Strong Financial Performance
Union Pacific reported Q3 2025 earnings per share of $3.01, excluding $41 million of merger-related costs. Adjusted earnings per share increased 12% versus last year to $3.08, driven by core pricing gains and operational efficiencies.
Record Freight Revenue
Freight revenue, excluding fuel, grew for the sixth consecutive quarter and set a best-ever record. Operational efficiencies led to records in workforce productivity, fuel consumption, terminal dwell, and train line.
Improved Safety and Service
Safety and service results improved, demonstrating the company's commitment to running the safest and most reliable railroad in North America. Personal injury and derailment rates showed measurable progress.
Positive Cash Flow and Debt Management
Third quarter cash from operations totaled $7.1 billion, up 6% versus last year. Union Pacific paid down $1 billion in long-term notes, reducing the adjusted debt-to-EBITDA ratio to 2.6x.