Union Pacific demonstrated strong financial performance with significant improvements in earnings per share, freight revenue, and operating efficiency. Despite some challenges, such as declines in fuel surcharge revenue and automotive volumes, the company remains optimistic about future growth and operational improvements.

Company Guidance -

Q3 2025

During Union Pacific's Second Quarter 2025 Earnings Call, the company reported an adjusted earnings per share of $3.03, which marked a 12% increase compared to the previous year. They achieved a record in freight revenue, excluding fuel surcharge, with a 6% growth, leading to best-ever quarterly and year-to-date records. The adjusted operating ratio improved by 230 basis points to 58.1%, with freight car velocity increasing by 10% to 221 miles per day. The call highlighted a 4% increase in operating revenue to $6.2 billion, while net income reached $1.9 billion. Union Pacific also efficiently handled a 30% surge in coal and renewable shipments, maintaining a 99% intermodal service performance and achieving a workforce productivity record with a 9% improvement. The company remains committed to its long-term goals, including a high single to low double-digit EPS CAGR and an industry-leading operating ratio.

Strong Earnings Per Share Growth

Union Pacific reported second quarter earnings per share of $3.15, with adjusted earnings per share of $3.03, up 12% versus last year's adjusted results.

Record Freight Revenue

Freight revenue, excluding fuel surcharge, grew 6% in the second quarter, setting best-ever quarterly and year-to-date records in 2025.

Improved Operating Ratio

The adjusted second quarter operating ratio was 58.1%, improving 230 basis points versus last year's adjusted results.

Workforce Productivity Record

Set quarterly records in both quarters for workforce productivity with second quarter ranking as the best ever.

Dividend Increase

Union Pacific announced a 3% dividend increase, marking the 19th consecutive year of annual increases.

Operational Efficiency

Freight car velocity improved 10% and train speed improved 3%, contributing to record locomotive productivity and workforce productivity.

Coal Segment Growth

Bulk segment revenue was up 10% with an 11% increase in volume, driven by strong customer demand and favorable natural gas pricing.

Union Pacific (UNP) Earnings, Revenues Date & History

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UNP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 16, 2025	2025 (Q3)	3.00 / -	2.75	―	―	―
Jul 24, 2025	2025 (Q2)	2.91 / 3.03	2.74	10.58% (+0.29)
Apr 24, 2025	2025 (Q1)	2.74 / 2.70	2.69	0.37% (+0.01)
Jan 23, 2025	2024 (Q4)	2.79 / 2.91	2.71	7.38% (+0.20)
Oct 24, 2024	2024 (Q3)	2.78 / 2.75	2.51	9.56% (+0.24)
Jul 25, 2024	2024 (Q2)	2.70 / 2.74	2.57	6.61% (+0.17)
Apr 25, 2024	2024 (Q1)	2.51 / 2.69	2.67	0.75% (+0.02)
Jan 25, 2024	2023 (Q4)	2.58 / 2.71	2.64	2.65% (+0.07)
Oct 19, 2023	2023 (Q3)	2.41 / 2.51	3.19	-21.32% (-0.68)
Jul 26, 2023	2023 (Q2)	2.74 / 2.57	2.93	-12.29% (-0.36)

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

UNP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 24, 2025	$231.00	$220.52	-4.54%
Apr 24, 2025	$218.46	$214.15	-1.97%
Jan 23, 2025	$233.10	$245.21	+5.20%
Oct 24, 2024	$237.22	$226.80	-4.39%

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.