Filing Flows › Union Pacific (UNP) › Q1 2025
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).
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 2025 | Amount | Q/Q | Y/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.
Source: Union Pacific 10-Q on SEC EDGAR.