First look: Union Pacific Q3 earnings

In merger mode, railroad beats Wall Street estimates

· Thursday, October 23, 2025

(Photo: Trains/David Lassen)

Union Pacific Corp. (NYSE: UNP) on Thursday said third-quarter earnings were $1.79 billion on revenue of $6.24 billion.

The Omaha, Nebraska-based company said per-share profit was $3.01. Adjusted earnings for costs related to its proposed transcontinental merger with Norfolk Southern (NYSE: NSC) were $3.08 per share.

The results exceeded expectations of revenue of $6.23 billion and $2.99 EPS of seven analysts surveyed by Zacks Investment Research.

Norfolk Southern reports earnings Thursday after the close of markets.

Subscribe to FreightWaves’ Rail e-newsletter and get the latest insights on rail freight right in your inbox.

Find more articles by Stuart Chirls here.

Related coverage:

Freight locomotive sales power Wabtec earnings

Just two U.S. makers of critical railroad material left after plant closure

CN announces changes to senior management

The chemicals industry hates the UP – NS merger

Stuart Chirls

Stuart Chirls is a journalist who has covered the full breadth of railroads, intermodal, container shipping, ports, supply chain and logistics for Railway Age, the Journal of Commerce and IANA. He has also staffed at S&P, McGraw-Hill, United Business Media, Advance Media, Tribune Co., The New York Times Co., and worked in supply chain with BASF, the world's largest chemical producer. Reach him at stuartchirls@firecrown.com.