Union Pacific's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Union Pacific (UNP) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Union Pacific vs Its Competitors
- TTM: Trailing 12-month revenue of 25,490M vs 566,829M combined for tracked competitors (4.3% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+9.0% annualized vs trailing 12 months), vs accelerating (+4.9%) for its tracked peer group.
- Growth: Union Pacific generated 12.8% revenue growth year over year in Q2 2026, vs 12.4% for its tracked competitors combined.
- Profitability: Its 28.7% net margin compares with 21.9% for the peer group.
- Scale: Union Pacific ranks #1 of 11 companies by market capitalization in the Railroads industry, holding 36.1% of industry market cap.
- Peer revenue share: Union Pacific accounted for 4.5% of combined revenue among its tracked peer group, up from 4.5% a year earlier.
- Peer differentiation: Revenue per employee of $0.87M compares with $0.84M for the peer group (1.0x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
UNP Sales vs. its Competitors, Q2 2026
Union Pacific reported revenue growth of 12.84 % year on year in Q2 2026, above its competitors' combined revenue growth of 12.40 %.
With a net margin of 28.70 %, Union Pacific achieved higher profitability than its competitors (21.89 %).
Union Pacific generated 4.46 % of the combined sales of its peer group, up from 4.45 % a year earlier.
Union Pacific vs. its Competitors, Q2 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Union Pacific and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Union Pacific Corp | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (2) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (5) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Union Pacific's competitor groups requires a Commercial License.
For context: the Railroads industry grew revenue 6.9% year over year, combined, vs 12.8% for Union Pacific. Union Pacific's share of combined industry revenue moved from 14.79% to 15.61%, a gain of 0.82 percentage points.
Union Pacific's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Union Pacific Corp | Yes | Yes | Yes | No |
| Competitors combined (18) | ||||
| High-Confidence Competitors (4) | ||||
| Similar-Size Competitors (5) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 87.50 % (7 of 8) | 75.00 % (6 of 8) | 12.50 % (1 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
UNP Stock Performance relative to its Competitors
UNP Stock Performance relative to High-Confidence Competitors
UNP Stock Performance relative to Similar-Size Competitors
UNP Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Landbridge Company Llc | 282.9% | Outperformed |
| 2 | Csx Corporation | 282.9% | Outperformed |
| 3 | Sunoco Lp | 282.9% | Outperformed |
| 4 | Canadian Pacific Kansas City Ltd | 282.9% | Outperformed |
| 5 | Norfolk Southern Corp | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Union Pacific's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Union Pacific's Comment on Competition and Industry Peers
We are subject to competition from other railroads, motor carriers, ship and barge operators, and pipelines. Our main railroad competitor is Burlington Northern Santa Fe LLC. Its primary subsidiary, BNSF Railway Company (BNSF), operates parallel routes in many of our main traffic corridors. In addition, we operate in corridors served by other railroads and motor carriers.
Motor carrier competition exists for five of our six commodity groups (excluding most coal shipments). Because of the proximity of our routes to major inland and Gulf Coast waterways, barges can be particularly competitive, especially for grain and bulk commodities in certain areas where we operate. In addition to price competition, we face competition with respect to transit times, quality and reliability of service from motor carriers and other railroads. Motor carriers in particular can have an advantage over railroads with respect to transit times and timeliness of service.
However, railroads are much more fuel efficient than trucks, which reduces the impact of transporting goods on the environment and public infrastructure, and railroads operating in the U.S., including us, have been making efforts to convert certain traffic from motor carriers to railroad service. Additionally, we must build or acquire and maintain our rail system; trucks and barges are able to use public rights-of-way maintained by public entities. Any of the following could also affect the competitiveness of our transportation services for some or all of our commodities: (i) improvements or expenditures materially increasing the quality or reducing the costs of these alternative modes of transportation, (ii) legislation that eliminates or significantly reduces the size or weight limitations applied to motor carriers, or (iii) legislation or regulatory changes that impose operating restrictions on railroads or that adversely affect the profitability of some or all railroad traffic.
Publicly Traded Peers of Union Pacific Corp
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Union Pacific Corp | 162,815.40 | 25,490.00 |
| Csx Corporation | 86,926.84 | 14,512.00 |
| Williams companies inc | 84,500.50 | 12,204.00 |
| Canadian Pacific Kansas City Ltd | 76,787.38 | 11,664.11 |
| Norfolk Southern Corp | 70,436.25 | 12,540.00 |
| Kinder Morgan Inc | 68,151.75 | 17,959.00 |
| SUBTOTAL | 843,526.63 | 651,444.85 |
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Sources: Union Pacific Corp's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Union Pacific Corp versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Union Pacific's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Kansas City Southern | Named by the company | 85% |
| Union Bankshares Inc | Named by the company | 85% |
| Csx Corporation | Named by the company | 85% |
| BNSF Railway Company | Named by the company | 85% |
| Burlington Northern Santa Fe LLC | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Union Pacific's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Union Pacific's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Union Pacific Corp | Reportable 98.85 % |
| Csx Corporation | Rail 94.20 % |
| Williams companies inc | Transmission And Gulf Of Mexico 44.10 % |
| Norfolk Southern Corp | Railway Operating Revenues Market Group Merchandise 61.56 % |
| Kinder Morgan Inc | Natural Gas Pipelines 68.27 % |
| American Electric Power Co Inc | Vertically Integrated Utilities 57.14 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Union Pacific's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Union Pacific Corp | 162,815 | 870,352 | 250,282 |
| Csx Corporation | 86,927 | 630,957 | 140,130 |
| Williams companies inc | 84,501 | 2,038,417 | 541,841 |
| Canadian Pacific Kansas City Ltd | 76,787 | 598,804 | 149,766 |
| Norfolk Southern Corp | 70,436 | 649,741 | 136,528 |
| Kinder Morgan Inc | 68,152 | 1,628,491 | 321,273 |
| PEERS TOTAL | 680,711 | 839,215 | 160,682 |
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Union Pacific's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Sea Limited | Southeast Asia excluding Singapore 62.69 % |
| Broadridge Financial Solutions Inc | United States 85.26 % |
| Hub Group Inc | US 96.93 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Union Pacific's Position in Industry Market Structure
Market-capitalization share and concentration across all 10 companies in Union Pacific's industry classification, broader than the peer set above. Market cap in millions of $.Union Pacific ranks #1 of 10 companies by market capitalization in its industry, holding 36.13 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 2,333, indicating a moderately concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Union Pacific Corp | 162,994 | 36.13 % |
| 2 | Csx Corporation | 86,927 | 19.27 % |
| 3 | Canadian Pacific Kansas City Ltd | 76,947 | 17.06 % |
| 4 | Norfolk Southern Corp | 70,713 | 15.68 % |
| 5 | Westinghouse Air Brake Technologies Corporation | 1,234 | 5.2% |
| 6 | Trinity Industries Inc | 1,234 | 5.2% |
| 7 | The Greenbrier Companies Inc | 1,234 | 5.2% |
| 8 | Ftai Infrastructure Inc | 1,234 | 5.2% |
| 9 | Freightcar America Inc | 1,234 | 5.2% |
| 10 | Rail Vision Ltd | 1,234 | 5.2% |
Market cap and industry share for the rest of Union Pacific's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Union Pacific's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Union Pacific Corp | 162,994 | 18.28 % |
| 2 | Csx Corporation | 86,927 | 38.43 % |
| 3 | Canadian Pacific Kansas City Ltd | 1,234 | 12.3% |
| 4 | Norfolk Southern Corp | 1,234 | 12.3% |
| 5 | Westinghouse Air Brake Technologies Corporation | 1,234 | 12.3% |
| 6 | Trinity Industries Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Union Pacific's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Union Pacific's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Railroads industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (17 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 89.05 % | 54.96 % (avg) | +34.1 pp |
| Operating Margin | 39.90 % | industry median | +5.8 pp |
| EBITDA Margin | 47.17 % | 29.62 % (avg) | +17.6 pp |
| Capital Intensity (Capex / Revenue) | 14.75 % | 11.51 % (avg) | +3.2 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Union Pacific's Valuation vs Competitive Position
Valuation multiples vs the Railroads industry average (17 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 22.3x | 20.9x | +1.4x |
| EV / EBITDA | 16.1x | 16.1x | 0.0x |
| P/B | 8.6x | 3.6x | +5.1x |
| Return on Equity | 38.65 % | industry aggregate | 15.28 % |
| Return on Invested Capital | 12.05 % | 4.90 % (avg) | 7.16 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Union Pacific's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 6.51 % | -3.63 % | -10.02 % | 11.63 % | 14.08 % | -3.04 % | 0.54 % | 1.07 % |
| Operating Margin | 37.95 % | 39.40 % | 40.11 % | 42.83 % | 39.87 % | 37.65 % | 40.05 % | 40.17 % |
| Return on Invested Capital | 10.90 % | 11.45 % | 10.33 % | 12.73 % | 13.67 % | 11.98 % | 11.10 % | 12.17 % |
| P/E | 9.6x | 21.2x | 25.9x | 24.5x | 18.6x | 22.2x | 21.3x | 19.2x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Union Pacific's Strategic Group Map
Every company in Union Pacific's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Union Pacific is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Union Pacific's BCG Growth-Share Matrix
Relative market share (vs Union Pacific's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Union Pacific falls in the Cash Cow quadrant: relative market share of 1.88x vs its largest competitor, in an industry growing revenue 2.3% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Union Pacific's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 2,333 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 14.75 % vs industry average 11.51 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Union Pacific's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Union Pacific's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Union Pacific's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Union Pacific falls in the Medium attractiveness / High strength cell: Invest / Grow.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Union Pacific's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Market leader by capitalization in its industry (#1 of 10, 36.13 % share).
- Operating margin 5.8 points above the industry median.
- Return on equity 15.3 points above the industry aggregate.
- Latest-quarter revenue run-rate is accelerating (+9.0% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
No rule matched.
Opportunities
No rule matched.
Threats
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Union Pacific's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Union Pacific Corp | 0.22 | 0.89 | 1.64 |
| Csx Corporation | - | 0.86 | 1.77 |
| Williams companies inc | - | 0.54 | 1.94 |
| Canadian Pacific Kansas City Ltd | 0.09 | 0.66 | 0.49 |
| Norfolk Southern Corp | 0.38 | 0.86 | 1.08 |
| Kinder Morgan Inc | 0.03 | 0.55 | 0.99 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Union Pacific's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Union Pacific Corp | Q2 2026 | +12.8 % | +6.2 % |
| Csx Corporation | Q2 2026 | +10.1 % | +20.9 % |
| Williams companies inc | Q2 2026 | +9.8 % | +50.3 % |
| Canadian Pacific Kansas City Ltd | Q2 2026 | +6.6 % | -21.4 % |
| Norfolk Southern Corp | Q2 2026 | +11.4 % | -4.6 % |
| Kinder Morgan Inc | Q2 2026 | +10.8 % | +16.8 % |
| PEERS TOTAL | +14.5 % | +65.7 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Union Pacific's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Union Pacific Corp | Q2 2026 | +62.8 % | -6.7 % |
| Csx Corporation | Q2 2026 | +65.8 % | -25.8 % |
| Williams companies inc | Q2 2026 | - | +88.7 % |
| Canadian Pacific Kansas City Ltd | Q2 2026 | +44.5 % | -7.7 % |
| Norfolk Southern Corp | Q2 2026 | +84.9 % | -7.6 % |
| Kinder Morgan Inc | Q2 2026 | +16.0 % | +51.8 % |
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Union Pacific's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Union Pacific Corp | 10.50% | 11.20% | 38.65% |
| Csx Corporation | 7.33% | 6.28% | 24.06% |
| Williams companies inc | 5.53% | 6.55% | 21.49% |
| Canadian Pacific Kansas City Ltd | 4.41% | 4.64% | 8.10% |
| Norfolk Southern Corp | 5.85% | 6.35% | 16.80% |
| Kinder Morgan Inc | 4.85% | 4.95% | 10.91% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Union Pacific's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Union Pacific Corp | 22.21 | 6.39 |
| Csx Corporation | 27.19 | 5.99 |
| Williams companies inc | 27.48 | 6.92 |
| Canadian Pacific Kansas City Ltd | 21.91 | 6.58 |
| Norfolk Southern Corp | 26.73 | 5.62 |
| Kinder Morgan Inc | 19.67 | 3.79 |
| PEERS AVERAGE | 6.63 | 1.29 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.