CLAIM #59671 · Union Pacific Corporation (UNP) · 2025Q2 earnings call · Jul 24, 2025 · due Dec 31, 2025
“In fact, we're expecting some sequential declines through the back half.”
Jennifer Hamann · CFO
In context
“e, Eric and Kenny both hit great points in terms of the railroad is running really well. Kenny and his team are out there executing. We called out the one-timer that we have relative to the expense line with the labor agreement. Certainly, that's not going to repeat itself as you're thinking sequentially second quarter to third quarter. So all really good progress and feel really good about those things. The only thing I'll remind you of, and we've talked about this before, is that this is going to be a little bit of an unusual year for us when you think about the volume cadence. Usually, you have your stronger volumes in your third and fourth quarter. Because of the strong comp that we have with the international intermodal and how we see that trending, that's likely not going to happen. In fact, we're expecting some sequential declines through the back half. But set that aside, the team is executing at a very high level, and we'll continue to do that. Operator: The next question is from the line of Tom Wadewitz with UBS. Thomas Richard Wadewitz: So I want to see you -- since you had the train [ saved ] article back in May, you really had a dramatic impact on the discussion on consolidation. There's been enough time, I would imagine, some of your good contacts and buddies in the customer and shipper side have reached out to you and probably give you some feedback. Can you offer any thoughts on kind of what the flavor of that feedback is? Are shippers greatly concerned? Are they mechanical shippers, are they excited about -- maybe intermodal shippers excited about a transcon railroad? Is there anything high level you can give us and just kind o”
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SEC filings for UNP ↗ · Claim quote is verbatim from the 2025Q2 earnings call.