Union Pacific Corp. Q1 FY2025 results: revenue $6.0 billion, down 0.1% on the year

Union Pacific Corp. (UNP) reported revenue of $6.0 billion for Q1 FY2025, the quarter ended 31 March 2025, down 0.1% on the same quarter a year earlier. Net income was $1.6 billion, down 0.9% on the year, and diluted earnings per share $2.70. The figures are the company's own, from the 10-Q it filed with the SEC on 24 April 2025.

Revenue$6.0 billiondown 0.1%

Net income$1.6 billiondown 0.9%

Diluted EPS$2.70

QuarterQ1 FY2025ended 31 March 2025

The quarter, against the one before and a year earlier

Line	Q1 FY2025	Q4 FY2024	Q1 FY2024	Change on the year
Revenue	6,027	6,121	6,031	-0.1%
Operating income	2,371	2,525	2,372	-0.0%
Operating margin	39.3%	41.3%	39.3%
Interest expense	322	312	324	-0.6%
Pre-tax income	2,127	2,281	2,140	-0.6%
Income tax	501	519	499	+0.4%
Effective tax rate	23.6%	22.8%	23.3%
Net income	1,626	1,762	1,641	-0.9%
Net margin	27.0%	28.8%	27.2%
Diluted EPS	$2.70	$2.91	$2.69	+0.4%

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2025	Q4 FY2024	Q1 FY2024	Change on the year
Operating cash flow	2,210	2,662	2,122	+4.1%
Capital expenditure	906	922	797	+13.7%
Free cash flow	1,304	1,740	1,325	-1.6%
Free cash flow margin	21.6%	28.4%	22.0%
Share-based compensation	34.0	31.0	26.0	+30.8%
Buybacks	1,420	674	0.0	n/a
Dividends paid	804	810	795	+1.1%
Dividend per share	$1.34	n/a	$1.30	+3.1%
Diluted shares, weighted	602m	609m	610m	-1.4%
Shares outstanding at period end	599m	604m	610m	-1.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2025	Q4 FY2024	Q1 FY2024	Change on the year
Total assets	68,492	67,715	67,266	+1.8%
Cash and equivalents	1,411	1,016	925	+52.5%
Receivables	1,965	1,894	2,162	-9.1%
Long-term debt	n/a	31,192	n/a	n/a
Long-term debt including finance leases	30,615	29,767	31,195	-1.9%
Borrowings, as the company tags them	n/a	32,885	n/a	n/a
Operating lease liabilities	758	925	1,016	-25.4%
Finance lease liabilities	n/a	72.0	n/a	n/a
Shareholders' equity	16,039	16,890	15,665	+2.4%

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	5,941	6,159	6,031	6,007	6,091	6,121	6,027	6,154	6,244	6,085	6,217	6,864
Operating income	2,177	2,407	2,372	2,400	2,416	2,525	2,371	2,525	2,549	2,401	2,458	2,763
Operating margin	37%	39%	39%	40%	40%	41%	39%	41%	41%	39%	40%	40%
Interest expense	334	331	324	319	314	312	322	335	327	325	320	313
Pre-tax income	1,949	2,184	2,140	2,184	2,189	2,281	2,127	2,313	2,318	2,408	2,229	2,555
Tax rate	22%	24%	23%	23%	24%	23%	24%	19%	23%	23%	24%	22%
Net income	1,528	1,652	1,641	1,673	1,671	1,762	1,626	1,876	1,788	1,848	1,701	1,993
Net margin	26%	27%	27%	28%	27%	29%	27%	30%	29%	30%	27%	29%
Diluted EPS	$2.51	$2.70	$2.69	$2.74	$2.75	$2.91	$2.70	$3.15	$3.01	$3.12	$2.87	$3.36
Operating cash flow	2,126	2,395	2,122	1,911	2,651	2,662	2,210	2,333	2,522	2,225	2,440	3,076
Capital expenditure	975	1,024	797	902	831	922	906	936	950	999	937	873
Free cash flow	1,151	1,371	1,325	1,009	1,820	1,740	1,304	1,397	1,572	1,226	1,503	2,203
Buybacks	0.0	0.0	0.0	100	731	674	1,420	1,259	0.0	0.0	0.0	26.0
Dividends paid	792	793	795	793	815	810	804	795	819	818	821	819
Shares outstanding	610m	610m	610m	610m	607m	604m	599m	593m	593m	593m	594m	594m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2025, filed 24 April 2025, accession 0000100885-25-000151: the filing on EDGAR. All of Union Pacific Corp.'s filings: EDGAR company page.

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