The earnings call presented a mix of positive operational performance and pricing gains, offset by flat earnings, business mix challenges, and significant uncertainties in the economic environment and international trade. While the company achieved record operational metrics and maintained strong shareholder returns, the future outlook remains uncertain due to external factors.

Company Guidance

During Union Pacific Corporation's first quarter 2025 earnings call, the company provided several key metrics and guidance. The operating ratio remained flat year-over-year at 60.7%, despite a 90 basis point headwind from fuel and leap year impacts. Earnings per share for the quarter were $2.70, reflecting a $0.19 impact from fuel and leap year. Net income was $1.6 billion, consistent with the previous year. Freight revenue increased by 1% and 4% when excluding fuel surcharge impacts, both setting first-quarter records. Strong core pricing gains and a 7% volume growth were highlighted, although challenges persisted due to business mix and fuel costs. Looking ahead, Union Pacific aims to maintain its focus on service and operational excellence, with expectations of EPS growth consistent with their three-year CAGR target of high single to low double digits, despite uncertainties in the marketplace.

Record First Quarter Operating Performance

Union Pacific reported record first quarter operating performance, with the strongest carload growth among Class 1s, and freight revenue growth of 1%. Excluding the impact from fuel surcharge, freight revenue increased 4%, both first quarter records.

Strong Core Pricing Gains

The company achieved the highest core pricing gains in over ten years, driving a 4% increase in freight revenue excluding fuel surcharges.

Cash from Operations and Shareholder Returns

First quarter cash from operations totaled $2.2 billion, up 4% versus last year. The company initiated an accelerated share repurchase program for $1.5 billion and returned $2.5 billion to shareholders in the first quarter.

Improvements in Operational Metrics

Freight car velocity improved 6% to 215 miles per day, and terminal dwell improved 6% year over year. The company achieved record workforce productivity, limiting first quarter cost per employee to a 2% increase.

New Business Developments

Union Pacific secured new business, including onboarding a new coal customer and maintaining an open pipeline of 200 construction projects for future growth.

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Union Pacific (UNP) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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UNP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 17, 2025	2025 (Q2)	2.85 / -	2.74	―	―	―
Apr 24, 2025	2025 (Q1)	2.74 / 2.70	2.69	0.37% (+0.01)
Jan 23, 2025	2024 (Q4)	2.79 / 2.91	2.71	7.38% (+0.20)
Oct 24, 2024	2024 (Q3)	2.78 / 2.75	2.51	9.56% (+0.24)
Jul 25, 2024	2024 (Q2)	2.70 / 2.74	2.57	6.61% (+0.17)
Apr 25, 2024	2024 (Q1)	2.51 / 2.69	2.67	0.75% (+0.02)
Jan 25, 2024	2023 (Q4)	2.58 / 2.71	2.64	2.65% (+0.07)
Oct 19, 2023	2023 (Q3)	2.41 / 2.51	3.19	-21.32% (-0.68)
Jul 26, 2023	2023 (Q2)	2.74 / 2.57	2.93	-12.29% (-0.36)
Apr 20, 2023	2023 (Q1)	2.57 / 2.67	2.57	3.89% (+0.10)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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UNP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 24, 2025	$219.78	$215.45	-1.97%
Jan 23, 2025	$234.51	$246.69	+5.19%
Oct 24, 2024	$238.65	$228.17	-4.39%
Jul 25, 2024	$233.48	$231.49	-0.85%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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