terminal dwell time.

Management plans to submit a revised Norfolk Southern merger application on April 30, 2026, absorbing $36 milliond in acquisition-related expenses during the quarter. Bulls argue the continued top-line growth despite volume declines highlights immense pricing power. Conversely, bears fear that pausing share repurchases for a highly scrutinized acquisition threatens near-term shareholder returns. The stock traded at 22.6x trailing earnings as of the April 23, 2026 reporting date.

What to watch: execution of the $3.3 billione capital plan; macroeconomic impacts on international intermodal volumes.

03—Filings

Recent SEC Filings

  1. 8-KUNION PACIFIC CORP 8-K Report, Financial Results (Jul 23, 2026)Union Pacific Corporation (UNP) has filed an 8-K report on July 23, 2026, to announce its financial results for the second quarter ended June 30, 2026. The press release containing these results is incorporated by reference into this filing, providing investors with timely information on the company's performance during the period. Investors should review the furnished press release for detailed insights into revenue, profitability, operational efficiency, and any forward-looking statements made by management concerning the second quarter.
  2. 8-KUNION PACIFIC CORP 8-K Report, Shareholder Vote Results (May 18, 2026)Union Pacific Corporation (UNP) filed an 8-K report detailing the outcomes of its Annual Meeting of Shareholders held on May 14, 2026. The meeting saw strong shareholder participation, with over 90% of outstanding shares present, indicating significant investor engagement. All presented proposals, including the election of directors, the ratification of the independent auditor, and the advisory vote on executive compensation, received substantial support from shareholders. Key for investors is the overwhelmingly positive outcome for the election of all nominated directors, demonstrating continued confidence in the current leadership. The ratification of Deloitte & Touche LLP as the independent auditor for 2026 also passed with broad approval. Furthermore, the "Say on Pay" proposal, an advisory vote on executive compensation, received majority support, suggesting shareholders are largely in agreement with the current compensation structure for the company's Named Executive Officers. These results collectively point to a stable governance environment and shareholder alignment with management's direction.
  3. 8-KUNION PACIFIC CORP 8-K Report, Financial Results (Apr 23, 2026)Union Pacific Corporation (UNP) has filed an 8-K report on April 23, 2026, primarily to announce its financial results for the first quarter ended March 31, 2026. The key document accompanying this filing is the press release, which is incorporated by reference and contains the detailed financial performance for the period. Investors should review this press release for specific figures related to revenue, earnings, operational efficiency, and any forward-looking statements or guidance provided by the company. This filing serves as the official channel for disseminating these crucial first-quarter results.
  4. 8-KUNION PACIFIC CORP 8-K Report, Financial Results (Jan 27, 2026)Union Pacific Corporation (UNP) has filed an 8-K report on January 26, 2026, to announce its financial results for the fourth quarter and full year ended December 31, 2025. The key details of these results are provided in a press release, furnished as Exhibit 99.1 to the filing, and incorporated by reference. Investors should refer to this press release for a comprehensive understanding of the company's performance during the period. While the 8-K itself does not contain the specific financial figures, it serves as notification that the company has publicly disclosed its earnings. The press release will likely detail critical metrics such as revenue, earnings per share (EPS), operating income, and commentary on operational efficiency and future outlook. Investors seeking to evaluate UNP's financial health and strategic direction should carefully review the information presented in the attached press release.
  5. 8-KUNION PACIFIC CORP 8-K Report, Regulation FD Disclosure (Dec 19, 2025)Union Pacific Corporation (UNP) has filed an 8-K report on December 19, 2025, to disclose the joint filing of an application with the Surface Transportation Board (STB) for approval of their proposed combination with Norfolk Southern Corporation (NSC). This filing and a related conference call represent significant steps towards the potential merger of these two major railroad companies. Investors should note that this is a preliminary step, and the transaction is subject to STB approval and other closing conditions, with potential risks and uncertainties detailed in the filing.
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04—See also

Related Companies

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