Filing Flows › Union Pacific (UNP) › Q3 2025
Union Pacific (UNP) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 23, 2025
Union Pacific (UNP) reported revenue of $6.2B for the third quarter 2025 (Q3 2025), +3% from a year earlier and +1% from the quarter before. Operating margin was 40.8%, net earnings $1.8B (28.6% of revenue).
Union Pacific, Q3 2025: revenue $6.2B (+2% year over year), operating margin 40.8%, net earnings $1.8B, operating cash flow $2.5B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.2B | +1% | +3% |
| Operating profit | $2.5B | +1% | +6% |
| Net earnings | $1.8B | -5% | +7% |
| Operating cash flow | $2.5B | +8% | -5% |
| Free cash flow | $1.6B | +13% | -14% |
What changed
Revenue was $6.2B in Q3 2025, up 3% year over year and up 1% from the previous quarter. Freight revenues was the largest line at 95% of revenue. Freight revenues added $0.16B year over year (up 3%), 104% of the total change. Other revenues declined 2%.
Operating profit was $2.5B, a 40.8% margin (up 1.2 points year over year). Of the extra revenue versus a year earlier, 87% reached operating profit, above the 40% margin then. Total costs grew 1% against revenue growth of 3%. Net earnings were $1.8B, up 7% year over year. The effective tax rate was 22.9%.
Operating cash flow was $2.5B (down 5% year over year), 141% of net earnings. Non-cash charges added back $0.62B of depreciation and $0.04B of share-based compensation. Capital expenditures of $0.9B left free cash flow of $1.6B.
Questions
What was Union Pacific's revenue in the third quarter 2025?
Union Pacific (UNP) reported revenue of $6.2B for the third quarter 2025 (Q3 2025), +3% from a year earlier and +1% from the quarter before.
Was Union Pacific profitable in the third quarter 2025?
Operating profit was $2.5B (40.8% of revenue) and net earnings $1.8B.
Source: Union Pacific 10-Q on SEC EDGAR.