Union Pacific Corp. today reported 2025 second quarter net income of $1.9 billion, or $3.15 per diluted share, up from net income of $1.7 billion, or $2.74 per diluted share in the year-ago quarter.
The most recent quarter included a deferred tax benefit of $115 million, partially offset by a crew staffing agreement of $55 million, the Omaha-based carrier said in a release.
Adjusted net income was $1.8 billion, up from $1.7 billion in 2024.
The company (NYSE: UNP) on Thursday also confirmed that it is in advanced merger talks with Norfolk Southern (NYSE: NSC) that if successful would create the first transcontinental railroad.
“We are delivering on our strategy and our second quarter results demonstrate our commitment to leading the industry as we set new standards for safety, service, and operational excellence,” said Jim Vena, Union Pacific chief executive, in the release. “The foundation is built, we are growing with our customers, and we have strong momentum as we continue to maximize the value of our great franchise.”
Quarterly operating revenue of $6.2 billion grew 2% on higher freight volume and pricing partially offset by reduced fuel surcharge, business mix, and lower other revenue. Freight revenue excluding fuel surcharge grew 6%.
The operating ratio was 59%, an improvement of 100 basis points. Adjusted operating ratio was 58.1%, an improvement of 230 basis points.
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