Selected Financial Data
since 2005
Income Statement
Union Pacific Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Operating revenues | Operating income | Net income |
|---|---|---|---|
| Dec 31, 2025 | 24,510) | 9,846) | 7,138) |
| Dec 31, 2024 | 24,250) | 9,713) | 6,747) |
| Dec 31, 2023 | 24,119) | 9,082) | 6,379) |
| Dec 31, 2022 | 24,875) | 9,917) | 6,998) |
| Dec 31, 2021 | 21,804) | 9,338) | 6,523) |
| Dec 31, 2020 | 19,533) | 7,834) | 5,349) |
| Dec 31, 2019 | 21,708) | 8,554) | 5,919) |
| Dec 31, 2018 | 22,832) | 8,517) | 5,966) |
| Dec 31, 2017 | 21,240) | 8,061) | 10,712) |
| Dec 31, 2016 | 19,941) | 7,272) | 4,233) |
| Dec 31, 2015 | 21,813) | 8,052) | 4,772) |
| Dec 31, 2014 | 23,988) | 8,753) | 5,180) |
| Dec 31, 2013 | 21,963) | 7,446) | 4,388) |
| Dec 31, 2012 | 20,926) | 6,745) | 3,943) |
| Dec 31, 2011 | 19,557) | 5,724) | 3,292) |
| Dec 31, 2010 | 16,965) | 4,981) | 2,780) |
| Dec 31, 2009 | 14,143) | 3,392) | 1,898) |
| Dec 31, 2008 | 17,970) | 4,075) | 2,338) |
| Dec 31, 2007 | 16,283) | 3,375) | 1,855) |
| Dec 31, 2006 | 15,578) | 2,884) | 1,606) |
| Dec 31, 2005 | 13,578) | 1,795) | 1,026) |
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).
Operating revenues exhibited a generally increasing trend from 2005 to 2022, with some fluctuations. Initial growth from US$13,578 million in 2005 to US$24,875 million in 2022 was punctuated by a decline in 2008-2009, likely influenced by broader economic conditions. Revenues experienced a slight decrease in 2023 to US$24,119 million, followed by modest increases in 2024 and 2025, reaching US$24,510 million. Operating income mirrored this overall pattern, demonstrating substantial growth between 2005 and 2022, with a significant peak in 2021 at US$9,917 million. A notable dip occurred in 2015-2016, followed by recovery. Net income followed a similar trajectory, with a particularly strong performance in 2017, reaching US$10,712 million, before declining in subsequent years. The period from 2020 to 2025 shows a more stable net income, fluctuating between US$5,349 million and US$7,138 million.
- Revenue Growth
- The period between 2005 and 2008 showed robust revenue growth, averaging approximately 14.5% annually. Growth slowed considerably between 2008 and 2012, averaging around 5.5% per year. From 2012 to 2022, revenue growth averaged approximately 6.5% annually. The most recent period, 2023-2025, demonstrates a more subdued growth rate, averaging less than 1% annually.
- Profitability Trends
- Operating income as a percentage of operating revenues generally increased from 13.2% in 2005 to approximately 40% in 2017, indicating improved operational efficiency. This percentage decreased in 2018 and remained relatively stable between 35% and 40% through 2025. Net income as a percentage of operating revenues followed a similar pattern, peaking in 2017 at around 23.5% and stabilizing between 18% and 27% in the later years.
- Impact of 2008-2009
- The financial crisis of 2008-2009 had a clear impact, causing a temporary decline in both operating revenues and profitability. While recovery was swift in 2010, the period highlights the company’s sensitivity to broader economic downturns.
- Recent Performance (2020-2025)
- The period from 2020 to 2025 demonstrates a stabilization in financial performance following the significant peak in 2017. While revenues continued to grow modestly, profitability metrics remained relatively consistent, suggesting a mature stage in the company’s growth cycle. The 2020 dip in revenues likely reflects the impact of the COVID-19 pandemic.
AI Ask an analyst for more
Balance Sheet: Assets
Union Pacific Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2025 | 4,555) | 69,698) |
| Dec 31, 2024 | 4,021) | 67,715) |
| Dec 31, 2023 | 4,148) | 67,132) |
| Dec 31, 2022 | 3,952) | 65,449) |
| Dec 31, 2021 | 3,551) | 63,525) |
| Dec 31, 2020 | 4,214) | 62,398) |
| Dec 31, 2019 | 3,459) | 61,673) |
| Dec 31, 2018 | 4,163) | 59,147) |
| Dec 31, 2017 | 4,006) | 57,806) |
| Dec 31, 2016 | 3,596) | 55,718) |
| Dec 31, 2015 | 4,130) | 54,600) |
| Dec 31, 2014 | 4,679) | 52,716) |
| Dec 31, 2013 | 3,990) | 49,731) |
| Dec 31, 2012 | 3,614) | 47,153) |
| Dec 31, 2011 | 3,727) | 45,096) |
| Dec 31, 2010 | 3,432) | 43,088) |
| Dec 31, 2009 | 3,680) | 42,410) |
| Dec 31, 2008 | 2,813) | 39,722) |
| Dec 31, 2007 | 2,594) | 38,033) |
| Dec 31, 2006 | 2,411) | 36,515) |
| Dec 31, 2005 | 2,325) | 35,620) |
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).
Over the period from 2005 to 2025, both current assets and total assets exhibited an overall upward trend, though with notable fluctuations. Initial growth was followed by periods of relative stability and, in some instances, decline before resuming an upward trajectory.
- Current Assets Trend
- Current assets increased from US$2,325 million in 2005 to US$2,411 million in 2006, demonstrating initial growth. A continued increase was observed through 2007, reaching US$2,594 million, and then US$2,813 million in 2008. A significant jump occurred in 2009, with current assets reaching US$3,680 million. However, a decrease was noted in 2010 to US$3,432 million. From 2010 to 2013, current assets fluctuated, peaking at US$4,679 million in 2014 before declining to US$4,130 million in 2015. Further declines were seen in 2016, reaching US$3,596 million. A modest recovery occurred in 2017 and 2018, reaching US$4,163 million, but was followed by a decrease to US$3,459 million in 2019. A rise to US$4,214 million was observed in 2020, followed by a decrease to US$3,551 million in 2021. Current assets then increased to US$3,952 million in 2022, US$4,148 million in 2023, and US$4,021 million in 2024, before increasing again to US$4,555 million in 2025.
- Total Assets Trend
- Total assets increased steadily from US$35,620 million in 2005 to US$36,515 million in 2006, and continued to grow, reaching US$38,033 million in 2007 and US$39,722 million in 2008. A substantial increase was observed in 2009, with total assets reaching US$42,410 million, followed by a further increase to US$43,088 million in 2010. From 2010 to 2015, total assets continued to climb, reaching a peak of US$54,600 million in 2015. A slight decrease was observed in 2016 to US$55,718 million. Continued growth was seen through 2019, reaching US$61,673 million. A modest increase occurred in 2020 to US$62,398 million, followed by increases to US$63,525 million in 2021, US$65,449 million in 2022, US$67,132 million in 2023, US$67,715 million in 2024, and US$69,698 million in 2025.
- Relationship between Current and Total Assets
- Current assets consistently represented a relatively small percentage of total assets throughout the observed period, generally ranging between 6% and 8%. The fluctuations in current assets appeared to have a proportionally smaller impact on the overall trend of total assets, suggesting that changes in long-term assets were more significant drivers of the company’s overall asset base. The correlation between the two asset types remained positive, indicating that as total assets increased, current assets generally increased as well, and vice versa.
AI Ask an analyst for more
Balance Sheet: Liabilities and Stockholders’ Equity
Union Pacific Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Common shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2025 | 5,014) | 51,231) | 31,814) | 18,467) |
| Dec 31, 2024 | 5,254) | 50,825) | 31,192) | 16,890) |
| Dec 31, 2023 | 5,106) | 52,344) | 32,579) | 14,788) |
| Dec 31, 2022 | 5,520) | 53,286) | 33,326) | 12,163) |
| Dec 31, 2021 | 5,744) | 49,364) | 29,729) | 14,161) |
| Dec 31, 2020 | 4,173) | 45,440) | 26,729) | 16,958) |
| Dec 31, 2019 | 4,351) | 43,545) | 25,200) | 18,128) |
| Dec 31, 2018 | 4,626) | 38,724) | 22,391) | 20,423) |
| Dec 31, 2017 | 3,939) | 32,950) | 16,944) | 24,856) |
| Dec 31, 2016 | 3,640) | 35,786) | 15,007) | 19,932) |
| Dec 31, 2015 | 3,206) | 33,898) | 14,201) | 20,702) |
| Dec 31, 2014 | 3,765) | 31,527) | 11,480) | 21,189) |
| Dec 31, 2013 | 3,791) | 28,506) | 9,577) | 21,225) |
| Dec 31, 2012 | 3,119) | 27,276) | 8,997) | 19,877) |
| Dec 31, 2011 | 3,317) | 26,518) | 8,906) | 18,578) |
| Dec 31, 2010 | 2,952) | 25,325) | 9,242) | 17,763) |
| Dec 31, 2009 | 2,682) | 25,469) | 9,848) | 16,941) |
| Dec 31, 2008 | 2,880) | 24,275) | 8,927) | 15,447) |
| Dec 31, 2007 | 3,041) | 22,448) | 7,682) | 15,585) |
| Dec 31, 2006 | 3,539) | 21,203) | 6,780) | 15,312) |
| Dec 31, 2005 | 3,384) | 21,913) | 7,416) | 13,707) |
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).
An examination of the balance sheet information reveals notable trends in liabilities and stockholders’ equity over the period from 2005 to 2025. Current liabilities exhibit fluctuations but generally trended upward, particularly from 2016 onwards, before stabilizing in the most recent years. Total liabilities demonstrate a consistent upward trajectory for much of the period, with a significant increase between 2014 and 2020, followed by a slight decrease and subsequent stabilization. Total debt mirrors this overall trend, experiencing substantial growth from 2014 to 2020, and then showing a modest decline. Common shareholders’ equity initially increased, peaked around 2011, then experienced a period of decline before a recovery in 2017, followed by a significant decrease from 2018 to 2021, and a partial recovery in the latest years.
- Current Liabilities
- Current liabilities began at US$3,384 million in 2005 and increased to US$3,539 million in 2006, then decreased to US$3,041 million in 2007. They remained relatively stable through 2009, then increased again, reaching US$3,640 million in 2015. A more pronounced increase occurred from 2016 to 2018, peaking at US$4,626 million, before decreasing to US$4,351 million in 2019. Fluctuations continued, reaching US$5,744 million in 2021, then decreasing to US$5,014 million in 2023 and US$5,254 million in 2024.
- Total Liabilities
- Total liabilities increased from US$21,913 million in 2005 to US$25,469 million in 2009. A continued increase was observed through 2014, reaching US$31,527 million. The most substantial growth occurred between 2014 and 2020, peaking at US$45,440 million. A slight decrease was noted in 2020, followed by a further increase to US$53,286 million in 2022, before decreasing to US$50,825 million in 2024.
- Total Debt
- Total debt started at US$7,416 million in 2005 and decreased to US$6,780 million in 2006. It fluctuated over the next few years, reaching US$9,848 million in 2009. A period of relative stability followed until 2014, when it began a significant increase, reaching US$26,729 million in 2020. Subsequently, total debt decreased to US$31,192 million in 2023 and US$31,814 million in 2025.
- Common Shareholders’ Equity
- Common shareholders’ equity increased from US$13,707 million in 2005 to US$15,312 million in 2006, and continued to rise, peaking at US$19,877 million in 2011. A subsequent decline was observed, reaching US$16,958 million in 2020. A significant decrease continued through 2021, reaching US$12,163 million, before a partial recovery to US$18,467 million in 2025.
The period from 2014 to 2020 was characterized by substantial increases in both total liabilities and total debt, while shareholders’ equity experienced a corresponding decline. This suggests a greater reliance on debt financing during this period. The more recent years (2021-2025) show a stabilization of liabilities and a partial recovery in shareholders’ equity, indicating a potential shift in financial strategy or improved profitability. The fluctuations in current liabilities suggest active management of short-term obligations.
AI Ask an analyst for more
Cash Flow Statement
Union Pacific Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Cash provided by operating activities | Cash used in investing activities | Cash used in financing activities |
|---|---|---|---|
| Dec 31, 2025 | 9,290) | (3,762) | (5,276) |
| Dec 31, 2024 | 9,346) | (3,325) | (6,067) |
| Dec 31, 2023 | 8,379) | (3,667) | (4,625) |
| Dec 31, 2022 | 9,362) | (3,471) | (5,887) |
| Dec 31, 2021 | 9,032) | (2,709) | (7,158) |
| Dec 31, 2020 | 8,540) | (2,676) | (4,902) |
| Dec 31, 2019 | 8,609) | (3,435) | (5,646) |
| Dec 31, 2018 | 8,686) | (3,411) | (5,222) |
| Dec 31, 2017 | 7,230) | (3,086) | (4,146) |
| Dec 31, 2016 | 7,525) | (3,393) | (4,246) |
| Dec 31, 2015 | 7,344) | (4,476) | (3,063) |
| Dec 31, 2014 | 7,385) | (4,249) | (2,982) |
| Dec 31, 2013 | 6,823) | (3,405) | (3,049) |
| Dec 31, 2012 | 6,161) | (3,633) | (2,682) |
| Dec 31, 2011 | 5,873) | (3,119) | (2,623) |
| Dec 31, 2010 | 4,105) | (2,488) | (2,381) |
| Dec 31, 2009 | 3,234) | (2,175) | (458) |
| Dec 31, 2008 | 4,070) | (2,764) | (935) |
| Dec 31, 2007 | 3,277) | (2,426) | (800) |
| Dec 31, 2006 | 2,880) | (2,042) | (784) |
| Dec 31, 2005 | 2,595) | (2,047) | (752) |
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).
Over the period examined, the company demonstrates a generally positive trend in cash generated from operating activities, alongside consistent cash outflows from both investing and financing activities. These patterns suggest a business model reliant on reinvestment and external capital management.
- Cash Flow from Operating Activities
- Cash provided by operating activities generally increased from 2005 to 2023, rising from US$2,595 million to US$9,362 million. A dip is observed in 2009 to US$3,234 million, potentially reflecting economic conditions during that period. Growth continued through 2023, although a slight decrease to US$8,379 million occurred before recovering to US$9,346 million in 2024 and US$9,290 million in 2025. This indicates a core business capable of generating substantial and growing cash flow, with some year-to-year fluctuation.
- Cash Flow from Investing Activities
- Cash used in investing activities remained consistently negative throughout the period, ranging from approximately US$-2,000 million to US$-4,250 million annually. The magnitude of these outflows generally increased over time, peaking in 2014 at US$-4,249 million. This consistent negative cash flow suggests ongoing investment in property, plant, and equipment, or potentially acquisitions, to support business growth. A slight decrease in cash used for investing is observed in the most recent years, 2024 and 2025, but remains substantial.
- Cash Flow from Financing Activities
- Cash used in financing activities also remained consistently negative, indicating reliance on external funding sources. Outflows varied considerably, with a significant increase in 2010 (US$-2,381 million) and again in 2016 (US$-4,246 million) and 2018 (US$-5,222 million). The largest outflow occurred in 2021 at US$-7,158 million. These outflows likely represent debt repayment, dividend payments, and/or share repurchases. A decrease in outflows is noted in 2022 and 2023, but remains negative, and increases again in 2025.
The combination of positive operating cash flow and negative investing and financing cash flows suggests the company is actively reinvesting in its business and utilizing external funding to support its operations and growth initiatives. The increasing magnitude of outflows in both investing and financing activities over the long term indicates a growing scale of operations and capital needs.
AI Ask an analyst for more
Per Share Data
Union Pacific Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2025 | 12.00 | 11.98 | 5.44 |
| Dec 31, 2024 | 11.10 | 11.09 | 5.28 |
| Dec 31, 2023 | 10.47 | 10.45 | 5.20 |
| Dec 31, 2022 | 11.24 | 11.21 | 5.08 |
| Dec 31, 2021 | 9.98 | 9.95 | 4.29 |
| Dec 31, 2020 | 7.90 | 7.88 | 3.88 |
| Dec 31, 2019 | 8.41 | 8.38 | 3.70 |
| Dec 31, 2018 | 7.95 | 7.91 | 3.06 |
| Dec 31, 2017 | 13.42 | 13.36 | 2.48 |
| Dec 31, 2016 | 5.09 | 5.07 | 2.26 |
| Dec 31, 2015 | 5.51 | 5.49 | 2.20 |
| Dec 31, 2014 | 5.77 | 5.75 | 1.91 |
| Dec 31, 2013 | 4.74 | 4.71 | 1.48 |
| Dec 31, 2012 | 4.17 | 4.14 | 1.25 |
| Dec 31, 2011 | 3.39 | 3.36 | 0.97 |
| Dec 31, 2010 | 2.79 | 2.77 | 0.66 |
| Dec 31, 2009 | 1.89 | 1.88 | 0.54 |
| Dec 31, 2008 | 2.29 | 2.27 | 0.49 |
| Dec 31, 2007 | 1.75 | 1.73 | 0.38 |
| Dec 31, 2006 | 1.49 | 1.48 | 0.30 |
| Dec 31, 2005 | 0.98 | 0.97 | 0.30 |
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, 2, 3 Data adjusted for splits and stock dividends.
The per share financial information reveals distinct trends over the period examined. Basic and diluted earnings per share demonstrate a generally increasing trajectory, though not consistently. Dividend per share exhibits a steady and pronounced upward trend throughout the analyzed timeframe.
- Earnings Per Share (Basic & Diluted)
- From 2005 to 2008, both basic and diluted earnings per share increased, with diluted earnings consistently slightly lower than basic earnings. A decline occurred in 2009, followed by a period of growth through 2017, where basic earnings per share reached a peak of $13.42 and diluted earnings per share reached $13.36. A significant drop in earnings per share occurred in 2018, followed by moderate fluctuations and a subsequent increase through 2021. The years 2022 and 2023 show a slight decrease, with a modest recovery in 2024 and 2025. The difference between basic and diluted earnings per share remains consistently small throughout the period.
- Dividend Per Share
- Dividend per share experienced consistent growth from 2005 to 2025. The initial increase from $0.30 in 2005 to $0.66 in 2010 represents a substantial relative increase. The rate of increase accelerated from 2011 onwards, culminating in a dividend of $5.44 per share in 2025. This demonstrates a clear commitment to returning value to shareholders.
The divergence between earnings per share and dividend per share is notable. While earnings per share experienced volatility, particularly the substantial peak in 2017 and subsequent decline, the dividend per share maintained a consistent upward trend. This suggests a policy of prioritizing dividend payments, even during periods of fluctuating profitability. The company appears to have maintained a payout ratio that is sustainable over the long term, despite earnings fluctuations.
Overall, the per share information indicates a company that has generally increased its profitability and consistently rewarded shareholders through growing dividend payments. The fluctuations in earnings per share warrant further investigation to understand the underlying drivers of these changes, but the consistent dividend growth provides a positive signal regarding the company’s financial health and commitment to shareholder returns.
AI Ask an analyst for more