Union Pacific Corp.

Earnings Performance: Union Pacific Corporation reported first quarter 2025 earnings per share of $2.70, reflecting a year-over-year flat performance despite a $0.19 headwind from fuel and leap year effects. Net income also remained flat at $1.6 billion, indicating stability amidst various challenges.

Operational Metrics and Efficiency: The reported operating ratio was 60.7%, flat compared to the previous year, achieved through record first quarter operating performance. The company experienced a 7% increase in freight volume, signaling strong core pricing gains and operational productivity, despite negative impacts from mix, fuel prices, and leap year effects.

Revenue Insights: Operating revenue matched last year's level at $6 billion, with freight revenue increasing by 1% to $5.7 billion. Notably, when excluding the fuel surcharge impact, freight revenue grew by 4%, setting a record for the first quarter. However, other revenue declined by 19%, reflecting several external challenges.