Analysis for UNP

📈 Growth & Financial Trajectory

Eight quarters show revenue around $6.0B–$6.25B, finishing 2026 Q1 at $6.22B versus about $6.01B in 2024 Q2 — a modest uptrend of ~3–4%. Net income grew from roughly $1.673B (2024 Q2) to $1.701B (2026 Q1), with a peak near $1.848B in 2025 Q4. Earnings per share trended higher into the mid‑$3 range, reflecting stable profitability despite quarterly noise. Overall margins remain durable with operating income around $2.3–$2.5B on revenue near $6.0–$6.25B.

💰 Margins & Cash Flow

• Gross margin ~39–41%, based on $3.56–$3.79B in costs and expenses.
• Net income margin ~27–29%; net income consistent across quarters.
• Cash flow: net cash from operating activities generally near $2.0–$2.5B per quarter; investing cash flow around -$0.8–$1.0B; financing swings yield mixed free cash flow.

🛡️ Balance Sheet & Liquidity

Total assets near $68–69B; liabilities around $50B; equity about $17–19B. Current ratio about 0.8–0.95x, implying modest near-term liquidity. Long‑term debt remains meaningful, but operating cash flow supports coverage given the large asset base.

⚠️ Key Drivers & Risks

• Drivers: Freight/volume demand; infrastructure capex.
• Risks: Rail cycle sensitivity; leverage/interest-rate exposure; macro/regulatory shocks.