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Company file · UNP

Union Pacific

Union Pacific's revenue was nearly flat in 2025, while net income grew

Operating revenues rose 1.1% to $24.5B, and net income rose 5.8% to $7.1B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 6, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 22, 2026) · Data pulled Oct 25, 2026

Key facts

Union Pacific (NYSE: UNP) reported operating revenues of $24.5B for fiscal 2025, the year ended Dec 31, 2025, up 1.1% from fiscal 2024. Net income was $7.1B, up 5.8%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $7.2B, up 15.3% from the same quarter a year earlier, and net income was $2.1B. Sources: 10-K for fiscal 2025 (filed Feb 6, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 22, 2026).

Revenue$24.5BFY2025 · +1.1% vs FY2024
Net income$7.1BFY2025 · +5.8% vs FY2024
Operating cash flow$9.3BFY2025 · −0.6% vs FY2024
Cash & equivalents$2.2Bat Sep 30, 2026 · +74.6% vs FY2025 end
Total debt$30.3Bat Sep 30, 2026 · −4.7% vs FY2025 end
Diluted shares596MFY2025 avg · −2.1% vs FY2024
Operating revenues and net income, three fiscal yearsBy fiscal year, $bn
Operating revenuesNet income
Operating revenues and net income by fiscal yearOperating revenues FY2023: $24.1B24.1Net income FY2023: $6.4B6.4FY2023Operating revenues FY2024: $24.2B24.2Net income FY2024: $6.7B6.7FY2024Operating revenues FY2025: $24.5B24.5Net income FY2025: $7.1B7.1FY2025

Source: 10-K FY2025, filed Feb 6, 2026

Quarterly operating revenues: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly operating revenues, fiscal 2026 vs 2025FY2025 Q1: $6.0B6.0FY2026 Q1: $6.2B6.2Q1FY2025 Q2: $6.2B6.2FY2026 Q2: $6.9B6.9Q2FY2025 Q3: $6.2B6.2FY2026 Q3: $7.2B7.2Q3

Source: 10-Q filed Apr 23, 2026 · 10-Q filed Jul 23, 2026 · 10-Q filed Oct 22, 2026

How it makes money

Industrial was 35% of 2025 revenue, Bulk 31% and Premium 29%. The rest is other revenue, such as accessorial charges and subsidiaries.

Freight revenue by business group, FY2025

Bulk$7.6B31%+5.3%
Industrial$8.6B35%+1.9%
Premium$7.0B29%−1.9%

Share is of FY2025 operating revenues; the items listed don't cover all of it. The last column is the change from FY2024.

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue
$7.2B Q3 2026
$6.2B Q3 2025
15.3% increase
Net income
$2.1B Q3 2026
$1.8B Q3 2025
16.1% increase

Source: Union Pacific 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026

Freight by group

Industrial
$2.5B Q3 2026
$2.2B Q3 2025
14.4% increase
Premium
$2.2B Q3 2026
$1.8B Q3 2025
21.4% increase
Bulk
$2.1B Q3 2026
$1.9B Q3 2025
9.6% increase

Source: Union Pacific 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026

  • Cash & equivalents $2.2B at Sep 30, 2026, vs $1.3B at FY2025 end.
  • Total debt $30.3B at Sep 30, 2026, vs $31.8B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $8.3B vs $7.1B a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Operating revenues grew only 1.1% in 2025. 10-K, FY2025
  • Premium freight revenue fell 1.9% in 2025. 10-K, FY2025
  • Total debt was $31.8B at the end of 2025, against $1.3B of cash. 10-K, FY2025
  • The 10-K lists the economy, competition from trucks, regulation and its proposed Norfolk Southern acquisition among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Union Pacific runs one of the largest US freight railroads, covering 23 states in the western two-thirds of the country.

It hauls bulk goods such as grain, coal and fertilizer, industrial goods such as chemicals, plastics and metals, and premium freight such as shipping containers and finished vehicles. It connects with ports on the West and Gulf coasts and with Canadian and Mexican railroads.

Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Union Pacific's latest 10-K. Read the original for the full list.

  1. EconomyFreight volumes move with industrial activity, trade and consumer demand.
  2. CompetitionTrucks, barges and other railroads compete for its freight.
  3. RegulationRail rates, safety and service face federal oversight.
  4. AcquisitionIts proposed merger with Norfolk Southern needs regulatory approval and would need to be integrated.
  5. LaborMost employees are unionized, and contract talks can affect costs.
  6. OperationsWeather, accidents and network disruptions can hurt service and costs.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Operating revenues$24.1B$24.2B$24.5B
Net income$6.4B$6.7B$7.1B
Operating cash flow$8.4B$9.3B$9.3B
Cash & equivalents (year end)$1.1B$1.0B$1.3B
Total debt (year end)$32.6B$31.2B$31.8B
Diluted shares610M609M596M
  • Operating revenues: Freight revenue from hauling goods by rail, plus other revenue such as subsidiaries and accessorial charges.
  • Net income: Profit after all costs and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Debt due within one year plus long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Business group shares are of total operating revenues; other revenue makes up the rest.

Recent filings

FormFiledPeriod
10-QOct 22, 2026Sep 30, 2026
10-QJul 23, 2026Jun 30, 2026
10-QApr 23, 2026Mar 31, 2026
DEF 14AMar 25, 2026May 14, 2026
10-KFeb 6, 2026Dec 31, 2025

Latest filings

  1. Oct 227:46 AM ET

    8-K

    Union Pacific files an 8-K on quarterly results

    Union Pacific filed a Form 8-K on Oct 22, 2026 at 7:46 AM ET under Item 2.02 (Results of Operations and Financial Condition).

  2. Oct 2011:14 AM ET

    Form 4

    Union Pacific EVP CHIEF LEGAL OFFICER & CORP Christina B. Conlin reports an award of about 2 shares

    The filing reports about 2 shares in a grant or award (code A).

  3. Oct 2011:14 AM ET

    Form 4

    Union Pacific EVP MARKETING & SALES Kenyatta G. Rocker reports an award of about 3 shares

    The filing reports about 3 shares in a grant or award (code A).

  4. Oct 2011:14 AM ET

    Form 4

    Union Pacific VP & CONTROLLER Carrie J. Powers reports an award of about 6 shares

    The filing reports about 6 shares in a grant or award (code A).

  5. Oct 169:01 AM ET

    8-K

    Union Pacific files an 8-K on director or officer changes and investor materials (Reg FD)

    Union Pacific filed a Form 8-K on Oct 16, 2026 at 9:01 AM ET under Item 5.02 (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers), Item 7.01 (Regulation FD Disclosure).

All Union Pacific filings notes →

Common questions about Union Pacific

How does Union Pacific make money?

Union Pacific's operating revenues were $24.5B in fiscal 2025. Industrial was 35% of 2025 revenue, Bulk 31% and Premium 29%. The rest is other revenue, such as accessorial charges and subsidiaries. Source: 10-K for fiscal 2025, filed Feb 6, 2026.

What was Union Pacific's revenue in fiscal 2025?

$24.5B of operating revenues for the fiscal year ended Dec 31, 2025, up 1.1% from $24.2B in fiscal 2024. Fiscal 2023 was $24.1B. Source: 10-K for fiscal 2025, filed Feb 6, 2026.

Is Union Pacific profitable?

Union Pacific reported net income of $7.1B for fiscal 2025, up 5.8% from $6.7B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $2.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 6, 2026.

What did Union Pacific report in its latest quarterly filing?

Revenue was $7.2B in the quarter ended Sep 30, 2026, up 15.3% from $6.2B a year earlier. Net income was $2.1B, up 16.1% from $1.8B. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 22, 2026.

How much cash and debt does Union Pacific have?

Union Pacific had $2.2B in cash and cash equivalents and $30.3B of total debt on Sep 30, 2026. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Oct 22, 2026.

What are the main risks Union Pacific lists?

Union Pacific's 10-K for fiscal 2025, filed Feb 6, 2026, lists its risk factors in Item 1A. We group them into 6 areas: Economy; competition; regulation; acquisition; labor; operations. The first: Freight volumes move with industrial activity, trade and consumer demand. Source: 10-K, Item 1A Risk Factors.

Where do these Union Pacific numbers come from?

From Union Pacific's own SEC filings: the 10-K for fiscal 2025 (filed Feb 6, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 22, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in UNP
The editor holds no position in Union Pacific (UNP). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell UNP from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold UNP, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
Union PacificUNPFY2025$24.5B+1.1%$7.1B
UPSFY2025$88.7B−2.6%$5.6B
FedExFDXFY2026$94.7B+7.7%$4.4B
DeereDEFY2025$45.7B−11.7%$5.0B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.