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Investment Highlights Market Valuation Price Chart Business Description Interactive Breakdown Latest Trefis Analyses Better Bets vs. UNP Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Union Pacific (UNP)

Market Price (9/18/2025): $217.84 | Market Cap: $129.4 Bil
Sector: Industrials | Industry: Rail Transportation

Union Pacific (UNP)

Market Price (9/18/2025): $217.84
Market Cap: $129.4 Bil
Sector: Industrials
Industry: Rail Transportation

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.9%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4%		 Weak multi-year price returns
2Y Excs Rtn is -41%, 3Y Excs Rtn is -61%		 
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 40%		  
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26%, CFO LTM is 9.9 Bil, FCF LTM is 6.3 Bil		  
3 Low stock price volatility
Vol 12M is 24%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.9%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.4%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 40%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26%, CFO LTM is 9.9 Bil, FCF LTM is 6.3 Bil
3 Low stock price volatility
Vol 12M is 24%
4 Weak multi-year price returns
2Y Excs Rtn is -41%, 3Y Excs Rtn is -61%

Market Valuation

 9/18/252024202320222021
Share Price CYE$217.84$224.03$236.07$194.13$230.92
Market Cap CYE ($ Bil)129.4135.4143.7118.9147.9
Total Debt ($ Bil)34.032.534.235.031.5
Total Cash ($ Bil)1.11.01.11.01.0
Enterprise Value ($ Bil)162.3167.9177.9153.9179.4
Valuation Ratios     
P/S TTM5.35.76.25.27.5
P/EBIT TTM12.713.815.612.517.1
P/E TTM18.720.523.518.425.2
Sector Ratios     
P/S TTM (Sector)1.71.41.41.11.6
P/EBIT TTM (Sector)11.310.210.08.312.1
P/E TTM (Sector)16.613.713.911.215.6
 9/18/2520242023
Share Price CYE$217.84$224.03$236.07
Market Cap CYE ($ Bil)129.4135.4143.7
Total Debt ($ Bil)34.032.534.2
Total Cash ($ Bil)1.11.01.1
Enterprise Value ($ Bil)162.3167.9177.9
Valuation Ratios   
P/S TTM5.35.76.2
P/EBIT TTM12.713.815.6
P/E TTM18.720.523.5
Sector Ratios   
P/S TTM (Sector)1.71.41.4
P/EBIT TTM (Sector)11.310.210.0
P/E TTM (Sector)16.613.713.9

Market Cap Chart

Business Description

Union Pacific Corporation, through its subsidiary, Union Pacific Railroad Company, operates in the railroad business in the United States. The company offers transportation services for grain and grain products, fertilizers, food and refrigerated products, and coal and renewables to grain processors, animal feeders, ethanol producers, and other agricultural users; petroleum, and liquid petroleum gases; and construction products, industrial chemicals, plastics, forest products, specialized products, metals and ores, soda ash, and sand, as well as finished automobiles, automotive parts, and merchandise in intermodal containers. As of December 31, 2021, its rail network included 32,452 route miles connecting Pacific Coast and Gulf Coast ports with the Midwest and Eastern United States gateways. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
UNP Return18%23%-16%22%-5%-3%35%
Peers Return23%25%-16%11%-3%7%49%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: NSC, CSX, UNP. See UNP Returns vs. Peers.
[3] 2025 data is for the year up to 9/17/2025 (YTD)

Interactive Breakdown

Union Pacific Interactive Breakdown Analysis

Better Bets than Union Pacific (UNP)

 UNPBetter Performance than UNP
MetricValueIndustry (Rail Transportation)
Rev Chg LTM1.1%CP (4.8%), SWVL (22.5%)
Rev Chg 3Y Avg1.4%CP (23.8%), CNI (3.9%), FSTR (2.6%), RAIL (19.6%)
Op Mgn LTM40.3%NSC (42.1%)
CFO/Rev LTM40.4%
FCF/Rev LTM25.7%
Total Yield7.9%CNI (11.3%), FSTR (12.5%)
 UNPBetter Performance than UNP
MetricValueAll Other Sectors
Rev Chg LTM1.1%NVDA (71.6%), MSFT (14.9%), AAPL (6.0%), GOOGL (13.1%), AMZN (10.9%)
Rev Chg 3Y Avg1.4%NVDA (92.0%), MSFT (12.5%), AAPL (1.8%), GOOGL (10.2%), AMZN (11.3%)
Op Mgn LTM40.3%NVDA (58.1%), MSFT (45.6%), META (42.9%), LLY (43.0%), V (66.5%)
CFO/Rev LTM40.4%NVDA (46.6%), MSFT (48.3%), META (56.4%), AVGO (42.4%), V (60.4%)
FCF/Rev LTM25.7%NVDA (43.6%), META (30.7%), AVGO (41.6%), V (56.8%), MA (49.2%)
Total Yield7.9%XOM (9.7%), JNJ (8.1%), BABA (37.9%), UNH (9.4%), CVX (9.2%)

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1Union Pacific Earnings Notes  
2UNP Capital Return Hits $69 Bil in 10 Years  
3Union Pacific vs Gilead Sciences: Which Is A Better Investment?Counter-Intuitive Comparisons 
4Union Pacific vs Willis Lease Finance: Which Is A Better Investment?Counter-Intuitive Comparisons 
5How Does UNP Stack Up Against Its Peers?Peer Comparison 
6Better Bet Than UNP Stock: Pay Less Than Union Pacific To Get More From MRK, DUK   
7Better Bet Than UNP Stock: Pay Less Than Union Pacific To Get More From UAL, LDOS   
8UNP Dip Buy Analysis  
9Union Pacific vs. MGM Resorts International: UNP stock's significantly higher valuation vs. MGM appears counterintuitiveCounter-Intuitive Comparisons 
10Union Pacific vs. Leidos: UNP stock's significantly higher valuation vs. LDOS appears counterintuitiveCounter-Intuitive Comparisons 
11ARTICLES  
12A Decade of Rewards: UNP Returns $69 Bil to Investors August 30th, 2025
13How Will Union Pacific Stock React To Its Upcoming Earnings? July 22nd, 2025
14Why We Expect CSX Stock To Steam Ahead Of Its Larger Peer August 27th, 2024
15Earnings Beat In Cards For Union Pacific Stock? July 24th, 2024
16Will Union Pacific Stock Rebound To Its 2022 Highs Of Around $280? July 10th, 2024
Title
0DASHBOARDS
1A Decade of Rewards: UNP Returns $69 Bil to Investors
2How Will Union Pacific Stock React To Its Upcoming Earnings?
3Why We Expect CSX Stock To Steam Ahead Of Its Larger Peer
4Earnings Beat In Cards For Union Pacific Stock?
5Will Union Pacific Stock Rebound To Its 2022 Highs Of Around $280?
6ARTICLES
7Union Pacific Earnings Notes
8UNP Capital Return Hits $69 Bil in 10 Years
9Union Pacific vs Gilead Sciences: Which Is A Better Investment?
10Union Pacific vs Willis Lease Finance: Which Is A Better Investment?
11How Does UNP Stack Up Against Its Peers?
12Better Bet Than UNP Stock: Pay Less Than Union Pacific To Get More From MRK, DUK 
13Better Bet Than UNP Stock: Pay Less Than Union Pacific To Get More From UAL, LDOS 
14UNP Dip Buy Analysis
15Union Pacific vs. MGM Resorts International: UNP stock's significantly higher valuation vs. MGM appears counterintuitive
16Union Pacific vs. Leidos: UNP stock's significantly higher valuation vs. LDOS appears counterintuitive

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#TickerCompany1W RtnYTD Rtn
1ECDAECD Automotive Design3347.2%307.9%
2BDSXBiodesix1090.6%-79.7%
3CLSDClearside Biomedical987.7%-74.7%
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2ATYRaTyr Pharma-80.4%-71.7%
3NAKAKindly MD-70.2% 
4BNGOBionano Genomics-64.0%-89.8%
5XAGELongevity Health-57.6%-86.1%
6FAASDigiAsia-55.4%-88.0%
7ASSTStrive-54.5%650.3%
8VCIGVCI Global-51.0%-98.9%
9REXREX American Resources-50.7%44.3%
10RBNERobin Energy-42.6% 

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Union Pacific

Financials

UNPNSCCSXMedian
NameUnion Pa.Norfolk .CSX  
Mkt Price217.17278.0032.77217.17
Mkt Cap129.062.561.262.5
Rev LTM24,39312,17814,15514,155
Op Inc LTM9,8375,1294,9405,129
FCF LTM6,2612,0242,0062,024
FCF 3Y Avg5,5291,5752,6882,688
CFO LTM9,8564,2044,9644,964
CFO 3Y Avg9,1543,8235,2165,216

Growth & Margins

UNPNSCCSXMedian
NameUnion Pa.Norfolk .CSX  
Rev Chg LTM1.1%0.7%-3.3%0.7%
Rev Chg 3Y Avg1.4%1.0%0.6%1.0%
Rev Chg Q2.4%2.2%-3.4%2.2%
QoQ Delta Rev Chg LTM0.6%0.5%-0.9%0.5%
Op Mgn LTM40.3%42.1%34.9%40.3%
Op Mgn 3Y Avg39.2%38.7%36.9%38.7%
QoQ Delta Op Mgn LTM0.3%0.5%-0.8%0.3%
CFO/Rev LTM40.4%34.5%35.1%35.1%
CFO/Rev 3Y Avg37.5%31.0%35.7%35.7%
FCF/Rev LTM25.7%16.6%14.2%16.6%
FCF/Rev 3Y Avg22.6%12.7%18.3%18.3%

Valuation

UNPNSCCSXMedian
NameUnion Pa.Norfolk .CSX  
Mkt Cap129.062.561.262.5
P/S5.35.14.35.1
P/EBIT12.712.212.512.5
P/E18.618.719.718.7
P/CFO13.114.912.313.1
Total Yield7.9%5.4%6.2%6.2%
Dividend Yield2.5%0.0%1.2%1.2%
FCF Yield 3Y Avg4.2%2.9%4.1%4.1%
D/E0.30.30.30.3
Net D/E0.30.30.30.3

Returns

UNPNSCCSXMedian
NameUnion Pa.Norfolk .CSX  
1M Rtn-0.7%-0.6%-8.6%-0.7%
3M Rtn-1.6%10.4%2.1%2.1%
6M Rtn-7.0%19.8%9.9%9.9%
12M Rtn-12.3%15.4%-2.3%-2.3%
3Y Rtn9.9%27.4%16.0%16.0%
1M Excs Rtn-3.1%-3.0%-10.9%-3.1%
3M Excs Rtn-11.3%1.2%-7.9%-7.9%
6M Excs Rtn-24.8%2.3%-8.4%-8.4%
12M Excs Rtn-28.1%-1.7%-18.0%-18.0%
3Y Excs Rtn-61.0%-41.6%-56.4%-56.4%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/24/20254/24/20252/7/202510/24/20247/25/20244/25/20242/9/202410/19/20237/26/20234/20/20232/10/202310/20/2022
Key Financials Quarterly            
Total Revenue6,1546,0276,1216,0916,0076,0316,1595,9415,9636,0566,1806,566
Ebitda3,2613,0593,1993,1053,0993,0583,1042,8632,8743,0503,0733,320
Operating Income2,5252,3712,5252,4162,4002,3722,4072,1772,2042,2942,4122,633
Net Income1,8761,6261,7621,6711,6731,6411,6521,5281,5691,6301,6381,895
EPS3.162.712.922.752.752.692.712.512.582.672.673.05
Key Financials TTM            
Total Revenue TTM24,39324,24624,25024,28824,13824,09424,11924,14024,76525,07124,87524,428
Ebitda TTM12,62412,46212,46112,36612,12411,89911,89111,86012,31712,66012,58912,595
Operating Income TTM9,8379,7129,7139,5959,3569,1609,0829,0879,5439,8349,9179,945
Net Income TTM6,9356,7326,7476,6376,4946,3906,3796,3656,7326,9986,9987,071
Growth Rates Quarterly            
Total Revenue Growth2.4%-0.1%-0.6%2.5%0.7%-0.4%-0.3%-9.5%-4.9%3.3%7.8%18.0%
EBITDA Growth5.2%0.0%3.1%8.5%7.8%0.3%1.0%-13.8%-10.7%2.4%-0.2%9.8%
Operating Income Growth5.2%-0.0%4.9%11.0%8.9%3.4%-0.2%-17.3%-11.7%-3.5%-1.1%8.3%
Net Income Growth12.1%-0.9%6.7%9.4%6.6%0.7%0.9%-19.4%-14.5%0.0%-4.3%13.3%
Margins Quarterly            
EBITDA Margin53.0%50.8%52.3%51.0%51.6%50.7%50.4%48.2%48.2%50.4%49.7%50.6%
Operating Income Margin41.0%39.3%41.3%39.7%40.0%39.3%39.1%36.6%37.0%37.9%39.0%40.1%
Net Income Margin30.5%27.0%28.8%27.4%27.9%27.2%26.8%25.7%26.3%26.9%26.5%28.9%
Cash & Debt            
Total Cash1,0601,4111,0369671,1579451,0717668301,0791,0191,313
Total Debt33,95633,90432,46332,69633,19733,26634,17934,48334,86535,36134,95735,051
Net Debt / (Cash)32,89632,49331,42731,72932,04032,32133,10833,71734,03534,28233,93833,738
Cash Flows Quarterly            
FCF from Operations2,3332,2102,6622,6511,9112,1222,3952,1262,0181,8402,2922,903
Cash Flows TTM            
FCF from Operations TTM9,8569,4349,3469,0798,5548,6618,3798,2769,0538,9669,3629,599
Returns to Shareholders Quarterly            
Dividends795804810815793795793792793795797806
Share Repurchases9591,720674731100-0-0-01305757852,024
Return on Invested Capital (ROIC) Quarterly            
ROIC24.9%22.3%24.8%23.3%23.0%22.5%22.0%20.2%20.8%20.4%21.4%24.2%
Return on Invested Capital (ROIC) TTM            
ROIC TTM23.3%22.9%23.7%23.1%22.4%22.0%21.3%20.9%21.7%22.1%22.5%22.8%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Railroad24,11924,87521,80419,53321,708
Total24,11924,87521,80419,53321,708


Price Behavior

UNP Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta0.490.620.750.730.690.74
Up Beta0.741.031.180.750.780.76
Down Beta0.110.410.920.750.680.69
Up Capture52%15%41%50%38%36%
Bmk +ve Days10223571142415
Stock +ve Days9193159122371
Down Capture48%90%65%86%79%95%
Bmk -ve Days11192754106334
Stock -ve Days12233267127379

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity11,574,832
Short Interest: % Change Since 81520259.7%
Average Daily Volume4,589,064
Days-to-Cover Short Interest2.52
Basic Shares Quantity594,100,000
Short % of Basic Shares1.9%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/24/2025-4.5%-2.5%-2.5%
4/24/2025-2.0%-1.9%1.4%
1/23/20255.2%5.8%4.1%
10/24/2024-4.4%-3.8%-1.0%
7/25/2024-0.9%3.9%2.9%
4/25/20245.0%1.3%0.3%
1/25/2024-0.3%0.7%6.0%
10/19/20232.1%-0.3%6.5%
...
SUMMARY STATS   
# Positive121317
# Negative12117
Median Positive2.5%2.5%4.8%
Median Negative-2.4%-2.5%-2.5%
Max Positive10.4%10.8%12.8%
Max Negative-6.8%-13.1%-12.4%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025724202510-Q 6/30/2025
3312025424202510-Q 3/31/2025
12312024207202510-K 12/31/2024
93020241024202410-Q 9/30/2024
6302024725202410-Q 6/30/2024
3312024425202410-Q 3/31/2024
12312023209202410-K 12/31/2023
93020231019202310-Q 9/30/2023
6302023726202310-Q 6/30/2023
3312023420202310-Q 3/31/2023
12312022210202310-K 12/31/2022
93020221020202210-Q 9/30/2022
6302022721202210-Q 6/30/2022
3312022421202210-Q 3/31/2022
12312021204202210-K 12/31/2021
93020211021202110-Q 9/30/2021

Insider Activity

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External Quote Links


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