Union Pacific Corporation reported 2025 second quarter net income of $1.9 billion, or $3.15 per diluted share.
For comparison, the 2024 second quarter net income was $1.7 billion, or $2.74 per diluted share.
The second quarter results include a deferred tax benefit of $115 million, or $0.19 per diluted share, partially offset by a crew staffing agreement of $55 million, or $0.07 per diluted share. The second quarter adjusted net income of $1.8 billion, or $3.03 per diluted share, compared to the 2024 second quarter adjusted net income of $1.7 billion, or $2.71 per diluted share.
Operating revenue of $6.2 billion grew 2% driven by higher volume and solid core pricing gains, partially offset by reduced fuel surcharge, business mix, and lower other revenue. Freight revenue, excluding fuel surcharge, grew 6%.
The reported operating ratio was 59.0%, representing a 100-basis-point improvement. Adjusted operating ratio* was 58.1%, an improvement of 230 basis points.
UP said the reportable personal injury rate and reportable derailment rate improved, while the freight car velocity was 221 daily miles per car, a 10% improvement. Additionally, locomotive productivity was 141 gross ton-miles (GTMs) per horsepower day, a 5% improvement, and workforce productivity improved 9% to 1,124 car miles per employee.
The average maximum train length was 9,689 feet, a 2% increase.
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