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Union Pacific Reports Stable Q1 Earnings, Reaffirms 2025 Outlook

Revenue and net income remain unchanged year-over-year as volume growth and pricing gains offset freight mix challenges.

Union Pacific livery on the side of a cargo locomotive is pictured ahead of a possible strike if there is no deal with the rail worker unions, at Union Station in Los Angeles, California, U.S., September 15, 2022. REUTERS/Bing Guan
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Overview

  • Union Pacific reported Q1 2025 revenue of $6 billion and net income of $1.6 billion, consistent with the same period last year.
  • Freight revenue grew 1%, with a 4% increase excluding fuel surcharge revenue, despite reduced fuel surcharges and freight mix shifts.
  • The operating ratio remained steady at 60.7%, supported by productivity improvements and lower fuel costs balancing inflation and volume-related expenses.
  • The company reaffirmed its 2025 outlook, citing mixed economic conditions, coal demand variability, and international intermodal challenges as key volume drivers.
  • Planned 2025 capital spending of $3.4 billion and share repurchases of $4–4.5 billion remain on track, with projected EPS growth in the high single to low double digits.