Union Pacific Corp. income statement & cash flow
In the fiscal year ended Dec 31, 2025, Union Pacific Corp. reported net income of $7.14B on revenue of $24.51B. Operating cash flow was $9.29B and capital expenditures were $3.79B, leaving $5.50B of free cash flow (operating cash flow minus capital expenditures).
Income statement and cash flow summary
| Fiscal year ended | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.94B | $21.24B | $22.83B | $21.71B | $19.53B | $21.80B | $24.88B | $24.12B | $24.25B | $24.51B |
| Operating income | $7.24B | $8.11B | $8.52B | $8.55B | $7.83B | $9.34B | $9.92B | $9.08B | $9.71B | $9.85B |
| Net income | $4.23B | $10.71B | $5.97B | $5.92B | $5.35B | $6.52B | $7.00B | $6.38B | $6.75B | $7.14B |
| Diluted EPS | $5.07 | $13.36 | $7.91 | $8.38 | $7.88 | $9.95 | $11.21 | $10.45 | $11.09 | $11.98 |
| Operating cash flow | $7.53B | $7.23B | $8.69B | $8.61B | $8.54B | $9.03B | $9.36B | $8.38B | $9.35B | $9.29B |
| Capital expenditures | $3.50B | $3.24B | $3.44B | $3.45B | $2.93B | $2.94B | $3.62B | $3.61B | $3.45B | $3.79B |
| Reported in | 10-K 2019 | 10-K 2020 | 10-K 2021 | 10-K 2022 | 10-K 2023 | 10-K 2024 | 10-K 2025 | 10-K 2026 | 10-K 2026 | 10-K 2026 |
Margins
Each figure divided by revenue for the same fiscal year.
| Fiscal year ended | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| Dec 2025 | — | 40.2% | 29.1% |
| Dec 2024 | — | 40.1% | 27.8% |
| Dec 2023 | — | 37.7% | 26.4% |
| Dec 2022 | — | 39.9% | 28.1% |
| Dec 2021 | — | 42.8% | 29.9% |
Source: SEC EDGAR XBRL company facts for CIK 100885 (raw data). Most recent filing in this dataset: 10-Q filed Oct 22, 2026. SEC data file dated Nov 3, 2026; page built Nov 5, 2026. Figures are as most recently reported, including restatements. How we select figures.