Union Pacific Corporation · NYSE:UNP
Union Pacific — Q2 2025 Earnings Presentation
10 slides from Union Pacific's earnings presentation, Jul 24, 2025
Slide 1: Second Quarter 2025 Earnings
UNION PACIFIC CORPORATION SECOND QUARTER 2025 EARNINGS JULY 24, 2025 EXECUTIVE SUMMARY SECOND QUARTER 2025 Jim Vena Chief Executive Officer 2
Slide 2: Second Quarter Highlights & Executive Summary
Second Quarter Highlights & Executive Summary Reported: 2Q YoY % Second Quarter Executive Summary: Earnings per Share $3.15 15% • Adjusted Earnings Per Share* of $3.03, up 12% • Adjusted Operating Ratio* of 58.1%, an improvement of 230 basis points Operating Income $2.5B 5% • Record Second Quarter f
Slide 3: Second Quarter Income Statement
Second Quarter Income Statement Reported 2025 2024 Variance Freight Revenue Drivers: Freight Revenue Ex. Fuel $ 5,274) $ 4,969) 6) Fuel Surcharge 569) 669) (15) Volume 3.75% Freight Revenue 5,843) 5,638) 4) Price/Mix 2.00% Other Revenue 311) 369) (16) Fuel Surcharge (2.25%) Operating Revenue 6,154)
Slide 4: On Track With Investor Day Targets
On Track With Investor Day Targets Affirming 2025 Outlook: • Well-Positioned to Meet Customer Demand; Challenging International Intermodal Comparison • Pricing Dollars Accretive to Operating Ratio • EPS Growth Consistent with Attaining the 3-Year CAGR Target of High-Single to Low-Double Digit • Indu
Slide 5: Second Quarter Commodity Review
Second Quarter Commodity Review Commodity Revenue Volume ARC (Millions) (Thousands) Bulk $ 1,901 519 $ 3,659 vs. 2Q’24 10% 11% 1% Industrial $ 2,212 569 $ 3,885 vs. 2Q’24 4% 3% 2% Premium vs. 2Q’24 $ 1,730 1,026 $ 1,688 4% 1% 4% Total $ 5,843 2,114 $ 2,764 vs. 2Q’24 4% 4% Flat 9 Second Half 2025 Vol
Slide 6: Operations Review
OPERATIONS REVIEW SECOND QUARTER 2025 Eric Gehringer Executive Vice President – Operations 11 SECOND QUARTER 2025 Key Performance Metrics Freight Car Intermodal Service Manifest Service Velocity Performance Index Performance Index 221 99 97 10% 6 pts 13 pts Quarterly Drivers Lower Freight Supporting
Slide 7: Key Efficiency Metrics
SECOND QUARTER 2025 Key Efficiency Metrics Locomotive Workforce Train Productivity Productivity Length 141 1,124 9,689 5% 9% 2% Quarterly Drivers Improved Network Lower Workforce Optimizing Fluidity Levels Transportation Plan 13 Year-over-year change in metrics. HOW WE WIN SECOND QUARTER 2025 Jim Ve
Slide 8: Safety, Service & Operational Excellence = Growth
UNION PACIFIC STRATEGY Safety, Service & Operational Excellence = Growth ASSET SAFETY SERVICE COST CONTROL PEOPLE UTILIZATION Spend resources wisely, Be the best Deliver the service we sold Drive decision-making to Engage our teams and with a buffer for the at safety. our customers. those closest to
Slide 9: Question & Answer
UNION PACIFIC CORPORATION QUESTION & ANSWER JULY 24, 2025 APPENDIX 18
Slide 10: Second Quarter 2025 Operating Ratio and EPS
Second Quarter 2025 Operating Ratio and EPS Favorable / (Unfavorable) Operating Ratio EPS Reported Second Quarter 2024 60.0% $2.74 Fuel Price (net) - ($0.07) 2024 Adjustments (0.4) pts ($0.03) 2025 Adjustments (0.9) pts ($0.12) Core Results (2.3) pts ($0.39) Reported Second Quarter 2025 59.0% $3.15