Union Pacific (UNP) Operating Expenses (2009 - 2026)

Union Pacific has disclosed Operating Expenses across 18 years of filings, most recently posting $3.8 billion for Q1 2026.

• Operating Expenses for Q1 2026 came in at $3.8 billion, up 2.82% year-over-year; the trailing twelve-month figure through Mar 2026 was $14.8 billion (up 1.6% YoY), and the FY2025 annual result was $14.7 billion, up 0.87% from the prior year.
• Operating Expenses came in at $3.8 billion for Q1 2026 at Union Pacific, up from $3.7 billion in the prior quarter.
• In the past five years, Operating Expenses ranged from a high of $3.9 billion in Q3 2022 to a low of $3.5 billion in Q1 2022.
• The 5-year median for Operating Expenses is $3.7 billion (2025), against an average of $3.7 billion.
• Across the five-year window, Operating Expenses increased 25.49% in 2022 and retreated 4.3% in 2023, its largest moves.
• Union Pacific's Operating Expenses stood at $3.8 billion in 2022, then fell by 0.42% to $3.8 billion in 2023, then slipped by 4.16% to $3.6 billion in 2024, then grew by 2.45% to $3.7 billion in 2025, then climbed by 2.04% to $3.8 billion in 2026.
• The last three Operating Expenses figures came in at $3.8 billion (Q1 2026), $3.7 billion (Q4 2025), and $3.7 billion (Q3 2025), per Business Quant data.