Union Pacific (UNP) FY2025 results: revenue $24.5 billion, up 1.1% on the year

Union Pacific hauls freight by rail across the western two-thirds of the country. Union Pacific Railroad Company, the principal operating company, is a Class I railroad operating in the U.S. with 32,889 route miles connecting 23 states, running from the Pacific and Gulf Coast ports to Midwest and Eastern gateways, connecting to Canada's rail systems and serving all six major Mexico gateways. The parent was incorporated in Utah in 1969 and its offices are at 1400 Douglas Street, Omaha, Nebraska. The railroad and its subsidiaries and rail affiliates are treated as one reportable segment because the network is integrated, though the traffic is analysed in three commodity groups. Freight brought in $23.2 billion in 2025.

Bulk

Grain and grain products, fertiliser, food and refrigerated goods, and coal and renewables, together 33 percent of freight sales in 2025. The network reaches most major grain markets, connecting Midwest and Western producing areas to export terminals in the Pacific Northwest and Gulf Coast and to Mexico, and serves domestic grain processors, animal feeders and ethanol and renewable biofuel producers. Fertiliser moves from the Gulf Coast, Midwest, Western states and Canada by interline access. Coal goes to independent and regulated power companies and industrial plants, with reach extending to Eastern utilities, Mexico and other international destinations through interchange gateways and ports; the largest part of it originates in the Powder River Basin of Wyoming.

Industrial

Thirty-seven percent of freight sales in 2025: construction products, chemicals, plastics, forest products, specialised products such as waste, salt and roofing, metals and ores, petroleum, liquid petroleum gases, soda ash and sand. Steel, aggregates, cement and wood products move on the back of commercial, residential and government building. Lumber comes mainly from the Pacific Northwest or Western Canada for new homes and remodelling, and paper mostly supports packaging. Oil and gas drilling pulls raw steel, finished pipe, stone and drilling fluids. Petroleum and liquid petroleum gas traffic turns on refinery utilisation, regional crude price differences, pipeline capacity and asphalt for road programmes. Soda ash originates in south-western Wyoming and California for chemical and glass makers in North America and abroad.

Premium

Thirty percent of freight sales in 2025: finished vehicles, automotive parts and merchandise in intermodal containers. International intermodal is import and export traffic in 20 and 40-foot containers, mostly through West Coast ports and on to inland terminals. Domestic intermodal is container and trailer traffic picked up and delivered within North America for intermodal marketing companies and truckload carriers. The company is the largest automotive carrier west of the Mississippi River, operating or accessing more than 40 vehicle distribution centres, reaching six vehicle assembly plants and connecting to West Coast ports, all six major Mexico gateways and the Port of Houston. Automotive parts move in boxcars and intermodal containers to Mexico, the U.S. and Canada.

The pending Norfolk Southern acquisition

The company announced a pending acquisition of Norfolk Southern under a merger agreement dated 28 July 2025, and paused its share repurchase programme.

Seasons, safety and technology

Some commodities have peak seasons, whether from growing and harvest cycles or from demand, and intermodal traffic generally peaks in the third quarter to stock shelves for the fourth. How sharp the peaks are varies with the economy and currencies, consumer demand, the strength of harvests, agricultural prices and supply chain disruption. The company measures itself on a personal injury rate per 200,000 employee-hours and a derailment incident rate per million train miles, both reported to the Federal Railroad Administration above a damage threshold of $12,400 for 2025; the 2025 injury rate of 0.68 was 24 percent better than 2024 and the derailment rate of 1.75 was 19 percent better. Over 7,000 wayside detectors watch freight cars and locomotives in real time and generate 72 million data points a day, the Physics Train Builder system assesses train and route characteristics for its Operating Practices Command Center, and an autonomous geometry car fleet inspects 500,000 miles of track a year.

People

An average of 29,287 people were employed during 2025. Thirteen major rail unions represent approximately 83 percent of the workforce, and under the Railway Labor Act of 1926 collective bargaining agreements are open to modification every five years, with existing agreements staying in force until new ones are ratified or the Act's procedures are exhausted. Local negotiations covering 2025 to 2029 began on 1 January 2025 and most are concluded, with two still running at one subsidiary.

From Union Pacific's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 6 February 2026: read the full 10-K.