Union Pacific owns and runs a 32,889-route-mile freight railroad across 23 western U.S. states and gets paid per shipment: each carload or intermodal container moved from origin to destination is billed under a contract or tariff rate, plus a fuel surcharge. FY2025 (year ended Dec 31, 2025) operating revenue was $24.51B (+1%) on 8.45M carloads; with a 59.8% operating ratio, FY2025 net income was $7.14B (+6%). A pending merger with Norfolk Southern awaits Surface Transportation Board review.
Click any of the 9 blocks below for a plain-language story of how that part of the model works for Union Pacific — and how it connects to the others.
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