Credit and interest ratespositive · 4 filings
“Interest expense – Interest expense decreased slightly in the first quarter of 2026 compared to 2025 as a result of lower weighted-average debt levels.”10-Q · Apr 23, 2026 ↗
Union Pacific Corporation
UNP
Market read
Union Pacific Corporation's current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 5 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
What changed
- Revenue increased 3.2% versus the comparable filing period.
Company-1.3% todayVolume comparison unavailable
Market group0 of 5 activeRailroads · unavailable
Disclosed network0 of 6 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- UNP's market-adjusted activity becomes unusual and at least one connected name confirms.
Invalidation: The isolated read changes if UNP's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 5 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 6 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 3.2% versus the comparable filing period.
- Operating cash flow covered net income at 1.43x, improving versus the comparable period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- UNP's market-adjusted activity becomes unusual and at least one connected name confirms.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations600
Usable filing statements153
Verified relationships8
Evidence supporting the case
- Net margin changed +1.3 percentage points in the latest annual period.
- Credit and interest rates has repeated favorable evidence across 4 filings.
- Labor availability and costs has repeated favorable evidence across 4 filings.
- Macroeconomic conditions has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Demand and volume has repeated adverse evidence across 4 filings.
- Tariffs and trade policy has repeated adverse evidence across 3 filings.
Questions before a position
- P/E is 16% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 55% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 9, 2026
284.776m+13.8%12m+31.1%24m+11.4%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$21.8B+11.6%$9.95-3.5%
2022-12-31$24.9B+14.1%$11.21-4.8%
2023-12-31$24.1B-3.0%$10.45-2.2%
2024-12-31$24.3B+0.5%$11.09-0.3%
2025-12-31$24.5B+1.1%$11.98-2.1%
What management says matters
Persistent and emerging business drivers
Demand and volumemixed · 4 filings
“The improvements in SPI are driven by the continued network fluidity as we adjusted to changing customer demand for higher grain shipments, reduced intermodal shipments, and continued strong coal carloads.”10-Q · Apr 23, 2026 ↗
Energy and commodity pricesmixed · 4 filings
“Fuel expense increased in the first quarter of 2026 compared to the same period in 2025 driven by an increase in locomotive diesel fuel prices and gross ton-miles, partially offset by 4% improvement in the fuel consumption rate (computed as gallons of fuel co…”10-Q · Apr 23, 2026 ↗
Input and raw-material costsmixed · 4 filings
“Freight car velocity increased 9% in the first quarter of 2026 compared to 2025 driven by an 11% decrease in terminal dwell and an 8% improvement in train speed.”10-Q · Apr 23, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 6.9× · EV/sales 8.2×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
284.77-1.3% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 9 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for UNP. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing presents a mixed picture
10-Q filed 2026-04-23 against the comparable filing from 2025-04-24.
OperationsmixedEvidence score +1
liquidityconstructiveEvidence score +1
valuationmixed
What improved
- Revenue increased 3.2% versus the comparable filing period.
- Operating cash flow covered net income at 1.43x, improving versus the comparable period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Other subsidiary revenues decreased in the first quarter of 2026 compared to 2025 primarily driven by the transfer of commuter operations to Metra, lower demand for auto part shipments at our subsidiary that brokers intermodal and transload logistics services, and the sale of a portion of revenue-generating assets in late 2025 from our technology subsidiary.”
“Premium freight revenues decreased 5% in the first quarter of 2026 compared to 2025 driven by 9% lower volumes, which were partially offset by higher fuel surcharge revenues, core pricing gains, and business mix (from reduced international intermodal shipments).”
“Freight revenues increased 4% on 1% lower carloads in the first quarter of 2026 compared to the same period in 2025 driven by core pricing gains, higher fuel surcharge revenue, and a more favorable business mix (decreases in shipments with lower ARC, such as international intermodal).”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind UNP
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depended on by
NSCNorfolk Southern CorporationpartnerApr 24, 2026 ▾
“On July 28, 2025, we entered into a Merger Agreement with Union Pacific, marking a transformational step toward creating America’s first transcontinental railroad – an outcome we believe will unlock new opportunities for our customers, employees, and the broa…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 5 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
UNP is currently a Follower in the organic co-movement group Railroads. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 1 filing-linked name are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for UNP; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.