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Union Pacific (UNP) Q1 2025 earnings results (first quarter 2025)

10-Q filed Apr 24, 2025

Union Pacific (UNP) reported revenue of $6.0B for the first quarter 2025 (Q1 2025), -0.1% from a year earlier and -2% from the quarter before. Operating margin was 39.3%, net earnings $1.6B (27.0% of revenue).

Revenue$6.0B
Year over year-0.1%
Quarter over quarter-2%
Operating margin39.3%
Net earnings$1.6B

Union Pacific, Q1 2025: revenue $6.0B (-0.1% year over year), operating margin 39.3%, net earnings $1.6B, operating cash flow $2.2B. The chart follows the revenue to costs, profit and cash.

Q1 2025AmountQ/QY/Y
Revenue$6.0B-2%-0.1%
Operating profit$2.4B-6%0%
Net earnings$1.6B-8%-0.9%
Operating cash flow$2.2B-17%+4%
Free cash flow$468M—-11%

What changed

Revenue was $6.0B in Q1 2025, roughly flat year over year and down 2% from the previous quarter. Freight revenues was the largest line at 94% of revenue. Other revenues lost $0.08B year over year (down 19%), 1975% of the total change.

Operating profit was $2.4B, a 39.3% margin (unchanged year over year). Total costs fell 0% while revenue was flat. Net earnings were $1.6B, down 1% year over year. The effective tax rate was 23.6%.

Operating cash flow was $2.2B (up 4% year over year), 136% of net earnings. Non-cash charges added back $0.61B of depreciation and $0.03B of share-based compensation. After cash used in investing activities ($0.94B) and dividends paid ($0.80B), free cash flow as the company reports it was $0.47B.

Questions

What was Union Pacific's revenue in the first quarter 2025?

Union Pacific (UNP) reported revenue of $6.0B for the first quarter 2025 (Q1 2025), -0.1% from a year earlier and -2% from the quarter before.

Was Union Pacific profitable in the first quarter 2025?

Operating profit was $2.4B (39.3% of revenue) and net earnings $1.6B.

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Source: Union Pacific 10-Q on SEC EDGAR.