Union Pacific (UNP) 10-K Summaries & Annual Filing History
Review Union Pacific Corporation (UNP) 10-K filings from 2023 through the latest annual report, including business, financial performance, risks, and liquidity.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Union Pacific Corporation reported a slight revenue increase for the latest annual period, with operating income and net income reflecting stable profitability. The company continues to generate strong operating cash flow, supporting its capital allocation priorities.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$24.5B
Revenue reported for the fiscal year.
Operating income
$9.8B
Income from operations reported for the year.
Net income
$7.1B
Net income reported for the year.
Operating cash flow
$9.3B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $24.9B | +14.1% |
| Dec 31, 2023 | $24.1B | -3.0% |
| Dec 31, 2024 | $24.3B | +0.5% |
| Dec 31, 2025 | $24.5B | +1.1% |
Business overview
Union Pacific Corporation is a railroad transportation company that operates a rail network across the western United States. The company transports a variety of freight including agricultural products, chemicals, coal, industrial products, and intermodal containers.
Financial performance
Revenue for the latest annual period was slightly higher than the prior year, following a small decline in the previous period. Operating income and net income remained at levels consistent with the company's recent performance, while operating cash flow continued to be robust.
Material risks
The filing identifies risks related to economic conditions that could reduce demand for freight transportation, as well as operational hazards inherent in railroad operations. Regulatory changes and cybersecurity threats are also noted as material risk factors.
Liquidity and capital
The company's liquidity and capital resources discussion indicates that operating cash flow is the primary source of funding for capital expenditures and shareholder returns. No specific capital allocation changes were highlighted in the supplied context.
What to watch
Monitor any changes in freight demand trends, as they directly affect revenue and operating results.