Union Pacific (UNP) Q4 FY2025 earnings: revenue $6.1 billion, down 0.6% on the year

Union Pacific Corp. (UNP) reported revenue of $6.1 billion for Q4 FY2025, the quarter ended 31 December 2025, down 0.6% on the same quarter a year earlier. Net income was $1.8 billion, up 4.9% on the year, and diluted earnings per share $3.11. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2026.

Revenue

$6.1 billion

-0.6% on the year · -2.5% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

39.5%

41.3% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.8 billion

+4.9% on the year · +3.4% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$3.11

+6.9% on the year · +3.3% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 lowered.

Full year net income and EPS rose: Full year 2025 net income was $7.1 billion, up 6%, and diluted EPS was $11.98, up 8% from $11.09 in 2024.
Fourth quarter land sales lifted EPS: Fourth quarter net income of $1.8 billion included $234 million of industrial park land sales and $30 million of merger costs; diluted EPS was $3.11.
Fourth quarter operating ratio rose: Reported fourth quarter operating ratio was 60.5%, up 180 basis points from 58.7%; adjusted operating ratio was 60.0%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	6,085	6,244	6,121	-2.5%	-0.6%
Operating income	2,401	2,549	2,525	-5.8%	-4.9%
Operating margin	39.5%	40.8%	41.3%
Interest expense	325	327	312	-0.6%	+4.2%
Pre-tax income	2,408	2,318	2,281	+3.9%	+5.6%
Income tax	560	530	519	+5.7%	+7.9%
Effective tax rate	23.3%	22.9%	22.8%
Net income	1,848	1,788	1,762	+3.4%	+4.9%
Net margin	30.4%	28.6%	28.8%
Diluted EPS	$3.11	$3.01	$2.91	+3.3%	+6.9%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	2,225	2,522	2,662	-11.8%	-16.4%
Capital expenditure	999	950	922	+5.2%	+8.4%
Free cash flow	1,226	1,572	1,740	-22.0%	-29.5%
Free cash flow margin	20.1%	25.2%	28.4%
Cash from investing	-971	-952	-899
Cash from financing	-804	-1,823	-1,692
Depreciation	624	618	606	+1.0%	+3.0%
Share-based compensation	32.0	39.0	31.0	-17.9%	+3.2%
Buybacks	0.0	0.0	674
Dividends paid	818	819	810	-0.1%	+1.0%
Dividend per share	n/a	$1.38	n/a
Diluted shares, weighted	594m	593m	605m	+0.1%	-1.9%
Shares outstanding at period end	593m	593m	604m	+0.0%	-1.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	18,467	17,304	16,890	+6.7%	+9.3%
Debt	31,814	31,807	31,192	+0.0%	+2.0%
Operating lease liabilities	738	764	925	-3.4%	-20.2%
Finance lease liabilities	66.0	n/a	72.0		-8.3%
Other liabilities	18,613	18,772	18,636	-0.8%	-0.1%
Total liabilities and equity	69,698	68,647	67,715	+1.5%	+2.9%
Cash and equivalents	1,266	808	1,016	+56.7%	+24.6%
Receivables	1,860	1,921	1,894	-3.2%	-1.8%
Other assets	66,572	65,918	64,805	+1.0%	+2.7%
Total assets	69,698	68,647	67,715	+1.5%	+2.9%

Questions

What was Union Pacific's revenue in Q4 FY2025?

Union Pacific (UNP) reported revenue of $6.1 billion for Q4 FY2025, the quarter ended 31 December 2025, down 0.6% on the same quarter a year earlier.

How much did Union Pacific earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.8 billion, up 4.9% on the year, and diluted earnings per share $3.11.

When did Union Pacific report Q4 FY2025 results?

Union Pacific filed its 10-K for the year that ended with the quarter on 6 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,733	5,860	6,269	6,566	6,180	6,056	5,963	5,941	6,159	6,031	6,007	6,091	6,121	6,027	6,154	6,244	6,085	6,217	6,864	7,197
Operating income	2,440	2,377	2,495	2,633	2,412	2,294	2,204	2,177	2,407	2,372	2,400	2,416	2,525	2,371	2,525	2,549	2,401	2,458	2,763	2,943
Operating margin	43%	41%	40%	40%	39%	38%	37%	37%	39%	39%	40%	40%	41%	39%	41%	41%	39%	40%	40%	41%
Interest expense	295	307	316	315	333	336	339	334	331	324	319	314	312	322	335	327	325	320	313	312
Pre-tax income	2,228	2,117	2,342	2,442	2,171	2,142	1,958	1,949	2,184	2,140	2,184	2,189	2,281	2,127	2,313	2,318	2,408	2,229	2,555	2,726
Tax rate	23%	23%	22%	22%	25%	24%	20%	22%	24%	23%	23%	24%	23%	24%	19%	23%	23%	24%	22%	24%
Net income	1,711	1,630	1,835	1,895	1,638	1,630	1,569	1,528	1,652	1,641	1,673	1,671	1,762	1,626	1,876	1,788	1,848	1,701	1,993	2,076
Net margin	30%	28%	29%	29%	27%	27%	26%	26%	27%	27%	28%	27%	29%	27%	30%	29%	30%	27%	29%	29%
Diluted EPS	$2.66	$2.57	$2.93	$3.05	$2.67	$2.67	$2.57	$2.51	$2.71	$2.69	$2.74	$2.75	$2.91	$2.70	$3.15	$3.01	$3.11	$2.87	$3.36	$3.49
Operating cash flow	2,529	2,236	1,931	2,903	2,292	1,840	2,018	2,126	2,395	2,122	1,911	2,651	2,662	2,210	2,333	2,522	2,225	2,440	3,076	2,786
Capital expenditure	991	848	797	1,045	930	772	835	975	1,024	797	902	831	922	906	936	950	999	937	873	1,024
Free cash flow	1,538	1,388	1,134	1,858	1,362	1,068	1,183	1,151	1,371	1,325	1,009	1,820	1,740	1,304	1,397	1,572	1,226	1,503	2,203	1,762
Buybacks	1,445	2,743	730	2,024	785	575	130	0.0	0.0	0.0	100	731	674	1,420	1,259	0.0	0.0	0.0	26.0	0.0
Dividends paid	755	743	813	806	797	795	793	792	793	795	793	815	810	804	795	819	818	821	819	844
Shares outstanding	639m	628m	625m	616m	612m	610m	609m	610m	610m	610m	610m	607m	604m	599m	593m	593m	593m	594m	594m	594m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 6 February 2026: the filing.