Union Pacific Corp

UNP: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Union Pacific Earnings: Economic Fallout From Tariffs Likely to Constrain Near-Term Growth

Matthew Young

Apr 24, 2025

Class-I railroad Union Pacific's first-quarter revenue was flat year over year as all-in yield (revenue per carload) declines offset higher volumes. Yield pressure stems from mix, lower fuel surcharges, and truckload competition for intermodal, though core merchandise pricing gains remain solid.

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Union Pacific Corp

Union Pacific Earnings: Economic Fallout From Tariffs Likely to Constrain Near-Term Growth

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