Union Pacific Corp., current enterprise value calculation

Current share price (P)	$246.11
No. shares of common stock outstanding	593,391,460
US$ in millions
Common equity (market value)¹	146,040)
Total equity	146,040)
Add: Debt due within one year (per books)	1,520)
Add: Debt due after one year (per books)	30,294)
Total equity and debt	177,854)
Less: Cash and cash equivalents	1,266)
Enterprise value (EV)	176,588)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 246.11 × 593,391,460

Union Pacific Corp., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$252.62	$242.08	$249.45	$205.50	$242.39
No. shares of common stock outstanding¹	593,391,460	604,286,378	609,777,914	611,872,981	636,898,957
US$ in millions
Common equity (market value)³	149,903)	146,286)	152,109)	125,740)	154,378)
Total equity	149,903)	146,286)	152,109)	125,740)	154,378)
Add: Debt due within one year (book value)	1,520)	1,425)	1,423)	1,678)	2,166)
Add: Debt due after one year (book value)	30,294)	29,767)	31,156)	31,648)	27,563)
Total equity and debt	181,717)	177,478)	184,688)	159,066)	184,107)
Less: Cash and cash equivalents	1,266)	1,016)	1,055)	973)	960)
Enterprise value (EV)	180,451)	176,462)	183,633)	158,093)	183,147)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Union Pacific Corp. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 252.62 × 593,391,460

The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. Enterprise value demonstrates a generally stable pattern with moderate fluctuations over the period.

Enterprise Value Trend: Enterprise value decreased from US$183,147 million in 2021 to US$158,093 million in 2022, representing a decline of approximately 13.7%. A subsequent increase was observed in 2023, with enterprise value reaching US$183,633 million. This was followed by a slight decrease to US$176,462 million in 2024, and a further increase to US$180,451 million in 2025.
Relationship between Equity and Enterprise Value: Common equity (market value) and total equity exhibit identical values across all reported years. This suggests that there are no significant differences between book value and market capitalization of equity. Enterprise value consistently remains slightly above the total equity and debt figure, indicating that the market value of equity contributes significantly to the overall enterprise value.
Total Equity and Debt: Total equity and debt decreased from US$184,107 million in 2021 to US$159,066 million in 2022, mirroring the decline in enterprise value. An increase to US$184,688 million was then seen in 2023, followed by a decrease to US$177,478 million in 2024, and a slight increase to US$181,717 million in 2025. These fluctuations in total equity and debt appear to correlate with the changes observed in enterprise value.

Overall, the enterprise value demonstrates resilience, recovering from the 2022 dip and maintaining a relatively consistent level throughout the observed period. The close relationship between enterprise value and total equity and debt suggests that changes in these components are primary drivers of enterprise value fluctuations.

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Union Pacific Corp. (NYSE:UNP)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)