UNP Financials Union Pacific Corporation

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Oct 25, 2026, 10:25 UTC Overview →

Growth & profitability

Revenue has grown 4.6% per year over the past 5 years.
Net income has grown faster than revenue (5.9% vs 4.6% per year).
Operating margin has been roughly flat, at 40.2% in the latest year.
Free cash flow has declined 0.4% per year over the past 5 years.

Financial health

Total debt ($31.8B) exceeds cash ($1.3B); net debt is $30.5B.
Total debt has grown in line with revenue (3.5% vs 4.6% per year).
Operating income covered interest expense 7.5× in the latest year.
Total debt is 3.2× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 45.3% of earnings and 58.8% of free cash flow.
The dividend has grown 4.3% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$24.5B	$7.1B	0.0%	40.2%	38.7%	10.2%	$5.5B	$31.8B	$1.3B
2024	$24.3B	$6.7B	0.0%	40.1%	39.9%	10.0%	$5.9B	$31.2B	$1.0B
2023	$24.1B	$6.4B	0.0%	37.7%	43.1%	9.5%	$4.8B	$32.6B	$1.1B
2022	$24.9B	$7.0B	0.0%	39.9%	57.5%	10.7%	$5.7B	$33.5B	$973M
2021	$21.8B	$6.5B	0.0%	42.8%	46.1%	10.3%	$6.1B	$30.1B	$960M
2020	$19.5B	$5.3B	0.0%	40.1%	31.5%	8.6%	$5.6B	$26.8B	$1.8B
2019	$21.7B	$5.9B	0.0%	39.4%	32.7%	9.6%	$5.2B	$25.4B	$831M
2018	—	$6.0B	—	—	29.2%	10.1%	$5.2B	$22.6B	$1.3B
2017	—	$10.7B	—	—	43.1%	18.5%	$4.0B	$16.9B	$1.3B
2016	—	$4.2B	—	—	21.2%	7.6%	—	$15.0B	$1.3B
2015	—	$4.8B	—	—	23.1%	8.7%	—	$14.2B	$1.4B
2014	—	$5.2B	—	—	24.4%	9.9%	—	$11.4B	$1.6B
2013	—	$4.4B	—	—	20.7%	8.8%	—	$9.6B	$1.4B
2012	—	$3.9B	—	—	19.8%	8.4%	$2.4B	$9.0B	$1.1B
2011	—	$3.3B	—	—	17.7%	7.3%	$2.7B	$8.9B	$1.2B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$7.2B	$2.1B	0.0%	40.9%	9.4%	2.9%	$1.8B	—	$2.2B
Jun '26	$6.9B	$2.0B	0.0%	40.3%	9.6%	2.8%	$2.2B	—	$1.6B
Mar '26	$6.2B	$1.7B	0.0%	39.5%	8.8%	2.4%	$1.5B	—	$735M
Dec '25	$6.1B	$1.8B	0.0%	39.5%	10.0%	2.7%	$1.2B	$31.8B	$1.3B
Sep '25	$6.2B	$1.8B	0.0%	40.8%	10.3%	2.6%	$1.6B	—	$808M
Jun '25	$6.2B	$1.9B	0.0%	41.0%	11.5%	2.7%	$1.4B	—	$1.1B
Mar '25	$6.0B	$1.6B	0.0%	39.3%	10.1%	2.4%	$1.3B	—	$1.4B
Dec '24	$6.1B	$1.8B	0.0%	41.3%	10.4%	2.6%	$1.7B	$31.2B	$1.0B
Sep '24	$6.1B	$1.7B	0.0%	39.7%	10.1%	2.5%	$1.8B	—	$947M
Jun '24	$6.0B	$1.7B	0.0%	40.0%	10.1%	2.5%	$1.0B	—	$1.1B
Mar '24	$6.0B	$1.6B	0.0%	39.3%	10.5%	2.4%	$1.3B	—	$925M
Dec '23	$6.2B	$1.7B	0.0%	39.1%	11.2%	2.5%	$1.4B	$32.6B	$1.1B
Sep '23	$5.9B	$1.5B	0.0%	36.6%	10.9%	2.3%	$1.2B	—	$750M
Jun '23	$6.0B	$1.6B	0.0%	37.0%	11.9%	2.4%	$1.2B	—	$830M
Mar '23	$6.1B	$1.6B	0.0%	37.9%	13.1%	2.5%	$1.1B	—	$1.1B
Dec '22	$6.2B	$1.6B	0.0%	39.0%	13.5%	2.5%	$1.4B	$33.5B	$973M
Sep '22	$6.6B	$1.9B	0.0%	40.1%	16.1%	2.9%	$1.9B	—	$1.3B
Jun '22	$6.3B	$1.8B	0.0%	39.8%	14.4%	2.8%	$1.1B	—	$788M
Mar '22	$5.9B	$1.6B	0.0%	40.6%	13.7%	2.5%	$1.4B	—	$909M
Dec '21	$5.7B	$1.7B	0.0%	42.6%	12.1%	2.7%	$1.5B	$30.1B	$960M

Valuation over time

How the market has priced UNP against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 17.1× (Mar '23) to 25.6× (Nov '26).
The price-to-sales ratio has risen from 4.8× (Mar '23) to 7.4× (Nov '26).
The dividend yield has fallen from 2.6% (Mar '23) to 1.8% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is UNP growing its revenue and profit?

Over the past 5 years, Union Pacific Corporation's revenue has grown 4.6% per year, and net income grown 5.9% per year. These are computed facts, not advice.

How much debt does UNP have?

As of FY2025, Union Pacific Corporation reported $31.8B of total debt against $1.3B of cash; operating income covered interest expense 7.5×.

What is UNP's profit margin?

In FY2025, gross margin was —, operating margin 40.2%, and net margin 29.1%.

What is UNP's P/E ratio?

Union Pacific Corporation's P/E (TTM) is 23.95 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the UNP stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 25.6× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.