Union Pacific Corporation

Revenue is diversified across bulk, industrial and premium (intermodal/auto), producing resilient cash flow but with sensitivity to industrial production, energy, and import flows. Recent metrics show improved network fluidity and consistent quarterly execution.

Still, the business is not as predictable as payment networks or software due to carload cyclicality and macro exposure. International intermodal comparisons and coal swings can add variance. Overall, we expect steady mid‑single‑digit revenue growth over a cycle with modest operating leverage.