Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the first person by Warren and Charlie, applying our standard tests of business quality, management, and price. If you want a business a child can understand, it is hard to do better than a railroad. Union Pacific operates approximately 32,000 route miles of track west of the Mississippi River, hauling freight from origin to destination for a fee. It connects every major West Coast and Gulf Coast port to the interior of the country, serves all six major gateways to Mexico, and interchanges with the eastern carriers at Chicago, St. Louis, Memphis, and New Orleans. That is the whole business. There is one reportable segment, one network, and revenue reported in three commodity groups: Bulk (Q2 2026: $2,043M, +7% year over year) — grain, fertilizer, food, coal, renewables. Industrial ($2,386M, +8%) — chemicals, plastics, metals, forest products, energy, construction materials.
Recent filings analysed: 8-K (2026-07-23), 10-Q (2026-07-23), 8-K (2026-05-18), 8-K (2026-04-23).
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