News Releases


Union Pacific Reports Second Quarter 2022 Results

Omaha, Neb., July 21, 2022

Second Quarter Results

  • Earnings per diluted share of $2.93
  • Operating revenue up 14%
  • Operating income up 1%

Union Pacific Corporation (NYSE: UNP) today reported 2022 second quarter net income of $1.8 billion, or $2.93 per diluted share. This compares to 2021 second quarter net income of $1.8 billion, or $2.72 per diluted share.

“As anticipated, the Second Quarter was a tough one as we limited carloadings and increased expenses to recover network fluidity,” said Lance Fritz, Union Pacific chairman, president, and chief executive officer. “We also experienced record high fuel prices and increasing inflation, adding pressure to our total costs. Offsetting the cost pressures were higher fuel surcharge revenue, solid core pricing, a positive mix, and continued train size initiatives. The result was operating revenue and income growth. Our network fluidity improved through the quarter, and we are positioned to grow volumes in the back half of 2022 while continuing to improve our service product.”

Financial Results: Topline Growth Produces Quarterly Records for Operating Revenue, Operating Income, Net Income, and Earnings Per Share
Second Quarter 2022 Compared to Second Quarter 2021

  • Operating revenue of $6.3 billion was up 14% driven by higher fuel surcharge revenue, core pricing gains, and a positive business mix, offset slightly by volume declines.
  • Business volumes, as measured by total revenue carloads, were down 1%.
  • Union Pacific’s 60.2% operating ratio deteriorated by 510 basis points. Higher fuel prices negatively impacted the operating ratio 130 basis points.
  • Operating income of $2.5 billion was up 1%.
  • The company repurchased 3.1 million shares in second quarter 2022 at an aggregate cost of $722 million.

Operating Performance: Service and Efficiency Measures Lag as Network Recovery Continues
Second Quarter 2022 Compared to Second Quarter 2021

  • Quarterly freight car velocity of 187 daily miles per car, a 12% decline.
  • Quarterly locomotive productivity was 123 gross ton-miles (GTMs) per horsepower day, a 12% decline.
  • Average maximum train length was flat at 9,439 feet.
  • Quarterly workforce productivity was 1,034 car miles per employee, a 2% decline.
  • Fuel consumption rate of 1.076, measured in gallons of fuel per thousand GTMs, was flat.
  • Union Pacific’s first half reportable personal injury rate improved to 0.93 per 200,000 employee-hours compared to 0.95 for first half 2021.
2022 Guidance: First Half 2022 Results Challenge Previous Full Year Volume and Operating Ratio Targets
  • Stronger second half volumes should produce full year carload growth of 4% to 5%
  • Full year operating ratio around 58%
  • Second half operating ratio improvement vs. 2021
  • Second half incremental margins around 50%
  • Pricing gains in excess of inflation dollars
  • Capital spending of $3.3 billion
  • Long term dividend payout target of 45% of earnings
  • Share repurchases in line with 2021

Second Quarter 2022 Earnings Conference Call

Union Pacific will webcast its second quarter 2022 earnings release presentation live at and via teleconference on Thursday, July 21, 2022, at 8:45 a.m. Eastern Time. Participants may join the conference call by dialing 877-407-8293 (or for international participants, 201-689-8349).

About Union Pacific

Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable, and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at

Union Pacific Investor contact: Brad Stock at 402-544-4227 or

This news release and related materials contain statements about the Company’s future that are not statements of historical fact, including specifically the statements regarding the Company’s expectations with respect to economic conditions and demand levels, its ability to improve network performance (including those in response to increased traffic), its results of operations, and potential impacts of the COVID-19 pandemic and the Russian-Ukraine conflict. These statements are, or will be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements also generally include, without limitation, information, or statements regarding: projections, predictions, expectations, estimates, or forecasts as to the Company’s and its subsidiaries’ business, financial, and operational results, and future economic performance; and management’s beliefs, expectations, goals, and objectives and other similar expressions concerning matters that are not historical facts.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will be achieved. Forward-looking information, including expectations regarding operational and financial improvements and the Company’s future performance or results are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statement. Important factors, including risk factors, could affect the Company’s and its subsidiaries’ future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements. Information regarding risk factors and other cautionary information are available in the Company’s Annual Report on Form 10-K for 2021, which was filed with the SEC on February 4, 2022. The Company updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q and its subsequent Annual Reports on Form 10-K (or such other reports that may be filed with the SEC).

Forward-looking statements speak only as of, and are based only upon information available on, the date the statements were made. The Company assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References to our website are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein.


The statements and information contained in the news releases provided by Union Pacific speak only as of the date issued. Such information by its nature may become outdated, and investors should not assume that the statements and information contained in Union Pacific's news releases remain current after the date issued. Union Pacific makes no commitment, and disclaims any duty, to update any of this information.

Media Contact

Clarissa Beyah