Union Pacific
Freight railroad linking western U.S. industries, ports, borders, and inland markets.
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Profile
Moves bulk commodities, industrial freight, automobiles, and intermodal containers across the western United States, earning mainly from freight transportation and related fuel surcharges. Its integrated network links Pacific and Gulf ports with inland markets, Mexico gateways, Canadian rail connections, and eastern interchange points.
Moves agricultural products, coal and renewables, chemicals, plastics, metals, forest products, energy commodities, automobiles, and intermodal containers across a freight network spanning 23 western states. Bulk, Industrial, and Premium are the main commodity groups, while the railroad is reported as one integrated operating segment.
Connects Pacific and Gulf Coast ports with Midwest and eastern gateways, reaches every major Mexico rail gateway, and links with Canadian carriers. Coordinated schedules, interchanges, inland terminals, and vehicle distribution centers move freight through a single western network. Operations emphasize safety, service consistency, asset productivity, and maintaining spare capacity for weather and demand swings.
Revenue depends on shipment volumes, pricing, fuel surcharges, trade flows, harvests, industrial activity, and competition from railroads and trucks. Rail operations are regulated by the Surface Transportation Board and Federal Railroad Administration; the proposed Norfolk Southern combination remains under STB review.
Company facts
Categories
Key statistics
Year to date +32.6% · Average volume (30d) 2.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Jul 27, 2026 | Robert W. Baird | Target | $311 | $344 | |
| Jul 24, 2026 | RBC Capital | Reiterate | Outperform | $289 | $339 |
| Jul 24, 2026 | UBS | Reiterate | Neutral | $274 | $310 |
| Jul 24, 2026 | BMO Capital | Reiterate | Market Perform | $285 | $320 |
| Jul 24, 2026 | Wells Fargo | Reiterate | Overweight | $300 | $335 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $3.26 | $3.41 | +4.6% | $6.72B | $6.86B | +2.2% | +0.98% |
| Apr 23, 2026Q1 FY26 | $2.86 | $2.93 | +2.4% | $6.23B | $6.22B | −0.2% | −0.94% |
| Jan 27, 2026Q4 FY25 | $2.86 | $2.86 | 0.0% | $6.11B | $6.09B | −0.4% | −2.08% |
| Oct 23, 2025Q3 FY25 | $2.99 | $3.08 | +3.0% | $6.25B | $6.24B | −0.1% | −1.56% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $6.03B | $6.15B | $6.24B | $6.09B | $6.22B | $6.86B | |
| Gross profit | $2.73B | $2.84B | $2.90B | $2.73B | $2.81B | $3.13B | |
| Operating income | $2.37B | $2.52B | $2.55B | $2.39B | $2.45B | $2.76B | |
| Net income | $1.63B | $1.88B | $1.79B | $1.85B | $1.70B | $1.99B | |
| Diluted EPS | $2.70 | $3.15 | $3.01 | $3.11 | $2.87 | $3.36 | |
| Gross margin | 45.3% | 46.1% | 46.5% | 44.9% | 45.2% | 45.5% | |
| Operating margin | 39.3% | 40.9% | 40.8% | 39.2% | 39.4% | 40.3% |
Fiscal years (4-quarter sums)FY21 $21.80B · FY22 $24.88B · FY23 $24.12B · FY24 $24.25B · FY25 $24.51B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.11B · Total debt $31.17B · Total assets $71.21B · Shareholders' equity $20.67B
Dividends
Raised for 27 straight years — most recently to $1.38 from $1.34 in Aug 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| May 29, 2026 | May 29 | Jun 30 | $1.38 | |
| Feb 27, 2026 | Feb 27 | Mar 31 | $1.38 | |
| Dec 5, 2025 | Dec 5 | Dec 30 | $1.38 | |
| Aug 29, 2025 | Aug 29 | Sep 30 | $1.38 | raised from $1.34 |
| May 30, 2025 | May 30 | Jun 30 | $1.34 | |
| Feb 28, 2025 | Feb 28 | Mar 31 | $1.34 | |
| Dec 9, 2024 | Dec 9 | Dec 30 | $1.34 | |
| Aug 30, 2024 | Aug 30 | Sep 30 | $1.34 | raised from $1.30 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 594.08M · Float 592.77M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 47.89M | 8.06% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 38.77M | 6.53% | 13F | Aug 13, 2026 |
| State Street Corp | 27.89M | 4.69% | 13F | Aug 7, 2026 |
| Capital World Investors | 27.14M | 4.57% | 13F | Aug 12, 2026 |
| Capital Research Global Investors | 17.11M | 2.88% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 3, 2026 | Eric J. Gehringer | officer: EVP OPERATIONS | −2,991 | $263.96 |
| Apr 24, 2026 | Kenyatta G. Rocker | officer: EVP MARKETING & SALES | −11,856 | $271.76 |
| Apr 24, 2026 | Jennifer L. Hamann | officer: EVP & CHIEF FINANCIAL OFFICER | −2,000 | $274.70 |
| Mar 20, 2026 | Eric J. Gehringer | officer: EVP OPERATIONS | −1,999 | $234.93 |
Peers
- Norfolk Southern
Dominant eastern US Class I; contests every UNP transcontinental gateway.
- Canadian Pacific Kansas City
Only single-line Canada–US–Mexico railroad; challenges UNP's Mexico corridor.
- J.B. Hunt
Largest US intermodal marketer; competes with UNP's Premium segment directly.
- CSX
Eastern Class I rail; contests UNP at every transcontinental interchange.
- Canadian National Railway
Three-coast network; competes at UNP's Chicago and Pacific Northwest gateways.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Union Pacific | $307.42 | +0.01% | $182.62B | 24.9 | 22.7 | 7.2 | +11.5% |
| Norfolk Southern | $348.68 | +0.03% | $78.32B | 29.8 | 25.5 | 6.2 | +12.5% |
| Canadian Pacific Kansas City | $93.58 | −0.57% | $82.74B | 30.4 | 24.7 | 6.8 | +8.4% |
| J.B. Hunt | $261.03 | −0.02% | $24.51B | 37.0 | 29.5 | 1.9 | +19.4% |
| CSX | $51.59 | +0.60% | $95.00B | 29.6 | 23.9 | 6.5 | +10.1% |
| Canadian National Railway | $126.01 | +0.02% | $76.22B | 22.5 | 21.5 | 6.0 | +6.7% |
| Median | 29.8 | 24.7 | 6.2 | +10.1% |