UNP UNION PACIFIC CORP

Overview and Growth

UNION PACIFIC CORP generated $24.51B of revenue in fiscal 2025, with net income of $7.14B and an operating cash inflow of $9.29B. Revenue of $24.51B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 1.1% above fiscal 2024 revenue of $24.25B, marking a year-over-year increase. The company reported diluted EPS of $11.98, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 8.0% increase from fiscal 2024 diluted EPS of $11.09. Asset turnover was 0.35x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The reported operating result was $9.85B, capturing profitability after direct costs and the operating expenses reflected in the statements. Operating margin measured 40.2%, showing the portion of revenue preserved after the full set of operating costs. The bottom-line result was net income of $7.14B, after the operating, financing, tax, and other items recognized for the period. Measured against reported revenue, net income produced a 29.1% margin after operating costs and the remaining recognized items. Pretax income was $9.17B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 37.4% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $2.03B, the amount recognized between pretax income and the final net-income result. Relative to pretax income, the tax provision measured 22.1%, quantifying the portion of pre-tax earnings paid in income tax. The relationship between net income and period-end equity was 38.7%, indicating the profitability achieved on book capital.

Liquidity and Capital Structure

Total assets were $69.70B, supported by $51.23B of liabilities and $18.47B of shareholder equity. Current assets were $4.55B against $5.01B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered only 0.91x of current liabilities, so current liabilities exceeded current assets at period end. Reported cash and equivalents were $1.27B, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 25.2% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $31.81B of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 1.72x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 45.6%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 73.5%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 1.8% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $67.72B in fiscal 2024, the current asset base moved 2.9% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was $9.29B, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 1.3x, comparing cash generated by operations with the bottom-line earnings result. The cash-flow statement records $3.79B of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 40.8%, connecting investment intensity with the company’s cash-generation base. The combination of operating cash flow and capital spending produced $5.50B of positive free cash flow for the period. The free-cash-flow margin was 22.4%, measuring cash remaining after capital spending against revenue. Free cash flow equaled 7.9% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.