Loading…
Operates the largest US freight railroad network, covering the western two-thirds of the country.
Operates the largest US freight railroad network, covering the western two-thirds of the country.
Charges shippers for moving goods over its own tracks, by volume and distance, with intermodal containers and bulk goods such as grain and chemicals. It agreed in 2025 to buy Norfolk Southern to form a coast-to-coast railroad, subject to regulatory approval.
Moat: wide (scale, regulatory licence, installed base). Owning irreplaceable rail rights-of-way across the western US makes it a natural duopoly/monopoly on many routes.
Headquarters: Omaha, Nebraska, United States · Founded: 1862 · Employees: 29,287
Size Union Pacific (UNP) is a United States Industrials company (Railroads) with a market value of $172B, the 72nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $290.16 on 6 Nov 2026.
Performance Over six months the shares gained 10.2%, against +3.4% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 7.4% over the last twelve months (peer median +5.8%); the operating margin is 40.0% (peer median 14.2%).
Valuation It trades at 20.7× forward earnings against a peer median of 16.0× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.1 points above its cost of capital (8.5% WACC).
Backlog Backlog (remaining performance obligations) was $157M at 31 Dec 2025, down 1% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Union Pacific has 47 bonds outstanding ($30.7B), rated A- by the agencies and trading like A+ at a weighted spread of 67 bp.
Short interest Short interest is 4.7% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $26.4B | $24.5B | $24.2B | $24.1B | $24.9B |
| Revenue growth | — | +1% | +1% | -3% | — |
| Gross profit | $12.0B | $11.2B | $11.0B | $10.5B | $11.2B |
| EBITDA | $13.1B | $12.3B | $12.1B | $11.4B | $12.2B |
| Net income | $7.62B | $7.14B | $6.75B | $6.38B | $7.00B |
| Free cash flow | $6.69B | $5.50B | $5.89B | $4.77B | $5.74B |
| Capital expenditure | $3.83B | $3.79B | $3.45B | $3.61B | $3.62B |
| Total debt | $31.1B | $32.8B | $32.5B | $34.2B | $35.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Union Pacific UNP | $172B | +10% | +7% | 40% | 20.7× | 8.8% |
| Berkshire Hathaway BRK-B | $1.22T | +20% | +4% | 16% | 26.0× | n/a |
| Canadian Pacific Kansas City CP.TO | $80.6B | +12% | +7% | 37% | 23.0× | 17.4% |
| Norfolk Southern NSC | $71.9B | +3% | +6% | 33% | 22.6× | 16.6% |
| CSX CSX | $90.5B | +10% | +6% | 36% | 21.5× | 13.6% |
| Canadian National Railway CNR.TO | $75.0B | +16% | +7% | 38% | 20.0× | 9.4% |
| J.B. Hunt JBHT | $20.3B | -11% | +11% | 7% | 24.3× | 16.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | UNP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.3% | +5.5% | 9th lowest of 21 |
| 6-month return | +10.2% | +3.4% | 7th highest of 21 |
| Distance from 52-week high | -8.2% | -8.2% | 11th highest of 21 |
| Revenue growth (TTM) | +7.4% | +5.8% | 6th highest of 21 |
| Operating margin | 40.0% | 14.2% | 3rd highest of 21 |
| Forward P/E | 20.7× | 16.0× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 8.8% | 9.7% | 5th least demanding of 11 |
| Growth delivered (Del g) | +4.6% | +9.2% | 3rd lowest of 11 |
| Hurdle (Req g minus delivered) | +4.2 pp | +0.4 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | +8.1 pp | -0.8 pp | highest of 21 |
| EV / EBITDA | 15.3× | 14.4× | 7th most expensive of 18 |
| Net debt / EBITDA | 2.1× | 4.2× | 2nd least indebted of 18 |
| Bond spread | 67 bp | 80 bp | tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Union Pacific UNP | United States | $172B | +10% | +7% | 40% | 20.7× | 8.8% | +4.6% |
| CSX CSX | United States | $90.5B | +10% | +6% | 36% | 21.5× | 13.6% | +5.9% |
| Canadian Pacific Kansas City CP.TO | Canada | $80.6B | +12% | +7% | 37% | 23.0× | 17.4% | +14.4% |
| Canadian National Railway CNR.TO | Canada | $75.0B | +16% | +7% | 38% | 20.0× | 9.4% | +4.6% |
| Norfolk Southern NSC | United States | $71.9B | +3% | +6% | 33% | 22.6× | 16.6% | +4.5% |
| Beijing-Shanghai High-Speed Railway 601816.SS | China | $39.3B | +9% | +3% | 44% | 18.7× | -2.8% | +11.3% |
| East Japan Railway 9020.T | Japan | $27.4B | +13% | +9% | 14% | 15.8× | n/a | n/a |
| Daqin Railway 601006.SS | China | $14.5B | -7% | +3% | 6% | 16.3× | n/a | n/a |
| Getlink GET.PA | France | $12.3B | +9% | +9% | 40% | 35.3× | 10.1% | +14.3% |
| West Japan Railway 9021.T | Japan | $9.19B | +12% | +6% | 10% | 13.8× | 2.4% | +14.9% |
| GATX GATX | United States | $6.38B | -2% | +30% | 30% | 17.0× | n/a | n/a |
| Keisei Electric Railway 9009.T | Japan | $4.51B | +26% | +4% | 11% | 15.5× | n/a | n/a |
| Aurizon AZJ.AX | Australia | $4.49B | -5% | +6% | 21% | 14.8× | 4.4% | +6.7% |
| Odakyu Electric Railway 9007.T | Japan | $3.80B | +11% | +3% | 13% | 15.1× | n/a | n/a |
| Tobu Railway 9001.T | Japan | $3.58B | +3% | +5% | 11% | 10.0× | n/a | n/a |
| Container Corporation of India CONCOR.NS | India | $3.55B | -16% | +1% | 14% | 25.4× | 33.8% | +7.2% |
| Kyushu Railway 9142.T | Japan | $3.53B | 0% | +5% | 14% | 11.3× | n/a | n/a |
| Guangshen Railway 601333.SS | China | $3.16B | +1% | +5% | 6% | 16.3× | -14.9% | +11.9% |
| Keio 9008.T | Japan | $2.80B | +3% | +10% | 10% | 10.5× | n/a | n/a |
| Keikyu 9006.T | Japan | $2.73B | +2% | +4% | 11% | 13.4× | n/a | n/a |
| Keihan 9045.T | Japan | $2.15B | +3% | +10% | 15% | 11.5× | n/a | n/a |
Union Pacific has 47 bonds outstanding with $30.7B face value. The agencies rate it A-; its bonds trade like A+. Weighted yield 5.66%, a spread of 67 bp over government bonds.
Union Pacific reported $157M of remaining performance obligations at 31 Dec 2025, down 1% from a year earlier. That is 0.0 years of trailing revenue already under contract.