Union Pacific (UNP) stock
Industrials · Rail Transportation
Union Pacific (UNP) is a Rail Transportation company in the Industrials sector, headquartered in Omaha, Nebraska. As of October 23, 2026, UNP closed at $292.87, a market capitalization of $173.99 billion, the 71st largest company in the S&P 500. Over the last twelve months it generated $26.36 billion in revenue (+15% year over year) and $6.50 billion in free cash flow. The stock trades at 22.8x trailing earnings and 20.4x forward earnings.
- 1-year total return: +35.9% (dividends reinvested)
- 5-year return: +6.6% a year
- 52-week range: $215.53 – $315.99
- Gross margin 55.8%, operating margin 41.3%
- Dividend yield: 1.94%, 19 straight years of increases
- FI Handbook report card: B- across 10 metrics
- 6th largest of 83 Industrials stocks in the S&P 500
UNP price chart
1Y price change: +33.1% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| UNP | +6.3% | +28.5% | +35.9% | +14.6% | +6.6% | +15.0% | +12.9% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1980.
UNP key statistics
- Market cap
- $174.0B
- #71 in S&P 500
- P/E (TTM)
- 22.8x
- Forward P/E
- 20.4x
- EPS (TTM)
- $12.82
- Revenue (TTM)
- $26.4B
- +15%
- Free cash flow
- $6.5B
- Gross margin
- 55.8%
- Operating margin
- 41.3%
- Return on equity
- 38.7%
- Dividend yield
- 1.94%
- 52-week range
- $215.53 – $315.99
- Beta
- 0.95
- Price / sales
- 6.6x
- EV / EBITDA
- 15.2x
- Debt / equity
- 1.41x
- Employees
- 28,658
UNP report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth15.3%B
- Gross margin55.8%B
- Operating margin41.3%A
- FCF margin24.7%B
- Return on equity38.7%A
- Net debt / EBITDA2.1xD
- Forward P/E20.4xC
- PEG ratio2.7xD
- Shareholder yield3.5%B
- Share count change / yr-2.6%A
Union Pacific financials
Revenue went from $19.9B in fiscal 2016 to $24.5B in fiscal 2025, growing 2.3% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.9B | $21.2B | $22.8B | $21.7B | $19.5B | $21.8B | $24.9B | $24.1B | $24.3B | $24.5B |
| Operating income | $7.2B | $8.1B | $8.5B | $8.6B | $7.8B | $9.3B | $9.9B | $9.1B | $9.7B | $9.8B |
| Net income | $4.2B | $10.7B | $6.0B | $5.9B | $5.3B | $6.5B | $7.0B | $6.4B | $6.7B | $7.1B |
| EPS (diluted) | $5.07 | $13.36 | $7.91 | $8.38 | $7.88 | $9.95 | $11.21 | $10.45 | $11.09 | $11.98 |
| Free cash flow | — | $4.0B | $5.2B | $5.2B | $5.6B | $6.1B | $5.7B | $4.8B | $5.9B | $5.5B |
| Buybacks | $3.1B | $4.0B | $8.2B | $5.8B | $3.7B | $7.3B | $6.3B | $705.0M | $1.5B | $2.7B |
| Dividends paid | $1.9B | $2.0B | $2.3B | $2.6B | $2.6B | $2.8B | $3.2B | $3.2B | $3.2B | $3.2B |
| Diluted shares | 835.4M | 801.7M | 754.3M | 706.1M | 679.1M | 655.4M | 624.0M | 610.2M | 608.6M | 595.9M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into UNP?
A reverse DCF asks what growth the current price requires. With an enterprise value of $202.0B and $6.5B of trailing free cash flow, Union Pacific needs to grow free cash flow about 21.8% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew -0.4% a year over the last five years.
P/E ratio history
Current 24.4x vs. median 20.2x (10th–90th percentile 13.3x–24.9x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
UNP dividend
- Dividend yield
- 1.94%
- Annual dividend
- $5.68
- Years of increases
- 19
- 5-yr dividend growth
- 7.0%
- per year
- Payout ratio
- 43%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
UNP earnings
Next report: January 26, 2027. Union Pacific has beaten EPS estimates 3 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 22, 2026 | $3.48 | $3.53 | +1.6% |
| Jul 23, 2026 | $3.24 | $3.41 | +5.2% |
| Apr 23, 2026 | $2.86 | $2.93 | +2.4% |
| Jan 27, 2026 | $2.87 | $2.86 | -0.3% |
| Oct 23, 2025 | $3.00 | $3.08 | +2.8% |
| Jul 24, 2025 | $2.91 | $3.03 | +4.2% |
| Apr 24, 2025 | $2.73 | $2.70 | -1.1% |
| Jan 23, 2025 | $2.79 | $2.98 | +6.8% |
Stocks like UNP
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|---|---|---|---|---|---|
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UNP news
- Union Pacific Corporation: 3 Key Takeaways for Long-Term Investors · Oct 24, 2026
- How Earnings Beat At Union Pacific Stock Has Changed Its Investment Story · Oct 24, 2026
- Union Pacific (UNP) Stock Slips Even As Q3 Earnings Power Impresses · Oct 23, 2026
- CFOs On the Move: Week ending Oct. 23 · Oct 23, 2026
- Union Pacific’s Dividend After Earnings: What the Numbers Say for Income Investors · Oct 23, 2026
UNP stock FAQ
What is UNP's market cap?
Union Pacific's market capitalization is $173.99 billion as of October 23, 2026, ranking 71st in the S&P 500.
What is UNP's P/E ratio?
UNP trades at a trailing price-to-earnings ratio of 22.8x and a forward P/E of 20.4x. Its median P/E over the period we track is 20.2x.
Does UNP pay a dividend?
Yes. Union Pacific pays $5.68 per share a year, a 1.94% yield. It has raised its dividend 19 years in a row. Dividends grew 7.0% a year over the last five years.
How much has UNP stock returned?
Including reinvested dividends, UNP returned +35.9% over one year, +6.6% a year over five years, +15.0% a year over ten years through October 23, 2026.
Is UNP stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Union Pacific must grow free cash flow about 22% a year for the next decade. Its free cash flow fell 0% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does UNP report earnings?
Union Pacific is expected to report earnings on January 26, 2027. It has beaten EPS estimates 3 quarters in a row.
How many employees does Union Pacific have?
Union Pacific has about 28,658 full-time employees, or $919,918 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology