Union Pacific Reports First Quarter 2025 Results

First quarter earnings per diluted share flat at $2.70, reflecting a 7% headwind from fuel and leap year

First quarter operating income flat at $2.4 billion

First quarter revenue carloads up 7%

First quarter freight revenue excluding fuel surcharge up 4%

Union Pacific Corporation reported 2025 first quarter net income of $1.6 billion, or $2.70 per diluted share. This compares to 2024 first quarter net income of $1.6 billion, or $2.69 per diluted share.

“The team delivered a solid start to the year as we worked closely with our customers to meet their needs in an uncertain environment,” said Jim Vena, Union Pacific Chief Executive Officer. “Looking to the rest of 2025, we will continue to execute our strategy that emphasizes safety, service, and operational excellence. Building on a strong foundation with our record First Quarter operating performance, we are positioned to deliver.”

First Quarter Summary: 2025 vs. 2024

Financial Results: Volume Growth and Robust Core Pricing Gains Offset by Business Mix and Fuel Headwinds; First Quarter Records for Freight Revenue

• Operating revenue of $6.0 billion was flat on 7% volume growth and solid core pricing gains offset by business mix, reduced fuel surcharge revenue, lower other revenue, and impact from leap year.
• Freight revenue grew 1%. Freight revenue excluding fuel surcharge grew 4%.
• Core pricing dollars net of inflation were accretive to operating ratio.
• Operating ratio was 60.7%, flat compared to 2024. Lower fuel prices and leap year unfavorably impacted the operating ratio 90 basis points.
• Operating expenses were flat as productivity improvements and lower fuel costs offset volume-related costs and inflation.

Operating Performance: Continued Improvement in Service and Operational Excellence; First Quarter Records for Personal Injury Rate, Fuel Consumption Rate, Freight Car Velocity, and Workforce Productivity

• Union Pacific’s reportable personal injury rate improved, matching our best-ever quarterly performance.
• Quarterly freight car velocity was 215 daily miles per car, a 6% improvement.
• Quarterly locomotive productivity was 136 gross ton-miles (GTMs) per horsepower day, a 1% improvement.
• Average maximum train length was 9,490 feet, a 2% increase.
• Quarterly workforce productivity improved 9% to 1,091 car miles per employee.
• Fuel consumption rate improved 1% to 1.107, measured in gallons of fuel per thousand GTMs.

On Track With Investor Day Targets

• Focused on Our Strategy Amid Uncertain Macro Environment
• Affirming 2025 Outlook:
  • Volume impacted by mixed economic backdrop, coal demand, and challenging year-over-year international intermodal comparisons
  • Pricing dollars accretive to operating ratio
  • Earnings per share growth consistent with attaining the 3-year CAGR target of high-single to low-double digit
  • Industry-leading operating ratio and return on invested capital
  • No change to long-term capital allocation strategy
    – Capital plan of $3.4 billion
    – Share repurchases of $4.0 to $4.5 billion

For full results click here.

About Union Pacific

Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable, and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.

Contact:

Clarissa Beyah – Media Contact – cbeyah@up.com – (402) 957-4793

Source: Union Pacific Corporation