Union Pacific (UNP) financial statements
Union Pacific reported revenue of $24.5B in fiscal 2025, up 2.3% a year over 9 years.
Net income was $7.1B and the operating margin 40.2%, against 36.3% in 2016.
Free cash flow was $5.5B, and the company returned $3.2B in dividends and $2.7B in net buybacks.
The diluted share count fell 29% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Union Pacific's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.9B | $21.2B | $22.8B | $21.7B | $19.5B | $21.8B | $24.9B | $24.1B | $24.2B | $24.5B |
| Operating income | $7.2B | $8.1B | $8.5B | $8.6B | $7.8B | $9.3B | $9.9B | $9.1B | $9.7B | $9.8B |
| Interest expense | $698M | $719M | $870M | $1.1B | $1.1B | $1.2B | $1.3B | $1.3B | $1.3B | $1.3B |
| Pre-tax income | $6.8B | $7.6B | $7.7B | $7.7B | $7.0B | $8.5B | $9.1B | $8.2B | $8.8B | $9.2B |
| Income tax | $2.5B | -$3.1B | $1.8B | $1.8B | $1.6B | $2.0B | $2.1B | $1.9B | $2.0B | $2.0B |
| Net income | $4.2B | $10.7B | $6.0B | $5.9B | $5.3B | $6.5B | $7.0B | $6.4B | $6.7B | $7.1B |
| EPS (diluted) | $5.07 | $13.36 | $7.91 | $8.38 | $7.88 | $9.95 | $11.21 | $10.45 | $11.09 | $11.98 |
| Diluted shares | 835M | 802M | 754M | 706M | 679M | 655M | 624M | 610M | 609M | 596M |
| Operating margin | 36.3% | 38.2% | 37.3% | 39.4% | 40.1% | 42.8% | 39.9% | 37.7% | 40.1% | 40.2% |
| Net margin | 21.2% | 50.4% | 26.1% | 27.3% | 27.4% | 29.9% | 28.1% | 26.4% | 27.8% | 29.1% |
Balance sheet
Fiscal years, from Union Pacific's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.3B | $1.3B | $1.3B | $831M | $1.8B | $960M | $973M | $1.1B | $1.0B | $1.3B |
| Receivables | $1.3B | $1.5B | $1.8B | $1.6B | $1.5B | $1.7B | $1.9B | $2.1B | $1.9B | $1.9B |
| Total current assets | $3.6B | $4.0B | $4.2B | $3.5B | $4.2B | $3.6B | $4.0B | $4.1B | $4.0B | $4.6B |
| Property, plant and equipment | $50.4B | $51.6B | $52.7B | $53.9B | $54.2B | $54.9B | $56.0B | $57.4B | $58.3B | $59.6B |
| Total assets | $55.7B | $57.8B | $59.1B | $61.7B | $62.4B | $63.5B | $65.4B | $67.1B | $67.7B | $69.7B |
| Total current liabilities | $3.6B | $3.9B | $4.6B | $4.4B | $4.2B | $5.7B | $5.5B | $5.1B | $5.3B | $5.0B |
| Long-term debt | $14.2B | $16.1B | $20.9B | $23.9B | $25.7B | $27.6B | $31.6B | $31.2B | $29.8B | $30.3B |
| Total liabilities | $35.8B | $33.0B | $38.7B | $43.5B | $45.4B | $49.4B | $53.3B | $52.3B | $50.8B | $51.2B |
| Shareholders' equity | $19.9B | $24.9B | $20.4B | $18.1B | $17.0B | $14.2B | $12.2B | $14.8B | $16.9B | $18.5B |
| Net debt | $13.0B | $14.9B | $19.7B | $23.1B | $23.9B | $26.6B | $30.7B | $30.1B | $28.8B | $29.0B |
Cash flow
Fiscal years, from Union Pacific's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7.5B | $7.2B | $8.7B | $8.6B | $8.5B | $9.0B | $9.4B | $8.4B | $9.3B | $9.3B |
| Capital spending | $3.5B | $3.2B | $3.4B | $3.5B | $2.9B | $2.9B | $3.6B | $3.6B | $3.5B | $3.8B |
| Free cash flow | $4.0B | $4.0B | $5.2B | $5.2B | $5.6B | $6.1B | $5.7B | $4.8B | $5.9B | $5.5B |
| Stock-based compensation | $82M | $103M | $96M | $93M | $73M | $88M | $99M | $107M | $118M | $142M |
| Dividends paid | $1.9B | $2.0B | $2.3B | $2.6B | $2.6B | $2.8B | $3.2B | $3.2B | $3.2B | $3.2B |
| Share buybacks (net) | -$3.1B | -$4.0B | -$8.2B | -$5.8B | -$3.7B | -$7.3B | -$6.3B | -$705M | -$1.5B | -$2.7B |
| Net borrowing | $2.0B | $2.7B | $7.1B | $4.0B | $3.9B | $4.5B | $5.9B | $1.6B | $800M | $2.0B |
| Free cash flow margin | 20.2% | 18.8% | 23.0% | 23.8% | 28.7% | 28.0% | 23.1% | 19.8% | 24.3% | 22.4% |
| Dividends per share | $2.25 | $2.47 | $3.05 | $3.68 | $3.87 | $4.27 | $5.06 | $5.20 | $5.28 | $5.43 |
Questions
What was Union Pacific's revenue in 2025?
$24.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Union Pacific generate?
$5.5B in fiscal 2025 (operating cash flow minus capital spending).
From Union Pacific's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.