Union Pacific Q1 2025 Results Summary

Earnings per share were $2.70, flat year-over-year, with a 7 percent headwind from fuel and leap year effects. Net income remained at $1.6 billion. Operating income also held steady at $2.4 billion. Operating revenue was unchanged at $6.0 billion. Revenue carloads increased 7 percent, while freight revenue excluding fuel surcharge rose 4 percent.

Operating ratio was 60.7 percent, unchanged from the prior year, though negatively impacted by lower fuel prices and leap year by 90 basis points. Operating expenses were flat as productivity improvements and lower fuel costs balanced inflation and volume-related increases.

Operational performance continued to improve. Freight car velocity rose 6 percent to 215 miles per day. Locomotive productivity increased 1 percent, average maximum train length grew 2 percent to 9,490 feet, and workforce productivity improved 9 percent to 1,091 car miles per employee. Fuel consumption rate improved by 1 percent.

Union Pacific reaffirmed its full-year 2025 outlook. Volume expectations remain mixed due to economic conditions and coal demand. EPS growth is expected to align with the company’s 3-year compound annual growth rate target of high single to low double digits. Capital spending is planned at $3.4 billion, and share repurchases are projected between $4.0 and $4.5 billion.