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Side-by-side financial comparison of Union Pacific Corporation (UNP) and United Parcel Service (UPS). Click either name above to swap in a different company.
United Parcel Service is the larger business by last-quarter revenue ($21.2B vs $6.2B, roughly 3.4× Union Pacific Corporation). Union Pacific Corporation runs the higher net margin — 27.4% vs 4.1%, a 23.3% gap on every dollar of revenue. On growth, Union Pacific Corporation posted the faster year-over-year revenue change (3.2% vs -1.6%). United Parcel Service produced more free cash flow last quarter ($1.3B vs $631.0M). Over the past eight quarters, Union Pacific Corporation's revenue compounded faster (1.7% CAGR vs -1.4%).
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.
United Parcel Service, Inc. (UPS) is an American multinational shipping & receiving and supply chain management company founded in 1907. Originally known as the American Messenger Company specializing in telegraphs, UPS has expanded to become a Fortune 500 company and one of the world's largest shipping couriers. UPS today is primarily known for its ground shipping services as well as the UPS Store, a retail chain which assists UPS shipments and provides tools for small businesses.
UNP vs UPS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $6.2B | $21.2B |
| Net Profit | $1.7B | $864.0M |
| Gross Margin | — | — |
| Operating Margin | 39.5% | — |
| Net Margin | 27.4% | 4.1% |
| Revenue YoY | 3.2% | -1.6% |
| Net Profit YoY | 4.6% | -27.2% |
| EPS (diluted) | $2.87 | $1.02 |
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 | $21.2B | ||
| Q4 25 | $6.1B | $24.5B | ||
| Q3 25 | $6.2B | $21.4B | ||
| Q2 25 | $6.2B | $21.2B | ||
| Q1 25 | $6.0B | $21.5B | ||
| Q4 24 | $6.1B | $25.3B | ||
| Q3 24 | $6.1B | $22.2B | ||
| Q2 24 | $6.0B | $21.8B |
| Q1 26 | $1.7B | $864.0M | ||
| Q4 25 | $1.8B | $1.8B | ||
| Q3 25 | $1.8B | $1.3B | ||
| Q2 25 | $1.9B | $1.3B | ||
| Q1 25 | $1.6B | $1.2B | ||
| Q4 24 | $1.8B | $1.7B | ||
| Q3 24 | $1.7B | $1.5B | ||
| Q2 24 | $1.7B | $1.4B |
| Q1 26 | 39.5% | — | ||
| Q4 25 | 39.5% | 10.5% | ||
| Q3 25 | 40.8% | 8.4% | ||
| Q2 25 | 41.0% | 8.6% | ||
| Q1 25 | 39.3% | 7.7% | ||
| Q4 24 | 41.3% | 11.6% | ||
| Q3 24 | 39.7% | 8.9% | ||
| Q2 24 | 40.0% | 8.9% |
| Q1 26 | 27.4% | 4.1% | ||
| Q4 25 | 30.4% | 7.3% | ||
| Q3 25 | 28.6% | 6.1% | ||
| Q2 25 | 30.5% | 6.0% | ||
| Q1 25 | 27.0% | 5.5% | ||
| Q4 24 | 28.8% | 6.8% | ||
| Q3 24 | 27.4% | 6.9% | ||
| Q2 24 | 27.9% | 6.5% |
| Q1 26 | $2.87 | $1.02 | ||
| Q4 25 | $3.12 | $2.10 | ||
| Q3 25 | $3.01 | $1.55 | ||
| Q2 25 | $3.15 | $1.51 | ||
| Q1 25 | $2.70 | $1.40 | ||
| Q4 24 | $2.91 | $2.00 | ||
| Q3 24 | $2.75 | $1.80 | ||
| Q2 24 | $2.74 | $1.65 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $735.0M | $5.8B |
| Total DebtLower is stronger | — | $23.7B |
| Stockholders' EquityBook value | — | — |
| Total Assets | $69.6B | $71.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $735.0M | $5.8B | ||
| Q4 25 | $1.3B | $5.9B | ||
| Q3 25 | $808.0M | $6.8B | ||
| Q2 25 | $1.1B | $6.3B | ||
| Q1 25 | $1.4B | $5.1B | ||
| Q4 24 | $1.0B | $6.3B | ||
| Q3 24 | $947.0M | $6.1B | ||
| Q2 24 | $1.1B | $6.5B |
| Q1 26 | — | $23.7B | ||
| Q4 25 | $30.3B | $23.5B | ||
| Q3 25 | $30.3B | $23.9B | ||
| Q2 25 | $30.3B | $23.8B | ||
| Q1 25 | $30.6B | $19.5B | ||
| Q4 24 | $29.8B | $19.4B | ||
| Q3 24 | $29.8B | $20.3B | ||
| Q2 24 | $31.2B | $20.2B |
| Q1 26 | — | — | ||
| Q4 25 | $18.5B | $16.2B | ||
| Q3 25 | $17.3B | $15.8B | ||
| Q2 25 | $16.3B | $15.8B | ||
| Q1 25 | $16.0B | $15.7B | ||
| Q4 24 | $16.9B | $16.7B | ||
| Q3 24 | $16.6B | $16.9B | ||
| Q2 24 | $16.5B | $17.0B |
| Q1 26 | $69.6B | $71.8B | ||
| Q4 25 | $69.7B | $73.1B | ||
| Q3 25 | $68.6B | $71.4B | ||
| Q2 25 | $68.6B | $70.9B | ||
| Q1 25 | $68.5B | $68.5B | ||
| Q4 24 | $67.7B | $70.1B | ||
| Q3 24 | $67.6B | $68.3B | ||
| Q2 24 | $67.8B | $69.4B |
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 1.45× | ||
| Q3 25 | 1.75× | 1.51× | ||
| Q2 25 | 1.86× | 1.51× | ||
| Q1 25 | 1.91× | 1.25× | ||
| Q4 24 | 1.76× | 1.16× | ||
| Q3 24 | 1.79× | 1.21× | ||
| Q2 24 | 1.89× | 1.19× |
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 | — | — |
| Free Cash FlowOCF − Capex | $631.0M | $1.3B |
| FCF MarginFCF / Revenue | 10.1% | 6.0% |
| Capex IntensityCapex / Revenue | — | 4.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $4.8B | $4.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $3.3B | ||
| Q3 25 | $2.5B | $2.5B | ||
| Q2 25 | $2.3B | $348.0M | ||
| Q1 25 | $2.2B | $2.3B | ||
| Q4 24 | $2.7B | $3.3B | ||
| Q3 24 | $2.7B | $1.5B | ||
| Q2 24 | $1.9B | $2.0B |
| Q1 26 | $631.0M | $1.3B | ||
| Q4 25 | $1.2B | $2.6B | ||
| Q3 25 | $1.6B | $1.5B | ||
| Q2 25 | $1.4B | $-775.0M | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.7B | $2.2B | ||
| Q3 24 | $1.8B | $655.0M | ||
| Q2 24 | $1.0B | $1.1B |
| Q1 26 | 10.1% | 6.0% | ||
| Q4 25 | 20.1% | 10.6% | ||
| Q3 25 | 25.2% | 7.1% | ||
| Q2 25 | 22.7% | -3.7% | ||
| Q1 25 | 21.6% | 6.7% | ||
| Q4 24 | 28.4% | 8.8% | ||
| Q3 24 | 29.9% | 2.9% | ||
| Q2 24 | 16.8% | 4.9% |
| Q1 26 | — | 4.9% | ||
| Q4 25 | 16.4% | 2.9% | ||
| Q3 25 | 15.2% | 4.5% | ||
| Q2 25 | 15.2% | 5.3% | ||
| Q1 25 | 15.0% | 4.1% | ||
| Q4 24 | 15.1% | 4.3% | ||
| Q3 24 | 13.6% | 3.8% | ||
| Q2 24 | 15.0% | 4.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.20× | 1.84× | ||
| Q3 25 | 1.41× | 1.89× | ||
| Q2 25 | 1.24× | 0.27× | ||
| Q1 25 | 1.36× | 1.95× | ||
| Q4 24 | 1.51× | 1.93× | ||
| Q3 24 | 1.59× | 0.97× | ||
| Q2 24 | 1.14× | 1.41× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
UPS
| U.S. Domestic Package | $14.1B | 67% |
| International Package | $4.5B | 21% |
| Supply Chain Solutions | $2.5B | 12% |
