(Source: Union Pacific press release, January 27, 2026)
Union Pacific Corporation reported 2025 fourth quarter and full year results on January 27, 2026. Highlights included:
- Fourth quarter diluted earnings per share (EPS) of $3.11 and adjusted diluted EPS* of $2.86
- Fourth quarter operating ratio (OR) of 60.5% and adjusted OR* of 60.0%
- Full year diluted EPS of $11.98 and adjusted diluted EPS* of $11.66
- Full year OR of 59.8% and adjusted OR* of 59.3%
- Full year return on invested capital* of 16.3%
Reported 2025 fourth quarter net income was $1.8 billion and diluted EPS was $3.11. Results include industrial park land sales of $234 million, increasing diluted EPS $0.30, and $30 million of merger costs, reducing diluted EPS $0.05. Adjusted fourth quarter 2025 net income* of $1.7 billion, or adjusted diluted EPS* of $2.86, compares to adjusted fourth quarter 2024 net income* of $1.8 billion, or adjusted diluted EPS* of $2.96.
Reported full year 2025 net income of $7.1 billion, or diluted EPS of $11.98, compares to full year 2024 net income of $6.7 billion, or diluted EPS of $11.09. Reported full year net income grew 6% and full year diluted EPS improved 8%. Adjusted full year 2025 net income* of $6.9 billion, or adjusted diluted EPS* of $11.66, compares to adjusted full year 2024 net income* of $6.8 billion, or adjusted diluted EPS* of $11.11. Adjusted full year net income* grew 3% and adjusted diluted EPS* improved 5%.
Full Year Summary: 2025 vs. 2024
Financial Results: Best Ever Full Year for Freight Revenue Excluding Fuel Surcharge, Other Income, and Net Income
- Operating revenue of $24.5 billion was up 1% driven by core pricing gains and higher volume, partially offset by business mix, reduced fuel surcharge revenue, and lower other revenue.
- Freight revenue excluding fuel surcharge grew 3%.
- Revenue carloads increased 1%.
- Reported operating ratio of 59.8% improved 10 basis points. Adjusted operating ratio* of 59.3% improved 60 basis points.
Operating Results: Best Ever Full Year for Safety, Freight Car Velocity, Locomotive Productivity, Terminal Dwell, Train Length, Workforce Productivity, and Fuel Consumption Rate
- Union Pacific’s reportable personal injury and reportable derailment rates both improved, and the personal injury rate was industry-leading.
- Freight car velocity was 225 daily miles per car, an 8% increase.
- Locomotive productivity was 139 gross ton-miles per horsepower day, up 3%.
- Average terminal dwell was 20.9 hours, an 8% improvement.
- Workforce productivity was 1,132 car miles per employee, a 7% increase.
Full story: Union Pacific