Union Pacific Corporation reported first-quarter net income of $1.6 billion, or $2.70 per diluted share, compared to last year’s first-quarter net income of $1.6 billion, or $2.69 per diluted share.
“The team delivered a solid start to the year as we worked closely with our customers to meet their needs in an uncertain environment,” Union Pacific Chief Executive Officer Jim Vena said in a release. “Looking to the rest of 2025, we will continue to execute our strategy that emphasizes safety, service, and operational excellence. Building on a strong foundation with our record First Quarter operating performance, we are positioned to deliver.”
Operating revenue of $6.0 billion was flat on 7% volume growth and solid core pricing gains offset by business mix, reduced fuel surcharge revenue, lower other revenue, and impact from leap year. Freight revenue grew 1%. Freight revenue excluding fuel surcharge grew 4%.
Core pricing dollars net of inflation were accretive to the operating ratio.
The operating ratio was 60.7%, flat compared to 2024. Lower fuel prices and leap year unfavorably impacted the operating ratio 90 basis points. Operating expenses were flat as productivity improvements and lower fuel costs offset volume-related costs and inflation.
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