Union Pacific Corporation (UNP) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings and welcome to the Union Pacific's third quarter 2025 earnings call. At this time, all participants will be in listen-only mode. A brief question and answer session will follow the formal presentation. If anyone today should require operator assistance during the conference, please press star zero for 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. At this time, it is now my pleasure to introduce your host, Mr. Jim Venna. Chief Executive Officer for Union Pacific. Thank you, Mr. Vena. You may now begin your presentation. Thank you very much, Rob. Listen, thanks, everyone, for joining us. Beautiful 36-degree day here in morning in Omaha, Nebraska. Absolutely perfect day to be railroading. It's the type of day that I love. Not too hot, not too cold. It's just a slam dunk, so Eric and team should continue to deliver what they've delivered this past quarter, and we'll get into that in a minute. So here with me, we're going to review the third quarter 2025 numbers. Here with me is Jennifer, our Chief Financial Officer, Eric, our Operations Chief, and Marketing and Sales Chief, Kenny Rocker. As you'll hear from the team this morning, our third quarter results serve as a proof point that we are successfully executing on our strategy. We are focused on driving continued improvements in our pursuit of what's possible. Now let's dig into our results on slide four. Union Pacific reported 2025 third quarter earnings per share of $3.01, excluding $41 million of merger related costs. Our adjusted earnings per share of $3.08 increased 12% versus last year. Core pricing gains and continued operational efficiencies drove the strong financial results in the quarter. Frei...