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Union Pacific
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Latest analysis
Updated Jul 23, 2026
Union Pacific Q2 2026: Record revenues and net income on 12% freight revenue growth, with Norfolk Southern merger process now the dominant forward-looking variable.
Union Pacific delivered record second-quarter results — freight revenue of $6.518 billion, up 12% year-over-year, net income of $1.993 billion, up 6%, and adjusted diluted EPS of $3.41, up 13% on an adjusted basis — driven by fuel surcharge recovery, volume growth, and core pricing gains. The company upgraded its full-year EPS outlook to high-single digit growth, consistent with its 3-year CAGR target through 2027. The single most material new disclosure is the pending acquisition of Norfolk Southern, which introduces substantial regulatory, integration, and leverage risk not present in any prior filing.
Tone: bullishRevenue
$24.5B
UNP 10-K · FY 2025
Employees
29,287
Revenue FY2024
$24.3B
Founded
1969
Profile
UNP 10-K Item 1 · Feb 6, 2026Union Pacific Corporation operates Union Pacific Railroad Company, a Class I railroad connecting 23 states in the western two-thirds of the United States. The railroad provides freight transportation across Bulk, Industrial, and Premium commodity groups, linking major Pacific and Gulf Coast ports to Midwest and Eastern gateways. It is the only railroad serving all six major Mexico gateways and connects with Canada's rail systems.
Read filing description ↓ Collapse description ↑
Union Pacific Railroad Company connects 23 states in the western two-thirds of the country by rail, providing a critical link in the global supply chain. The Railroad's diversified business mix includes Bulk, Industrial, and Premium. Union Pacific serves many of the fastest-growing U.S. population centers, operates from all major West Coast and Gulf Coast ports to Eastern gateways, connects with Canada's rail systems, and is the only railroad serving all six major Mexico gateways. Union Pacific provides value to customers by delivering products in a safe, reliable, fuel-efficient, and environmentally responsible manner. The Railroad, along with its subsidiaries and rail affiliates, is our one reportable operating segment. Although we provide and analyze revenues by commodity group, we treat the financial results of the Railroad as one segment due to the integrated nature of our rail network. We have 32,889 route miles, connecting Pacific Coast and Gulf Coast ports with the Midwest and Eastern U.S. gateways and providing several corridors to key Mexican and Canadian gateways. We serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers to move freight to and from the Atlantic Coast, the Pacific Coast, the Southeast, the Southwest, Canada, and Mexico. Export and import traffic moves through Gulf Coast, Pacific Coast, and East Coast ports and across the Mexican and Canadian borders.
Primary products
- Bulk freight transportation (grain and grain products, fertilizer, food and refrigerated, coal and renewables)
- Industrial freight transportation (construction, industrial chemicals, plastics, forest products, specialized products, metals and ores, petroleum, LPG, soda ash, sand)
- Premium freight transportation (finished automobiles, automotive parts, intermodal containers domestic and international)
Business segments
End markets
Geographies
Named competitors
“Union Pacific is the largest automotive carrier west of the Mississippi River and operate or access more than 40 vehicle distribution centers.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total operating revenues increased from $24,250 million in 2024 to $24,510 million in 2025, driven by core pricing gains and 1% volume growth that offset inflation, negative business mix, and acquisition-related costs.
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