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Union Pacific (UNP) investor relations material
Union Pacific Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Third quarter 2025 delivered record operational and financial results, with net income of $1.8 billion, diluted EPS of $3.01, and adjusted EPS of $3.08, reflecting $41 million in merger-related costs.
Operating income rose 6% year-over-year to $2.55 billion, driven by strong execution of strategic priorities, pricing, and operational efficiencies.
The company is advancing its merger with Norfolk Southern, pausing share repurchases and focusing on debt reduction.
Growth in coal, renewables, and industrial chemicals supported by enhanced business development.
Record operational performance achieved in freight car velocity, locomotive productivity, and terminal dwell.
Financial highlights
Operating revenue rose 3% year-over-year to $6.24 billion; freight revenue up 3% to $5.9 billion.
Net income reached $1.8 billion, with a 9% increase in diluted EPS to $3.01 and adjusted EPS of $3.08.
Operating ratio improved to 59.2% (down 1.1 pts); adjusted operating ratio 58.5% (down 1.8 pts).
Operating income increased 6% to $2.55 billion.
Cash from operations totaled $7.1 billion, up 6% year-over-year; free cash flow for nine months was $1.86 billion.
Outlook and guidance
EPS growth is on track for a 3-year CAGR target of high-single to low-double digits.
Capital plan for 2025 is set at $3.4 billion, focused on network growth, safety, and modernization.
Share repurchases are paused pending the Norfolk Southern merger.
Fourth quarter volumes currently down 6%, mainly due to lower international intermodal volumes.
Continued strong cash generation and focus on industry-leading operating ratio and return on invested capital.
Update on Norfolk Southern merger approval timeline
What specific operational gains drove OR improvement?
What caused the intermodal revenue decline?
Merger: competitor collaboration impact?
Maintain efficiency with Q4 volume decline?
Service product impact on future pricing?
How does BNSF opposition affect STB merger view?
UP's playbook for productivity with lower volumes?
Context for S-4 numbers vs. EPS CAGR guide.
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Next Union Pacific earnings date
Q4 202523 Jan, 2026
Next Union Pacific earnings date
Q4 202523 Jan, 2026
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Frequently asked questions
American Railroad Giant
Union Pacific Corporation is one of the largest railroad companies in the United States. The company plays a crucial role in the nation's freight transportation sector and primarily operates in the western two-thirds of the country. Its rail network spans approximately 32,000 miles, facilitating the movement of a diverse range of commodities including agricultural products, automotive goods, and energy resources. Union Pacific is headquartered in Omaha, Nebraska, and its shares are listed on the NYSE.
Pacific Railway Act
Union Pacific was established in 1862 under the Pacific Railway Act signed by President Abraham Lincoln, primarily to build part of the first transcontinental railroad. This ambitious project aimed to connect the eastern and western parts of the country, fostering economic growth and expansion. Over the years, Union Pacific expanded through the acquisition of various smaller railroads, consolidating its presence in the American transportation sector. Today, Union Pacific remains a key player in North American freight transportation and is one of the largest American companies in the sector together with Canadian National, CSX Corporation, and Norfolk Southern.
A Key Player Within Transportation
Union Pacific Railroad stands as a giant in the North American transportation industry, both in terms of operational scale and financial magnitude. It covers a vast network, stretching over approximately 32,000 miles of track across 23 states. The company employs thousands and owns a large number of locomotives, freight cars, and technology infrastructure. This combination of extensive physical infrastructure and financial strength positions Union Pacific as a key player in the North American transportation sector.
Enabling Commerce
Union Pacific Railroad plays a crucial role in transporting a diverse array of commodities essential to the economy. Its freight includes agricultural products like grain and produce, automotive components and finished vehicles, as well as things such as coal and chemicals. Additionally, it handles industrial products and intermodal containers, which carry a variety of goods for consumer and business markets.
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