Stock Analysis on Net
Stock Analysis on Net

Union Pacific Corp. (NYSE:UNP)

$24.99

Return on Equity (ROE)
since 2005

Microsoft Excel

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Calculation

Union Pacific Corp., ROE, long-term trends, calculation

Microsoft Excel
ROE = 100 × Net income1 ÷ Common shareholders’ equity1
Dec 31, 2025 = 100 × ÷
Dec 31, 2024 = 100 × ÷
Dec 31, 2023 = 100 × ÷
Dec 31, 2022 = 100 × ÷
Dec 31, 2021 = 100 × ÷
Dec 31, 2020 = 100 × ÷
Dec 31, 2019 = 100 × ÷
Dec 31, 2018 = 100 × ÷
Dec 31, 2017 = 100 × ÷
Dec 31, 2016 = 100 × ÷
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Dec 31, 2012 = 100 × ÷
Dec 31, 2011 = 100 × ÷
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Dec 31, 2009 = 100 × ÷
Dec 31, 2008 = 100 × ÷
Dec 31, 2007 = 100 × ÷
Dec 31, 2006 = 100 × ÷
Dec 31, 2005 = 100 × ÷

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The return on equity (ROE) for the analyzed period demonstrates significant fluctuation alongside an overall upward trend. Initial values in the early 2000s were relatively modest, increasing substantially in the latter half of the period, particularly in the years 2017, 2021, and 2022. This analysis details the observed patterns in ROE, alongside the contributing factors of net income and common shareholders’ equity.

Initial Growth (2005-2008)
From 2005 to 2008, ROE exhibited a consistent upward trajectory, increasing from 7.49% to 15.14%. This growth was driven by increases in both net income and common shareholders’ equity, with net income experiencing a more rapid expansion. The period suggests improving profitability and efficient utilization of equity.
Volatility and Recovery (2009-2016)
Following 2008, ROE experienced a decline in 2009, falling to 11.20%, coinciding with a decrease in net income. Subsequent years showed recovery, with ROE peaking at 24.45% in 2014. This period was characterized by moderate growth in both net income and equity, with net income demonstrating greater variability. The years 2015 and 2016 saw a slight decrease in ROE, potentially indicating a stabilization after the earlier recovery.
Significant Peaks and Subsequent Adjustments (2017-2025)
A substantial increase in ROE was observed in 2017, reaching 43.10%, largely attributable to a significant surge in net income. While equity also increased, the disproportionate growth in net income was the primary driver. ROE remained elevated in subsequent years, though with fluctuations. A peak of 57.54% was reached in 2022, followed by a decrease to 38.65% in 2025. The decrease in ROE from 2022 to 2025 appears to be influenced by a combination of decreasing net income and increasing common shareholders’ equity. The equity increases suggest potential reinvestment or capital raising activities, while the net income decline may indicate changing market conditions or operational challenges.

Overall, the ROE demonstrates a long-term positive trend, punctuated by periods of volatility. The substantial increases in ROE observed in 2017 and 2022 were primarily driven by significant gains in net income, while fluctuations in equity also played a contributing role. The recent decline in ROE from its peak suggests a potential shift in the company’s financial performance, warranting further investigation into the underlying causes of the net income decrease.

Comparison to Competitors

Union Pacific Corp., ROE, long-term trends, comparison to competitors

Microsoft Excel
Union Pacific Corp. FedEx Corp. Uber Technologies Inc. United Airlines Holdings Inc. United Parcel Service Inc.
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
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Dec 31, 2011
Dec 31, 2010
Dec 31, 2009
Dec 31, 2008
Dec 31, 2007
Dec 31, 2006
Dec 31, 2005

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Transportation)

Union Pacific Corp., ROE, long-term trends, comparison to sector (transportation)

Microsoft Excel
Union Pacific Corp. Transportation
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
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Dec 31, 2012
Dec 31, 2011
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Dec 31, 2009
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Dec 31, 2007
Dec 31, 2006
Dec 31, 2005

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Industrials)

Union Pacific Corp., ROE, long-term trends, comparison to industry (industrials)

Microsoft Excel
Union Pacific Corp. Industrials
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
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Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).