Union Pacific Corporation

Union Pacific Corporation Earnings Recaps

UNP Industrials 3 recaps
Q1 2026 Apr 23, 2026

Union Pacific delivered a record first quarter with 5% net income growth, 6% EPS increase, and an improved operating ratio of 59.9%, driven by strong pricing, productivity, and volume gains in key segments.

Key takeaways
  • Record first quarter net income of $1.7 billion, with adjusted EPS of $2.93, reflecting robust execution and margin expansion.
  • Revenue rose 3% to $6.2 billion, supported by core pricing gains and higher fuel surcharges, despite a 1% volume decline.
  • Operating expenses increased modestly by 3%, with workforce productivity enabling a 5% reduction in workforce; fuel costs up 7% on higher crude prices.
  • Cash from operations reached $2.4 billion, with free cash flow of $630 million, bolstering debt reduction and maintaining strong credit ratings.
  • The company maintains its 2026 outlook, targeting mid-single-digit EPS growth and further operating ratio improvements amid macro volatility.
Full recap
Q3 2025 Oct 23, 2025

Union Pacific delivered a robust third quarter with adjusted earnings per share rising 12% year-over-year to $3.08, propelled by core pricing gains and notable operational efficiencies.

Key takeaways
  • Freight revenue excluding fuel reached a record high, marking the sixth consecutive quarter of growth, despite slight volume declines.
  • Adjusted operating ratio improved to 58.5%, a 180 basis point enhancement from the previous year, reflecting operational excellence.
  • Cash from operations totaled $7.1 billion, up 6% year-over-year, while the company paid down $1 billion in debt during the quarter.
  • Union Pacific remains committed to prudent financial management, with a focus on reducing debt owing to merger-related costs and plans to resume share repurchases in the future.
  • The company anticipates high single to low double-digit EPS growth over the next three years, despite facing a 6% decline in volumes for the fourth quarter.
Full recap
Q2 2025 Jul 25, 2025

Union Pacific's Q2 2025 results exceeded expectations, with adjusted earnings per share rising 12% year-over-year to $3.03, driven by robust volume growth and strategic pricing decisions.

Key takeaways
  • Achieved a record-breaking operating income of $2.5 billion, contributing to an adjusted operating ratio of 58.1%.
  • Freight revenue increased 6% year-over-year, with volume growth accounting for a 375 basis point contribution.
  • Returned $4.3 billion to shareholders through dividends and share repurchases; announced a 3% dividend increase marking 19 consecutive years of increases.
  • Cash from operations surged to $4.5 billion, reflecting strong underlying operational efficiency despite a volatile market environment.
  • Maintained an A-rating and an adjusted debt-to-EBITDA ratio of 2.8x, ensuring financial stability amid ongoing growth initiatives.
Full recap