UNP Payout Ratio: current value, 10-year range and year-by-year history
Cash & Leverage
Payout Ratio History
UNP Payout Ratio by year
Yearly range of UNP’s payout ratio from 2016 to 2026. Over the full period it ranged from 41.0% to 66.6%, averaging 51.6%.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 50.4% | 53.8% | 57.1% | 50.4% |
| 2025 | 50.9% | 54.4% | 58.7% | 58.7% |
| 2024 | 54.5% | 60.2% | 65.4% | 54.5% |
| 2023 | 57.9% | 62.4% | 66.6% | 66.4% |
| 2022 | 47.0% | 51.6% | 54.3% | 54.3% |
| 2021 | 41.0% | 44.2% | 45.7% | 45.2% |
| 2020 | 46.6% | 48.6% | 51.6% | 46.6% |
| 2019 | 42.3% | 46.7% | 49.9% | 49.9% |
| 2018 | 42.7% | 46.2% | 51.9% | 42.7% |
| 2017 | 46.2% | 48.9% | 52.2% | 48.9% |
| 2016 | 46.1% | 51.2% | 56.2% | 46.1% |
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What fraction of free cash flow is paid out as dividends. More reliable than the earnings-based payout ratio because cash is harder to manipulate through accounting choices. Low ratio = room to grow the dividend and absorb an earnings dip. High ratio = dividend is consuming most of the cash generated.
TTM Dividends Per Share / (TTM FCF ÷ Shares) × 100%A steadily rising FCF payout ratio warrants scrutiny only if FCF itself is flat or falling — that means the company is paying out a larger slice of shrinking cash. A high but stable ratio in a capital-light business (e.g. consumer staples) can be perfectly sustainable.
- FCF can be lumpy: large one-off capex or working-capital swings distort a single year. Look at the multi-year trend rather than any single data point.
- Utilities and REITs naturally sustain 60–90% FCF payout ratios; industrials and tech companies typically run 20–50%. Always compare to sector context.
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