Union Pacific
Union Pacific returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 16.1% | 15.93% | 13.31% | 39.7% | 10.49% | 8.4 pp |
| FY 2026 Q1 | Mar 31, 2026 | 15.97% | 15.6% | 15.28% | 40.69% | 10.44% | 8.3 pp |
| FY 2025 Q4 | Dec 31, 2025 | 15.96% | 15.49% | 11.06% | 40.38% | 10.39% | 8.3 pp |
| FY 2025 Q3 | Sep 30, 2025 | 16.28% | 15.87% | 44.36% | 41.62% | 10.35% | 8.6 pp |
| FY 2025 Q2 | Jun 30, 2025 | 16.03% | 15.66% | 101.11% | 42.36% | 10.17% | 8.3 pp |
| FY 2025 Q1 | Mar 31, 2025 | 15.77% | 15.54% | 66.38% | 42.47% | 9.92% | 8.1 pp |
| FY 2024 Q4 | Dec 31, 2024 | 15.96% | 15.6% | 55.08% | 42.6% | 10.01% | 8.3 pp |
| FY 2024 Q3 | Sep 30, 2024 | 15.63% | 15.55% | 33.96% | 43.4% | 9.9% | 7.9 pp |
| FY 2024 Q2 | Jun 30, 2024 | 15.38% | 15.05% | -11.42% | 43.76% | 9.7% | 7.7 pp |
| FY 2024 Q1 | Mar 31, 2024 | 15.44% | 14.96% | -25.11% | 45.45% | 9.59% | 7.7 pp |
| FY 2023 Q4 | Dec 31, 2023 | 15.46% | 14.89% | -38.41% | 47.34% | 9.62% | 7.8 pp |
| FY 2023 Q3 | Sep 30, 2023 | 15.54% | 15.04% | -28.55% | 49.44% | 9.65% | 7.8 pp |
| FY 2023 Q2 | Jun 30, 2023 | 16.37% | 16.01% | -8.95% | 51.98% | 10.32% | 8.7 pp |
| FY 2023 Q1 | Mar 31, 2023 | 17.06% | 16.62% | 4.54% | 57.48% | 10.76% | 9.4 pp |
| FY 2022 Q4 | Dec 31, 2022 | 17.38% | 16.85% | 33.56% | 53.17% | 10.85% | 9.7 pp |
| FY 2022 Q3 | Sep 30, 2022 | 17.83% | 17.02% | 47.65% | 55.11% | 11.07% | 10.1 pp |
| FY 2022 Q2 | Jun 30, 2022 | 17.43% | 16.78% | 49.35% | 50.71% | 10.83% | 9.7 pp |
| FY 2022 Q1 | Mar 31, 2022 | 17.56% | 16.83% | 93.97% | 48.4% | 10.83% | 9.9 pp |
| FY 2021 Q4 | Dec 31, 2021 | 16.85% | 16.1% | 86.41% | 41.92% | 10.36% | 9.1 pp |
| FY 2021 Q3 | Sep 30, 2021 | 16.1% | 15.34% | — | 39.8% | 9.82% | 8.4 pp |
| FY 2021 Q2 | Jun 30, 2021 | 15.49% | 14.66% | — | 38.25% | 9.36% | 7.8 pp |
| FY 2021 Q1 | Mar 31, 2021 | 13.88% | 13.42% | — | 32.35% | 8.41% | 6.2 pp |
| FY 2020 Q4 | Dec 31, 2020 | 14.18% | 13.56% | — | 30.49% | 8.62% | 6.5 pp |
| FY 2020 Q3 | Sep 30, 2020 | 14.09% | 13.64% | -408.59% | 30.51% | 8.55% | 6.4 pp |
| FY 2020 Q2 | Jun 30, 2020 | 14.48% | 14.23% | — | 32.14% | 8.88% | 6.8 pp |
| FY 2020 Q1 | Mar 31, 2020 | 15.63% | 15.38% | 8.84% | 35.59% | 9.72% | 7.9 pp |
| FY 2019 Q4 | Dec 31, 2019 | 15.48% | 15.3% | -2.98% | 30.71% | 9.8% | 7.8 pp |
| FY 2019 Q3 | Sep 30, 2019 | 15.85% | 15.45% | — | 31.4% | 10.01% | 8.2 pp |
| FY 2019 Q2 | Jun 30, 2019 | 15.86% | 15.76% | — | 32.08% | 10.15% | 8.2 pp |
| FY 2019 Q1 | Mar 31, 2019 | 15.75% | 15.65% | — | 28.71% | 10.15% | 8 pp |
| FY 2018 Q4 | Dec 31, 2018 | 15.96% | 15.72% | — | 26.35% | 10.2% | 8.3 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | 15.8% | — | 58.75% | 20.03% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 15.46% | — | 57.13% | 19.61% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 15.62% | — | 49.65% | 19.26% | — |
| FY 2017 Q4 | Dec 31, 2017 | — | 15.22% | — | 47.83% | 18.87% | — |
| FY 2017 Q3 | Sep 30, 2017 | 14.18% | 14.59% | 203.21% | 23.22% | 8.05% | 6.5 pp |
| FY 2017 Q2 | Jun 30, 2017 | 14.29% | 14.62% | 55.43% | 22.55% | 8.05% | 6.6 pp |
| FY 2017 Q1 | Mar 31, 2017 | 13.89% | 14.12% | -29.9% | 21.52% | 7.75% | 6.2 pp |
| FY 2016 Q4 | Dec 31, 2016 | 13.55% | 14.06% | -312.84% | 20.83% | 7.67% | 5.8 pp |
| FY 2016 Q3 | Sep 30, 2016 | 13.54% | 13.99% | -67.17% | 20.58% | 7.64% | 5.8 pp |
| FY 2016 Q2 | Jun 30, 2016 | 14.15% | 14.46% | -46.11% | 21.13% | 7.96% | 6.5 pp |
| FY 2016 Q1 | Mar 31, 2016 | 14.97% | 15.18% | -54.52% | 22.15% | 8.45% | 7.3 pp |
| FY 2015 Q4 | Dec 31, 2015 | 15.54% | 16.05% | -17.12% | 22.78% | 8.89% | 7.8 pp |
| FY 2015 Q3 | Sep 30, 2015 | 16.54% | 17.19% | 6.45% | 24.13% | 9.57% | 8.8 pp |
| FY 2015 Q2 | Jun 30, 2015 | 17.01% | 17.51% | 26.14% | 24.3% | 9.75% | 9.3 pp |
| FY 2015 Q1 | Mar 31, 2015 | 17.97% | 18.4% | 34.12% | 24.77% | 10.08% | 10.3 pp |
| FY 2014 Q4 | Dec 31, 2014 | 17.98% | 18.45% | 46.63% | 24.43% | 10.11% | 10.3 pp |
| FY 2014 Q3 | Sep 30, 2014 | 17.28% | 17.77% | 29.96% | 23.26% | 9.7% | 9.6 pp |
| FY 2014 Q2 | Jun 30, 2014 | 16.74% | 17.17% | 25.4% | 22.42% | 9.35% | 9 pp |
| FY 2014 Q1 | Mar 31, 2014 | 16.54% | 16.73% | 32.4% | 21.82% | 9.09% | 8.8 pp |
| FY 2013 Q4 | Dec 31, 2013 | 16.21% | 16.55% | 27.34% | 21.35% | 9.06% | 8.5 pp |
| FY 2013 Q3 | Sep 30, 2013 | 15.84% | 16.27% | 37.26% | 21.08% | 8.85% | 8.1 pp |
| FY 2013 Q2 | Jun 30, 2013 | 15.72% | 16.02% | 31.64% | 20.91% | 8.68% | 8 pp |
| FY 2013 Q1 | Mar 31, 2013 | 15.67% | 15.9% | 32.54% | 20.76% | 8.6% | 8 pp |
| FY 2012 Q4 | Dec 31, 2012 | 15.57% | 15.72% | 40.79% | 20.51% | 8.55% | 7.9 pp |
| FY 2012 Q3 | Sep 30, 2012 | 15.26% | 15.7% | 45.32% | 20.31% | 8.4% | 7.6 pp |
| FY 2012 Q2 | Jun 30, 2012 | 15% | 15.43% | 64.11% | 19.97% | 8.26% | 7.3 pp |
| FY 2012 Q1 | Mar 31, 2012 | 14.44% | 14.86% | 94.47% | 19.11% | 7.91% | 6.7 pp |
| FY 2011 Q4 | Dec 31, 2011 | 13.72% | 13.98% | 131.04% | 18.12% | 7.47% | 6 pp |
| FY 2011 Q3 | Sep 30, 2011 | 13.13% | 13.36% | 100.51% | 17.24% | 7.05% | 5.4 pp |
| FY 2011 Q2 | Jun 30, 2011 | 12.79% | 13.05% | 80.08% | 16.71% | 6.88% | 5.1 pp |
| FY 2011 Q1 | Mar 31, 2011 | 12.63% | 12.75% | 110.84% | 16.47% | 6.73% | 4.9 pp |
| FY 2010 Q4 | Dec 31, 2010 | 12.28% | 12.47% | 98.81% | 16.02% | 6.5% | 4.6 pp |
| FY 2010 Q3 | Sep 30, 2010 | 11.43% | 11.85% | — | 15.08% | 6.03% | 3.7 pp |
| FY 2010 Q2 | Jun 30, 2010 | 10.63% | 10.82% | — | 13.75% | 5.45% | 2.9 pp |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · UNP, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.