Union Pacific CorporationUNP
NYSE•Industrials•Railroads
Union Pacific Corporation, through its subsidiary, Union Pacific Railroad Company, operates in the railroad business in the United States. It offers transportation services for grain and grain products, fertilizers, food and refrigerated products, and coal and renewables to grain processors, animal feeders, and ethanol and renewable biofuel producers; and construction products, industrial chemicals, plastics, forest products, specialized products, metals and ores, petroleum, liquid petroleum gases, soda ash, and sand, as well as finished automobiles, automotive parts, and merchandise in intermodal containers. The company was founded in 1862 and is headquartered in Omaha, Nebraska.
Union Pacific Corporation (UNP) reported trailing twelve months revenue of $24.70B as of March 2026, a 1.9% increase year-over-year. Quarterly revenue reached $6.22B, reflecting continued top-line momentum.
Union Pacific Corporation generated $7.21B in TTM net income, with quarterly EBITDA of $3.09B. The operating margin expanded from 39.3% to 39.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (39.4%) and net margin (27.4%) indicates moderate non-operating costs. Net margin has improved from 27.0% a year ago, signaling stronger bottom-line efficiency.
UNP trades at a P/E of 19.7x (in line with broad market averages) and a P/S of 5.7x. The price-to-book ratio of 7.3x indicates a significant premium over book value.
The company generated $1.50B in free cash flow over the trailing twelve months, a 15.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $69.64B in total assets with $29.78B in long-term debt against $19.42B in stockholders equity for a debt-to-equity ratio of 1.5. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~40.0%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 40.1% suggests a durable competitive advantage and efficient capital allocation.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~40.1% — no sign of cost or pricing stress.
FCF covers net income by 0.8x on average — earnings are well-supported by cash generation.
D/E ratio is 1.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 2.7% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation