Union Pacific Corp. reported fourth‑quarter earnings on Tuesday, posting adjusted EPS of $2.86, just a cent shy of consensus. Revenue slipped 1% year‑over‑year to $6.1 billion, missing the $6.12 billion estimate. A 4% drop in carload volumes weighed on top‑line growth, nudging the stock about 1.1% lower in pre‑market trade.

Despite the miss, the railroad set several operational records. Freight car velocity rose 9% to 239 miles per car per day, while terminal dwell time improved 9% to 19.8 hours. Average train length increased 3% to 9,729 feet, and the adjusted operating ratio slipped to 60.0%, 190 basis points worse than a year ago.

For 2025, net income climbed 6% to $7.1 billion and diluted EPS rose 8% to $11.98. Looking ahead, Union Pacific projects mid‑single‑digit EPS growth in 2026, backed by a $3.3 billion capital‑expenditure plan and continued operating‑ratio improvement. Investors will watch whether the company can translate efficiency gains into sustained earnings momentum.