Union Pacific Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	23,220	22,811	22,571	23,159	20,244
Other Revenue	1,290	1,439	1,548	1,716	1,560
Revenue	24,510	24,250	24,119	24,875	21,804
Revenue Growth (YoY)	1.07%	0.54%	-3.04%	14.09%	11.63%
Cost of Revenue	10,698	10,758	11,220	11,340	9,057
Gross Profit	13,812	13,492	12,899	13,535	12,747
Other Operating Expenses	1,374	1,326	1,447	1,288	1,176
Operating Expenses	3,839	3,724	3,765	3,534	3,384
Operating Income	9,973	9,768	9,134	10,001	9,363
Interest Expense	-1,309	-1,269	-1,340	-1,271	-1,157
Interest & Investment Income	56	76	52	23	-
Other Non Operating Income (Expenses)	518	219	280	205	272
EBT Excluding Unusual Items	9,238	8,794	8,126	8,958	8,478
Merger & Restructuring Charges	-72	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	114	-
Other Unusual Items	-	-	107	-	-
Pretax Income	9,166	8,794	8,233	9,072	8,478
Income Tax Expense	2,028	2,047	1,854	2,074	1,955
Net Income	7,138	6,747	6,379	6,998	6,523
Net Income to Common	7,138	6,747	6,379	6,998	6,523
Net Income Growth	5.79%	5.77%	-8.85%	7.28%	21.95%
Shares Outstanding (Basic)	595	608	609	623	654
Shares Outstanding (Diluted)	596	609	610	624	655
Shares Change (YoY)	-2.09%	-0.26%	-2.21%	-4.79%	-3.49%
EPS (Basic)	12.00	11.10	10.47	11.24	9.98
EPS (Diluted)	11.98	11.09	10.45	11.21	9.95
EPS Growth	8.03%	6.12%	-6.78%	12.66%	26.27%
Free Cash Flow	5,499	5,894	4,773	5,742	6,096
Free Cash Flow Per Share	9.23	9.69	7.82	9.20	9.30
Dividend Per Share	5.440	5.280	5.200	5.080	4.290
Dividend Growth	3.03%	1.54%	2.36%	18.41%	10.57%
Gross Margin	56.35%	55.64%	53.48%	54.41%	58.46%
Operating Margin	40.69%	40.28%	37.87%	40.20%	42.94%
Profit Margin	29.12%	27.82%	26.45%	28.13%	29.92%
Free Cash Flow Margin	22.44%	24.30%	19.79%	23.08%	27.96%
EBITDA	12,438	12,166	11,452	12,247	11,571
EBITDA Margin	50.75%	50.17%	47.48%	49.23%	53.07%
D&A For EBITDA	2,465	2,398	2,318	2,246	2,208
EBIT	9,973	9,768	9,134	10,001	9,363
EBIT Margin	40.69%	40.28%	37.87%	40.20%	42.94%
Effective Tax Rate	22.13%	23.28%	22.52%	22.86%	23.06%
Revenue as Reported	24,510	24,250	24,119	24,875	21,804

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.