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Side-by-side financial comparison of American Express (AXP) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
American Express is the larger business by last-quarter revenue ($10.9B vs $6.2B, roughly 1.8× Union Pacific Corporation). Union Pacific Corporation runs the higher net margin — 27.4% vs 22.5%, a 4.9% gap on every dollar of revenue. On growth, American Express posted the faster year-over-year revenue change (9.9% vs 3.2%). American Express produced more free cash flow last quarter ($2.3B vs $631.0M). Over the past eight quarters, American Express's revenue compounded faster (8.2% CAGR vs 1.7%).
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; accounts payable expense management products and services; and travel and lifestyle services. The company's products an...
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
AXP vs UNP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $10.9B | $6.2B |
| Net Profit | $2.5B | $1.7B |
| Gross Margin | — | — |
| Operating Margin | 28.2% | 39.5% |
| Net Margin | 22.5% | 27.4% |
| Revenue YoY | 9.9% | 3.2% |
| Net Profit YoY | 13.5% | 4.6% |
| EPS (diluted) | $3.52 | $2.87 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $6.2B | ||
| Q4 25 | $10.9B | $6.1B | ||
| Q3 25 | $10.4B | $6.2B | ||
| Q2 25 | $10.3B | $6.2B | ||
| Q1 25 | $9.6B | $6.0B | ||
| Q4 24 | $10.0B | $6.1B | ||
| Q3 24 | $9.7B | $6.1B | ||
| Q2 24 | $9.8B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | $2.9B | $1.8B | ||
| Q2 25 | $2.9B | $1.9B | ||
| Q1 25 | $2.6B | $1.6B | ||
| Q4 24 | $2.2B | $1.8B | ||
| Q3 24 | $2.5B | $1.7B | ||
| Q2 24 | $3.0B | $1.7B |
| Q1 26 | — | 39.5% | ||
| Q4 25 | 28.2% | 39.5% | ||
| Q3 25 | 36.7% | 40.8% | ||
| Q2 25 | 34.4% | 41.0% | ||
| Q1 25 | 34.6% | 39.3% | ||
| Q4 24 | 27.7% | 41.3% | ||
| Q3 24 | 33.0% | 39.7% | ||
| Q2 24 | 38.6% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | 22.5% | 30.4% | ||
| Q3 25 | 27.9% | 28.6% | ||
| Q2 25 | 28.0% | 30.5% | ||
| Q1 25 | 26.8% | 27.0% | ||
| Q4 24 | 21.8% | 28.8% | ||
| Q3 24 | 25.8% | 27.4% | ||
| Q2 24 | 30.7% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | $3.52 | $3.12 | ||
| Q3 25 | $4.14 | $3.01 | ||
| Q2 25 | $4.08 | $3.15 | ||
| Q1 25 | $3.64 | $2.70 | ||
| Q4 24 | $3.04 | $2.91 | ||
| Q3 24 | $3.49 | $2.75 | ||
| Q2 24 | $4.15 | $2.74 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $742.0M | $735.0M |
| Total DebtLower is stronger | $56.4B | — |
| Stockholders' EquityBook value | $33.5B | — |
| Total Assets | $300.1B | $69.6B |
| Debt / EquityLower = less leverage | 1.68× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $742.0M | $1.3B | ||
| Q3 25 | $1.3B | $808.0M | ||
| Q2 25 | $197.0M | $1.1B | ||
| Q1 25 | $261.0M | $1.4B | ||
| Q4 24 | $221.0M | $1.0B | ||
| Q3 24 | $120.0M | $947.0M | ||
| Q2 24 | $188.0M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $56.4B | $30.3B | ||
| Q3 25 | $57.8B | $30.3B | ||
| Q2 25 | $58.2B | $30.3B | ||
| Q1 25 | $51.2B | $30.6B | ||
| Q4 24 | $49.7B | $29.8B | ||
| Q3 24 | $53.5B | $29.8B | ||
| Q2 24 | $51.5B | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $33.5B | $18.5B | ||
| Q3 25 | $32.4B | $17.3B | ||
| Q2 25 | $32.3B | $16.3B | ||
| Q1 25 | $31.2B | $16.0B | ||
| Q4 24 | $30.3B | $16.9B | ||
| Q3 24 | $29.7B | $16.6B | ||
| Q2 24 | $29.5B | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $300.1B | $69.7B | ||
| Q3 25 | $297.6B | $68.6B | ||
| Q2 25 | $295.6B | $68.6B | ||
| Q1 25 | $282.2B | $68.5B | ||
| Q4 24 | $271.5B | $67.7B | ||
| Q3 24 | $271.0B | $67.6B | ||
| Q2 24 | $272.2B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | 1.68× | 1.64× | ||
| Q3 25 | 1.78× | 1.75× | ||
| Q2 25 | 1.80× | 1.86× | ||
| Q1 25 | 1.64× | 1.91× | ||
| Q4 24 | 1.64× | 1.76× | ||
| Q3 24 | 1.80× | 1.79× | ||
| Q2 24 | 1.74× | 1.89× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.1B | — |
| Free Cash FlowOCF − Capex | $2.3B | $631.0M |
| FCF MarginFCF / Revenue | 21.4% | 10.1% |
| Capex IntensityCapex / Revenue | 6.6% | — |
| Cash ConversionOCF / Net Profit | 1.25× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.0B | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $2.2B | ||
| Q3 25 | $6.2B | $2.5B | ||
| Q2 25 | $4.4B | $2.3B | ||
| Q1 25 | $4.8B | $2.2B | ||
| Q4 24 | $5.8B | $2.7B | ||
| Q3 24 | $-1.8B | $2.7B | ||
| Q2 24 | $4.5B | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $5.6B | $1.6B | ||
| Q2 25 | $3.7B | $1.4B | ||
| Q1 25 | $4.3B | $1.3B | ||
| Q4 24 | $5.3B | $1.7B | ||
| Q3 24 | $-2.3B | $1.8B | ||
| Q2 24 | $4.0B | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | 21.4% | 20.1% | ||
| Q3 25 | 53.6% | 25.2% | ||
| Q2 25 | 36.3% | 22.7% | ||
| Q1 25 | 45.0% | 21.6% | ||
| Q4 24 | 53.1% | 28.4% | ||
| Q3 24 | -23.3% | 29.9% | ||
| Q2 24 | 40.4% | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | 6.6% | 16.4% | ||
| Q3 25 | 6.3% | 15.2% | ||
| Q2 25 | 6.0% | 15.2% | ||
| Q1 25 | 4.5% | 15.0% | ||
| Q4 24 | 5.0% | 15.1% | ||
| Q3 24 | 4.7% | 13.6% | ||
| Q2 24 | 5.8% | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.25× | 1.20× | ||
| Q3 25 | 2.15× | 1.41× | ||
| Q2 25 | 1.51× | 1.24× | ||
| Q1 25 | 1.84× | 1.36× | ||
| Q4 24 | 2.66× | 1.51× | ||
| Q3 24 | -0.72× | 1.59× | ||
| Q2 24 | 1.50× | 1.14× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AXP
| US Consumer Services Segment | $4.2B | 38% |
| Commercial Services Segment | $3.1B | 28% |
| International Card Services Segment | $2.1B | 19% |
| Global Merchant And Network Services Segment | $1.7B | 15% |
| Financial Service Other | $471.0M | 4% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
