Western U.S. freight railroad
Union Pacific Corporation
Union Pacific operates a single rail network that earns freight revenue across the western two-thirds of the United States. It reported $24.51 billion in 2025 operating revenue, while its major outlays include labor and operations, fuel, equipment rents, and investment in track and locomotives. It is paying Wabtec and Progress Rail to modernize and purchase locomotives, while its acquisition of Norfolk Southern remains subject to regulatory approval.
UNP Updated Sep 11, 2026 4 AI consumers· 2 recurring
Per the valuechain.wiki graph, Union Pacific Corporation is directly linked to 4 companies (1 supply, 2 revenue, 1 investment relationships) and reaches 7 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · $24.51 billion (FY2025 operating revenue)
- Segments · Bulk · Industrial · Premium · Other operating revenue
Revenue from
- FedEx Medium confidence
FedEx is a premium intermodal customer that increased its use of Union Pacific during the 2025 holiday peak. Customer-specific revenue and volume were not disclosed.Confirms EN Union Pacific Published Feb 9, 2026: Union Pacific Delivers Third Consecutive Perfect Peak Season - United Parcel Service Medium confidence
UPS is a major customer using Union Pacific's premium intermodal network for holiday parcel traffic. Customer-specific revenue and volume were not disclosed.Confirms EN Union Pacific Published Feb 9, 2026: Union Pacific Delivers Third Consecutive Perfect Peak Season
Pays to
- Wabtec High confidence· Contract value $1.2B · Q4 2025 agreement · Total value of the AC4400 locomotive modernization agreement
Union Pacific signed an agreement with Wabtec to modernize its AC4400 locomotives. The agreement was signed in the fourth quarter of 2025, with deliveries expected to begin in 2027.Confirms EN Union Pacific Published Feb 4, 2026: Union Pacific and Wabtec Sign $1.2B Deal to Modernize Locomotives - Progress Rail High confidence· Count 10 locomotives · 2022 order · Battery-electric locomotives Union Pacific agreed to purchase from Progress Rail
Union Pacific agreed to purchase 10 battery-electric locomotives from Caterpillar subsidiary Progress Rail. The contract value was not disclosed.Confirms EN Caterpillar Published Jan 28, 2022: Caterpillar to Supply Locomotives to Union Pacific Railroad, Supporting Investment in World's Largest Battery-Electric Locomotive Fleet
Investments
- Norfolk Southern High confidence· Amount $20B · pending acquisition · Expected cash consideration for the pending acquisition of Norfolk Southern
Union Pacific entered into a merger agreement to acquire Norfolk Southern on July 28, 2025. It expects to pay about $20 billion in cash and issue approximately 224.8 million Union Pacific shares, but the transaction remains pending regulatory approval.Confirms EN U.S. Department of Agriculture, Agricultural Marketing Service Published Feb 12, 2026: Grain Transportation Report: STB Update on the Proposed Union Pacific-Norfolk Southern MergerConfirms KO Alpha Economy Published Sep 15, 2025: Union Pacific Presses Ahead with Norfolk Southern Acquisition as Trump Signals Support
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| W. W. Grainger | lead2 | +28.8 | +8.7 | +50.5 | +28.2 | -3.4 | +32 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| AutoZone | lead2 | +76.8 | +17.6 | +4.8 | +23.8 | +5.9 | -12 |
| FedEx | lead1 | +0.7 | -31.6 | +49.1 | +13.5 | +5.1 | +39.6 |
| United Parcel Service, Inc. | lead1 | +30 | -16.2 | -6 | -15.9 | -15.9 | +8 |
| Union Pacific Corporation | node | +23.3 | -15.9 | +21.6 | -5.1 | +3.9 | +27.1 |
| Wabtec Corporation | benef1 | +26.5 | +9.1 | +28 | +50.1 | +13.2 | +33 |
| Norfolk Southern | benef1 | +27.3 | -15.6 | -1.6 | +1.6 | +25.6 | +15.6 |
YTD as of 2026-09-04 · source: Yahoo Finance
Union Pacific Corporation operates across Western U.S. freight railroad. It is +27.1% in 2026. Its demand and supply links are known, but listed-counterparty return data is limited. It is paying Wabtec and Progress Rail to modernize and purchase locomotives, while its acquisition of Norfolk Southern remains subject to regulatory approval.
Analysis generated from returns as of 2026-09-04