UNP Q4 2025

Q1 2026 Q4 2025 Q3 2025 Q2 2025

Earnings

Union Pacific delivered a narrow Q4 2025 EPS beat but fell short on the top line, painting a mixed picture for the railroad heading into a pivotal year. Adjusted diluted EPS of $2.86 edged past the $2.86 consensus estimate by just 0.01%, while revenu… Read more Union Pacific delivered a narrow Q4 2025 EPS beat but fell short on the top line, painting a mixed picture for the railroad heading into a pivotal year. Adjusted diluted EPS of $2.86 edged past the $2.86 consensus estimate by just 0.01%, while revenue of $6.08 billion trailed expectations by 0.59% and slipped 0.6% year-over-year, pressured by a 4% decline in revenue carloads that weighed heavily on the quarter. The volume softness was concentrated in intermodal and premium segments, though a 23% surge in coal and renewables freight revenue to $431 million provided a meaningful offset. The adjusted operating ratio deteriorated 190 basis points to 60.0%, even as the company posted strong operational metrics in car velocity and terminal dwell. Recent locomotive modernization commitments underscore management's confidence in the network's long-term positioning. Looking ahead, Union Pacific guided for mid-single digit EPS growth in 2026, consistent with a high-single to low-double digit three-year CAGR target through 2027, with pricing dollars expected to exceed inflation despite a muted economic backdrop.