{"slug":"union-pacific","name":"유니언 퍼시픽","name_en":"Union Pacific Corporation","ticker":"UNP","updated_at":"2026-09-24T12:56:00.739532+00:00","canonical":"https://valuechain.wiki/union-pacific","citable":"밸류체인 그래프 기준 유니언 퍼시픽의 직접 연결 기업은 7곳(관계 기준 공급 3·매출 4·투자 1)이고, 사슬을 2차까지 넓히면 14곳에 닿는다. 링크의 근거 출처는 10건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-09-24 기준).","citable_en":"Per the valuechain.wiki graph, Union Pacific Corporation is directly linked to 7 companies (3 supply, 4 revenue, 1 investment relationships) and reaches 14 companies within two hops; the links are backed by 10 dated sources, 2 of them primary filings (as of 2026-09-24).","kicker":"미 서부 화물철도","kicker_en":"Western U.S. freight railroad","lead":"유니언 퍼시픽은 미국 서부 3분의 2에서 화물을 운송해 운임을 받는 단일 철도 네트워크 사업자다. 2025년 영업수익은 245억 1,000만 달러였고, 주요 지출은 인력과 운영, 연료, 장비 임차와 선로·기관차 투자다. 웹텍과 Progress Rail에 기관차 현대화·구매 비용을 지급하며, 노퍽 서던 인수는 규제 승인 대기 중이다.","lead_en":"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.","categories":[{"key":"rail-transport-operators","ko":"철도 운송 운영","en":"Rail Transport Operators","theme":"industrial-infrastructure","theme_ko":"산업 인프라·중공업","theme_en":"Industrial Infrastructure & Heavy Industry","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"벌크","note":"FY2025 화물수익 75억 8,600만 달러"},{"name":"산업","note":"FY2025 화물수익 86억 400만 달러"},{"name":"프리미엄","note":"FY2025 화물수익 70억 3,000만 달러"},{"name":"기타 영업수익","note":"자회사·부대·기타 수익 합계 12억 9,000만 달러"}],"total":"245억 1,000만 달러 (FY2025 영업수익)","track":"C"},"segments_en":{"parts":[{"name":"Bulk","note":"$7.586 billion in FY2025 freight revenue"},{"name":"Industrial","note":"$8.604 billion in FY2025 freight revenue"},{"name":"Premium","note":"$7.030 billion in FY2025 freight revenue"},{"name":"Other operating revenue","note":"$1.290 billion from subsidiary, 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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_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"노퍽 서던","counterparty_slug":"norfolk-southern","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-06","basis":"노퍽 서던 인수에 지급할 것으로 예상되는 현금 대가","value":20000000000,"period":"pending acquisition","basis_en":"Expected cash consideration for the pending acquisition of Norfolk Southern","qualifier":"pending_regulatory_approval"},"note":"유니언 퍼시픽은 2025년 7월 28일 노퍽 서던 인수 합병계약을 체결했다. 현금 약 200억 달러와 유니언 퍼시픽 신주 약 2억 2,480만 주를 지급할 예정이지만 거래는 아직 규제 승인 대기 중이다.","note_en":"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.","sources":[{"stance":"confirms","publisher":"미국 농무부 농업마케팅국","publisher_en":"U.S. Department of Agriculture, Agricultural Marketing Service","kind":"research","lang":"en","published_at":"2026-02-12","url":"https://www.ams.usda.gov/sites/default/files/media/GTR02122026.pdf","title":"곡물 운송 보고서: 유니언 퍼시픽·노퍽 서던 합병 업데이트","title_en":"Grain Transportation Report: STB Update on the Proposed Union Pacific-Norfolk Southern Merger","excerpt":"850억 달러 규모의 합병은 지상교통위원회 승인을 기다리고 있다.","excerpt_en":"the $85 billion merger is pending approval by the Surface Transportation Board"},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/100885/000010088526000037/unp-20251231.htm","title":"유니언 퍼시픽 2025 회계연도 10-K","title_en":"UNION PACIFIC CORP 10-K (2026-02-06)","excerpt":"유니언 퍼시픽과 노퍽 서던은 합병계약을 체결했다.","excerpt_en":"entered into an agreement and plan of merger"},{"stance":"confirms","publisher":"알파경제","publisher_en":"Alpha Economy","kind":"news","lang":"ko","published_at":"2025-09-15","url":"https://kr.investing.com/news/stock-market-news/article-1631248","title":"유니언 퍼시픽, 노퍽서던 인수 추진 박차…트럼프 합병 지지 시사","title_en":"Union Pacific Presses Ahead with Norfolk Southern Acquisition as Trump Signals Support","excerpt":"인수 규모는 약 720억 달러(약 99조 원)에 달한다.","excerpt_en":"The acquisition is valued at approximately $72 billion, or about KRW 99 trillion."}]},{"direction":"cost","counterparty":"웹텍","counterparty_slug":"wabtec","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2026-02-04","basis":"AC4400 기관차 현대화 계약 총액","value":1200000000,"period":"Q4 2025 agreement","basis_en":"Total value of the AC4400 locomotive modernization agreement","qualifier":null},"note":"유니언 퍼시픽은 웹텍과 AC4400 기관차 현대화 계약을 체결했다. 계약은 2025년 4분기에 체결됐고 납품은 2027년 시작될 예정이다.","note_en":"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.","sources":[{"stance":"confirms","publisher":"유니언 퍼시픽","publisher_en":"Union Pacific","kind":"ir","lang":"en","published_at":"2026-02-04","url":"https://www.up.com/press-releases/service/wabtec-modernize-locomotives-260204","title":"유니언 퍼시픽과 웹텍, 12억 달러 기관차 현대화 계약 체결","title_en":"Union Pacific and Wabtec Sign $1.2B Deal to Modernize Locomotives","excerpt":"양사는 총 12억 달러 규모의 기관차 현대화 계약을 체결했다.","excerpt_en":"signed a landmark agreement totaling $1.2 billion"}]},{"direction":"cost","counterparty":"Progress Rail","counterparty_slug":null,"confidence":"high","metric":{"type":"count","unit":"locomotives","as_of":"2022-01-28","basis":"Progress Rail에서 구매하기로 한 배터리 전기 기관차 수","value":10,"period":"2022 order","basis_en":"Battery-electric locomotives Union Pacific agreed to purchase from Progress Rail","qualifier":null},"note":"유니언 퍼시픽은 캐터필러 자회사 Progress Rail에서 배터리 전기 기관차 10대를 구매하기로 했다. 계약금액은 공개되지 않았다.","note_en":"Union Pacific agreed to purchase 10 battery-electric locomotives from Caterpillar subsidiary Progress Rail. The contract value was not disclosed.","sources":[{"stance":"confirms","publisher":"캐터필러","publisher_en":"Caterpillar","kind":"ir","lang":"en","published_at":"2022-01-28","url":"https://www.caterpillar.com/en/news/corporate-press-releases/h/caterpillar-supply-locomotives-union-pacific.html","title":"캐터필러, 유니언 퍼시픽 철도에 기관차 공급","title_en":"Caterpillar to Supply Locomotives to Union Pacific Railroad, Supporting Investment in World's Largest Battery-Electric Locomotive Fleet","excerpt":"유니언 퍼시픽은 Progress Rail에서 배터리 전기 기관차 10대를 구매한다.","excerpt_en":"Union Pacific Railroad will purchase 10 battery-electric locomotives from Progress Rail"}]},{"direction":"revenue","counterparty":"마틴 마리에타 머티리얼스","counterparty_slug":"martin-marietta-materials","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-19","basis":"유니언 퍼시픽 철도 운송 및 물류 비용","value":null,"period":"FY2025","basis_en":"Rail transportation and logistics spending with Union Pacific","qualifier":"confirmed_no_disclosed_value"},"note":"유니언 퍼시픽은 텍사스 채석장의 골재를 남부 텍사스와 휴스턴 유통 야드로 운송하는 핵심 철도 물류사이며, 10-K는 철도 운송 계약과 철도 운영 의존이 비용과 운영에 직접 영향을 준다고 밝힌다.","note_en":"Union Pacific is a core rail carrier moving Texas quarry output to distribution yards in South Texas and Houston, and the 10-K says rail operations and negotiated shipping contracts directly affect costs and operations.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/916076/000119312526059193/mlm-20251231.htm","title":"MARTIN MARIETTA MATERIALS INC 10-K (2026-02-19)","title_en":"MARTIN MARIETTA MATERIALS INC 10-K (2026-02-19)","excerpt":"회사의 철도 출하는 철도 운영에 대한 지속적인 의존을 낳는다.","excerpt_en":"rail shipments result in continued reliance on railroad operations"},{"stance":"confirms","publisher":"유니언 퍼시픽","publisher_en":"Union Pacific","kind":"news","lang":"en","published_at":"2016-09-16","url":"https://www.up.com/aboutup/community/inside_track/martin-marietta-9-16-2016.htm","title":"Feeding the Stone-Starved Beast","title_en":"Feeding the Stone-Starved Beast","excerpt":"마틴 마리에타는 유니언 퍼시픽의 대형 물량 고객 중 하나다.","excerpt_en":"Martin Marietta is one of Union Pacific's largest volume customers."}]},{"direction":"revenue","counterparty":"페덱스","counterparty_slug":"fedex","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-02-09","basis":"FedEx에서 발생한 프리미엄 인터모달 운임수익","value":null,"period":"FY2025 peak season","basis_en":"Premium intermodal freight revenue attributable to FedEx","qualifier":"confirmed_no_disclosed_value"},"note":"FedEx는 2025년 연말 성수기에 유니언 퍼시픽 이용을 늘린 프리미엄 인터모달 고객이다. 상대별 운임수익과 물량은 공개되지 않았다.","note_en":"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.","sources":[{"stance":"confirms","publisher":"유니언 퍼시픽","publisher_en":"Union Pacific","kind":"ir","lang":"en","published_at":"2026-02-09","url":"https://www.up.com/news/service/union-pacific-perfect-peak-season-260209","title":"유니언 퍼시픽, 3년 연속 완벽한 성수기 운송 달성","title_en":"Union Pacific Delivers Third Consecutive Perfect Peak Season","excerpt":"유니언 퍼시픽은 UPS와 FedEx의 성수기 물량을 운송했다.","excerpt_en":"Alongside UPS, FedEx increased its presence on Union Pacific"}]},{"direction":"revenue","counterparty":"United Parcel Service","counterparty_slug":"united-parcel-service","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-02-09","basis":"UPS에서 발생한 프리미엄 인터모달 운임수익","value":null,"period":"FY2025 peak season","basis_en":"Premium intermodal freight revenue attributable to UPS","qualifier":"confirmed_no_disclosed_value"},"note":"UPS는 연말 성수기에 유니언 퍼시픽의 프리미엄 인터모달 망으로 소포를 운송하는 주요 고객이다. 상대별 운임수익과 물량은 공개되지 않았다.","note_en":"UPS is a major customer using Union Pacific's premium intermodal network for holiday parcel traffic. Customer-specific revenue and volume were not disclosed.","sources":[{"stance":"confirms","publisher":"유니언 퍼시픽","publisher_en":"Union Pacific","kind":"ir","lang":"en","published_at":"2026-02-09","url":"https://www.up.com/news/service/union-pacific-perfect-peak-season-260209","title":"유니언 퍼시픽, 3년 연속 완벽한 성수기 운송 달성","title_en":"Union Pacific Delivers Third Consecutive Perfect Peak Season","excerpt":"유니언 퍼시픽은 UPS와 FedEx의 성수기 물량을 운송했다.","excerpt_en":"Alongside UPS, FedEx increased its presence on Union Pacific"}]},{"direction":"cost","counterparty":"마틴 마리에타 머티리얼스","counterparty_slug":"martin-marietta-materials","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2016-09-16","basis":"유니언 퍼시픽 대상 철도 밸러스트 매출액","value":null,"period":"ongoing relationship","basis_en":"Railroad ballast revenue from Union Pacific","qualifier":"confirmed_no_disclosed_value"},"note":"유니언 퍼시픽은 마틴 마리에타 머티리얼스로부터 철도 선로용 밸러스트를 공급받고 이 회사를 자사의 최대 밸러스트 공급사로 설명했지만, 거래액은 공개하지 않았다.","note_en":"Union Pacific receives railroad ballast from Martin Marietta and describes the company as its largest ballast supplier, but does not disclose the transaction value.","sources":[{"stance":"confirms","publisher":"유니언 퍼시픽","publisher_en":"Union Pacific","kind":"news","lang":"en","published_at":"2016-09-16","url":"https://www.up.com/aboutup/community/inside_track/martin-marietta-9-16-2016.htm","title":"Feeding the Stone-Starved Beast","title_en":"Feeding the Stone-Starved Beast","excerpt":"유니언 퍼시픽은 마틴 마리에타를 자사의 최대 철도 밸러스트 공급사로 설명했다.","excerpt_en":"Martin Marietta also is Union Pacific's largest supplier of ballast."}]},{"direction":"cost","counterparty":"벌컨 머티리얼스","counterparty_slug":"vulcan-materials-company","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-08-11","basis":"유니언 퍼시픽 대상 철도 밸러스트 매출액","value":null,"period":"ongoing relationship","basis_en":"Railroad ballast revenue from Union Pacific","qualifier":"confirmed_no_disclosed_value"},"note":"유니언 퍼시픽은 벌컨 머티리얼스의 캘리포니아 Table Mountain과 텍사스 Knippa 사업장을 철도 밸러스트 승인 공급처로 등재했으며, 거래액은 공개되지 않았다.","note_en":"Union Pacific lists Vulcan Materials' Table Mountain, California, and Knippa, Texas, operations as approved railroad ballast suppliers, with the transaction value undisclosed.","sources":[{"stance":"confirms","publisher":"유니언 퍼시픽 철도","publisher_en":"Union Pacific Railroad","kind":"ir","lang":"en","published_at":"2026-08-11","url":"https://www.up.com/emp/engineering/mapcontent/standards/track%20standard%20drawings/WHATS_NEW.pdf","title":"Approved Trackwork Suppliers, Misc. Dwg. 6003G","title_en":"Approved Trackwork Suppliers, Misc. Dwg. 6003G","excerpt":"승인 밸러스트 공급사 목록에 벌컨 머티리얼스의 Knippa 사업장이 포함됐다.","excerpt_en":"VULCAN MATERIALS CO. - KNIPPA"}]},{"direction":"revenue","counterparty":"CF 인더스트리스","counterparty_slug":"cf-industries","confidence":"mid","metric":{"type":"contract_value","unit":"USD","as_of":"2022-04-14","basis":"유니언 퍼시픽 철도 운송 관계의 공개 계약금액","value":null,"period":"relationship confirmed 2022","basis_en":"Disclosed contract value for Union Pacific rail transportation","qualifier":"confirmed_no_disclosed_value"},"note":"유니언 퍼시픽은 CF의 Donaldsonville·Port Neal 생산기지에서 질소비료를 주요 농업 지역으로 운송하며, 운송비나 계약금액은 공개되지 않았다.","note_en":"Union Pacific Corporation carries CF nitrogen fertilizer from the Donaldsonville and Port Neal complexes into major agricultural regions, while freight charges and contract value are not disclosed.","sources":[{"stance":"confirms","publisher":"CF 인더스트리스","publisher_en":"CF Industries","kind":"ir","lang":"en","published_at":"2022-04-14","url":"https://www.cfindustries.com/newsroom/2022/union-pacific-shipping-restrictions","title":"유니언 퍼시픽의 비료 운송 제한으로 배송 지연과 신규 철도 주문 중단","title_en":"CF Industries: Union Pacific Curtails Fertilizer Shipments, Delaying Deliveries and Preventing New Rail Orders from Being Taken","excerpt":"CF는 유니언 퍼시픽 철도로 고객에게 제품을 운송한다고 밝혔다.","excerpt_en":"CF Industries ships to customers via Union Pacific rail lines"}]}]}