Union Pacific Sticks To Annual Outlook, Confirms Merger Talks With Norfolk Southern

Union Pacific Corp. (NYSE:UNP) on Thursday reported better-than-expected second-quarter 2025 earnings and revenue, driven by volume growth, core pricing gains, and record operational productivity.

The railroad posted net income of $1.9 billion, or $3.15 per diluted share, up from $1.7 billion, or $2.74 per share, in the year-ago quarter.

Adjusted earnings per share came in at $3.03, excluding a $115 million deferred tax benefit and a $55 million crew staffing charge, topping the consensus estimate of $2.86 per share.

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Revenue rose 2% year-over-year to $6.15 billion, surpassing the $6.10 billion estimate, as volume increased 4%, carloads revenue rose 4%, and freight revenue excluding fuel surcharges grew 6%.

Operating income climbed 5% to $2.53 billion, and the reported ...