Short answer
Union Pacific Corporation (UNP) filed its fiscal 2025 10-K annual report with the SEC on Feb 6, 2026. It reported revenue of $24.5B (+1.1% year over year) and net income of $7.1B.
- Top risk flagged: Regulatory risk: Impact of H.R.1 enacted July 4, 2025, making 2017 Tax Cuts and Jobs Act provisions permanent, favorably affecting cash flows
FY2025 key financial metrics · XBRL
- Revenue
- $24.5B
- +1.1% YoY
- Net income
- $7.1B
- +5.8% YoY
- Operating margin
- 40.2%
- +0.1 pp YoY
- EPS (diluted)
- $11.98
- +8.0% YoY
- ROE
- 38.7%
- −1.3 pp YoY
- Operating cash flow
- $9.3B
- −0.6% YoY
Source: XBRL data from the Union Pacific Corporation (UNP) FY2025 10-K on SEC EDGAR. USD.
Union Pacific Corporation FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core freight rail transportation connecting 23 western U.S. states, linking major ports, U.S., Canada, and Mexico gateways
- Emphasis on Safety, Service, Operational Excellence as strategic pillars driving volume growth and margin improvement
- Focus on achieving industry-leading operating ratio and return on invested capital through operational transformation
- One reportable operating segment integrating Bulk, Industrial, Premium commodity groups for streamlined financial reporting
Management Discussion & Analysis
- Revenue $24.51B, up 1% YoY, driven by freight revenue growth $23.22B (+2%), offset by declines in subsidiary (-9%) and accessorial revenues (-14%)
- Operating income $9.8B, up 1%, operating ratio improved slightly to 59.8% from 59.9%, net income $7.1B, up 6% with EPS $11.98, up 8%
- Bulk segment best performer: freight revenue $7.59B, +5% driven by 6% higher volumes; Premium segment worst performer: revenue $7.03B, down 2% due to volume/mix decreases
- Cash provided by operating activities $9.3B; investing activities used $3.8B; dividends paid $3.2B; free cash flow $2.3B, down from $2.8B in 2024
- 2026 outlook cautious on macroeconomic uncertainties, expected flat industrial production, volume headwinds in international intermodal; continued safety and service focus
Risk Factors
- Regulatory risk: Impact of H.R.1 enacted July 4, 2025, making 2017 Tax Cuts and Jobs Act provisions permanent, favorably affecting cash flows
- Geopolitical/macro risk: Inflation raising asset replacement costs, increasing depreciation expense on long-lived assets above historical levels
- Operational risk: Heavy capital investments $3.8B in 2025, including $810M on locomotives/freight cars; supply chain critical for fleet modernization
- Competitive risk: Pending acquisition of Norfolk Southern risks integration challenges and competitive disruption in rail freight market
- Financial risk: $59.4B debt outstanding with $47.7B maturing after 2030, plus significant interest component $26B increasing leverage exposure
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