---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-020647"
form_type: "8-K"
ticker: "UNP"
cik: "0000100885"
company_name: "UNION PACIFIC CORP"
filed_at: "2023-07-26T23:59:59+00:00"
generated_at: "2026-06-13T02:04:26.414090+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Union Pacific Q2 EPS $2.57 vs $2.93 YoY; revenue down 5% to $6B

## Summary
- Net income $1.6B ($2.57 diluted EPS) vs $1.8B ($2.93) in Q2 2022.
- Operating revenue $6B, down 5% on reduced fuel surcharge, lower volumes, mix.
- Operating ratio 63.0%, up 280 bps; includes 110 bps impact from one-time labor payment.
- Freight car velocity improved 8% to 202 daily miles per car; derailment rate improved 9%.
- Appointed Jim Vena as CEO, Beth Whited as president, Mike McCarthy as chairman; no further share repurchases in 2023.

## SEC filing metadata
- accession: 0001437749-23-020647
- form_type: 8-K
- ticker: UNP
- cik: 0000100885
- company_name: UNION PACIFIC CORP
- filed_at: 2023-07-26T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/100885/000143774923020647/0001437749-23-020647-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/100885/000143774923020647/unp20230622_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-020647
- JSON: https://secwatch.observer/filing/0001437749-23-020647.json
- Plain text: https://secwatch.observer/filing/0001437749-23-020647.txt

## Key facts
- Earnings Releases
  UNION PACIFIC CORP reported quarter ended June 30, 2023 results: revenue $6 billion, net income $1.6 billion, EPS $2.57 per diluted share. Guidance lowered.
  - Period: quarter ended June 30, 2023
  - Revenue: $6 billion
  - Net income: $1.6 billion
  - EPS: $2.57 per diluted share
  - Guidance: lowered
  - Result: reported results
  source text: Pricing Gains Offset by Reduced Fuel Surcharge Revenue, Lower Volumes, and an Unfavorable Business Mix Second Quarter 2023 Compared to Second Quarter 2022 ● Operating revenue of $6 billion was down 5% driven by reduced fuel surcharge revenue, lower volumes, and an unfavorable business mix, partially offset by core pricing gains. ● Business volumes, as measured by
  evidence_url: https://www.sec.gov/Archives/edgar/data/100885/000143774923020647/0001437749-23-020647-index.htm

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