OMAHA, Neb. — April 24, 2025 — Union Pacific Corp. reported flat earnings for the first quarter of 2025, with net income holding steady at $1.6 billion, or $2.70 per diluted share — nearly identical to the $2.69 per share posted in the same period last year. The railroad said growth in freight volumes and pricing gains were offset by headwinds including fuel-related costs and the effects of the leap year.
Operating revenue for the quarter remained unchanged at $6.0 billion, despite a 7% increase in carload volume. Freight revenue rose 1%, and 4% when excluding fuel surcharge revenues. The company’s operating income also held steady at $2.4 billion, while the operating ratio — a key industry metric of efficiency — was flat at 60.7%.
“The team delivered a solid start to the year as we worked closely with our customers to meet their needs in an uncertain environment,” said CEO Jim Vena in a statement. “Looking to the rest of 2025, we will continue to execute our strategy that emphasizes safety, service, and operational excellence.”
Union Pacific highlighted several operational improvements, including record performance in personal injury rates, fuel consumption, and freight car velocity. Train length grew 2% to an average of 9,490 feet, while workforce productivity increased 9%.
Despite a mixed economic backdrop and fluctuating coal demand, the company affirmed its full-year guidance and reiterated plans for up to $4.5 billion in share repurchases and $3.4 billion in capital investments. Union Pacific also reaffirmed its goal of achieving high-single to low-double-digit compound annual growth in earnings per share over the current three-year period.
Shares of Union Pacific (NYSE: UNP) were little changed in early trading following the report.