“The Union Pacific team delivered our best ever full year across safety, service and operating excellence,” Chief Executive Jim Vena said on the railroad’s earnings call on Tuesday morning. “As we close out the year, it’s clear the team is consistently delivering at the highest levels, and I’m confident that’s what we’ll continue to do.” For the year, the Omaha-based company (NYSE: UNP) said operating income rose 1%, to $9.8 billion, as revenue rose 1%, to $24.5 billion. Overall volume also was up 1%. Ea ...

Core Insights - Union Pacific reported $6.09 billion in revenue for Q4 2025, a year-over-year decline of 0.6% and below the Zacks Consensus Estimate of $6.14 billion, resulting in a surprise of -0.82% [1] - The company's EPS for the quarter was $2.86, down from $2.91 a year ago, with an EPS surprise of -1.47% compared to the consensus estimate of $2.90 [1] Financial Performance Metrics - Operating Ratio was reported at 60.5%, higher than the average estimate of 58.8% from four analysts [4] - Revenue Ton-Miles reached 106.52 billion, exceeding the three-analyst average estimate of 105.12 billion [4] - Total Revenue Carloads were 2.07 million, slightly below the average estimate of 2.1 million from three analysts [4] - Revenue Ton-Miles for Industrial Products was 31.1 billion, compared to the average estimate of 31.99 billion [4] - Freight Revenues from Bulk were $1.92 billion, slightly below the average estimate of $1.93 billion, but showed a year-over-year increase of 3% [4] - Other Operating Revenues were $326 million, exceeding the average estimate of $319.31 million, but reflecting a year-over-year decline of 1.8% [4] - Freight Revenues from Industrial Products were $2.12 billion, below the average estimate of $2.18 billion, with a year-over-year increase of 1.2% [4] - Freight Revenues from Premium services were $1.72 billion, slightly above the average estimate of $1.71 billion, but down 6% year-over-year [4] - Total Freight Revenues were $5.76 billion, below the average estimate of $5.82 billion, reflecting a year-over-year decline of 0.5% [4] - Freight Revenues from Forest Products were $302 million, below the average estimate of $334.54 million, showing a year-over-year decline of 6.8% [4] - Freight Revenues from Energy & Specialized Markets were $659 million, below the average estimate of $705.38 million, with a year-over-year decline of 3% [4] - Freight Revenues from Intermodal services were $1.14 billion, slightly above the average estimate of $1.12 billion, but down 8.7% year-over-year [4] Stock Performance - Union Pacific shares have returned -1.6% over the past month, while the Zacks S&P 500 composite has increased by 0.4% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Union Pacific reported a higher profit in the fourth quarter despite a slight decline in revenue due to lower volumes [1] Financial Performance - The company experienced a profit increase in the fourth quarter [1] - Revenue fell slightly, indicating a headwind from lower volumes [1]

Core Viewpoint - Union Pacific reported quarterly earnings of $2.86 per share, missing the Zacks Consensus Estimate of $2.9 per share, and showing a decline from $2.91 per share a year ago, indicating an earnings surprise of -1.47% [1] Financial Performance - The company posted revenues of $6.09 billion for the quarter ended December 2025, missing the Zacks Consensus Estimate by 0.82%, and down from $6.12 billion year-over-year [2] - Over the last four quarters, Union Pacific has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Union Pacific shares have lost about 0.2% since the beginning of the year, while the S&P 500 has gained 1.5% [3] - The current status translates into a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $2.94 on revenues of $6.14 billion, and for the current fiscal year, it is $12.38 on revenues of $25.43 billion [7] - The estimate revisions trend for Union Pacific was mixed ahead of the earnings release, which could change following the recent report [6] Industry Context - The Transportation - Rail industry is currently in the bottom 16% of the Zacks industries, suggesting that the outlook for the industry can materially impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - Union Pacific reported a full-year net income of $7.1 billion, an increase of 6%, and earnings per share of $11.98, up 8% compared to 2024 [9] - The adjusted operating ratio improved by 60 basis points to 59.3% versus 2024 [10] - Full-year cash from operations totaled $9.3 billion, roughly flat compared to 2024, while cash return to shareholders grew by 25% to $5.9 billion [16] Business Line Data and Key Metrics Changes - In the fourth quarter, operating revenue was $6.1 billion, a decrease of 1% year-over-year, with freight revenue of $5.8 billion also down 1% on a 4% lower volume [12] - Bulk segment revenue increased by 3% due to a 3% increase in volume, while industrial revenue was up 1% on a 1% increase in volume [18][19] - Premium revenue declined by 6% despite a 10% increase in volume, reflecting business mix and higher fuel surcharges [19] Market Data and Key Metrics Changes - The competitive and global market environment impacted pricing and mix, particularly in agricultural sectors [12] - Domestic intermodal volumes faced challenges due to lower West Coast imports and customer shifts, although 2025 was the best-ever year for domestic intermodal [20] - The outlook for 2026 indicates a softer environment, with industrial production forecasted to be flat and housing starts expected to decline by more than 2% [21][22] Company Strategy and Development Direction - The company aims to maintain a strong focus on safety, service, and operational excellence to drive growth [30] - Capital spending for 2026 is targeted at approximately $3.3 billion, prioritizing core infrastructure and modernization of the locomotive fleet [28] - The merger with Norfolk Southern is expected to enhance competition and improve service delivery, with a focus on regulatory compliance [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational capabilities despite a challenging economic backdrop, with expectations for mid-single-digit earnings growth in 2026 [33] - The company anticipates inflation to exceed 4% in 2026, impacting margins, but remains committed to improving operating ratios [32] - Management highlighted the importance of maintaining a buffer of resources to adapt to market conditions and customer demands [61] Other Important Information - The company achieved best-ever results in safety performance, with significant improvements in personal injury and derailment rates [25] - The merger application with Norfolk Southern is undergoing additional scrutiny, with expectations to resubmit soon [40][88] Q&A Session Summary Question: How will the company improve operating ratio in 2026 given inflation and pricing challenges? - Management indicated that improvements will come from productivity gains and a more favorable business mix, despite not expecting price increases to contribute positively [46][47] Question: Can you elaborate on the $2 billion targeted net revenue gains from the merger? - Management expressed confidence in the projected traffic growth and emphasized that the operational efficiency will handle the increased traffic effectively [53][56] Question: What is the outlook for capital expenditures and growth into 2027? - Management clarified that capital expenditures are aligned with network needs and emphasized a conservative approach to growth expectations for 2027 [68][70]

Financial Data and Key Metrics Changes - Union Pacific reported a full-year net income of $7.1 billion, an increase of 6%, and earnings per share of $11.98, up 8% compared to 2024 [9] - The adjusted operating ratio improved by 60 basis points to 59.3% versus 2024 [10] - Full-year cash from operations totaled $9.3 billion, roughly flat compared to 2024, while cash return to shareholders grew by 25% to $5.9 billion [16] Business Line Data and Key Metrics Changes - In the fourth quarter, operating revenue was $6.1 billion, a decrease of 1% year-over-year, with freight revenue of $5.8 billion also down 1% on a 4% lower volume [12] - Bulk segment revenue increased by 3% due to a 3% increase in volume, while industrial revenue was up 1% on a 1% increase in volume [18][19] - Premium revenue declined by 6% despite a 10% increase in volume, reflecting business mix and higher fuel surcharges [19] Market Data and Key Metrics Changes - The competitive and global market environment impacted quarterly pricing and mix, particularly in agricultural sectors [12] - Domestic intermodal volumes faced challenges due to lower West Coast imports and customer shifts, although 2025 was the best-ever year for domestic intermodal [20] - The outlook for 2026 indicates a softer environment, with industrial production forecasted to be flat and housing starts expected to decline by more than 2% [21][22] Company Strategy and Development Direction - The company aims to maintain a strong focus on safety, service, and operational excellence to drive growth and improve margins [30][32] - Capital spending for 2026 is targeted at approximately $3.3 billion, prioritizing core infrastructure and modernization of the locomotive fleet [28] - The merger with Norfolk Southern is expected to enhance competition and improve service delivery, with a focus on regulatory compliance and transparency [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational capabilities despite a challenging macroeconomic environment, with expectations for mid-single-digit earnings growth in 2026 [33] - The company anticipates inflation of slightly over 4% in 2026, impacting cost structures but remains committed to improving operating ratios [32] - Management highlighted the importance of maintaining a buffer of resources to handle increased traffic post-merger and ensure service reliability [61][62] Other Important Information - The company achieved best-ever results in safety performance, with significant improvements in personal injury and derailment rates [25] - The company plans to continue investing in targeted capacity projects to support growth initiatives and enhance operational efficiency [28] Q&A Session Summary Question: How will the company improve operating ratio in 2026 given inflation and lack of price support? - Management indicated that improvements will come from productivity gains and a more favorable business mix, despite challenges in pricing [46][48] Question: Can you elaborate on the $2 billion targeted net revenue gains from the merger? - Management expressed confidence in the traffic growth estimates and the ability to handle increased business efficiently, emphasizing the importance of capacity investments [53][56] Question: What is the outlook for mid-single-digit growth into 2027? - Management acknowledged the pressure on 2027 growth targets but remains optimistic about capitalizing on market opportunities [67][73] Question: How does the new switching regulation impact the business? - Management supports increased competition and optionality for customers, emphasizing the need for clarity in regulatory details [81][84]

Financial Data and Key Metrics Changes - Union Pacific reported a full-year net income of $7.1 billion, up 6%, and earnings per share of $11.98, up 8% compared to 2024 [9] - Freight revenue, excluding fuel surcharge, grew 3% year-over-year, setting a record for the full year [9] - The adjusted operating ratio improved by 60 basis points to 59.3% compared to 2024 [10] - Fourth quarter operating revenue was $6.1 billion, a decrease of 1% versus 2024, with freight revenue declining by 1% on a 4% lower volume [12] Business Line Data and Key Metrics Changes - Bulk segment revenue increased by 3% on a 3% increase in volume, driven by strong coal demand [19] - Industrial revenue was up 1% for the quarter on a 1% increase in volume, with strong core pricing gains offset by business mix [20] - Premium revenue declined by 6% despite a 10% increase in volume, reflecting business mix and higher fuel surcharges [20] Market Data and Key Metrics Changes - The competitive and global market environment impacted pricing and mix, particularly in agricultural sectors [12] - Domestic intermodal volumes faced challenges due to lower West Coast imports and customer shifts, although 2025 was the best-ever year for domestic intermodal [20] Company Strategy and Development Direction - The company aims to maintain industry-leading operating ratios and return on invested capital while focusing on safety, service, and operational excellence [32] - Capital spending for 2026 is targeted at approximately $3.3 billion, prioritizing core infrastructure and modernization [30] - The merger with Norfolk Southern is expected to enhance competition and improve service offerings, with a focus on seamless operations [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational capabilities despite a challenging economic backdrop, with expectations for mid-single-digit earnings growth in 2026 [34] - The company anticipates inflationary pressures and a softer economic environment but remains focused on driving productivity and efficiency [33] - Management is optimistic about coal and grain markets, expecting continued strength supported by business development efforts [24] Other Important Information - The company achieved record safety performance in 2025, with significant improvements in personal injury and derailment rates [26] - Cash return to shareholders grew by 25% in 2025, totaling $5.9 billion through dividends and share repurchases [17] Q&A Session Summary Question: How will the company improve operating ratio in 2026 given inflation and no expected price increases? - Management indicated that improvements will come from productivity gains and a more favorable business mix, despite challenges in pricing [46][48] Question: Can you elaborate on the $2 billion targeted net revenue gains from the merger? - Management expressed confidence in the projected traffic growth and emphasized that the operational efficiency will handle the increased traffic effectively [54][56] Question: What is the expected impact of regulatory changes on the business? - Management supports increased competition and optionality for customers, emphasizing the need for clarity in regulatory details [80][82]

FOURTH QUARTER 2025 EARNINGS UNION PACIFIC CORPORATION Cautionary Information Certain statements in this presentation are "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to future events or future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause the Company's (or, as it relates to the Transaction (as defined below), the combine ...

Union Pacific Corp. on Tuesday reported fourth-quarter profit of $1.85 billion on revenue of $6.09 billion, both short of Wall Street expectations. Per-share earnings came up short for the Omaha, Neb.-based company (NYSE: UNP) at $3.11. Adjusted earnings came to $2.86 per share. Analysts’ consensus was for earnings of $2.90 per share, on revenue of $6.14 billion. The company, which is in the process of merging with Norfolk Southern (NYSE: NSC) to form the first transcontinental railroad, said operating ...

本文源自：金融界AI电报 联合太平洋(UNP.N)四季度营收60.8亿美元，市场预期为61.2亿美元。 ...