Companies /Industrials

Union Pacific Corp

NYSE: UNP Railroads
$289.15
▼ $0.58 (−0.20%) today
Markets closed · 1:40am ET

Q3 2025 Earnings

Reported Oct 23, 2025, 7:47am ET · SEC source
$3.08
Beat +3.36%
EPS · est. $2.98
$6.2B
Miss −0.10%
Revenue · est. $6.3B
+2.5%
Beating market
UNP vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−2%0+2%Oct 23Oct 24report 7:47am ETearnings+1.7%−2.9%
−2%0+2%Oct 23Oct 24earnings+1.7%−2.9%
UNP −2.9%S&P 500 +1.7%
−2%0+2%Oct 23Oct 24report 7:47am ETearnings+2.3%−2.9%
−2%0+2%Oct 23Oct 24earnings+2.3%−2.9%
UNP −2.9%NASDAQ +2.3%
−2%0+2%Oct 22Oct 31report 7:47am ETearnings+2.8%−2.2%
−2%0+2%Oct 22Oct 31earnings+2.8%−2.2%
UNP −2.2%S&P 500 +2.8%
−3%0+3%+6%Oct 22Oct 31report 7:47am ETearnings+5.1%−2.2%
−3%0+3%+6%Oct 22Oct 31earnings+5.1%−2.2%
UNP −2.2%NASDAQ +5.1%
−2.31%
Day of report
−1.56%
Next session
−0.55%
One week
+2.03%
30 days

S&P 500 over the same 30 days: −0.45%.

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 0.10%, 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

“Our third quarter results serve as a proof point that we are successfully executing on our strategy”

Union Pacific CEO, on the earnings call

Forward Guidance & Outlook

Union Pacific expects to meet customer demand with strong service while facing a challenging international intermodal comparison. Pricing dollars are expected to be accretive to operating ratio. EPS growth is targeted consistent with attaining a 3-year CAGR of high-single to low-double digits. The company projects industry-leading operating ratio and return on invested capital with continued strong cash generation. The capital plan is set at $3.4 billion. A 3% dividend increase was enacted in Q3 2025, while share repurchases are paused for the Norfolk Southern merger.

UNP YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$2.0B$4.0B$6.0B$6.1B$6.2BRevenue$2.4B$2.5BOperating Income$1.7B$1.8BNet Income
$0$2.0B$4.0B$6.0BRevenueOperating IncomeNet Income

UNP Revenue by Segment

Intermodal$1.2B−3.0%
Grain & Grain Products$975.0M+6.0%
Energy & Specialized Markets$652.0M−3.0%
Automotive$604.0M+0.0%
Industrial Chemicals & Plastics$647.0M+8.0%
Metals & Minerals$568.0M+7.0%
Coal & Renewables$470.0M+16.0%
Forest Products$327.0M+2.0%

Figures from SEC filings and company reports. Not investment advice.