---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-010684"
form_type: "8-K"
ticker: "UNP"
cik: "0000100885"
company_name: "UNION PACIFIC CORP"
filed_at: "2023-04-20T23:59:59+00:00"
generated_at: "2026-06-16T22:05:30.484254+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Union Pacific Q1 EPS $2.67, revenue up 3% to $6.1B; operating ratio worsens 270 bps

## Summary
- EPS diluted $2.67, net income $1.6B; Q1 record operating revenue $6.1B (+3% YoY) driven by fuel surcharge and core pricing.
- Operating ratio 62.1% deteriorated 270 bps; operating income down 3% to $2.3B on inflation and weather costs.
- Carloads down 1% YoY; reportable derailment rate improved 10% to 2.21 per million train miles.
- Maintains full-year guidance: operating ratio improvement, pricing > inflation, capex $3.6B (<15% revenue).

## SEC filing metadata
- accession: 0001437749-23-010684
- form_type: 8-K
- ticker: UNP
- cik: 0000100885
- company_name: UNION PACIFIC CORP
- filed_at: 2023-04-20T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/100885/000143774923010684/0001437749-23-010684-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/100885/000143774923010684/unp20230323_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-010684
- JSON: https://secwatch.observer/filing/0001437749-23-010684.json
- Plain text: https://secwatch.observer/filing/0001437749-23-010684.txt

## Key facts
- Earnings Releases
  UNION PACIFIC CORP reported the quarter ended March 31, 2023 results: revenue $6.1 billion, net income $1.6 billion, EPS $2.67 per diluted share. Guidance reaffirmed.
  - Period: the quarter ended March 31, 2023
  - Revenue: $6.1 billion
  - Net income: $1.6 billion
  - EPS: $2.67 per diluted share
  - Guidance: reaffirmed
  - Result: reported results
  source text: Impact Cost Structure; First Quarter Records for Operating Revenue, Net Income, and Earnings Per Share First Quarter 2023 Compared to First Quarter 2022 ● Operating revenue of $6.1 billion was up 3% driven by higher fuel surcharge revenue and core pricing gains, partially offset by a negative business mix and volume declines. ● Business volumes, as measured by
  evidence_url: https://www.sec.gov/Archives/edgar/data/100885/000143774923010684/0001437749-23-010684-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.