Union Pacific Corporation announced its third‑quarter 2025 results on Thursday, October 23, 2025, reporting a net income of $1.8 billion and diluted earnings per share of $3.01, a slight increase over the $2.99 consensus estimate. Revenue for the quarter was $6.24 billion, up 3% year‑over‑year, while the operating ratio improved to 59.2%, a 110‑basis‑point gain that reflects stronger operating efficiency.
The company highlighted record freight revenue excluding fuel surcharge, driven by higher core pricing and volume growth, and noted that operating income rose to $2.37 billion, maintaining a 60.7% operating ratio. These results underscore the effectiveness of Union Pacific’s focus on safety, service, and operational excellence amid a challenging freight environment.
Merger costs associated with the proposed acquisition of Norfolk Southern totaled $41 million, or $0.07 per share, and were included in the quarter’s earnings. Despite these costs, Union Pacific reaffirmed its full‑year outlook and continued to target high‑single‑to‑low‑double‑digit EPS growth over the next three years.
The company also confirmed that share repurchases remain paused as it advances the Norfolk Southern merger, signaling a strategic pause in capital deployment while the regulatory process continues. Overall, the earnings beat and operational gains reinforce Union Pacific’s trajectory toward its long‑term financial targets.
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