Union Pacific Corporation

UNPNYSEIndustrials● Active

$270.66

$-1.66(-0.61%)

Market Cap$160.7B

P/E Ratio—

52W High$279.7

52W Low$210.84

Avg Volume3.0M

Open$271.78

Beta0.97

Free Cash Flow Financials Revenue

Union Pacific Corporation (UNP) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

UNP · free cash flow · updated Jun 8, 2026

Core FCF metrics

UNP · FCF · TTM · margin & CAGR

Free cash flow was $5.50B for FY2025 (fiscal year ending 2025-12-31), down 6.7% year-over-year The FCF margin was 22.4%. Five-year CAGR stands at -0.4%.

FY2025 Free Cash Flow$5.50B▼ -6.7% YoY

Trailing 12M (TTM)$5.70Btrailing 4 quarters sum

FCF Margin22.4%$5.50B ÷ revenue

3-Year CAGR-1.4%FY2022 → FY2025

5-Year CAGR-0.4%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

UNP · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$9.29B(3.79B)$5.50B▼ 6.7%22.4%

FY2024$9.35B(3.45B)$5.89B▲ +23.5%24.3%

FY2023$8.38B(3.61B)$4.77B▼ 16.9%19.8%

FY2022$9.36B(3.62B)$5.74B▼ 5.8%23.1%

FY2021$9.03B(2.94B)$6.10B▲ +8.6%28.0%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

UNP · P/FCF · FCF yield · FCF per share

Union Pacific Corporation (UNP) trades at a FCF yield of 3.52% and a price-to-free-cash-flow ratio of 28.1x. FCF per share stands at $9.62, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

3.52%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$9.62

TTM FCF ÷ Shares Outstanding

Price / FCF

x28.1

Share Price ÷ FCF per Share

EV / FCF (TTM)

x33.8

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

UNP · cash flow statement · operating / investing / financing

For FY2025, Union Pacific Corporation generated $9.29B in operating cash flow and spent 3.79B in capital expenditures, yielding $5.50B in free cash flow.

Operating Activities

+$9.29B

Cash from core business operations

2025-12-31

Investing Activities

−$3.76B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$5.28B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($9.29B) − |CapEx| (3.79B) = FCF ($5.50B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

UNP vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Union Pacific CorporationYOU

UNP

$5.50B-6.7%22.4%

54%

Space Exploration Technologies Corp.

SPCX

−$13.95B-159.0%-74.7%

Loss

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Union Pacific Corporation (UNP) reported free cash flow of $5.50B for FY2025 (fiscal year ending 2025-12-31), down 6.7% year-over-year. The FCF margin was 22.4%.

Based on available data, Union Pacific Corporation has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $6.10B in FY2021. The 5-year CAGR stands at -0.4%.

Union Pacific Corporation's FCF yield is 3.52% and price-to-FCF ratio is 28.1x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

UNP free cash flow · 8 questions

Union Pacific Corporation free cash flow was $5.50B for FY2025, down 6.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $5.70B.

UNP free cash flowUNP FCFUNP FCF 2025UNP free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Union Pacific Corporation · Union Pacific Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026