Filing Flows › Union Pacific (UNP) › Q4 2025
Union Pacific (UNP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 6, 2026
Union Pacific (UNP) reported revenue of $6.1B for the fourth quarter 2025 (Q4 2025), -0.6% from a year earlier and -3% from the quarter before. Operating margin was 39.5%, net earnings $1.8B (30.4% of revenue).
Union Pacific, Q4 2025: revenue $6.1B (-0.6% year over year), operating margin 39.5%, net earnings $1.8B, operating cash flow $2.2B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.1B | -3% | -0.6% |
| Operating profit | $2.4B | -6% | -5% |
| Net earnings | $1.8B | +3% | +5% |
| Operating cash flow | $2.2B | -12% | -16% |
| Free cash flow | $1.2B | -22% | -30% |
What changed
Revenue was $6.1B in Q4 2025, down 1% year over year and down 3% from the previous quarter. Total freight revenues was the largest line at 95% of revenue.
Operating profit was $2.4B, a 39.5% margin (down 1.8 points year over year). Total costs grew 2% against a revenue fall of 1%. Net earnings were $1.8B, up 5% year over year. The effective tax rate was 23.3%.
Operating cash flow was $2.2B (down 16% year over year), 120% of net earnings. Non-cash charges added back $0.62B of depreciation and $0.03B of share-based compensation. Working capital and other items used $0.28B. Capital expenditures of $1.0B left free cash flow of $1.2B.
Questions
What was Union Pacific's revenue in the fourth quarter 2025?
Union Pacific (UNP) reported revenue of $6.1B for the fourth quarter 2025 (Q4 2025), -0.6% from a year earlier and -3% from the quarter before.
Was Union Pacific profitable in the fourth quarter 2025?
Operating profit was $2.4B (39.5% of revenue) and net earnings $1.8B.
Source: Union Pacific 10-K on SEC EDGAR.