Latest revenue
$6.22B
as of 2026-03-31
Latest net income
$1.70B
as of 2026-03-31
Net margin
27.4%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $157.86B
- Enterprise value
- $187.77B
- P/E (trailing)
- 22.1×
- Forward P/E
- —
- P/B
- 8.13×
- Dividend yield
- 2.1%
- 52-wk high
- $276.40
- 52-wk low
- $210.84
- Beta
- —
- Shares out
- 593.7M
5-year trend
What this company does
Union Pacific operates one of North America's largest freight railroads, hauling bulk commodities, industrial products, and intermodal containers across the western two-thirds of the United States and into Mexico. Freight transportation contracts generate nearly all revenue ($5.9 billion of $6.2 billion in the quarter), with the rail network treated as a single integrated segment. The company is pursuing a major strategic combination, evidenced by paused share repurchases and $1.2 billion in debt repayments, while Q1 2026 net income rose 5% to $1.7 billion on modest volume and pricing gains.
Generated from UNP's filing dated 2026-02-06
Key risks
- Heavy leverage: $29.8B long-term debt plus $867M current debt against $19.4B equity; Q1 interest expense $320M consumed 13% of operating income.
- Liquidity drawdown: cash fell to $735M from $1,266M as $1.17B debt was repaid and $821M dividends paid, with no Q1 buybacks vs. $1.72B prior-year.
- Mexico cross-border exposure: $729M of Q1 freight revenue (~12%) tied to Mexico shipments, vulnerable to tariff and trade-policy disruption.
Generated from UNP's filing dated 2026-02-06
Profitability
Operating margin
40.2%
0.3%Net margin
29.1%
4.7%Return on equity
38.7%
3.2%Return on assets
10.2%
2.8%Leverage
Debt / equity
2.77×
7.8%Long-term debt / equity
1.64×
6.9%Debt / assets
73.5%
2.1%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $6.22B | +3.2% | $1.70B | +4.6% | 27.4% |
Q4 2025 2025-12-31 | $6.08B | -0.6% | $1.85B | +4.9% | 30.4% |
Q3 2025 2025-09-30 | $6.24B | +2.5% | $1.79B | +7.0% | 28.6% |
Q2 2025 2025-06-30 | $6.15B | +2.4% | $1.88B | +12.1% | 30.5% |
Q1 2025 2025-03-31 | $6.03B | -0.1% | $1.63B | -0.9% | 27.0% |
Q4 2024 2024-12-31 | $6.12B | — | $1.76B | — | 28.8% |
Q3 2024 2024-09-30 | $6.09B | +2.5% | $1.67B | +9.4% | 27.4% |
Q2 2024 2024-06-30 | $6.01B | +0.7% | $1.67B | +6.6% | 27.9% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Railroads, Line-Haul Operating · SIC 4011
Your notes
Keep private notes on UNP — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$0
Insider selling
$8.5M
Net activity
−$8.5M
Distinct insiders
3
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns UNP
Institutional value
$35.14B
Total shares held
146.8M
Distinct holders
739
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 38.6M | $9.35B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 14.4M | $3.50B | — | New |
| 3 | Invesco Ltd. | 7.3M | $1.77B | — | New |
| 4 | Fisher Asset Management, LLC | 6.5M | $1.58B | — | New |
| 5 | UBS Group AG | 5.7M | $1.39B | — | New |
| 6 | Legal & General Group Plc | 4.3M | $1.04B | — | New |
| 7 | DEUTSCHE BANK AG\ | 4.1M | $983.7M | — | New |
| 8 | DIMENSIONAL FUND ADVISORS LP | 3.7M | $894.9M | — | New |
| 9 | Bank of New York Mellon Corp | 3.6M | $876.0M | — | New |
| 10 | WELLS FARGO & COMPANY/MN | 3.4M | $830.3M | — | New |
| 11 | VANGUARD FIDUCIARY TRUST CO | 3.3M | $812.1M | — | New |
| 12 | STIFEL FINANCIAL CORP | 2.2M | $525.1M | — | New |
| 13 | ENVESTNET ASSET MANAGEMENT INC | 1.9M | $466.2M | — | New |
| 14 | CIBC Bancorp USA Inc. | 1.8M | $441.5M | — | New |
| 15 | Swiss National Bank | 1.7M | $422.4M | — | New |
| 16 | Voya Investment Management LLC | 1.5M | $374.3M | — | New |
| 17 | LPL Financial LLC | 1.4M | $335.7M | — | New |
| 18 | National Pension Service | 1.3M | $327.0M | — | New |
| 19 | California Public Employees Retirement System | 1.3M | $326.1M | — | New |
| 20 | Mitsubishi UFJ Asset Management Co., Ltd. | 1.3M | $325.9M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Fuel costs jumped 6.6% while freight revenue rose only 3.5%; what's the pricing power gap, and when does fuel surcharge recovery normalize?
- 2
Why did you halt all share repurchases in Q1 2026 versus $1.74B returned in Q1 2025—is this signaling the Norfolk Southern deal cash needs?
- 3
Operating ratio improved only ~50bps to 60.5%; given comp/benefits up just 1.2%, what's blocking further productivity gains Jim Vena promised?
Refreshed when UNP files a new report · last from 2026-02-06