CLAIM #59693 · Union Pacific Corporation (UNP) · 2025Q3 earnings call · Oct 23, 2025 · due Dec 31, 2025
“But I would say fourth quarter, we're certainly seeing a better mix rotation with the international Intermodal coming down. But we do still have coal, which is below the system average arc that is going to be very strong in the quarter.”
Jennifer Hamann · CFO
In context
“ear in the fourth quarter? Jennifer Hamann: So thanks for the question. And I know this won't surprise you, Ken, but I'm not going to give you specific guidance about the quarter, but I can give you context around it. And you hit many of the high points. So when you think about the top line, right now, volumes are down 6%. And that's -- it's really mostly that international intermodal piece that we've been talking about and quite frankly, expecting all year when we knew against the tough comp that we had against last year. Now with that, though, we do expect to have -- mix was a little bit positive in the third quarter, although we did have very strong intermodal in July, and so that probably was a little bit of a mix headwind versus what we would have been expecting coming into the year. But I would say fourth quarter, we're certainly seeing a better mix rotation with the international Intermodal coming down. But we do still have coal, which is below the system average arc that is going to be very strong in the quarter. We like all our business, you know that, Ken, and we're diligent in making it all profitable, but there's some that contribute more to that top line than others when you're looking at the arc. And then below the line, talk about expenses. We'll continue to have merger costs, probably not quite to the level that we had in the third quarter, but that will be there. But Eric and team, as you've heard, are running very well. And so we feel very good about the ability to be productive, although productivity, as you know, also is challenged when you have volumes coming down. And so the team accepts that challenge knows that they have that there, but that will create a little bit of a headwind. And so that's why when we look at it, would we like to have volumes up and blue skies and 37 degrees,”
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SEC filings for UNP ↗ · Claim quote is verbatim from the 2025Q3 earnings call.