UNION PACIFIC CORP
UNP · Railroads, Line-Haul Operating · 593.7M shares · -4%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $617M (gross $705M, SBC $88M)
Reference price $263.96 · est. market cap ~$156.7B — last insider sale, 2026-06-03 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A86Union Pacific is a wide-moat rail duopoly with industry-leading operating margins and exceptional returns.
Strengths
- Operating margin ~40% (97th pct), net margin 29% (92nd pct), ROE 39% (86th pct) and $5.5B FCF (98th pct)
- Durable scale/network moat with best-ever operating-ratio and service metrics in 2025
Risks
- High leverage (D/E 1.72, 89th pct) and sub-1.0 current ratio leave thin liquidity
- Volume growth only ~1% and exposed to macro/freight-mix and hazmat/regulatory risk
Notable findings
- Weak liquidityCurrent ratio 0.91 (<1)
- Buying back stockNet buyback — share count -4%/yr over 4y
- Insider sellingInsider selling — 5 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$9M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
40.2%
Net margin
29.1%
Return on equity
38.7%
Return on assets
10.2%
ROIC
15.5%
Revenue growth (QoQ)
2.2%
Net-income growth
5.8%
Debt / equity
1.7×
Current ratio
0.9×
Free cash flow
$5.5B
Tangible book value
$18.5B
Cash & investments
$1.3B
Stock comp / revenue
0.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-10 | Conlin Christina B | Grant | 7 | $267.03 |
| 2026-06-10 | Jalali Rahul | Grant | 9 | $267.03 |
| 2026-06-10 | Rocker Kenyatta G | Grant | 3 | $267.03 |
| 2026-06-10 | Rocker Kenyatta G | Grant | 13 | $267.03 |
| 2026-06-10 | Powers Carrie J | Grant | 6 | $267.03 |
| 2026-06-10 | Gehringer Eric J | Grant | 13 | $267.03 |
| 2026-06-10 | Hamann Jennifer L | Grant | 9 | $267.03 |
| 2026-06-03 | Gehringer Eric J | Sell | 3.0K | $263.96 |
| 2026-05-10 | Hamann Jennifer L | Grant | 9 | $264.65 |
| 2026-05-10 | Rocker Kenyatta G | Grant | 13 | $264.65 |
| 2026-05-10 | Rocker Kenyatta G | Grant | 3 | $264.65 |
| 2026-05-10 | Powers Carrie J | Grant | 6 | $264.65 |
| 2026-05-10 | Jalali Rahul | Grant | 9 | $264.65 |
| 2026-05-10 | Gehringer Eric J | Grant | 14 | $264.65 |
| 2026-05-10 | Conlin Christina B | Grant | 7 | $264.65 |
| 2026-04-24 | Hamann Jennifer L | Sell | 2.0K | $274.70 |
| 2026-04-24 | Rocker Kenyatta G | Option exercise | 16K | $186.11 |
| 2026-04-24 | Rocker Kenyatta G | Sell | 16K | $271.76 |
| 2026-04-24 | Rocker Kenyatta G | Option exercise | 12K | $161.57 |
| 2026-04-24 | Rocker Kenyatta G | Sell | 12K | $271.76 |
| 2026-04-10 | Hamann Jennifer L | Grant | 9 | $250.51 |
| 2026-04-10 | Rocker Kenyatta G | Grant | 14 | $250.51 |
| 2026-04-10 | Rocker Kenyatta G | Grant | 3 | $250.51 |
| 2026-04-10 | Powers Carrie J | Grant | 6 | $250.51 |
| 2026-04-10 | Jalali Rahul | Grant | 10 | $250.51 |
| 2026-04-10 | Gehringer Eric J | Grant | 15 | $250.51 |
| 2026-04-10 | Conlin Christina B | Grant | 8 | $250.51 |
| 2026-04-10 | Vena Vincenzo J | Grant | 12 | $250.51 |
| 2026-03-20 | Gehringer Eric J | Sell | 2.0K | $234.93 |
| 2026-03-10 | Vena Vincenzo J | Grant | 30 | $250.21 |
| 2026-03-10 | Rocker Kenyatta G | Grant | 12 | $250.21 |
| 2026-03-10 | Rocker Kenyatta G | Grant | 3 | $250.21 |
| 2026-03-10 | Powers Carrie J | Grant | 6 | $250.21 |
| 2026-03-10 | Jalali Rahul | Grant | 9 | $250.21 |
| 2026-03-10 | Hamann Jennifer L | Grant | 9 | $250.21 |
| 2026-03-10 | Gehringer Eric J | Grant | 14 | $250.21 |
| 2026-03-10 | Conlin Christina B | Grant | 7 | $250.21 |
| 2026-02-12 | Hamann Jennifer L | Option exercise | 4.2K | $124.86 |
| 2026-02-12 | Hamann Jennifer L | Tax withheld | 2.0K | $262.81 |
| 2026-02-12 | Hamann Jennifer L | Tax withheld | 902 | $262.81 |
| 2026-02-12 | Gehringer Eric J | Option exercise | 5.3K | $161.57 |
| 2026-02-12 | Gehringer Eric J | Tax withheld | 3.2K | $262.81 |
| 2026-02-12 | Gehringer Eric J | Tax withheld | 822 | $262.81 |
| 2026-02-10 | Vena Vincenzo J | Grant | 29 | $261.32 |
| 2026-02-10 | Conlin Christina B | Grant | 7 | $261.32 |
| 2026-02-10 | Gehringer Eric J | Grant | 13 | $261.32 |
| 2026-02-10 | Jalali Rahul | Grant | 9 | $261.32 |
| 2026-02-10 | Powers Carrie J | Grant | 6 | $261.32 |
| 2026-02-10 | Rocker Kenyatta G | Grant | 3 | $261.32 |
| 2026-02-10 | Hamann Jennifer L | Grant | 8 | $261.32 |
| 2026-02-10 | Rocker Kenyatta G | Grant | 12 | $261.32 |
| 2026-02-09 | Jalali Rahul | Disposition | 4.0K | — |
| 2026-02-09 | Gehringer Eric J | Disposition | 7.6K | — |
| 2026-02-09 | Gehringer Eric J | Other | 5.7K | — |
| 2026-02-09 | Gehringer Eric J | Other | 5.7K | — |
| 2026-02-09 | Hamann Jennifer L | Disposition | 8.8K | — |
| 2026-02-09 | Hamann Jennifer L | Tax withheld | 2.7K | $254.34 |
| 2026-02-09 | Rocker Kenyatta G | Disposition | 5.1K | — |
| 2026-02-09 | Rocker Kenyatta G | Tax withheld | 1.5K | $254.34 |
| 2026-02-09 | Rocker Kenyatta G | Tax withheld | 30 | $254.34 |
| 2026-02-09 | Powers Carrie J | Disposition | 759 | — |
| 2026-02-09 | Powers Carrie J | Tax withheld | 233 | $254.34 |
| 2026-02-09 | Jalali Rahul | Tax withheld | 1.2K | $254.34 |
| 2026-02-05 | Vena Vincenzo J | Grant | 84K | — |
| 2026-02-05 | Rocker Kenyatta G | Grant | 16K | — |
| 2026-02-05 | Rocker Kenyatta G | Grant | 40 | — |
| 2026-02-05 | Powers Carrie J | Grant | 1.7K | — |
| 2026-02-05 | Jalali Rahul | Grant | 9.5K | — |
| 2026-02-05 | Hamann Jennifer L | Grant | 18K | — |
| 2026-02-05 | Gehringer Eric J | Grant | 16K | — |
| 2026-02-05 | Conlin Christina B | Grant | 11K | — |
| 2026-02-03 | Rocker Kenyatta G | Tax withheld | 15 | $241.49 |
| 2026-01-10 | Conlin Christina B | Grant | 0 | $228.44 |
| 2026-01-10 | Rocker Kenyatta G | Grant | 3 | $228.44 |
| 2026-01-10 | Powers Carrie J | Grant | 7 | $228.44 |
| 2025-12-10 | Conlin Christina B | Grant | 7 | $235.46 |
| 2025-12-10 | Powers Carrie J | Grant | 6 | $235.46 |
| 2025-12-10 | Rocker Kenyatta G | Grant | 3 | $235.46 |
| 2025-12-04 | Hamann Jennifer L | Gift | 300 | — |
| 2025-11-10 | Rocker Kenyatta G | Grant | 3 | $223.88 |
| 2025-11-10 | Powers Carrie J | Grant | 7 | $223.88 |
| 2025-11-10 | Conlin Christina B | Grant | 8 | $223.88 |
| 2025-11-04 | Rocker Kenyatta G | Gift | 23 | — |
| 2025-10-10 | Jalali Rahul | Grant | 0 | $225.45 |
| 2025-10-10 | Conlin Christina B | Grant | 8 | $225.45 |
| 2025-10-10 | Powers Carrie J | Grant | 7 | $225.45 |
| 2025-10-10 | Rocker Kenyatta G | Grant | 3 | $225.45 |
| 2025-10-10 | Hamann Jennifer L | Grant | 5 | $225.45 |
| 2025-09-10 | Rocker Kenyatta G | Grant | 3 | $215.19 |
| 2025-09-10 | Powers Carrie J | Grant | 7 | $215.19 |
| 2025-09-10 | Jalali Rahul | Grant | 11 | $215.19 |
| 2025-09-10 | Hamann Jennifer L | Grant | 10 | $215.19 |
| 2025-09-10 | Conlin Christina B | Grant | 8 | $215.19 |
| 2025-08-19 | Rocker Kenyatta G | Gift | 46 | — |
| 2025-08-10 | Rocker Kenyatta G | Grant | 1 | $222.24 |
| 2025-08-10 | Rocker Kenyatta G | Grant | 3 | $222.24 |
| 2025-08-10 | Powers Carrie J | Grant | 7 | $222.24 |
| 2025-08-10 | Jalali Rahul | Grant | 10 | $222.24 |
| 2025-08-10 | Hamann Jennifer L | Grant | 10 | $222.24 |
| 2025-08-10 | Conlin Christina B | Grant | 8 | $222.24 |
| 2025-07-10 | Rocker Kenyatta G | Grant | 3 | $237.00 |
| 2025-07-10 | Powers Carrie J | Grant | 6 | $237.00 |
| 2025-07-10 | Jalali Rahul | Grant | 10 | $237.00 |
| 2025-07-10 | Hamann Jennifer L | Grant | 9 | $237.00 |
| 2025-07-10 | Gehringer Eric J | Grant | 4 | $237.00 |
| 2025-07-10 | Rocker Kenyatta G | Grant | 13 | $237.00 |
| 2025-07-10 | Conlin Christina B | Grant | 7 | $237.00 |
| 2025-06-10 | Rocker Kenyatta G | Grant | 13 | $226.60 |
| 2025-06-10 | Rocker Kenyatta G | Grant | 3 | $226.60 |
| 2025-06-10 | Powers Carrie J | Grant | 7 | $226.60 |
| 2025-06-10 | Jalali Rahul | Grant | 10 | $226.60 |
| 2025-06-10 | Hamann Jennifer L | Grant | 9 | $226.60 |
| 2025-06-10 | Gehringer Eric J | Grant | 15 | $226.60 |
| 2025-06-10 | Conlin Christina B | Grant | 7 | $226.60 |
| 2025-05-10 | Rocker Kenyatta G | Grant | 16 | $216.32 |
| 2025-05-10 | Rocker Kenyatta G | Grant | 4 | $216.32 |
| 2025-05-10 | Jalali Rahul | Grant | 12 | $216.32 |
| 2025-05-10 | Hamann Jennifer L | Grant | 12 | $216.32 |
| 2025-05-10 | Gehringer Eric J | Grant | 19 | $216.32 |
| 2025-05-10 | Conlin Christina B | Grant | 9 | $216.32 |
| 2025-04-25 | Whited Elizabeth F | Gift | 1.0K | — |
| 2025-04-10 | Rocker Kenyatta G | Grant | 16 | $219.32 |
| 2025-04-10 | Rocker Kenyatta G | Grant | 4 | $219.32 |
| 2025-04-10 | Vena Vincenzo J | Grant | 24 | $219.32 |
| 2025-04-10 | Whited Elizabeth F | Grant | 23 | $219.32 |
| 2025-04-10 | Rynaski Todd M. | Grant | 11 | $219.32 |
| 2025-04-10 | Jalali Rahul | Grant | 12 | $219.32 |
| 2025-04-10 | Hamann Jennifer L | Grant | 11 | $219.32 |
| 2025-04-10 | Gehringer Eric J | Grant | 19 | $219.32 |
| 2025-04-10 | Conlin Christina B | Grant | 12 | $219.32 |
| 2025-03-10 | Whited Elizabeth F | Grant | 29 | $248.29 |
| 2025-03-10 | Rynaski Todd M. | Grant | 9 | $248.29 |
| 2025-03-10 | Rocker Kenyatta G | Grant | 13 | $248.29 |
| 2025-03-10 | Rocker Kenyatta G | Grant | 3 | $248.29 |
| 2025-03-10 | Richardson Craig V | Grant | 5 | $248.29 |
| 2025-03-10 | Jalali Rahul | Grant | 10 | $248.29 |
| 2025-03-10 | Hamann Jennifer L | Grant | 10 | $248.29 |
| 2025-03-10 | Gehringer Eric J | Grant | 16 | $248.29 |
| 2025-03-10 | Vena Vincenzo J | Grant | 32 | $248.29 |
| 2025-02-10 | Jalali Rahul | Grant | 10 | $244.33 |
| 2025-02-10 | Whited Elizabeth F | Grant | 29 | $244.33 |
| 2025-02-10 | Rynaski Todd M. | Grant | 9 | $244.33 |
| 2025-02-10 | Richardson Craig V | Grant | 5 | $244.33 |
| 2025-02-10 | Rocker Kenyatta G | Grant | 13 | $244.33 |
| 2025-02-10 | Rocker Kenyatta G | Grant | 3 | $244.33 |
| 2025-02-10 | Hamann Jennifer L | Grant | 10 | $244.33 |
| 2025-02-10 | Gehringer Eric J | Grant | 16 | $244.33 |
| 2025-02-10 | Vena Vincenzo J | Grant | 32 | $244.33 |
| 2025-02-06 | Richardson Craig V | Disposition | 4.1K | — |
| 2025-02-06 | Richardson Craig V | Other | 3.3K | — |
| 2025-02-06 | Richardson Craig V | Other | 3.3K | — |
| 2025-02-06 | Rynaski Todd M. | Disposition | 1.4K | — |
| 2025-02-06 | Rynaski Todd M. | Tax withheld | 465 | $243.51 |
| 2025-02-06 | Rynaski Todd M. | Grant | 3.2K | — |
| 2025-02-06 | Jalali Rahul | Disposition | 2.7K | — |
| 2025-02-06 | Jalali Rahul | Tax withheld | 929 | $243.51 |
| 2025-02-06 | Jalali Rahul | Grant | 8.6K | — |
| 2025-02-06 | Gehringer Eric J | Disposition | 4.1K | — |
| 2025-02-06 | Gehringer Eric J | Other | 3.3K | — |
| 2025-02-06 | Gehringer Eric J | Grant | 14K | — |
| 2025-02-06 | Gehringer Eric J | Other | 3.3K | — |
| 2025-02-06 | Whited Elizabeth F | Disposition | 4.7K | — |
| 2025-02-06 | Whited Elizabeth F | Other | 3.9K | — |
| 2025-02-06 | Whited Elizabeth F | Grant | 20K | — |
| 2025-02-06 | Whited Elizabeth F | Other | 3.9K | — |
| 2025-02-06 | Hamann Jennifer L | Disposition | 6.8K | — |
| 2025-02-06 | Hamann Jennifer L | Other | 5.5K | — |
| 2025-02-06 | Hamann Jennifer L | Grant | 15K | — |
| 2025-02-06 | Hamann Jennifer L | Other | 5.5K | — |
| 2025-02-06 | Vena Vincenzo J | Grant | 74K | — |
| 2025-02-06 | Rocker Kenyatta G | Disposition | 4.1K | — |
| 2025-02-06 | Rocker Kenyatta G | Tax withheld | 1.4K | $243.51 |
| 2025-02-06 | Rocker Kenyatta G | Grant | 11K | — |
| 2025-02-06 | Rocker Kenyatta G | Grant | 46 | — |
| 2025-02-04 | Rocker Kenyatta G | Tax withheld | 19 | $243.50 |
| 2025-01-28 | Hamann Jennifer L | Option exercise | 3.5K | $124.86 |
| 2025-01-28 | Hamann Jennifer L | Tax withheld | 1.7K | $254.42 |
| 2025-01-28 | Hamann Jennifer L | Tax withheld | 748 | $254.42 |
| 2025-01-27 | Richardson Craig V | Sell | 2.8K | $252.00 |
| 2025-01-27 | Richardson Craig V | Option exercise | 3.7K | $186.11 |
| 2025-01-27 | Richardson Craig V | Sell | 3.7K | $252.00 |
| 2025-01-27 | Richardson Craig V | Option exercise | 2.8K | $161.57 |
| 2025-01-24 | Whited Elizabeth F | Option exercise | 7.5K | $161.57 |
| 2025-01-24 | Whited Elizabeth F | Sell | 7.5K | $250.00 |
| 2025-01-10 | Rocker Kenyatta G | Grant | 4 | $225.21 |
| 2025-01-10 | Richardson Craig V | Grant | 6 | $225.21 |
| 2025-01-07 | Whited Elizabeth F | Gift | 5.9K | — |
| 2025-01-07 | Whited Elizabeth F | Other | 5.9K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-18 | 2026-05-14 | 0000100885-26-000174 ↗ |
| 10-Q | 2026-04-23 | 2026-03-31 | 0000100885-26-000155 ↗ |
| 8-K | 2026-04-23 | 2026-04-23 | 0000100885-26-000154 ↗ |
| 10-K | 2026-02-06 | 2025-12-31 | 0000100885-26-000037 ↗ |
| 8-K | 2026-01-27 | 2026-01-27 | 0000100885-26-000032 ↗ |
| 8-K | 2025-12-19 | 2025-12-19 | 0000100885-25-000347 ↗ |
| 8-K | 2025-12-12 | 2025-12-12 | 0000100885-25-000345 ↗ |
| 8-K | 2025-11-17 | 2025-11-14 | 0000100885-25-000332 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001193125-25-270046 ↗ |
| 10-Q | 2025-10-23 | 2025-09-30 | 0000100885-25-000321 ↗ |
| 8-K | 2025-10-23 | 2025-10-23 | 0000100885-25-000320 ↗ |
| 8-K | 2025-09-10 | 2025-09-10 | 0000100885-25-000271 ↗ |