CSX vs UNP: CSX and Union Pacific compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Union Pacific is the larger company, worth $169.6B, about 1.9 times CSX.
- Union Pacific grew revenue faster over the last year (+11.5% vs +10.1%).
- Union Pacific keeps more of each dollar of revenue as operating profit (40.0% vs 34.1%).
- On earnings, Union Pacific is the cheaper stock (23.5x vs 29.8x).
- CSX's price assumes faster free cash flow growth: about 18% a year, against 11% for Union Pacific (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CSX | UNP |
|---|---|---|
| Market cap | $90.3B | $169.6B |
| Share price | $47.26 | $278.34 |
| Revenue (last fiscal year) | $14.1B | $24.5B |
| Free cash flow (last fiscal year) | $1.7B | $5.5B |
| Revenue growth, last year | +10.1% | +11.5% |
| Revenue growth per year, last 5 fiscal years | +3.0% | +3.0% |
| Operating margin | 34.1% | 40.0% |
| Net margin | 22.2% | 28.9% |
| Return on equity | 22.9% | 35.5% |
| P/E (trailing) | 29.8x | 23.5x |
| Price / free cash flow | 52.8x | 30.8x |
| EV / EBITDA | 16.0x | 14.7x |
| FCF growth the price implies | 17.7% | 10.7% |
| Dividend yield | 1.1% | 1.9% |
| Debt / equity | 2.17x | 2.44x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 15 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
CSX
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $12.5B | $3.3B | 44.7% |
| 2022 | $14.9B | $3.4B | 40.1% |
| 2023 | $14.7B | $3.3B | 37.5% |
| 2024 | $14.5B | $2.7B | 36.1% |
| 2025 | $14.1B | $1.7B | 32.1% |
Union Pacific
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $21.8B | $6.1B | 42.8% |
| 2022 | $24.9B | $5.7B | 39.9% |
| 2023 | $24.1B | $4.8B | 37.7% |
| 2024 | $24.2B | $5.9B | 40.1% |
| 2025 | $24.5B | $5.5B | 40.2% |
Where the revenue comes from
CSX · by segments, 2025
Rail Operations$13.3B94%
Trucking Operating Segment$839M6%
Union Pacific · by products, 2025
Total freight revenues$23.2B95%
Other revenues$1.3B5%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CSX in InvestinglyQuestions
Which is bigger, CSX or Union Pacific?
Union Pacific (UNP), at $169.6B against $90.3B.
Is CSX or UNP cheaper?
By trailing P/E, Union Pacific (23.5x) is cheaper than CSX (29.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, CSX or UNP?
Union Pacific: revenue grew +11.5% over the last year, against +10.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.