Union Pacific Corporation (UNP) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings, and welcome to Union Pacific's second quarter 2025 earnings call. At this time, all participants are in listen-only mode. A brief question and answer session will follow the formal presentation. If anyone today should require operator assistance, please press star zero from your telephone keypad. As a reminder, this conference is being recorded, and the slides for today's presentation are available on Union Pacific's website. It is now my pleasure to introduce your host, Mr. Jim Venna, Chief Executive Officer for Union Pacific. Thank you, Mr. Venit. You may now begin your presentation. Thanks, Rob, and thanks, everyone, for joining us this morning. Another beautiful day in Omaha. A little bit of thunderstorms last night, but the skies are clear this morning and a wonderful day to be railroading. So good morning, everyone, and thank you for joining us today for Union Pacific's second quarter 2025 earnings call. I'm joined in Omaha by our Chief Financial Officer, Jennifer Heyman, our Executive Vice President of Marketing and Sales, Kenny Rocker, and our Executive Vice President of Operations, Eric Geringer. As you'll hear from the team this morning, we are delivering on our strategy, and our results demonstrate our commitment to leading the industry as we set new standards for safety, service, and operational excellence. Now if we turn over to slide three, this morning Union Pacific reported 2025 second quarter earnings per share of $3.15. We had two unusual and offsetting items in the second quarter, a deferred tax benefit and the labor expense for accrued ratification agreement, both of which Jennifer will discuss in more detail. Excluding those items, our adjusted earnings per share is $3.03 up 12% versus last year's adjusted results. Volume growth, core ...