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Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Union Pacific
Union Pacific (UNP) investor relations material
Union Pacific Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Jan, 2026
Executive summary
Achieved record net income of $7.1 billion (up 6%) and EPS of $11.98 (up 8%) for 2025, with best-ever safety, service, and operational results.
Delivered significant improvements in freight car velocity, locomotive productivity, and terminal dwell, with notable gains in personal injury and derailment rates.
Strong core pricing, network fluidity, and volume growth in Coal, Industrial Chemicals & Plastics, and Grain & Grain Products supported performance.
Maintained operational resilience and resource management during severe weather events.
Strategic focus on disciplined execution, cost control, and leveraging a diverse franchise for growth.
Financial highlights
Full-year operating revenue rose 1% to $24.5 billion, with operating income up 1% to $9.8 billion; adjusted operating ratio improved to 59.3%.
Q4 net income was $1.8 billion (record), with diluted EPS of $3.11; adjusted EPS was $2.86.
Cash from operations totaled $9.3 billion, with cash returned to shareholders at $5.9 billion via dividends and buybacks.
Return on invested capital improved to 16.3% from 15.8% in 2024.
Free cash flow for the year was $2.3 billion.
Outlook and guidance
2026 guidance anticipates mid-single-digit EPS growth, with a 3-year CAGR target of high-single to low-double digits through 2027.
Capital spending planned at $3.3 billion for 2026, prioritizing infrastructure and growth projects, with consistent annual dividend increases.
Share repurchases paused in anticipation of the Norfolk Southern merger.
Muted economic forecast for 2026, with pricing expected to exceed inflation.
Expect to pay off $1.5 billion in long-term debt in early 2026.
How does the NS merger process impact 2026 outlook?
Explain Q4 revenue and OR decline vs. full year.
What drives sustained operating ratio improvement?
How will OR improve without pricing help in 2026?
How will UP handle merger traffic volume?
What is UP's stance on reciprocal switching?
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Next Union Pacific earnings date
Q1 202623 Apr, 2026
Union Pacific
Next Union Pacific earnings date
Q1 202623 Apr, 2026
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Frequently asked questions
American Railroad Giant
Union Pacific Corporation is one of the largest railroad companies in the United States. The company plays a crucial role in the nation's freight transportation sector and primarily operates in the western two-thirds of the country. Its rail network spans approximately 32,000 miles, facilitating the movement of a diverse range of commodities including agricultural products, automotive goods, and energy resources. Union Pacific is headquartered in Omaha, Nebraska, and its shares are listed on the NYSE.
Pacific Railway Act
Union Pacific was established in 1862 under the Pacific Railway Act signed by President Abraham Lincoln, primarily to build part of the first transcontinental railroad. This ambitious project aimed to connect the eastern and western parts of the country, fostering economic growth and expansion. Over the years, Union Pacific expanded through the acquisition of various smaller railroads, consolidating its presence in the American transportation sector. Today, Union Pacific remains a key player in North American freight transportation and is one of the largest American companies in the sector together with Canadian National, CSX Corporation, and Norfolk Southern.
A Key Player Within Transportation
Union Pacific Railroad stands as a giant in the North American transportation industry, both in terms of operational scale and financial magnitude. It covers a vast network, stretching over approximately 32,000 miles of track across 23 states. The company employs thousands and owns a large number of locomotives, freight cars, and technology infrastructure. This combination of extensive physical infrastructure and financial strength positions Union Pacific as a key player in the North American transportation sector.
Enabling Commerce
Union Pacific Railroad plays a crucial role in transporting a diverse array of commodities essential to the economy. Its freight includes agricultural products like grain and produce, automotive components and finished vehicles, as well as things such as coal and chemicals. Additionally, it handles industrial products and intermodal containers, which carry a variety of goods for consumer and business markets.
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