At a glance
Union Pacific Corporation is worth $182.43B, about 26 times its fiscal 2025 earnings. Revenue grew 1.1% to $24.51B in fiscal 2025, with 29.1% kept as profit; over 5 years it has grown 4.6% a year. It pays a 1.81% dividend yield, raised every year for at least 9 years, and returned $34.04B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +42.3% over the past year with dividends reinvested and +7.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 37.5% in the 2020 crash (S&P 500: 33.7%) and 29.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 40 months after the lows.
The business in plain English
Union Pacific Corporation owns Union Pacific Railroad, a Class I railroad (the top size tier of U.S. freight railroads). Its 32,889 route miles span 23 states in the western two-thirds of the country. The network links West Coast and Gulf Coast ports with the Midwest and with hand-off points to eastern railroads. It also ties into Canada's rail systems and is the only railroad serving all six major Mexico border gateways. Shippers pay it to haul their goods: freight brought in $23.2 billion of its $24.5 billion revenue in 2025.
The company reports a single business segment but splits freight revenue into three groups. Industrial (37% in 2025) covers construction materials, chemicals, plastics, lumber and paper, metals, petroleum and sand. Bulk (33%) includes grain, fertilizer, food and coal; Wyoming's Powder River Basin is its biggest coal source. Premium (30%) covers finished vehicles, auto parts and intermodal freight: shipping containers and trailers that move between ships, trains and trucks. Union Pacific says it is the largest automotive carrier west of the Mississippi River.
Customers include grain processors, power companies, chemical makers, automakers, logistics firms and trucking companies. Some traffic is seasonal; intermodal usually peaks in the third quarter, ahead of holiday shopping. Its annual report, filed February 6, 2026, also describes pending mergers with Norfolk Southern.
Price history
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UNP +42.3% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $7.20B, up 15.3% from a year earlier, and net income was $2.08B (+16.1%).
- For fiscal 2025, revenue was $24.51B (+1.1% year over year; +4.6% a year from FY2020 to FY2025) with a 29.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.6% watch |
|---|---|
| Operating margin | 40.2% good |
| Free cash flow margin | 22.4% good |
| Return on equity (FY2025) | 38.7% good |
| Return on assets (FY2025) | 10.2% good |
| Net cash (cash minus debt) | $-28.11B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $19.53B | $5.35B | $5.61B |
| FY2021 | $21.80B | $6.52B | $6.10B |
| FY2022 | $24.88B | $7.00B | $5.74B |
| FY2023 | $24.12B | $6.38B | $4.77B |
| FY2024 | $24.25B | $6.75B | $5.89B |
| FY2025 | $24.51B | $7.14B | $5.50B |
Valuation snapshot
| Market value | $182.43B |
|---|---|
| P/E ratio | 25.6 |
| Dividend yield | 1.81% |
Rank among 1514 US companies
Market value at each year end
Union Pacific’s market value went from $85.44B at the end of 2016 to $182.43B on Nov 2, 2026, about 2.1 times as much; since the end of 2025 it is up 33%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $182.43B | +33.0% |
| 2025 | $137.21B | -0.8% |
| 2024 | $138.25B | -7.7% |
| 2023 | $149.73B | +17.6% |
| 2022 | $127.31B | -21.4% |
| 2021 | $161.96B | +15.4% |
| 2020 | $140.31B | +11.8% |
| 2019 | $125.50B | +23.2% |
| 2018 | $101.85B | -3.5% |
| 2017 | $105.56B | +23.5% |
| 2016 | $85.44B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| UNP price data to Nov 2, 2026 | +34.7% | +42.3% | +15.8% | +7.4% | +15.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +34.7% |
| 2025 | +3.8% |
| 2024 | -5.1% |
| 2023 | +21.5% |
| 2022 | -15.9% |
| 2021 | +23.3% |
| 2020 | +17.7% |
| 2019 | +33.7% |
| 2018 | +5.3% |
| 2017 | +32.3% |
| 2016 | +36.0% |
| 2015 | -32.9% |
| 2014 | +45.2% |
| 2013 | +38.9% |
| 2012 | +23.8% |
| 2011 | +19.0% |
| 2010 | +50.1% |
| 2009 | +39.5% |
| 2008 | -21.0% |
| 2007 | +43.9% |
| 2006 | +17.0% |
| 2005 | +21.8% |
| 2004 | -1.3% |
| 2003 | +18.0% |
| 2002 | +6.5% |
| 2001 | +14.0% |
| 2000 | +18.5% |
| 1999 | -1.5% |
| 1998 | -26.8% |
| 1997 | +7.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 39.2% over that stretch · deepest drop along the way 58.9%, back to its old high 17.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.5% over that stretch · deepest drop along the way 37.5%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.2% over that stretch · deepest drop along the way 29.8%, back to its old high 39.9 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.55% | Mar 31, 2026 |
ETFs with the most weight in UNP
| IYT iShares US Transportation ETF | 18.66% |
| SHPP Pacer Industrials and Logistics ETF | 10.04% |
| SUPL ProShares Supply Chain Logistics ETF | 4.96% |
| NRSH Aztlan North America Nearshoring Stock Selection ETF | 4.93% |
| PWRD TCW Transform Systems ETF | 4.44% |
| FTXR First Trust Nasdaq Transportation ETF | 4.26% |
| PJFV PGIM Jennison Focused Value ETF | 3.46% |
| XLI Industrial Select Sector SPDR Fund | 3.46% |
What could go wrong
- Pending Norfolk Southern merger brings new risks. Its annual report (10-K), filed February 6, 2026, warns the pending Norfolk Southern mergers may not close. In some cases Union Pacific would owe substantial termination fees, and integration could be costly and difficult.
- A hazardous-materials accident could be costly. It carries dangerous goods such as crude oil, ethanol and chlorine, and U.S. law requires railroads to haul certain hazardous materials regardless of risk. A spill or fire could bring claims exceeding its insurance.
- Heavy exposure to cross-border trade. A big share of revenue involves freight moving through ports and across the Mexican and Canadian borders; it is the only railroad serving all six major Mexico gateways. Weaker global trade could cut volumes.
- A largely unionized workforce. About 83% of its workforce is represented by 13 major rail unions. Contracts can be renegotiated every five years under federal rail labor law, and a strike or work stoppage could disrupt service.
- Demand swings can strain the network. When volumes fall, it bears the cost of storing idle locomotives and rail cars and resizing its workforce. When demand outruns capacity, congestion slows trains and hurts service, especially in bad weather.
- Severe weather and climate pressures. Severe storms, floods and other natural events can shut lines across its 32,889 route miles and force costly repairs. Climate change and market or regulatory responses to it could also affect demand, including for coal.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Shareholder vote results; Other company announcement
- Other company announcement
For income and retirement investors
Union Pacific's SEC filings for 2016 through 2025 show at least nine straight annual dividend increases, and the true streak may be longer. Dividends per share rose from $3.88 in 2020 to $5.44 in 2025, about 7% a year. In 2025 they took 45.3% of earnings and 58.8% of free cash flow (cash left after capital spending). The yield was 1.85% as of October 27, 2026. The company spent $18.5 billion buying back shares in 2021–2025, more than the $15.6 billion it paid in dividends; the share count fell 6.7% from January 2022 to October 2026.
The stock has fallen hard in downturns. It lost 58.9% in the 2008 financial crisis and regained its peak in September 2010. It dropped 37.5% in the early-2020 COVID crash but was back at its high by June. After a 29.8% fall in 2022, it took until February 2026 to regain its high. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Union Pacific make money?
Union Pacific makes money by charging shippers to move freight by rail across 23 states in the western two-thirds of the U.S. Freight brought in $23.2 billion of its $24.5 billion revenue in 2025. Industrial goods such as chemicals, plastics and construction materials made up 37% of freight revenue, bulk goods such as grain, fertilizer and coal 33%, and premium traffic (finished vehicles, auto parts and intermodal containers) 30%. Its 2025 operating margin was 40.2%: about 40 cents of each revenue dollar was left after operating costs.
Does Union Pacific raise its dividend every year?
Yes. Union Pacific's SEC filings for 2016 through 2025 show at least nine straight annual increases, and the true streak may be longer. Regular dividends per share rose from $3.88 in 2020 to $5.44 in 2025, about 7% a year, with no special dividends in that span. In 2025 dividends took 45.3% of earnings and 58.8% of free cash flow, the cash left after operating costs and capital spending.
What is Union Pacific's dividend yield?
Union Pacific's dividend yield was 1.85% as of October 27, 2026. On that date the company's market value was about $178 billion, and the shares traded at about 25 times fiscal 2025 earnings, a price-to-earnings (P/E) ratio of 25. Regular dividends were $5.44 per share for fiscal 2025. A rising share price pushes the yield down: the stock gained 31.6% in 2026 through October 27 and 40.3% over the year to that date.
Is Union Pacific merging with Norfolk Southern?
As of its annual report filed February 6, 2026, yes: mergers with Norfolk Southern were pending. The filing warns the deal might not close on time or at all, and that in some circumstances Union Pacific would owe Norfolk Southern substantial termination fees. It also flags integration and culture challenges, possible loss of key employees, lawsuits, large deal costs, and a combined company whose debt could limit flexibility. Union Pacific's total debt was $30.3 billion as of September 30, 2026.
How has Union Pacific stock performed over the long term?
Strongly over 10 years, less so over five. In the 10 years to October 27, 2026, the shares returned about 15.4% a year, a cumulative gain of roughly 320%, based on price history. The five-year figure was about 7% a year, and the one-year gain was 40.3%. The path has been bumpy: the stock fell 15.9% in 2022 and 5.1% in 2024, and its deepest drop, 58.9%, came in the 2008 financial crisis. Past returns do not predict future ones.