# Union Pacific Corporation (UNP)

> Source: Nexqual · https://nexqual.com/UNP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Union Pacific Corporation (UNP), nexqual.com/UNP" · informational, not investment advice.

**Price:** USD 298.09 (+3.55% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 287.87 · day 278.59–299.38 · 52w 215.53–315.99 · market cap $177B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $25.4B, net income $7.33B (28.8% margin), free cash flow $6.50B (SEC filings).
- Valuation: P/E 24.2x (avg 21.1x at the last 3 fiscal year-ends), EV/EBITDA 16.1x, net debt $27.4B.
- 11 of 80 tracked superinvestors hold UNP (13F, Q2 2026): 1 new, 3 added, 4 reduced, 3 unchanged.
- Analysts: Buy (mean 2.24 on a 1–5 scale) (25 analysts), mean target USD 328.78 (range 245–375).
- Total return with dividends: 1Y +38.3% vs S&P 500 +14.9%; 5Y +40.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-22, EPS estimate USD 3.3, revenue estimate $7.09B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $21.8B | $24.9B | $24.1B | $24.3B | $24.5B | $25.4B |
| Operating income | $9.34B | $9.92B | $9.08B | $9.71B | $9.85B | $10.2B |
| Net income | $6.52B | $7.00B | $6.38B | $6.75B | $7.14B | $7.33B |
| EPS (diluted) | $9.95 | $11.21 | $10.45 | $11.09 | $11.98 | — |
| Free cash flow | $6.10B | $5.74B | $4.77B | $5.89B | $5.50B | $6.50B |
| Operating margin | 42.8% | 39.9% | 37.7% | 40.1% | 40.2% | 40.0% |
| Net margin | 29.9% | 28.1% | 26.4% | 27.8% | 29.1% | 28.8% |
| Revenue growth | +11.6% | +14.1% | -3.0% | +0.5% | +1.1% | — |
| Cash + short-term investments | $960M | $973M | $1.05B | $1.02B | $1.27B | — |
| Total debt | $30.1B | $33.5B | $32.6B | $31.2B | $31.8B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 24.2x · P/S 7.0x · EV/EBITDA 16.1x · EV/Sales 8.1x · P/FCF 27.2x · P/B 8.6x · FCF yield 3.67% · Earnings yield 4.14% · Dividend yield (paid, TTM) 1.85% · Buyback yield (TTM) 0.01% · Net debt $27.4B · EV $205B
P/E at fiscal year-ends: Dec 2025 19.3x, Dec 2024 20.6x, Dec 2023 23.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
11 of 80 tracked investors hold UNP. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Seth Klarman | Baupost Group | 5.95% | $322M | Reduced -23.1% |
| Daniel Loeb | Third Point | 2.05% | $95.2M | Added +250.0% |
| Viking Global | Viking Global Investors | 1.59% | $557M | New position |
| Bill Nygren | Oakmark Funds | 1.39% | $1.05B | Added +1.6% |
| Tweedy Browne |  | 0.40% | $5.2M | Unchanged |
| Thomas Gayner | Markel Group | 0.33% | $43.8M | Added +7.2% |
| Thomas Russo | Gardner Russo & Quinn | 0.08% | $7.0M | Reduced -6.5% |
| Dodge & Cox Funds | Dodge & Cox | 0.04% | $71.0M | Reduced -0.0% |
| Torray Funds |  | 0.03% | $231K | Unchanged |
| Greenhaven Associates |  | 0.01% | $553K | Unchanged |
| Mairs & Power | Mairs & Power Funds | 0.01% | $929K | Reduced -18.5% |

## Analysts
Consensus Buy (mean 2.24 on a 1–5 scale), 25 analysts; mean target USD 328.78 (low 245, high 375).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Citigroup | Target lowered | Buy | $349 → $338 |
| 2026-10-05 | JP Morgan | Target lowered | Neutral | $334 → $322 |
| 2026-10-02 | Susquehanna | Target lowered | Positive | $345 → $333 |
| 2026-09-16 | UBS | Upgrade | Neutral → Buy | $310 → $339 |
| 2026-07-27 | Baird | Target raised | Outperform | $311 → $344 |
| 2026-07-25 | UBS | Target raised | Neutral | $286 → $310 |
| 2026-07-24 | Citigroup | Target raised | Buy | $326 → $349 |
| 2026-07-24 | BMO Capital | Target raised | Market Perform | $285 → $320 |
| 2026-07-24 | JP Morgan | Target raised | Neutral | $304 → $334 |
| 2026-07-24 | TD Cowen | Target raised | Buy | $282 → $325 |
| 2026-07-24 | RBC Capital | Target raised | Outperform | $289 → $339 |
| 2026-07-24 | Barclays | Target raised | Overweight | $315 → $350 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +38.3% | +40.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +38.5% | +7.0% |
| Volatility (annualized) | 22.4% | 22.1% |
| Max drawdown | -12.8% (Aug 2026→Sep 2026) | -29.5% (Mar 2022→Oct 2022) |

## Peers (Railroads)
CSX (CSX Corporation) USD 51.67 +6.76% · CP (Canadian Pacific Kansas City Li) USD 90.62 +2.86% · CNI (Canadian National Railway Compa) USD 124.93 +2.36% · NSC (Norfolk Southern Corporation) USD 338.23 +3.09% · WAB (Westinghouse Air Brake Technolo) USD 276.47 -4.32% · TRN (Trinity Industries, Inc.) USD 25.82 +2.34%

## More
Full page: https://nexqual.com/UNP · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in UNP's own 10-K filed 2026-02-06 (https://www.sec.gov/Archives/edgar/data/100885/000010088526000037/unp-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | NORFOLK SOUTHERN CORP (NSC) | "The Company and Norfolk Southern are each subject to business uncertainties and contractual restrictions while the mergers are pending, which could adversely affect both our business and operations and the combined compa…" |

Other companies that name UNP in their own reports (relationship from UNP's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | NORFOLK SOUTHERN CORP (NSC) | 10-K 2026-02-09 | "On July 28, 2025, we entered into a Merger Agreement with Union Pacific, marking a transformational step toward creating America's first transcontinental railroad—an outcome we believe will unlock new…" |

## Revenue by product line (quarter ended 2026-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Freight revenues | $6.81B | 94.7% | +14.9% |
| — Industrial (part of Freight revenues) | $2.51B | 34.9% | +14.4% |
| — Premium (part of Freight revenues) | $2.19B | 30.4% | +21.4% |
| — Bulk (part of Freight revenues) | $2.12B | 29.4% | +9.6% |
| Other revenues | $384.0M | 5.3% | +21.1% |
| — Other subsidiary revenues (part of Other revenues) | $201.0M | 2.8% | +16.9% |
| — Accessorial revenues (part of Other revenues) | $157.0M | 2.2% | +26.6% |
| — Other (part of Other revenues) | $26.0M | 0.4% | +23.8% |
| Total revenue | $7.20B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $3.30 | $3.28 | +0.5% | $7.09B | 20 |
| Next quarter (ends 2027-03-31) | $3.22 | $3.21 | +0.4% | $6.80B | 11 |
| Current fiscal year (ends 2026-12-31) | $13.15 | $13.05 | +0.7% | $27.28B | 22 |
| Next fiscal year (ends 2027-12-31) | $14.32 | $14.12 | +1.5% | $28.73B | 22 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 24.2% | ±2.9% |
| 2026-11-06 | 14 | 23.1% | ±3.8% |
| 2026-11-13 | 21 | 22.7% | ±4.5% |
| 2026-11-20 | 28 | 20.7% | ±4.7% |
| 2026-11-27 | 35 | 19.3% | ±4.9% |
| 2026-12-04 | 42 | 20.8% | ±5.9% |
| 2026-12-18 | 56 | 21.4% | ±6.8% |
| 2027-01-15 | 84 | 20.8% | ±8.1% |