Union Pacific (UNP) financials
Union Pacific revenue and earnings by year
Union Pacific's revenue was $24.5 billion in the fiscal year to December 31, 2025, up 1.1% from the year before. Net income was $7.14 billion, 29.1% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 2.3% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 24.5 | 24.3 | 24.1 | 24.9 | 21.8 | 19.5 | 21.7 | 22.8 | 21.2 | 19.9 |
| Revenue growth | 1.1% | 0.5% | -3.0% | 14.1% | 11.6% | -10.0% | -4.9% | 7.5% | 6.5% | — |
| Gross profit | 18.6 | 18.3 | 17.7 | 18.1 | 16.9 | 15.4 | 16.4 | 16.8 | 16.1 | 15.1 |
| Gross margin | 75.8% | 75.6% | 73.2% | 72.7% | 77.4% | 78.7% | 75.4% | 73.5% | 75.8% | 75.5% |
| Operating income | 9.8 | 9.7 | 9.1 | 9.9 | 9.3 | 7.8 | 8.6 | 8.5 | 8.1 | 7.2 |
| Operating margin | 40.2% | 40.1% | 37.7% | 39.9% | 42.8% | 40.1% | 39.4% | 37.3% | 38.2% | 36.3% |
| Net income | 7.1 | 6.7 | 6.4 | 7.0 | 6.5 | 5.3 | 5.9 | 6.0 | 10.7 | 4.2 |
| Net margin | 29.1% | 27.8% | 26.4% | 28.1% | 29.9% | 27.4% | 27.3% | 26.1% | 50.4% | 21.2% |
| Diluted EPS | $11.98 | $11.09 | $10.45 | $11.21 | $9.95 | $7.88 | $8.39 | $7.93 | $13.52 | $5.08 |
| Free cash flow | 5.5 | 5.9 | 4.8 | 5.7 | 6.1 | 5.6 | 5.2 | 5.2 | 4.0 | 4.0 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open UNP in Markets.
How Union Pacific makes money
Revenue by segment in the quarter to September 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Cargo & Freight | $6.81B | 94.7% |
| Product & Service Other | $384M | 5.3% |
See also: UNP valuation and P/E history · UNP returns
No forecast, no recommendation. This page describes Union Pacific from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.