UNION PAC CORP UNP
COM · Common Stock · CUSIP 907818108 · ISIN US9078181081
American railroad company
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($439.8m this quarter). Holder counts are more reliable. Shares outstanding: 593.4m as of 2026-01-30, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $231.35. Options: 49 managers hold calls ($1.4bn notional), 40 hold puts ($622.3m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 2,329 |
| Q4 2022 | 2,420 |
| Q1 2023 | 2,379 |
| Q2 2023 | 2,417 |
| Q3 2023 | 2,403 |
| Q4 2023 | 2,581 |
| Q1 2024 | 2,617 |
| Q2 2024 | 2,574 |
| Q3 2024 | 2,616 |
| Q4 2024 | 2,701 |
| Q1 2025 | 2,703 |
| Q2 2025 | 2,671 |
| Q3 2025 | 2,655 |
| Q4 2025 | 2,743 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 1,097 | 1,162 |
| Q2 2024 | 1,131 | 1,143 |
| Q3 2024 | 1,168 | 1,084 |
| Q4 2024 | 1,088 | 1,168 |
| Q1 2025 | 1,171 | 1,215 |
| Q2 2025 | 1,062 | 1,345 |
| Q3 2025 | 1,135 | 1,208 |
| Q4 2025 | 1,127 | 1,195 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $1.3bn | $883.5m | 0.67 |
| Q2 2025 | $1.4bn | $894.9m | 0.62 |
| Q3 2025 | $1.7bn | $1.1bn | 0.64 |
| Q4 2025 | $1.4bn | $622.3m | 0.44 |
Biggest buyers
| Capital World Investors | Added | +9.7m |
| Capital Research Global Investors | Added | +2.3m |
| HARRIS ASSOCIATES L P | Added | +2.2m |
| CANADA PENSION PLAN INVESTMENT BOARD | Added | +1.9m |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | Added | +1.7m |
| HSBC HOLDINGS PLC | Added | +1.2m |
| STATE STREET CORP | Added | +1.1m |
| Third Point LLC | Added | +935.0k |
| EdgePoint Investment Group Inc. | Added | +917.3k |
| Corient Private Wealth LP | Added | +708.1k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -10.3m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Reduced | -5.3m |
| Amundi | Reduced | -2.0m |
| Assenagon Asset Management S.A. | Reduced | -1.5m |
| WELLINGTON MANAGEMENT GROUP LLP | Reduced | -1.1m |
| Interval Partners, LP | Sold out | -936.0k |
| Point72 Asset Management, L.P. | Reduced | -893.3k |
| Slate Path Capital LP | Reduced | -881.4k |
| PRUDENTIAL FINANCIAL INC | Reduced | -839.4k |
| Balyasny Asset Management L.P. | Reduced | -830.6k |
Biggest calls
| TOMS Capital Investment Management LP | Added | $310.0m1.3m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $201.6m871.5k shares |
| CITADEL ADVISORS LLC | Added | $173.1m748.4k shares |
| Corvex Management LP | Unchanged | $115.7m500.0k shares |
| GOLDMAN SACHS GROUP INC | Added | $109.8m474.8k shares |
| JANE STREET GROUP, LLC | Reduced | $101.3m437.9k shares |
| IMC-Chicago, LLC | Reduced | $72.5m313.5k shares |
| UBS Group AG | Added | $56.7m245.2k shares |
| SIMPLEX TRADING, LLC | Reduced | $30.5m131.7k shares |
| Twin Tree Management, LP | Reduced | $26.7m115.5k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $174.9m756.1k shares |
| CITADEL ADVISORS LLC | Added | $62.8m271.6k shares |
| UBS Group AG | Added | $61.1m264.2k shares |
| IMC-Chicago, LLC | Reduced | $55.1m238.3k shares |
| Walleye Trading LLC | Reduced | $30.2m130.5k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $25.3m109.4k shares |
| HSBC HOLDINGS PLC | Reduced | $24.4m105.2k shares |
| Qube Research & Technologies Ltd | Added | $17.9m77.5k shares |
| SIMPLEX TRADING, LLC | Reduced | $15.9m68.6k shares |
| JANE STREET GROUP, LLC | Reduced | $15.5m66.9k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 7.5% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2024 | 0 | — | 1 | $1.9m | $1.9m |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 1 | $875.9k | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 2 | $3.5m | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.20% of their portfolio | 59.3m $13.7bn | Added +659.4k |
| BlackRock, Inc. 0.19% of their portfolio | 49.2m $11.4bn | Added +594.1k |
| STATE STREET CORP 0.20% of their portfolio | 26.3m $6.1bn | Added +1.1m |
| Capital World Investors 0.63% of their portfolio | 20.1m $4.7bn | Added +9.7m |
| GEODE CAPITAL MANAGEMENT, LLC 0.22% of their portfolio | 15.4m $3.6bn | Added +296.8k |
| MORGAN STANLEY 0.17% of their portfolio | 12.6m $2.9bn | Added +602.6k |
| BANK OF AMERICA CORP /DE/ 0.21% of their portfolio | 12.4m $2.9bn | Added +390.6k |
| JPMORGAN CHASE & CO 0.18% of their portfolio | 11.5m $2.7bn | Reduced -10.3m |
| Capital Research Global Investors 0.47% of their portfolio | 11.0m $2.5bn | Added +2.3m |
| NORGES BANK 0.19% of their portfolio | 7.7m $1.8bn | Not comparable |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.57% of their portfolio | 7.6m $1.8bn | Reduced -400.5k |
| FRANKLIN RESOURCES INC 0.41% of their portfolio | 7.2m $1.7bn | Added +34.1k |
| Invesco Ltd. 0.15% of their portfolio | 6.9m $1.6bn | Added +334.4k |
| NORTHERN TRUST CORP 0.20% of their portfolio | 6.8m $1.6bn | Reduced -103.8k |
| Fisher Asset Management, LLC 0.51% of their portfolio | 6.4m $1.5bn | Added +2.6k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.94% of their portfolio | 6.1m $1.4bn | Added +1.9m |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 1.14% of their portfolio | 5.6m $1.3bn | Added +1.7m |
| AMERIPRISE FINANCIAL INC 0.27% of their portfolio | 5.1m $1.2bn | Reduced -308.0k |
| UBS Group AG 0.23% of their portfolio | 5.0m $1.1bn | Added +281.1k |
| Nuveen, LLC 0.28% of their portfolio | 4.6m $1.1bn | Added +357.4k |
| ROYAL BANK OF CANADA 0.19% of their portfolio | 4.6m $1.1bn | Added +292.0k |
| Legal & General Group Plc 0.23% of their portfolio | 4.5m $1.0bn | Reduced -126.0k |
| Capital International Investors 0.15% of their portfolio | 4.2m $963.8m | Added +518.4k |
| RAYMOND JAMES FINANCIAL INC 0.30% of their portfolio | 4.1m $958.9m | Reduced -37.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.19% of their portfolio | 3.9m $903.6m | Reduced -5.3m |
| DEUTSCHE BANK AG\ 0.29% of their portfolio | 3.8m $889.2m | Added +174.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.14% of their portfolio | 3.8m $871.9m | Added +53.8k |
| Bank of New York Mellon Corp 0.15% of their portfolio | 3.7m $865.2m | Reduced -703.5k |
| GOLDMAN SACHS GROUP INC 0.12% of their portfolio | 3.7m $860.9m | Reduced -44.3k |
| DIMENSIONAL FUND ADVISORS LP 0.18% of their portfolio | 3.7m $852.3m | Reduced -9.4k |
| HARRIS ASSOCIATES L P 1.07% of their portfolio | 3.7m $845.8m | Added +2.2m |
| Clearbridge Investments, LLC 0.64% of their portfolio | 3.5m $803.3m | Added +66.4k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.08% of their portfolio | 3.3m $763.6m | Reduced -407.9k |
| WELLS FARGO & COMPANY/MN 0.15% of their portfolio | 3.3m $753.5m | Added +107.0k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.44% of their portfolio | 3.2m $748.7m | Reduced -118.3k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.55% of their portfolio | 3.0m $698.1m | Unchanged |
| EdgePoint Investment Group Inc. 5.03% of their portfolio | 2.6m $612.1m | Added +917.3k |
| HSBC HOLDINGS PLC 0.16% of their portfolio | 2.5m $572.2m | Added +1.2m |
| STIFEL FINANCIAL CORP 0.46% of their portfolio | 2.2m $510.3m | Reduced -54.5k |
| FMR LLC 0.02% of their portfolio | 2.0m $471.8m | Reduced -540.3k |
| Baird Financial Group, Inc. 0.72% of their portfolio | 2.0m $461.2m | Added +56.1k |
| NEUBERGER BERMAN GROUP LLC 0.33% of their portfolio | 1.9m $441.3m | Added +6.9k |
| Amundi 0.12% of their portfolio | 1.9m $436.7m | Reduced -2.0m |
| ALLIANCEBERNSTEIN L.P. 0.14% of their portfolio | 1.9m $431.0m | Reduced -479.2k |
| Third Point LLC 5.76% of their portfolio | 1.8m $418.7m | Added +935.0k |
| CIBC Private Wealth Group LLC 0.69% of their portfolio | 1.8m $409.4m | Reduced -25.7k |
| ENVESTNET ASSET MANAGEMENT INC 0.12% of their portfolio | 1.7m $401.7m | Added +30.9k |
| JANUS HENDERSON GROUP PLC 0.17% of their portfolio | 1.7m $383.7m | Added +272.4k |
| BAUPOST GROUP LLC/MA 7.13% of their portfolio | 1.6m $376.4m | Added +131.1k |
| Swiss National Bank 0.22% of their portfolio | 1.6m $376.0m | Reduced -96.9k |
| VOYA INVESTMENT MANAGEMENT LLC 0.35% of their portfolio | 1.6m $359.8m | Added +6.5k |
| Diamond Hill Capital Management, LLC (Investment Advisor) 1.83% of their portfolio | 1.5m $357.3m | Reduced -174.9k |
| TWO SIGMA ADVISERS, LP 0.65% of their portfolio | 1.4m $334.6m | Reduced -136.2k |
| Sumitomo Mitsui Trust Group, Inc. 0.19% of their portfolio | 1.4m $319.6m | Reduced -66.1k |
| LPL Financial LLC 0.09% of their portfolio | 1.4m $317.3m | Added +49.9k |
| California Public Employees Retirement System 0.18% of their portfolio | 1.4m $313.6m | Added +1.4k |
| National Pension Service 0.23% of their portfolio | 1.3m $304.5m | Added +15.8k |
| MAVERICK CAPITAL LTD 3.26% of their portfolio | 1.3m $303.8m | Added +197.6k |
| COHEN & STEERS, INC. 0.55% of their portfolio | 1.3m $302.6m | Added +35.4k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.20% of their portfolio | 1.2m $289.9m | Added +58.9k |
| PNC Financial Services Group, Inc. 0.16% of their portfolio | 1.2m $287.7m | Reduced -31.8k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.43% of their portfolio | 1.2m $286.5m | Added +19.0k |
| Mitsubishi UFJ Trust & Banking Corp 0.68% of their portfolio | 1.2m $285.2m | Added +466.9k |
| MACKENZIE FINANCIAL CORP 0.32% of their portfolio | 1.2m $272.4m | Reduced -78.0k |
| Corient Private Wealth LP 0.16% of their portfolio | 1.2m $240.8m | Added +708.1k |
| Cercano Management LLC 9.86% of their portfolio | 1.1m $260.6m | Added +24.5k |
| RHUMBLINE ADVISERS 0.21% of their portfolio | 1.1m $256.1m | Reduced -18.0k |
| PINEBRIDGE INVESTMENTS LLC 1.85% of their portfolio | 1.1m $251.3m | First filing |
| AMERICAN CENTURY COMPANIES INC 0.13% of their portfolio | 1.1m $251.0m | Added +78.2k |
| BANK OF MONTREAL /CAN/ 0.10% of their portfolio | 1.1m $243.0m | Reduced -4.7k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.20% of their portfolio | 1.0m $241.3m | Reduced -69.1k |
| Soroban Capital Partners LP 1.77% of their portfolio | 1.0m $241.8m | Unchanged |
| TRUIST FINANCIAL CORP 0.31% of their portfolio | 1.0m $235.0m | Added +30.1k |
| BARCLAYS PLC 0.09% of their portfolio | 986.6k $228.2m | Reduced -74.0k |
| FIRST TRUST ADVISORS LP 0.16% of their portfolio | 980.8k $226.9m | Reduced -29.8k |
| BNP PARIBAS FINANCIAL MARKETS 0.14% of their portfolio | 959.1k $221.9m | Added +148.5k |
| PRIMECAP MANAGEMENT CO/CA/ 0.17% of their portfolio | 955.7k $221.1m | Reduced -92.4k |
| COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS 1.12% of their portfolio | 951.8k $220.2m | Reduced -4.4k |
| TOMS Capital Investment Management LP 15.34% of their portfolio | 951.5k $220.1m | Added +44.8k |
| TWO SIGMA INVESTMENTS, LP 0.31% of their portfolio | 912.2k $211.0m | Reduced -116.9k |
| ATLAS Infrastructure Partners (UK) Ltd. 10.55% of their portfolio | 910.0k $210.5m | Added +394.4k |
| CITADEL ADVISORS LLC 0.14% of their portfolio | 903.2k $208.9m | Reduced -243.8k |
| Public Sector Pension Investment Board 0.68% of their portfolio | 868.4k $200.9m | Added +26.2k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.20% of their portfolio | 867.8k $200.7m | Reduced -41.0k |
| JENNISON ASSOCIATES LLC 0.12% of their portfolio | 846.5k $195.8m | Reduced -5.7k |
| CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC 2.86% of their portfolio | 842.8k $195.0m | Added +106.1k |
| KING LUTHER CAPITAL MANAGEMENT CORP 0.79% of their portfolio | 837.3k $193.7m | Added +6.8k |
| Aberdeen Group plc 0.28% of their portfolio | 784.6k $181.5m | Added +2.0k |
| Fayez Sarofim & Co 0.43% of their portfolio | 770.9k $178.3m | Reduced -641.3k |
| US BANCORP \DE\ 0.21% of their portfolio | 758.9k $175.6m | Reduced -20.5k |
| Slate Path Capital LP 2.34% of their portfolio | 750.2k $173.5m | Reduced -881.4k |
| Connor, Clark & Lunn Investment Management Ltd. 0.45% of their portfolio | 734.4k $169.9m | Added +583.0k |
| FIL Ltd 0.13% of their portfolio | 723.4k $167.3m | Reduced -23.4k |
| FIRST MANHATTAN CO. LLC. 0.44% of their portfolio | 718.9k $166.3m | Added +7.4k |
| Perpetual Ltd 2.40% of their portfolio | 718.6k $166.2m | Added +206.4k |
| OMERS ADMINISTRATION Corp 1.17% of their portfolio | 710.5k $164.3m | Reduced -100.9k |
| PRINCIPAL FINANCIAL GROUP INC 0.08% of their portfolio | 708.7k $163.9m | Reduced -5.5k |
| MENORA MIVTACHIM HOLDINGS LTD. 0.77% of their portfolio | 708.2k $163.8m | Added +221.0k |
| AQR CAPITAL MANAGEMENT LLC 0.09% of their portfolio | 707.0k $163.6m | Added +53.7k |
| Pictet Asset Management Holding SA 0.16% of their portfolio | 700.1k $162.0m | Reduced -6.7k |