Q2 2025 Union Pacific Corp Earnings Call Transcript

Jul 24, 2025 / 12:45PM GMT

Release Date Price: $220.52 (-4.54%)

Transcript 10-Q8-K

Key Points

Positve

Union Pacific Corp (UNP) reported a strong second quarter with earnings per share of $3.15, and adjusted earnings per share of $3.03, up 12% from last year.
The company achieved a record operating ratio of 58.1%, improving by 230 basis points compared to the previous year.
Freight revenue, excluding fuel surcharge, grew by 6%, setting quarterly and year-to-date records.
Union Pacific Corp (UNP) demonstrated significant improvements in workforce productivity and fuel consumption, setting new records.
The company returned $4.3 billion to shareholders through share repurchases and dividends, marking the 19th consecutive year of annual dividend increases.

Negative

Fuel surcharge revenue declined by $100 million due to lower year-over-year fuel prices, impacting freight revenues.
Other revenue decreased by 16% due to lower accessorial and subsidiary revenues.
The company expects volume to moderate with sequential declines anticipated in the third quarter.
Premium revenue decreased by 4% due to a mix impact of increased international intermodal shipments and lower fuel surcharges.
The autos market remains soft, impacting other revenue and posing challenges for the second half of 2025.

Operator

Greetings, and welcome to Union Pacific's Second Quarter 2025 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded, and the slides for today's presentation are available on Union Pacific's website.

It is now my pleasure to introduce your host, Mr. Jim Vena, Chief Executive Officer for Union Pacific. Thank you. Mr. Vena, you may now begin your presentation.

Vincenzo Vena

Union Pacific Corp - Chief Executive Officer, Director

Thanks, Rob, and thanks, everyone, for joining us this morning. Another beautiful day in Omaha. Little bit of thunderstorms last night, but the skies are clear this morning, and a wonderful day to be railroading.

So good morning, everyone, and thank you for joining us today for Union Pacific's second quarter 2025 earnings call. I'm joined in Omaha by our Chief Financial Officer, Jennifer Hamann; our Executive Vice President of Marketing and Sales, Kenny Rocker; and our Executive Vice President, Operations, Eric Gehringer. As you'll hear from the team this morning, we are delivering on

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