Union Pacific reported a record-breaking year in 2025, with growth in net income and diluted EPS, alongside improvements in operational efficiency and safety metrics. The company is focused on driving further improvements to support growth, while navigating a muted economic forecast and ongoing regulatory processes.
Full year diluted EPS increased 8% to $11.98, and net income grew 6% to $7.1 billion.
positiveReported operating ratio improved 10 basis points year-over-year to 59.8% for the full year.
positiveAchieved best-ever safety, service, and operating results in 2025, with improvements in freight car velocity, terminal dwell, train length, and workforce productivity.
positiveFull year freight revenue excluding fuel surcharge grew 3%.
positiveFourth quarter operating revenue declined 1% to $6.1 billion, driven by a 4% decrease in revenue carloads.
attentionFourth quarter reported operating ratio was 60.5%, 180 basis points worse year-over-year.
attentionIntermodal revenue carloads declined 12% in Q4 and 1% for the full year.
attentionFood & refrigerated revenue declined 8% in Q4 and 6% for the full year.
attentionForest products revenue declined 7% in Q4 and 3% for the full year.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Grain & grain products | N/A | — | — | — |
Fertilizer | N/A | — | — | — |
Food & refrigerated | N/A | — | — | — |
Coal & renewables | N/A | — | — | — |
Bulk | N/A | — | — | — |
Industrial chemicals & plastics | N/A | — | — | — |
Metals & minerals | N/A | — | — | — |
Forest products | N/A | — | — | — |
Energy & specialized markets | N/A | — | — | — |
Industrial | N/A | — | — | — |
Automotive | N/A | — | — | — |
Intermodal | N/A | — | — | — |
Premium | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Record-breaking year with best-ever safety, service, and operating results in 2025.
Focus on driving further safety, service, and operating improvements to support growth.
Working through the regulatory process for the proposed combination with Norfolk Southern.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.