CSX vs Union Pacific
Union Pacific reported revenue of $24.5 billion in fiscal 2025, 1.7 times CSX's $14.1 billion in fiscal 2025. CSX's revenue fell 3.1% in its latest year, and Union Pacific's grew 1.1%. CSX had an operating margin of 32.1%, against 40.2% at Union Pacific. Free cash flow was $1.7 billion at CSX and $5.5 billion at Union Pacific.
Side by side
| CSX | Union Pacific | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $14.1B | $24.5B |
| Revenue growth | −3.1% | 1.1% |
| Revenue growth a year, last 5 years | 5.9% | 4.6% |
| Gross margin | — | — |
| Operating margin | 32.1% | 40.2% |
| Net margin | 20.5% | 29.1% |
| Free cash flow | $1.7B | $5.5B |
| Free cash flow margin | 12.1% | 22.4% |
| Return on capital | 11.3% | 15.9% |
| Net debt to EBITDA | 2.9x | 2.5x |
| Dividends and buybacks | $2.4B | $5.9B |
| Change in diluted share count | −3.6% | −2.1% |
| Last close | $51.31 | $296.97 |
| P/E at the last close | 26.7× | 23.1× |
| Insider trades, last 12 months | bought $1.0 million, sold $16.6 million | sold $9.3 million |
| Piotroski F-score | 4 of 8 | 7 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CSXUnion Pacific
Operating margin
Percent of revenue
CSXUnion Pacific
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CSXUnion Pacific
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the CSX and Union Pacific pages.