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1/27/2026
Union Pacific Railroad today reported fourth-quarter 2025 net income rose 5% to $1.8 billion, or $3.11 earnings per diluted share, compared with the same period in 2024.
Total operating revenue for the quarter dipped 1% to $6.1 billion, while operating income declined 5% to $2.4 billion compared to Q4 2024, according to a company press release. The decrease primarily was caused by lower volume, partially offset by core pricing gains and fuel surcharge revenue. Revenue carloads declined 4% in the quarter.
Adjusted Q4 net income of $1.7 billion compares to adjusted Q4 2024 net income of $1.8 billion. The Class I posted a Q4 operating ratio of 60.5% versus 58.7% a year earlier.
For full-year 2025, UP reported operating revenue rose 1% to $24.5 billion, driven by core pricing gains and higher volume, partially offset by business mix, reduced fuel surcharge revenue and lower other revenue. Net income for the year rose 6% to $7.1 billion. UP posted a 59.8% operating ratio in 2025 compared to 59.9% in 2024.
"We had a record-breaking year and delivered best-ever safety, service and operating results in 2025," said UP CEO Chief Jim Vena. "Our 2025 reported net income grew 6%, earnings per share increased 8% and we improved our operating ratio. While we work through the regulatory process to create America's first transcontinental railroad, our team is focused on driving further safety, service and operating improvements to support growth."
In July 2025, UP announced a plan to acquire Norfolk Southern Railway. In December 2025, UP and NS submitted their merger application to the Surface Transportation Board, which determined on Jan. 16 the application was missing key information and therefore was "incomplete."
The decision directed UP and NS to file a letter in the docket by Feb. 17 indicating if and when they anticipate filing a revised application.