Filing Flows › Union Pacific (UNP) › Q2 2025
Union Pacific (UNP) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 24, 2025
Union Pacific (UNP) reported revenue of $6.2B for the second quarter 2025 (Q2 2025), +2% from a year earlier and +2% from the quarter before. Operating margin was 41.0%, net earnings $1.9B (30.5% of revenue).
Union Pacific, Q2 2025: revenue $6.2B (+2% year over year), operating margin 41.0%, net earnings $1.9B, operating cash flow $2.3B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.2B | +2% | +2% |
| Operating profit | $2.5B | +6% | +5% |
| Net earnings | $1.9B | +15% | +12% |
| Operating cash flow | $2.3B | +6% | +22% |
| Free cash flow | $1.4B | +7% | +38% |
What changed
Revenue was $6.2B in Q2 2025, up 2% year over year and up 2% from the previous quarter. Freight revenues was the largest line at 95% of revenue. Freight revenues added $0.20B year over year (up 4%), 139% of the total change. Other revenues declined 16%.
Operating profit was $2.5B, a 41.0% margin (up 1.1 points year over year). Of the extra revenue versus a year earlier, 85% reached operating profit, above the 40% margin then. Total costs grew 1% against revenue growth of 2%. Net earnings were $1.9B, up 12% year over year. The effective tax rate was 18.9%.
Operating cash flow was $2.3B (up 22% year over year), 124% of net earnings. Non-cash charges added back $0.61B of depreciation and $0.04B of share-based compensation. Working capital and other items used $0.19B. Capital expenditures of $0.94B left free cash flow of $1.4B.
Questions
What was Union Pacific's revenue in the second quarter 2025?
Union Pacific (UNP) reported revenue of $6.2B for the second quarter 2025 (Q2 2025), +2% from a year earlier and +2% from the quarter before.
Was Union Pacific profitable in the second quarter 2025?
Operating profit was $2.5B (41.0% of revenue) and net earnings $1.9B.
Source: Union Pacific 10-Q on SEC EDGAR.