Union Pacific (UNP) Financial Statements & Analysis

Union Pacific (UNP) Income Statement

Union Pacific reported revenue of $24.51B in fiscal 2025 (fiscal year ended Dec 31, 2025), up 1.1% from $24.25B a year earlier. Net income was $7.14B, up 5.8% year over year, a net margin of 29.1%. Gross margin was 59.4% and operating margin 40.1%. In the most recent quarter, Q3 fiscal 2026 (ended Sep 30, 2026), revenue was $7.20B, up 15.3% from the same quarter a year earlier.

Union Pacific Income Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Union Pacific Corporation income statement - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	24.51	24.25	24.12	24.88	21.80	19.53	21.71	22.83	21.24
Cost of Revenue	9.96	13.21	11.22	11.34	11.29	10.35	12.09	13.29	12.23
Gross Profit	14.55	11.04	12.85	13.45	10.51	9.18	9.61	9.54	9.01
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	3.33	1.33	1.45	1.29	1.18	1.58	1.28	1.22	1.12
Operating Expenses	4.71	1.33	3.77	3.53	1.18	1.35	1.06	1.02	0.95
Operating Income	9.84	9.71	9.08	9.92	9.34	7.83	8.55	8.52	8.06
Other Income/Expense
Interest Income	0.02	0.08	0.05	0.02	0.01	0.01	0.06	0.03	0.02
Interest Expense	1.31	1.27	-1.34	-1.27	1.16	1.14	1.05	0.87	0.72
Other Income/Expense	-0.67	-0.92	-0.85	-0.85	-0.86	-0.85	-0.81	-0.78	-0.47
Income
Income Before Tax	9.17	8.79	8.23	9.07	8.48	6.98	7.75	7.74	7.63
Income Tax Expense	2.03	2.05	1.85	2.07	1.96	1.63	1.83	1.78	-3.08
Net Income	7.14	6.75	6.38	7.00	6.52	5.35	5.92	5.97	10.71
Net Income - Continuous Operations	7.14	6.75	6.38	7.00	6.52	5.35	5.92	5.97	10.71
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	12.95	12.50	11.45	12.25	11.84	10.33	11.01	10.80	10.46
EBIT	10.48	10.06	9.13	10.00	9.36	-	-	-	-
Depreciation & Amortization	2.47	2.44	2.32	2.25	2.21	2.21	2.22	2.19	2.11
Earnings Per Share
Basic EPS	12.00	11.00	10.00	11.00	10.00	8.00	8.00	8.00	13.00
Diluted EPS	12.00	11.00	10.00	11.00	10.00	8.00	8.00	8.00	13.00
Basic Shares Outstanding	0.59	0.61	0.61	0.62	0.65	0.68	0.70	0.75	0.80
Diluted Shares Outstanding	0.59	0.61	0.61	0.62	0.66	0.68	0.71	0.75	0.80

Source: Company financial statements from annual and quarterly filings. Data as of Sep 30, 2026. Data sources and methodology

Frequently Asked Questions About Union Pacific Financial Statements

What was Union Pacific's revenue in fiscal 2025?

Union Pacific reported revenue of $24.51B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 1.1% from $24.25B a year earlier.

Is Union Pacific profitable?

Yes. Union Pacific earned net income of $7.14B in fiscal 2025, a net margin of 29.1%. In fiscal 2024 it earned $6.75B.

What is Union Pacific's operating margin?

Union Pacific's operating income was $9.84B on revenue of $24.51B in fiscal 2025, an operating margin of 40.1%, compared with 40.1% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition