UNP Q3 2025 Earnings
Reported Oct 23, 2025 at 7:47 AM ET · SEC Source
Q3 25 EPS
$3.08
BEAT +3.36%
Est. $2.98
Q3 25 Revenue
$6.24B
MISS 0.10%
Est. $6.25B
vs S&P Since Q3 25
+9.5%
BEATING MARKET
UNP +18.7% vs S&P +9.2%
Market Reaction
Did UNP Beat Earnings? Q3 2025 Results
Union Pacific turned in a stronger-than-expected third quarter, with adjusted diluted EPS of $3.08 beating the $2.98 consensus estimate by 3.49%, even as revenue of $6.24 billion came in just fractionally below the $6.25 billion forecast, a gap of 0.… Read more Union Pacific turned in a stronger-than-expected third quarter, with adjusted diluted EPS of $3.08 beating the $2.98 consensus estimate by 3.49%, even as revenue of $6.24 billion came in just fractionally below the $6.25 billion forecast, a gap of 0.10%, while still rising 2.5% year over year. The real driver behind the earnings beat was operational discipline and pricing momentum: freight revenue excluding fuel surcharge grew 4%, a figure management called a quarterly best, while the adjusted operating ratio improved 180 basis points to 58.5%. The Bulk segment was the standout, with freight revenue climbing 7% to $1.93 billion on a 13% surge in coal and renewables volume. Institutional investors have continued adding to positions ahead of what management has called a transformative pending acquisition of Norfolk Southern, with share repurchases paused to preserve capital for the deal. Looking ahead, Union Pacific reiterated targets consistent with a high-single to low-double digit three-year EPS CAGR, though it flagged a challenging international intermodal comparison on the horizon.
Key Takeaways
- • Solid core pricing gains driving revenue growth
- • Freight car velocity improved 8% to 226 daily miles per car
- • Workforce productivity improved 6% to 1,165 car miles per employee
- • Average terminal dwell improved 9% to 20.4 hours
- • Locomotive productivity improved 4% to 140 GTMs per horsepower day
- • Train length increased 2% to 9,801 feet
- • Bulk segment revenue grew 7% driven by coal & renewables and fertilizer
- • Average revenue per car increased 3% to $2,740
UNP YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
UNP Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our third quarter results serve as a proof point that we are successfully executing on our strategy”
— Jim Vena, Q3 2025 Earnings Press Release
UNP Earnings Trends
UNP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
UNP EPS Trend
Earnings per share: estimate vs actual
UNP Revenue Trend
Quarterly revenue: estimate vs actual
UNP Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $2.86 | $2.93 | +2.45% | $6.22B | +0.06% |
| Q4 25 BEAT FY | $2.86 | $2.86 | +0.00% | $6.09B | -0.59% |
| FY Full Year | — | $11.66 | — | $24.51B | — |
| Q3 25 BEAT | $2.98 | $3.08 | +3.36% | $6.24B | -0.10% |
| Q2 25 BEAT | $2.91 | $3.03 | +4.12% | $6.15B | +0.03% |