Union Pacific Corporation (UNP) Income Statement
UNP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsUNP revenue and net income
Where UNP's revenue goes
2025Each bar shows an amount and its share of revenue. UNP kept 29.1% of revenue as net income.
UNP profit margins
UNP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.1% | −0.5% | +4.6% | +1.2% |
| Gross profit | +31.8% | +9.1% | +9.7% | +5.0% |
| Operating income | +1.3% | −0.3% | +4.7% | +2.0% |
| Net income | +5.8% | +0.7% | +5.9% | +4.1% |
| EPS (diluted) | +4.6% | +1.3% | +7.3% | +7.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
UNP quarterly EPS vs estimates
Union Pacific beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 22, 2026 (estimate $3.47).
UNP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $24.51B | $24.25B | $24.12B | $24.88B | $21.80B | $19.53B | $21.71B | $22.83B | $21.24B | $19.94B |
| Cost of revenue | $9.96B | $13.21B | $13.59B | $13.67B | $11.29B | $10.35B | $12.09B | $13.29B | $12.23B | $11.67B |
| Gross profit | $14.55B | $11.04B | $10.53B | $11.21B | $10.51B | $9.18B | $9.61B | $9.54B | $9.01B | $8.27B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $3.35B | $5.82B | $5.76B | $5.54B | $5.02B | $5.34B | $5.59B | $6.08B | $5.93B | $5.75B |
| Total operating expenses | $4.71B | $1.33B | $1.45B | $1.29B | $1.18B | $1.34B | $1.06B | $1.02B | $948.0M | $997.0M |
| Operating income | $9.84B | $9.71B | $9.08B | $9.92B | $9.34B | $7.83B | $8.55B | $8.52B | $8.06B | $7.27B |
| Interest income | $1.31B | $76.0M | $52.0M | $1.27B | $1.16B | $1.14B | $63.0M | $30.0M | $16.0M | $11.0M |
| Interest expense | $1.31B | $1.27B | $1.34B | $1.27B | $1.16B | $1.14B | $1.05B | $870.0M | $719.0M | $698.0M |
| Income before taxes | $9.17B | $8.79B | $8.23B | $9.07B | $8.48B | $6.98B | $7.75B | $7.74B | $7.63B | $6.77B |
| Income taxes | $2.03B | $2.05B | $1.85B | $2.07B | $1.96B | $1.63B | $1.83B | $1.77B | −$3.08B | $2.53B |
| Net income | $7.14B | $6.75B | $6.38B | $7.00B | $6.52B | $5.35B | $5.92B | $5.97B | $10.71B | $4.23B |
| EBITDA | $12.94B | $12.46B | $11.89B | $12.59B | $11.84B | $10.33B | $11.01B | $10.80B | $10.46B | $9.50B |
| EPS (diluted) | $11.67 | $11.16 | $10.32 | $11.22 | $9.96 | $8.19 | $8.39 | $7.93 | $5.80 | $5.08 |
| Gross margin | 59.4% | 45.5% | 43.7% | 45.0% | 48.2% | 47.0% | 44.3% | 41.8% | 42.4% | 41.5% |
| Operating margin | 40.1% | 40.1% | 37.7% | 39.9% | 42.8% | 40.1% | 39.4% | 37.3% | 38.0% | 36.5% |
| Net margin | 29.1% | 27.8% | 26.4% | 28.1% | 29.9% | 27.4% | 27.3% | 26.1% | 50.4% | 21.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.86B | $6.22B | $6.08B | $6.24B | $6.15B | $6.03B | $6.12B | $6.09B | $6.01B | $6.03B | $6.16B | $5.94B |
| Cost of revenue | $3.74B | $3.41B | $3.35B | $3.34B | $3.32B | $3.30B | $3.31B | $3.32B | $3.28B | $3.31B | $3.39B | $3.39B |
| Gross profit | $3.12B | $2.81B | $2.73B | $2.90B | $2.84B | $2.73B | $2.81B | $2.77B | $2.73B | $2.72B | $2.77B | $2.56B |
| Sales, general & admin | — | — | $1.45B | $1.43B | $1.48B | $13.0M | $15.0M | $1.47B | $15.0M | $15.0M | — | $1.44B |
| Total operating expenses | $362.0M | $364.0M | $344.0M | $352.0M | $319.0M | $359.0M | $281.0M | $354.0M | $336.0M | $355.0M | $361.0M | $378.0M |
| Operating income | $2.76B | $2.45B | $2.39B | $2.55B | $2.52B | $2.37B | $2.52B | $2.41B | $2.39B | $2.37B | $2.41B | $2.18B |
| Interest income | $16.0M | $15.0M | $325.0M | $12.0M | $335.0M | $322.0M | $52.0M | $314.0M | $24.0M | — | — | $334.0M |
| Interest expense | $313.0M | $320.0M | $325.0M | $327.0M | $335.0M | $322.0M | $312.0M | $314.0M | $319.0M | $324.0M | $331.0M | $334.0M |
| Income before taxes | $2.56B | $2.23B | $2.41B | $2.32B | $2.31B | $2.13B | $2.28B | $2.19B | $2.18B | $2.14B | $2.18B | $1.95B |
| Income taxes | $562.0M | $528.0M | $560.0M | $530.0M | $437.0M | $501.0M | $519.0M | $518.0M | $511.0M | $499.0M | $532.0M | $421.0M |
| Net income | $1.99B | $1.70B | $1.85B | $1.79B | $1.88B | $1.63B | $1.76B | $1.67B | $1.67B | $1.64B | $1.65B | $1.53B |
| EBITDA | $3.51B | $3.18B | $3.36B | $3.26B | $3.26B | $3.06B | $3.20B | $3.10B | $3.10B | $3.06B | $3.10B | $2.86B |
| EPS (diluted) | $3.41 | $2.93 | $2.86 | $3.08 | $3.03 | $2.70 | $2.98 | $2.75 | $2.74 | $2.69 | $2.71 | $2.51 |
| Gross margin | 45.5% | 45.2% | 44.9% | 46.5% | 46.1% | 45.3% | 45.8% | 45.5% | 45.4% | 45.1% | 44.9% | 43.0% |
| Operating margin | 40.3% | 39.4% | 39.2% | 40.8% | 40.9% | 39.3% | 41.3% | 39.6% | 39.8% | 39.3% | 39.1% | 36.6% |
| Net margin | 29.0% | 27.4% | 30.4% | 28.6% | 30.5% | 27.0% | 28.8% | 27.4% | 27.9% | 27.2% | 26.8% | 25.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in UNP's financial statements (latest annual report filed February 6, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
UNP financial results
In fiscal year 2025 (ended December 31, 2025), Union Pacific reported revenue of $24.5 billion, up 1.1% from the year before. It had net income of $7.1 billion (up 5.8%), a net profit margin of 29.1%. Diluted earnings per share came to $11.67. Over five years revenue grew at an average rate of 4.6% a year.
See the UNP stock overview for the latest quote and news, or the UNP chart for price history and technical indicators.
UNP income statement FAQ
What is Union Pacific's annual revenue?
Union Pacific reported total revenue of $24.5 billion for fiscal year 2025, which ended on December 31, 2025. That was up 1.1% from $24.2 billion the previous year.
Is Union Pacific profitable?
Yes. Union Pacific reported net income of $7.1 billion in fiscal 2025, a net profit margin of 29.1%; its operating margin was 40.1%.
What is Union Pacific's gross margin?
Union Pacific's gross margin was 59.4% in fiscal 2025: for every $100 of revenue, Union Pacific kept $59 after the direct cost of its products and services.
How fast is Union Pacific growing?
Revenue grew 4.6% a year on average over the last five fiscal years, from $19.5 billion to $24.5 billion.
What are Union Pacific's earnings per share?
Union Pacific earned $11.67 per diluted share in fiscal 2025, compared with $11.16 a year earlier.
When will Union Pacific report its next earnings?
Union Pacific is expected to report results for the quarter ending September 30, 2026 on October 22, 2026 before the market opens.
When does Union Pacific's fiscal year end?
Union Pacific's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 6, 2026.