Strong Financial Performance: Union Pacific reported a second quarter 2025 earnings per share (EPS) of $3.15, and adjusted EPS of $3.03, which reflects a 12% increase year-over-year. The operating ratio improved to 58.1%, outperforming last year's adjusted results by 230 basis points. Operational metrics showed robust growth, emphasizing the effectiveness of the company's strategies.

Revenue Growth Drivers: Freight revenue (excluding fuel surcharge) grew by 6% to $5.8 billion in the second quarter. The increase was attributed to volume growth (up 375 basis points) and core pricing gains, indicating a strong demand for Union Pacific's services. However, fuel surcharge revenue decreased due to lower fuel prices.

Operational Efficiency: The company set quarterly records for workforce productivity and freight car velocity, achieving a 9% improvement in workforce productivity and a 10% increase in freight car velocity. These operational efficiencies are expected to help maintain the high level of service moving forward, but challenges remain in balancing costs with ongoing wage increases.