UNP financial statements

The full income statement, balance sheet, and cash-flow statement for Union Pacific Corporation (UNP), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 609.2M2024-09 606.3M2024-12 604.3M2025-03 597.5M2025-06 593.0M2025-09 593.2M2025-12 593.4M2026-03 593.7M2026-06 594.1M-2.5% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	24.5B YoY+1.1%	24.3B YoY+0.5%	24.1B YoY-3.0%	24.9B YoY+14.1%	21.8B YoY+11.6%
Operating income	9.85B YoY+1.4%	9.71B YoY+6.9%	9.08B YoY-8.4%	9.92B YoY+6.2%	9.34B YoY+19.2%
Interest expense	1.31B YoY+3.2%	1.27B YoY-5.3%	1.34B YoY+5.4%	1.27B YoY+9.9%	1.16B YoY+1.4%
Interest & investment income	—	52.0M YoY+0.0%	52.0M YoY+126.1%	23.0M YoY+475.0%	4.00M YoY-66.7%
Other non-operating income	629M YoY+79.7%	350M YoY-28.7%	491M YoY+15.3%	426M YoY+43.4%	297M YoY+3.5%
Pre-tax income	9.17B YoY+4.2%	8.79B YoY+6.8%	8.23B YoY-9.2%	9.07B YoY+7.0%	8.48B YoY+21.5%
Income tax	2.03B YoY-0.9%	2.05B YoY+10.4%	1.85B YoY-10.6%	2.07B YoY+6.1%	1.96B YoY+19.9%
Net income	7.14B YoY+5.8%	6.75B YoY+5.8%	6.38B YoY-8.8%	7.00B YoY+7.3%	6.52B YoY+21.9%
	$11.98 YoY+8.0%	$11.09 YoY+6.1%	$10.45 YoY-6.8%	$11.21 YoY+12.7%	$9.95 YoY+26.3%
EPS (basic)	$12.00 YoY+8.1%	$11.10 YoY+6.0%	$10.47 YoY-6.9%	$11.24 YoY+12.6%	$9.98 YoY+26.3%
	595M YoY-2.1%	608M YoY-0.3%	609M YoY-2.2%	623M YoY-4.8%	654M YoY-3.5%
	596M YoY-2.1%	609M YoY-0.3%	610M YoY-2.2%	624M YoY-4.8%	655M YoY-3.5%
Dividends per share	$5.44 YoY+3.0%	$5.28 YoY+1.5%	$5.20 YoY+2.4%	$5.08 YoY+18.4%	$4.29 YoY+10.6%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	4.55B YoY+13.3%	4.02B YoY-3.1%	4.15B YoY+5.0%	3.95B YoY+11.3%	3.55B YoY-15.7%
Cash & equivalents	1.27B YoY+24.6%	1.02B YoY-3.7%	1.05B YoY+8.4%	973M YoY+1.4%	960M YoY-46.6%
Accounts receivable	1.86B YoY-1.8%	1.89B YoY-8.6%	2.07B YoY+9.6%	1.89B YoY+9.8%	1.72B YoY+14.4%
Other current assets	392M YoY+21.7%	322M YoY+23.4%	261M YoY-13.3%	301M YoY+49.0%	202M YoY-4.7%
	69.7B YoY+2.9%	67.7B YoY+0.9%	67.1B YoY+2.6%	65.4B YoY+3.0%	63.5B YoY+1.8%
Property, plant & equipment	—	—	57.4B YoY+2.4%	56.0B YoY+2.1%	54.9B YoY+1.3%
Operating lease right-of-use	1.04B YoY-20.1%	1.30B YoY-21.1%	1.64B YoY-1.7%	1.67B YoY-6.4%	1.79B YoY+11.0%
Other non-current assets	1.58B YoY+13.5%	1.39B YoY+3.9%	1.34B YoY-5.2%	1.41B YoY+31.3%	1.07B YoY+331.7%
	5.01B YoY-4.6%	5.25B YoY+2.9%	5.11B YoY-7.5%	5.52B YoY-3.9%	5.74B YoY+37.6%
Accounts payable	804M YoY-5.1%	847M YoY-1.1%	856M YoY+9.2%	784M YoY+4.3%	752M YoY+22.9%
Accrued liabilities	3.49B YoY-8.7%	3.83B YoY+4.0%	3.68B YoY-4.1%	3.84B YoY+7.4%	3.58B YoY+15.3%
Short-term & current debt	1.52B YoY+6.7%	1.43B YoY+0.1%	1.42B YoY-15.2%	1.68B YoY-22.5%	2.17B YoY+102.6%
Current lease liability	270M YoY-22.0%	346M YoY-2.5%	355M	—	—
Finance lease liability (current)	39.0M YoY+5.4%	37.0M YoY-24.5%	49.0M	—	—
	51.2B YoY+0.8%	50.8B YoY-2.9%	52.3B YoY-1.8%	53.3B YoY+7.9%	49.4B YoY+8.6%
Long-term debt	31.8B YoY+2.0%	31.2B YoY-4.3%	32.6B YoY-2.2%	33.3B YoY+12.1%	29.7B YoY+11.2%
Non-current lease liability	738M YoY-20.2%	925M YoY-25.7%	1.25B YoY-4.2%	1.30B YoY-9.0%	1.43B YoY+11.4%
Operating lease liability (total)	1.01B YoY-20.7%	1.27B YoY-20.6%	1.60B YoY-1.9%	1.63B YoY-7.3%	1.76B YoY+9.7%
Finance lease liability (total)	105M YoY-3.7%	109M	—	—	—
Finance lease liability	66.0M YoY-8.3%	72.0M YoY-33.9%	109M	—	—
Deferred tax liabilities	13.4B YoY+2.1%	13.2B YoY+0.2%	13.1B YoY+0.7%	13.0B YoY+2.8%	12.7B YoY+3.5%
Other non-current liabilities	1.76B YoY+2.1%	1.73B YoY+0.8%	1.71B YoY-4.0%	1.78B YoY-8.6%	1.95B YoY-6.0%
	18.5B YoY+9.3%	16.9B YoY+14.2%	14.8B YoY+21.6%	12.2B YoY-14.1%	14.2B YoY-16.5%
Common stock	2.78B YoY+0.0%	2.78B YoY+0.0%	2.78B YoY+0.0%	2.78B YoY+0.0%	2.78B YoY+0.0%
Additional paid-in capital	5.59B YoY+4.8%	5.33B YoY+2.7%	5.19B YoY+2.2%	5.08B YoY+2.0%	4.98B YoY+2.4%
Retained earnings	69.5B YoY+5.9%	65.6B YoY+5.7%	62.1B YoY+5.4%	58.9B YoY+7.0%	55.0B YoY+7.3%
Treasury stock	58.8B YoY+4.8%	56.1B YoY+2.7%	54.7B YoY+1.2%	54.0B YoY+13.1%	47.7B YoY+18.1%
Accumulated other comprehensive income	-591M YoY+18.3%	-723M YoY-17.8%	-614M YoY-5.5%	-582M YoY+36.3%	-914M YoY+42.6%
Total liabilities & equity	69.7B YoY+2.9%	67.7B YoY+0.9%	67.1B YoY+2.6%	65.4B YoY+3.0%	63.5B YoY+1.8%
	1.11B YoY+0.0%	1.11B YoY+0.0%	1.11B YoY+0.0%	1.11B YoY+0.0%	1.11B YoY+0.0%
	593M YoY-1.8%	604M YoY-0.9%	610M YoY-0.4%	612M YoY-4.1%	639M YoY-4.8%
	593M YoY-1.8%	604M YoY-0.9%	610M YoY-0.3%	612M YoY-3.9%	637M YoY-4.9%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	9.29B YoY-0.6%	9.35B YoY+11.5%	8.38B YoY-10.5%	9.36B YoY+3.7%	9.03B YoY+5.8%
Depreciation & amortization	2.46B YoY+2.8%	2.40B YoY+3.5%	2.32B YoY+3.2%	2.25B YoY+1.7%	2.21B YoY-0.1%
Share-based compensation	—	—	107M YoY+8.1%	99.0M YoY+12.5%	88.0M YoY+20.5%
Deferred income taxes	241M YoY+760.7%	28.0M YoY-76.1%	117M YoY-55.3%	262M YoY+70.1%	154M YoY-54.7%
Change in receivables	-34.0M YoY+81.0%	-179M YoY-201.1%	177M YoY+4.7%	169M YoY-22.1%	217M YoY+341.1%
	-3.76B YoY-13.1%	-3.33B YoY+9.3%	-3.67B YoY-5.6%	-3.47B YoY-28.1%	-2.71B YoY-1.2%
Capital expenditure	3.79B YoY+9.8%	3.45B YoY-4.3%	3.61B YoY-0.4%	3.62B YoY+23.3%	2.94B YoY+0.3%
Free cash flow	5.50B YoY-6.7%	5.89B YoY+23.5%	4.77B YoY-16.9%	5.74B YoY-5.8%	6.10B YoY+8.6%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Proceeds from sale of PP&E	—	—	—	194M YoY+9.0%	178M YoY+19.5%
Other investing activities	-29.0M YoY+77.2%	-127M YoY-308.2%	61.0M YoY+140.9%	-149M YoY+34.4%	-227M YoY-134.0%
	-5.28B YoY+13.0%	-6.07B YoY-31.2%	-4.63B YoY+21.4%	-5.89B YoY+17.8%	-7.16B YoY-46.0%
Long-term debt issued	2.00B YoY+149.4%	800M YoY-50.0%	1.60B YoY-73.7%	6.08B YoY+44.7%	4.20B YoY+4.9%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	2.68B YoY+78.0%	1.50B YoY+113.5%	705M YoY-88.8%	6.28B YoY-13.8%	7.29B YoY+96.8%
Dividends paid	3.24B YoY+0.7%	3.21B YoY+1.3%	3.17B YoY+0.4%	3.16B YoY+12.8%	2.80B YoY+6.6%
Other financing activities	72.0M YoY-6.5%	77.0M YoY+149.4%	-156M YoY+33.6%	-235M YoY-858.1%	31.0M YoY+146.3%
Net change in cash	252M YoY+647.8%	-46.0M YoY-152.9%	87.0M YoY+2075.0%	4.00M YoY+100.5%	-835M YoY-186.8%
Interest paid	1.31B YoY+4.0%	1.26B YoY-0.6%	1.27B YoY+9.7%	1.16B YoY+6.3%	1.09B YoY+3.5%
Income taxes paid	—	1.34B YoY-9.8%	1.49B YoY-27.9%	2.06B YoY+224.2%	-1.66B YoY-36.6%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	137B YoY-0.4%	138B YoY-8.0%	150B YoY+17.6%	127B YoY-20.7%	160B YoY+15.0%
P/E	19.2× YoY-5.8%	20.4× YoY-13.2%	23.5× YoY+30.7%	18.0× YoY-26.8%	24.6× YoY-5.7%
P/S	5.6× YoY-1.4%	5.7× YoY-8.4%	6.2× YoY+19.0%	5.2× YoY-29.2%	7.4× YoY+3.1%
P/B	7.4× YoY-8.9%	8.2× YoY-23.7%	10.7× YoY-1.4%	10.8× YoY-4.3%	11.3× YoY+37.8%
P/FCF	25.0× YoY+6.8%	23.4× YoY-25.6%	31.4× YoY+46.1%	21.5× YoY-18.3%	26.3× YoY+5.9%
	5.2% YoY+6.2%	4.9% YoY+15.2%	4.3% YoY-23.5%	5.6% YoY+36.6%	4.1% YoY+6.0%
	4.0% YoY-6.3%	4.3% YoY+34.4%	3.2% YoY-31.6%	4.6% YoY+22.4%	3.8% YoY-5.6%
	2.4% YoY+1.6%	2.3% YoY+9.4%	2.1% YoY-13.7%	2.5% YoY+44.1%	1.7% YoY-8.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: UNP's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all UNP filings on SEC EDGAR → Not investment advice.