Western U.S. freight railroad
Union Pacific Corporation
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.
Business categories Rail Transport Operators · Industrial Infrastructure & Heavy Industry · primary
UNP Updated Sep 24, 2026 5 AI consumers· 2 recurring
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).
Financials & Segments
- Total revenue · $24.51 billion (FY2025 operating revenue)
- Segments · Bulk · Industrial · Premium · Other operating revenue
Revenue from
- Martin Marietta Materials, Inc. High confidence
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. - FedEx Medium confidence
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.Confirms EN Union Pacific Published Feb 9, 2026: Union Pacific Delivers Third Consecutive Perfect Peak Season - United Parcel Service Medium confidence
UPS is a major customer using Union Pacific's premium intermodal network for holiday parcel traffic. Customer-specific revenue and volume were not disclosed.Confirms EN Union Pacific Published Feb 9, 2026: Union Pacific Delivers Third Consecutive Perfect Peak Season - CF Industries Holdings, Inc. Medium confidence
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.Confirms EN CF Industries Published Apr 14, 2022: CF Industries: Union Pacific Curtails Fertilizer Shipments, Delaying Deliveries and Preventing New Rail Orders from Being Taken
Pays to
- Wabtec High confidence· Contract value $1.2B · Q4 2025 agreement · Total value of the AC4400 locomotive modernization agreement
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.Confirms EN Union Pacific Published Feb 4, 2026: Union Pacific and Wabtec Sign $1.2B Deal to Modernize Locomotives - Progress Rail High confidence· Count 10 locomotives · 2022 order · Battery-electric locomotives Union Pacific agreed to purchase from Progress Rail
Union Pacific agreed to purchase 10 battery-electric locomotives from Caterpillar subsidiary Progress Rail. The contract value was not disclosed.Confirms EN Caterpillar Published Jan 28, 2022: Caterpillar to Supply Locomotives to Union Pacific Railroad, Supporting Investment in World's Largest Battery-Electric Locomotive Fleet - Martin Marietta Materials, Inc. Medium confidence
Union Pacific receives railroad ballast from Martin Marietta and describes the company as its largest ballast supplier, but does not disclose the transaction value. - Vulcan Materials Company Medium confidence
Union Pacific lists Vulcan Materials' Table Mountain, California, and Knippa, Texas, operations as approved railroad ballast suppliers, with the transaction value undisclosed.Confirms EN Union Pacific Railroad Published Aug 11, 2026: Approved Trackwork Suppliers, Misc. Dwg. 6003G
Investments
- Norfolk Southern High confidence· Amount $20B · pending acquisition · Expected cash consideration for the pending acquisition of Norfolk Southern
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.Confirms EN U.S. Department of Agriculture, Agricultural Marketing Service Published Feb 12, 2026: Grain Transportation Report: STB Update on the Proposed Union Pacific-Norfolk Southern MergerConfirms KO Alpha Economy Published Sep 15, 2025: Union Pacific Presses Ahead with Norfolk Southern Acquisition as Trump Signals Support
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| W. W. Grainger | lead2 | +28.8 | +8.7 | +50.5 | +28.2 | -3.4 | +32 |
| Williams-Sonoma, Inc. | lead2 | +68.6 | -30.5 | +80.2 | +86.6 | -2.1 | +28.7 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Mitsui & Co. | lead2 | +52.6 | +39.2 | +63.5 | +5.2 | +68.3 | -2.9 |
| AutoZone | lead2 | +76.8 | +17.6 | +4.8 | +23.8 | +5.9 | -12 |
| CF Industries Holdings, Inc. | lead1 | +87.2 | +22.3 | -4.7 | +10.1 | -7.2 | +74.9 |
| FedEx | lead1 | +0.7 | -31.6 | +49.1 | +13.5 | +5.1 | +39.6 |
| United Parcel Service, Inc. | lead1 | +30 | -16.2 | -6 | -15.9 | -15.9 | +8 |
| Martin Marietta Materials, Inc. | lead1 | +56.1 | -22.7 | +48.6 | +4.1 | +21.3 | -17 |
| Union Pacific Corporation | node | +23.3 | -15.9 | +21.6 | -5.1 | +3.9 | +22.1 |
| Wabtec Corporation | benef1 | +26.5 | +9.1 | +28 | +50.1 | +13.2 | +34.2 |
| Norfolk Southern | benef1 | +27.3 | -15.6 | -1.6 | +1.6 | +25.6 | +15.6 |
| Vulcan Materials Company | benef1 | +41.1 | -14.9 | +30.8 | +14.1 | +11.7 | -7.4 |
| Martin Marietta Materials, Inc. | benef1 | +56.1 | -22.7 | +48.6 | +4.1 | +21.3 | -17 |
| Caterpillar | benef2 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +40.6 |
| Komatsu | benef2 | +0.5 | +17.4 | +40.1 | +16.4 | +30.5 | +28.3 |
YTD as of 2026-10-09 · source: Yahoo Finance
Union Pacific Corporation operates across Western U.S. freight railroad. 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 generated from returns as of 2026-09-04← All companiesMarkdown · JSON · Customers · Suppliers · Ripple