UNION PACIFIC CORP Earnings Per Share Disclosure
| Millions, except per share amounts | 2025 | 2024 | 2023 | ||||||||
| Net income | $ | 7,138 | $ | 6,747 | $ | 6,379 | |||||
| Weighted-average number of shares outstanding: | |||||||||||
| Basic | 595.0 | 607.6 | 609.2 | ||||||||
| Dilutive effect of stock options | 0.3 | 0.4 | 0.4 | ||||||||
| Dilutive effect of retention awards | 0.6 | 0.6 | 0.6 | ||||||||
| Diluted | 595.9 | 608.6 | 610.2 | ||||||||
| Earnings per share - basic | $ | 12.00 | $ | 11.10 | $ | 10.47 | |||||
| Earnings per share - diluted | $ | 11.98 | $ | 11.09 | $ | 10.45 | |||||
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About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.