The earnings call reflected a strong operational and financial performance in 2024, highlighted by record operating ratios and significant earnings growth. However, challenges in the bulk segment and uncertainties regarding economic and regulatory factors were noted. Overall, Union Pacific is positioned well to meet future challenges and continue delivering shareholder value.

Company Guidance

During Union Pacific's fourth-quarter 2024 earnings call, the company reported numerous key financial metrics and offered guidance for the upcoming year. The fourth quarter saw a 7% increase in both net income, which reached $1.8 billion, and earnings per share, which rose to $2.91. Operating revenue stood at $6.1 billion, with freight revenue flat at $5.8 billion, excluding fuel surcharges. The operating ratio was adjusted to 58%, reflecting strong productivity gains, including a 5% increase in operating income and a reduction in workforce while handling more volume. Looking ahead to 2025, Union Pacific expects to continue driving operational improvements, targeting earnings per share growth in line with their long-term CAGR of high single to low double-digit growth, while planning to invest $3.4 billion in capital expenditures. The company remains focused on maintaining its industry-leading operational efficiency and shareholder returns, despite an anticipated mixed economic environment.

Record Operating Ratio

Union Pacific achieved an adjusted operating ratio of 58% in Q4 2024, marking a significant improvement and reflecting strong operational performance.

Earnings and Revenue Growth

Q4 2024 net income rose to $1.8 billion with earnings per share increasing by 7% to $2.91. Operating income grew by 5%, driven by a 4% increase in freight revenue, excluding fuel surcharge.

Strong Cash Flow and Shareholder Returns

Cash from operations reached $9.3 billion in 2024, leading to a free cash flow increase from $1.5 billion to $2.8 billion. Shareholders were rewarded with $4.7 billion through dividends and share repurchases.

Intermodal and Automotive Growth

Intermodal volumes increased by 26% in Q4 2024, and automotive volumes saw business development wins with companies like Volkswagen and General Motors.

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Union Pacific (UNP) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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UNP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 19, 2018	2018 (Q2)	- / 1.98	1.45	36.55% (+0.53)	―	―
Oct 25, 2018	2018 (Q3)	- / 2.15	1.5	43.33% (+0.65)	―	―
Jan 24, 2019	2018 (Q4)	- / 2.12	1.53	38.56% (+0.59)	―	―
Apr 18, 2019	2019 (Q1)	- / 1.93	1.68	14.88% (+0.25)	―	―
Jul 18, 2019	2019 (Q2)	- / 2.22	1.98	12.12% (+0.24)	―	―
Oct 17, 2019	2019 (Q3)	- / 2.22	2.15	3.26% (+0.07)	―	―
Jan 23, 2020	2019 (Q4)	- / 2.02	2.12	-4.72% (-0.10)	―	―
Apr 23, 2020	2020 (Q1)	- / 2.15	1.93	11.40% (+0.22)	―	―
Jul 23, 2020	2020 (Q2)	- / 1.67	2.22	-24.77% (-0.55)	―	―
Oct 22, 2020	2020 (Q3)	- / 2.01	2.22	-9.46% (-0.21)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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UNP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 23, 2025	$235.80	$248.05	+5.20%
Oct 24, 2024	$239.96	$229.43	-4.39%
Jul 25, 2024	$234.77	$232.76	-0.86%
Apr 25, 2024	$228.13	$239.50	+4.98%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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