UNP
Union Pacific Corporation
UNP's fundamentals are mixed: it turned 25% of its revenue into free cash flow, while its operating margin held steady at 40%. At 24x earnings, it's trading in line with its usual 22x. Analysts expect earnings growth.
UNP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Stable |
UNP's revenue, profitability and cash flow are currently healthy, and its balance sheet is stable.
UNP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $244 | -20% |
| Fair | 22x | $279 | -8.4% |
| Forward | 22x | $304 | — |
| Current | 24x | $304 | — |
| Expensive | 25x | $323 | +6.1% |
Historical ranges are pointers, not guarantees.
UNP's PE is in its expensive range at 24x. If earnings grow as analysts expect, today's price would be 22x next year's earnings, in its fair range.
UNP Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for UNP, with profitability improving.
UNP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $14.04 | +9.3% |
| Q3 2026 | $12.84 | +9.1% |
| Q2 2026 | $12.36 | +7.4% |
| Q1 2026 | $12.15 | +9.5% |
| Q4 2025 | $11.98 | +8% |
| Q3 2025 | $11.77 | +8.2% |
| Q2 2025 | $11.51 | +8.2% |
| Q1 2025 | $11.10 | +6% |
| Q4 2024 | $11.09 | +6.1% |
UNP's earnings per share have climbed steadily: $12.84 over the past year, up 9.1% from the year before, and higher year over year for nine quarters in a row.
UNP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $7.2B | +15% |
| Q2 2026 | $6.9B | +12% |
| Q1 2026 | $6.2B | +3.2% |
| Q4 2025 | $6.1B | -0.6% |
| Q3 2025 | $6.2B | +2.5% |
| Q2 2025 | $6.2B | +2.4% |
| Q1 2025 | $6B | -0.1% |
| Q4 2024 | $6.1B | -0.6% |
UNP's revenue has picked up after three years of holding roughly level: $7.2B last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 41% | +0.1 points |
| Q2 2026 | 40% | -0.8 points |
| Q1 2026 | 40% | +0.2 points |
| Q4 2025 | 39% | -1.8 points |
| Q3 2025 | 41% | +1.1 points |
| Q2 2025 | 41% | +1.1 points |
| Q1 2025 | 39% | 0 points |
| Q4 2024 | 41% | +2.2 points |
UNP's operating margin was 41% last quarter, about level with the same quarter a year ago.
UNP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.8B | +12% |
| Q2 2026 | $2.2B | +58% |
| Q1 2026 | $1.5B | +15% |
| Q4 2025 | $1.2B | -30% |
| Q3 2025 | $1.6B | -14% |
| Q2 2025 | $1.4B | +38% |
| Q1 2025 | $1.3B | -1.6% |
| Q4 2024 | $1.7B | +27% |
UNP's free cash flow has been positive every quarter for seven years: $6.7B over the past year, up 11% from the year before.
UNP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +500K shares |
| 1 year | +0.2% | +1.3M shares |
| 3 years | -2.5% | -15.3M shares |
| 5 years | -8.6% | -55.8M shares |
| Available history | -16% | -112M shares |
UNP has 595M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $26M |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $1.3B |
| Q1 2025 | $1.4B |
| Q4 2024 | $674M |
UNP has spent almost nothing on buybacks in the past year.
UNP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.2x | Moderate |
| Q2 2026 | 2.3x | Moderate |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | 2.5x | Moderate |
| Q3 2025 | 2.5x | Moderate |
| Q2 2025 | 2.6x | Moderate |
| Q1 2025 | 2.6x | Moderate |
| Q4 2024 | 2.5x | Moderate |
UNP's net debt is about 2.1 years of its operating earnings (EBITDA), down from 2.5 years a year ago.
UNP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.2 | Neutral |
| Stochastic | 68.0 | Neutral |
UNP's weekly RSI is 60 (neutral) and its Stochastic is 68 (neutral).
UNP PE vs Industrials Sector
| Metric | UNP | Sector median | Relative |
|---|---|---|---|
| PE | 24x | 24x | 1.4% below |
| PE % | 74 | 58 | 16 pts above |
UNP is trading at 24x earnings, in line with the Industrials sector's median of 24x.
UNP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $288.8 | 5.3% above |
| 20 week MA | $291.8 | 4.2% above |
| 50 week MA | $267.3 | 14% above |
| 100 week MA | $247.7 | 23% above |
| 200 week MA | $236.5 | 29% above |
UNP is in an uptrend: it's above all five of its weekly moving averages, and 29% above its 200-week average.
UNP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $181.4 | $203.4 | +12% |
| 2021 | $203.4 | $245.6 | +21% |
| 2022 | $245.6 | $209.9 | -15% |
| 2023 | $209.9 | $245.6 | +17% |
| 2024 | $245.6 | $229.9 | -6.4% |
| 2025 | $229.9 | $233.4 | +1.5% |
| 2026 YTD | $233.4 | $304.2 | +30% |
UNP has finished higher in four of the last six years. It's up 30% so far in 2026.