By: Allison Peck
OMAHA, Neb. (Oct. 23, 2025) — Union Pacific Railroad is reporting higher profits and record freight performance for the third quarter of 2025 as the company continues to focus on efficiency and service improvements.
The Omaha-based rail giant posted net income of $1.8 billion, or $3.01 per share, up from $1.7 billion and $2.75 per share in the same quarter last year. Adjusted earnings came in slightly higher at $3.08 per share, beating Wall Street expectations.
Operating revenue rose 3 percent to $6.2 billion, driven by what the company called “solid core pricing gains” and record freight revenue, excluding fuel surcharges. Freight volume increased modestly across several sectors, including grain, industrial products, and intermodal shipments.
Union Pacific’s operating ratio, a key measure of efficiency, improved to 59.2 percent — its best performance in more than a year. The company also reported all-time highs for freight car velocity, train length, and fuel efficiency.
“Safety, service, and operational excellence continue to drive our results,” said CEO Jim Vena in a statement. “We’re proud of our employees’ commitment to executing with precision and consistency as we build momentum for the future.”
Union Pacific has also raised its quarterly dividend by 3 percent, reflecting confidence in its financial outlook. However, the company announced it will pause share repurchases while regulators review its proposed merger with Norfolk Southern. The merger, first announced earlier this year, would create the nation’s first transcontinental railroad, linking ports from the Atlantic to the Pacific.
Vena said the company remains focused on maintaining reliable service during the merger process. “Our customers and communities can count on us to deliver the goods that keep America moving,” he said.
Union Pacific operates more than 32,000 route miles across 23 states, serving major markets from the Midwest to the West Coast. The company employs approximately 30,000 people nationwide.
Source: Union Pacific