The company said its net income for Q3 2025 was $1.8 billion, and diluted earnings per share were $3.01. The results include merger costs of $41 million ($0.07 per share), and adjusted diluted earnings per share were $3.08.

1. 01

   The company said its net income for Q3 2025 was $1.8 billion, and diluted earnings per share were $3.01. The results include merger costs of $41 million ($0.07 per share), and adjusted diluted earnings per share were $3.08.

2. 02

   Union Pacific said operating revenue for Q3 2025 rose 3% to $6.2 billion. The company attributed the partial offset to core pricing gains, which were partly offset by lower fuel surcharge revenue. The operating ratio was 59.2%, an improvement of 110 basis points, and the adjusted operating ratio was 58.5%.

3. 03

   Union Pacific reported cash provided by operating activities of $7,065 million for the 9 months through September 30, 2025, and free cash flow of $1,856 million. Over the same period, it spent $2,679 million on share repurchases and $2,418 million on dividends.

4. 04

   Union Pacific said it is pursuing regulatory approval for its merger with Norfolk Southern and has paused share repurchases for the merger. The company also presented its 2025 capital plan of $3.4 billion and a dividend increase of 3% for Q3.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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