---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-028559"
form_type: "8-K"
ticker: "UNP"
cik: "0000100885"
company_name: "UNION PACIFIC CORP"
filed_at: "2023-10-19T23:59:59+00:00"
generated_at: "2026-06-09T19:30:28.000154+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Union Pacific Q3 EPS $2.51 vs $3.05 YoY; revenue down 10% to $5.9B

## Summary
- Net income of $1.5B ($2.51 diluted EPS) vs $1.9B ($3.05) in Q3 2022, a 21% decline.
- Operating revenue of $5.9B, down 10% on lower fuel surcharge revenue and volumes; carloads fell 3%.
- Operating ratio 63.4%, up 350 bps; operating income $2.2B, down 17%.
- Freight car velocity improved 5%; locomotive productivity up 4%; workforce productivity down 6%.
- 2023 outlook: volumes below Industrial Production; capital plan $3.7B; dividend maintained at $1.30/quarter.

## SEC filing metadata
- accession: 0001437749-23-028559
- form_type: 8-K
- ticker: UNP
- cik: 0000100885
- company_name: UNION PACIFIC CORP
- filed_at: 2023-10-19T23:59:59+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/100885/000143774923028559/0001437749-23-028559-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/100885/000143774923028559/unp20230808_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-028559
- JSON: https://secwatch.observer/filing/0001437749-23-028559.json
- Plain text: https://secwatch.observer/filing/0001437749-23-028559.txt

## Key facts
- Earnings Releases
  UNION PACIFIC CORP reported the quarter ended September 30, 2023 results: revenue $5.9 billion, net income $1.5 billion, or $2.51 per diluted share, EPS $2.51 per diluted share.
  - Period: the quarter ended September 30, 2023
  - Revenue: $5.9 billion
  - Net income: $1.5 billion, or $2.51 per diluted share
  - EPS: $2.51 per diluted share
  - Result: reported results
  source text: Union Pacific Reports Third Quarter 2023 Results ● Earnings per diluted share of $2.51 ● Operating revenue of $5.9 billion ● Operating income of $2.2 billion
  evidence_url: https://www.sec.gov/Archives/edgar/data/100885/000143774923028559/0001437749-23-028559-index.htm

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