UNION PACIFIC CORP — Form 10-Q filed 2025-10-23

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Union Pacific reported Q3 2025 net income of $1.8 billion, diluted EPS of $3.01, up 9.5% YoY. Operating revenue rose 3% to $6.2 billion, with operating ratio improving to 59.2%. Freight revenue grew 3% despite a 17% drop in international intermodal carloads. The company is acquiring Norfolk Southern, expected to close in early 2027, incurring related expenses. Cash flow from operations was strong, and share repurchases totaled 11.9 million shares in the first nine months.