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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.86B | $6.22B | $6.09B | $6.24B | $6.15B | $6.03B | $6.12B | $6.09B |
| Cost of revenue | $709.00M | $673.00M | $2.63B | $0 | $642.00M | $631.00M | $2.52B | $0 |
| Gross profit | $6.16B | $5.54B | $3.46B | $6.24B | $5.51B | $5.40B | $3.60B | $6.09B |
| Gross margin | 89.7% | 89.2% | 56.8% | 100.0% | 89.6% | 89.5% | 58.8% | 100.0% |
| Selling, general and administrative | $1.24B | $1.23B | $1.22B | $1.21B | $1.25B | $1.21B | $1.26B | $1.23B |
| Operating expenses | $3.39B | $3.09B | $1.06B | $3.70B | $2.99B | $3.03B | $1.08B | $3.68B |
| Operating income | $2.76B | $2.46B | $2.40B | $2.55B | $2.53B | $2.37B | $2.53B | $2.42B |
| Operating margin | 40.3% | 39.5% | 39.5% | 40.8% | 41.0% | 39.3% | 41.3% | 39.7% |
| EBITDA | $3.40B | $3.09B | $3.03B | $3.17B | $3.14B | $2.98B | $3.13B | $3.02B |
| Interest expense | −$313.00M | −$320.00M | −$325.00M | −$327.00M | −$335.00M | −$322.00M | −$312.00M | −$314.00M |
| Income before taxes | $2.56B | $2.23B | $2.41B | $2.32B | $2.31B | $2.13B | $2.28B | $2.19B |
| Income taxes | $562.00M | $528.00M | $560.00M | $530.00M | $437.00M | $501.00M | $519.00M | $518.00M |
| Net income | $1.99B | $1.70B | $1.85B | $1.79B | $1.88B | $1.63B | $1.76B | $1.67B |
| Net margin | 29.0% | 27.4% | 30.4% | 28.6% | 30.5% | 27.0% | 28.8% | 27.4% |
| EPS, basic | $3.36 | $2.87 | $3.12 | $3.02 | $3.16 | $2.71 | $2.92 | $2.75 |
| EPS, diluted | $3.36 | $2.87 | $3.11 | $3.01 | $3.15 | $2.70 | $2.91 | $2.75 |
| Diluted shares | 594.00M | 593.60M | 593.70M | 593.20M | 594.80M | 601.90M | 605.30M | 608.60M |
Figures describe Union Pacific shares, not any token. As of Jul 23, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.