Union Pacific Corporation (UNP) FY2025 10-K Annual Report
Union Pacific Corporation (UNP) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 6, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Union Pacific Corporation FY2025 10-K Analysis
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
Union Pacific Corporation FY2025 Key Financial MetricsXBRL
Revenue
$24.5B
▲ +1.1% YoY
Net Income
$7.1B
▲ +5.8% YoY
Operating Margin
40.2%
▲ +12bp YoY
Net Margin
29.1%
▲ +130bp YoY
ROE
38.7%
▼ -129bp YoY
Total Assets
$69.7B
▲ +2.9% YoY
EPS (Diluted)
$11.98
▲ +8.0% YoY
Operating Cash Flow
$9.3B
▼ -0.6% YoY
Source: XBRL data from Union Pacific Corporation FY2025 10-K filing on SEC EDGAR. All figures in USD.
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