SMART Transportation Division members represented by GO-953 who work on Union Pacific’s Eastern District, Pacific Northwest, and Idaho Territories ratified a crew-consist agreement that preserves the in-cab conductor position that had been at the center of a court battle and targeted by the carrier for transfer to a nomadic “expediter” role.

The three crafts participating in the vote approved the new contract with more than two-thirds (68.16% aggregate) voting in favor of ratification.

The ratified contract provides for:

  • A $27,500 signing bonus upon the contract’s ratification.
  • Continues to require the conductor’s position as being based in the cab of the locomotive.
  • 30 years of protections for brakemen/switchmen who have assignments abolished.
  • Continued use of brakemen/switchmen as needed.
  • No rules changes regarding switching between road and yard crews
  • Additional pay for assigned road and yard service performed with a reduced crew.
  • Expanded utility position that is paid $50.00 per hour and has a set schedule.
  • Overtime in pool freight.

General Chairperson Luke Edington of Local 286 (North Platte, Neb.) negotiated the successful agreement with assistance from Vice General Chairperson Zach Nagy and Vice President Brent Leonard.

“This was a challenging process, but the result is a contract that our members found to be to their satisfaction,” Edington said. “The conductor’s role is preserved at least until the next round of Section 6 notices in 2024.”

SMART-TD Vice President Brent Leonard had this reaction to ratification of GO-953’s agreement: “This agreement serves to protect the train & yard service crafts and ensures these crafts as the crafts of the future. SMART-TD is the only transportation craft with agreements protecting their position now and into the future and does so without tying their position to that of another craft. Despite the efforts of outsiders who tried to prevent train & yardmen from becoming the highest-paid railroad craft employees, SMART-TD members recognized their value and secured their future. I commend the SMART-TD members for recognizing this and overwhelmingly ratifying the agreement. SMART-TD will continue to lead and secure the future for our members.”

When GC Edington made the vote count known, SMART-TD President Jeremy Ferguson reacted by saying, “I am very pleased by the membership’s decision to ratify this agreement that all of the involved SMART-TD officers worked so diligently on making the best possible agreement we can all be proud of, while securing our member’s future. All of their hard work proves why we’re the biggest, the best and the first. Failure of the agreement would have led to a reopening of mediation over the carrier’s prior Section 6 notice and exposed the conductor’s position to the potential ‘redeployment’ that Union Pacific had sought.”

GO-953 has members in 48 TD locals and represents workers in Union Pacific’s Eastern, Pacific Northwest and Idaho territories (former Chicago-Northwestern Railway Co.), Kyle, Nebraska Central and Portland Terminal railroads and the Wichita Terminal Association.

Lance Fritz, president and chief executive officer of the Union Pacific Railroad, is on his way out the door after announcing in late February that he will vacate his office by the end of 2023. Though there is no publicly announced date for his departure, his hand is on the ripcord and he’s preparing to deploy that golden parachute.

That being said, SMART Transportation Division Colorado State Legislative Director Carl Smith didn’t want Fritz to go without a little something to remember his legislative committee by. But rather than going with the cliché of getting Fritz a ritzy timepiece and a handshake, he rented a digital billboard truck to track Fritz around Colorado for four days in early April.

As Fritz took the executive business car around Smith’s state, he was escorted by the billboard truck that showed rotating signs that featured several messages regarding Colorado’s rejection of Precision Scheduled Railroading (PSR), such as “Our Mile-High State Doesn’t Need 3 mile-long trains!” and, “It can happen here too!” with pictures of the derailment and hazmat spill in East Palestine, Ohio. Messages on the truck’s rolling billboards included a QR code that could be scanned by anyone who saw it and took people directly to the SMART Legislative Action Center, where people could support national rail safety legislation.

The truck made several stops mirroring Fritz’s Mile High State tour. First, the truck went to the Rocky Mountain Train Show at the National Western Complex in Denver. Per the train show’s website, this event averages 11,000 attendees as the largest train show west of the Mississippi River. SLD Smith had the truck there both days of the show and prompted many discussions among the train enthusiasts in attendance.

The truck stayed in Denver over the weekend but did not only target the good people attending the show. It also made its way to three governmental functions. On Saturday, the truck and its messages could be seen circling Colorado’s statehouse as legislators were holding a rare weekend session. Additionally, the truck’s presence was felt at the Colorado Democratic Assembly meeting in Denver. On Saturday evening there was a large gathering of legislators and dignitaries at what is called the Colorado Obama Gala which features the former president and all the press that naturally follows him. As you might have guessed, Smith made sure SMART-TD’s anti-PSR message crashed that, too.

On April 3, Fritz and his entourage took UP’s business train to LaSalle, Colo., for a meeting. If they thought not being in Denver would spare them the presence of Smith’s billboard truck, they were undoubtedly disappointed that it had made the 50-mile journey north to greet them in LaSalle.

On April 4, Fritz held a legislative breakfast meeting on the business train. Brother Smith and his truck made sure they made their presence felt their too. UP’s attempt to get these legislators’ undivided attention was disrupted by the Smith’s inconvenient reminder that there are real-world consequences attached to the empty rhetoric of the rail carriers and their lobbyists try to sell.

The graphics for the signs were put together in house by SMART-TD’s PR staff, and the cost for the truck was shared between the Colorado State Legislative committee, Local 202 out of Denver and other local boards of adjustment.

This effort on the part of the Colorado Legislative Committee was not all about making departing CEO Fritz and co. aware of SMART-TD’s objections to the way they run a railroad, and the public awareness the truck created throughout the state has an additional purpose.

Brother Smith has a three-pronged bill to be introduced in the halls of Colorado’s Legislature. His bill looks to directly undo some of the basic problems our faces in the era of PSR. The legislation has not been assigned a bill number yet, but seeks to limit train lengths, regulate the use of hot box defect detectors in the state and bring about penalties for the carriers to discourage blocked crossings.

Getting his box truck in front of as many Colorado voters, and news cameras as possible was a unique and creative kickoff to Smith’s campaign to get this important legislation the momentum it needs.

SMART-TD wants to thank Brother Smith, Local 202, and all the men and women who made this possible. We look forward to reporting on the progress of your bill as it makes its way through the process of becoming the law of the land in the great state of Colorado, and we hope you never stop fighting for our members!

Agreement with SMART-TD provides greater flexibility for railroad, improves service for customers and enhances quality of life for employees 

OMAHA, Neb., (March 25, 2023) — Union Pacific has reached a tentative crew consist agreement with General Committee 953, part of its largest union, The International Association of Sheet Metal, Air, Rail and Transportation Workers — Transportation Division (SMART-TD). 

The proposed agreement makes no changes to the current conductor position staffing each train as part of a two-person crew, provides long term job protection to current employees and gives the railroad greater flexibility to deploy brake or switch persons to work either in the yard or outside the yard. The proposed agreement, if ratified, closes Union Pacific’s current Section 6 Notice to redeploy Conductors on this committee.

“We are pleased that Union Pacific is focusing on quality of life for our conductor workforce,” said Jeremy Ferguson, president of SMART-TD. “Along with the scheduling enhancements, which were part of last year’s national agreements, we have an opportunity to positively impact our conductors by giving them fixed days off and greater certainty about their weekly assignments.”

“This agreement with SMART-TD reflects Union Pacific’s commitment to enhance the quality of life for our employees through predictable, scheduled shift work while giving us greater scheduling flexibility that will also improve customer service,” said Beth Whited, executive vice president – Sustainability and Strategy and CHRO. “We are working to finalize the contract details as quickly as possible.”


Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at


SMART Transportation Division is comprised of approximately 125,000 active and retired members who work in a variety of different crafts in the transportation industry. These crafts include employees on every Class I railroad, Amtrak, many shortline railroads, bus and mass transit employees and airport personnel. More information about the union is available at

“From the Ballast” is an open column for SMART Transportation Division rail members to state their perspective on issues related to the railroad industry. Members of the union are encouraged to submit content by emailing to Columns are published at the union’s discretion and may be published in the SMART TD newspaper.

Why is it so hard to hire people into jobs that companies are actively trying to eliminate?


This seems to be a question that answers itself, yet it remains the paradox that currently defines the railroad industry. Railroad companies all over the United States have two things in common.

First: They are desperate to attract talented workers to the industry to fulfil the needs of a self-created labor shortage.

Second: They are openly requesting permission from the Federal Railroad Administration to eliminate the profession that they want to fill (and have been doing so for quite some time).

It’s not all that difficult to see why the second item makes it almost impossible to achieve the first. Signing bonuses are a wonderful incentive to short-sighted job seekers, but men and women seeking a career path have no incentive to leave their current job to work for a railroad when they are being told their prospective employer is investing millions of R&D dollars and in lobbying with the intent of making their new profession go the way of the dinosaur.

No high-priced ad campaign and no tantalizing signing bonus can make this truth go away. The amount of press coverage that came about in 2022 during national contract negotiations has placed this industry-wide contradiction into a national spotlight.

On December 14th in Washington D.C., Union Pacific unveiled before the FRA, their now-infamous YouTube video that highlights the “advantages” of ground-based expeditors over the time-tested institution of an in-cab freight conductor during a hearing on the two-person crew rulemaking. This video was a wake-up call to many railroaders that the Class I’s were no longer speaking hypothetically about removing conductors from the cab of America’s locomotives. They were actively and aggressively pursuing it.

The logic contained in UP’s propaganda video had more holes in it than can be addressed in one article, but it did bring to the surface one truth; No railroader in their right mind could justify encouraging their kids/nephews/nieces/friends or neighbors to hire out on the rail. When we are fearful of our own jobs, we are 100% not going to be responsible for misleading loved ones into following us down a career path targeted for extinction.

In railroading, there is a common expression about how you can get the word out on any topic, it is “Telephone, Telefax, Tell-a-Railroader.” UP’s video premiered at an FRA hearing with roughly 30 people in attendance and maybe 100 viewers on Zoom, but a bombshell like that was inevitable to be talked about in every crew room and railroad hotel lobby from that day forward.

To all the Class I rail companies looking down the barrel of stagnant head counts, I would tell you this; Your employees used to be the only recruiting tool you needed and that advertising came free of charge. Now you not only do not have that resource to lean on, but you need to up your advertising budget as well as your “hiring incentives” to even come close to getting enough bodies into your training classes. Additionally, conductors are constantly learning the craft of how to be an engineer when they are in the locomotive. There is an added value for the carrier because it works out that they get the benefit of an apprenticeship program without having to put one in place. That will be gone in a scenario where the first time an employee is on the engine, he/she is expected to run it.

This column was written by Daniel Banks, a SMART-TD member for 11 years who is a member of Local 378 in Cleveland, Ohio. He has worked as a conductor and engineer for CSX and now serves members as a public relations representative out of the Independence, Ohio, headquarters.

In a letter dated Jan. 25, the general chairperson of SMART Transportation Division’s GO 577 informed Union Pacific’s senior vice president of operations that the union was withdrawing from any participation in the company’s safety program effective Feb. 1, 2023.

GC Roy Davis served UP’s brass notice, saying that he and the union would no longer be part of the hypocritical exercise of hiding behind the existence of the UP’s Safety Program. In his letter, GC Davis said the program is, “nothing but a ruse that enables the Carrier to avoid proper scrutiny by the Federal Railroad Administration by putting ‘lipstick on a pig.’ “

In the letter posted below, Davis states that carrier’s decision to run single-person remote crews on the Houston hub is what forced his hand.

SMART-TD is unwavering in our commitment to protect the safety of the essential brothers and sisters who delivered the carrier a year of record revenue and profits in 2022, and we stand with GO 577 in its decision to protest this unilateral decision on the part of the Union Pacific Railroad.

Mario Navarro, 49, a SMART-TD member out of Local 18 (El Paso, Texas), died late Aug. 29 after a pair of rail cars derailed in an accident in Union Pacific’s Alfalfa Rail Yard during a shoving movement.

Mario Navarro, left, is shown in this family photo provided on a GoFundMe page. Brother Navarro died in an at-work accident on Aug. 29, 2022.

An online fundraiser has been established to help his family through their time of unimaginable grief and loss.

Brother Navarro was an 11-year member of our union and worked as a conductor for UP.

“He was not just our co-worker, but our brother as well. I cannot describe how this hurts,” Local 18 Secretary & Treasurer Catarino Montero wrote on the online fundraiser page. “I would like for everyone to please pray for his family. They need it more than ever.”

Brother Navarro is the fourth TD member who has died while in service in 2022.

The National Transportation Safety Board (NTSB) and investigators from the SMART-TD National Safety Team were dispatched to investigate the accident.

The SMART Transportation Division expresses its most sincere condolences to Brother Navarro’s family, friends and to his brothers and sisters of Local 18.

This article will be updated with service information as more information is provided to the union.

The federal Surface Transportation Board issued the following statement on Friday, May 6:

The Surface Transportation Board today announced that it will require certain railroads to submit service recovery plans as well as provide additional data and regular progress reports on rail service, operations, and employment.  These measures are meant to inform the Board’s assessment of further actions that may be warranted to address the acute service issues facing the rail industry and to promote industry-wide transparency, accountability, and improvements in rail service.

This decision follows extensive testimony on severe rail service issues reported by a wide range of witnesses — including agricultural, energy, and other shippers, as well as government officials, rail labor, and rail experts — during the Board’s April 26 and 27, 2022 public hearing in Urgent Issues in Freight Rail Service. The Board has also continued to review and monitor weekly rail service performance data, which indicate trends in deteriorating service. The decision focuses on the adequacy of recovery efforts involving BNSF Railway Company (BNSF), CSX Transportation (CSX), Norfolk Southern Railway Company (NS), and Union Pacific Railroad Company (UP), and it requires more comprehensive and customer-centric reporting of all Class I railroads’ service metrics.

“Our freight rail service hearing highlighted the grave concerns of shippers and others regarding freight rail service,” said Chairman Martin J. Oberman. “While the railroads have faced certain challenges over the last few years, the evidence produced at last week’s hearing is overwhelming that the railroads’ longstanding practice of reducing operating ratios by cutting employment levels, mothballing locomotives, and eliminating other essential resources are the central reasons  why farmers have been hours away from depopulating herds, manufacturing facilities have reduced operating hours, and shippers cannot get their products to market on time or receive essential raw materials for their companies. These failures are harming the nation’s economy and, in my view, are contributing to the inflationary forces affecting food and fuel in particular.”

“Requiring additional reporting from railroads may not be the final result of our hearing on service issues. Today’s decision is an immediate step the Board can take to enable needed monitoring of the improved efforts the railroads have been promising for months, and to determine if additional regulatory steps are necessary to promote reliable service.”

Today’s decision requires all Class I carriers to submit several specific reports on rail service, performance, and employment.  In addition, BNSF, CSX, NS, and UP are required to submit service recovery plans, progress reports, historical data, and participate in bi-weekly conference calls with Board staff.

A recording of the Board’s April 26 and 27, 2022 hearing in Urgent Issues in Freight Rail Service, may be viewed on the Board’s YouTube page.  Today’s decision in Urgent Issues in Freight Rail Service—Railroad Reporting, Docket No. EP 770 (Sub-No. 1), may be viewed and downloaded here.

Class I railroad officials have a two-day-long hearing before the federal Surface Transportation Board (STB) to prepare for later this month.

Reports from shippers to STB regarding poor service — the latest being a letter directly from the National Grain and Feed Association, a group representing more than 8,000 facilities — as well as a letter from Transportation Division President Jeremy Ferguson regarding precision scheduled railroading (PSR) and the self-inflicted worker shortages that have come with it have led up to the April 26 and 27 hearing.

The board, an independent and bipartisan federal agency charged with the economic regulation of various modes of surface transportation, primarily freight rail, announced the meeting April 7 in the light of indications of poor performance data.

“Rail network reliability is essential to the Nation’s economy and is a foremost priority of the Board. In recent weeks, the Board has heard informally from a broad range of stakeholders about inconsistent and unreliable rail service. The Board has also received reports from the Secretary of Agriculture and other stakeholders about the serious impact of these service trends on rail users, particularly with respect to shippers of agricultural and energy products. These reports have been validated by the Board’s weekly rail service performance data.”

Board Chairman Martin Oberman went into additional detail about how job cuts in particular have hampered the carriers.

“I have raised concerns about the primacy Class I railroads have placed on lowering their operating ratios and satisfying their shareholders even at the cost of their customers.  Part of that strategy has involved cutting their work force to the bare bones in order to reduce costs,” he said. “Over the last six years, the Class Is collectively have reduced their work force by 29% – that is about 45,000 employees cut from the payrolls.

“In my view, all of this has directly contributed to where we are today – rail users experiencing serious deteriorations in rail service because, on too many parts of their networks, the railroads simply do not have a sufficient number of employees.”

Carriers summoned to appear include BNSF Railway Company, CSX Transportation, Inc., Norfolk Southern Railway Company, and Union Pacific Railroad Company. Executive-level officials from the other three Class Is also were invited to attend, as were labor organizations and shippers.

The hearing will take place at the Board’s headquarters in Washington, D.C., with each session beginning at 9:30 a.m.

An NBC News report released March 7 detailed a nonprofit’s analysis that looked into how America’s largest railroads profited during last year’s supply chain crisis in conjunction with the continued enactment of their Precision Scheduled Railroading (PSR) scheme.

Nonprofit group Accountable.US delved into the reasons why — namely that the Class Is collected more than $1.1 billion in demurrage fees thanks to supply-chain bottlenecks. The two largest carriers in the western U.S., BNSF and Union Pacific, also reported record profits in 2021 in their end-of-year earnings reports.

“Before the rail industry’s fees set a record during the pandemic, they had already increased by over 30% since 2000, all while railroads’ costs have only increased by 3%,” the Accountable.US report stated. “Railroads have used market power to cut costs — known as lowering their Operating Ratios — spending about $46 billion more on shareholder handouts than on maintenance and equipment since 2010.”

In addition to diving in on the details of the stock buybacks and other components of PSR, the Accountable.US analysis also went into additional details about the extent of the railroads’ lobbying efforts — all told, Class Is spent a combined total of $15.5 million to influence policy on Capitol Hill.

4th Quarter 2021
Net Earnings: Increased 13% to $1.7 billion from $1.5 billion
Diluted Earnings Per Share: n/a – BNSF is not publicly traded
Revenue: Increased 11% to $6.3 billion from $5.7 billion
Operating Income: Increased 12% to $2.4 billion from $2.2 billion
Operating Expenses: Increased 10% to $3.9 billion from $3.5 billion
Operating Ratio: Improved to 60.0% from 60.3%

2021 Annual Earnings
Net Earnings: Increased 16% to $6.0 billion from $5.2 billion
Diluted Earnings Per Share: n/a – BNSF is not publicly traded
Revenue: Increased 12% to $23.3 billion from $20.9 billion
Operating Income: Increased 14% to $8.8 billion from $7.7 billion
Operating Expenses: Increased 10% to $14.5 billion from $13.1 billion
Operating Ratio: Improved to 60.9% from 61.6%
Read BNSF’s full earnings report.

4th Quarter 2021
Net Earnings: Increased 17% to C$1.20 billion from C$1.02 billion
Diluted Earnings Per Share: Increased 18% to $1.69 per share from $1.43 per share
Revenue: Increased 3% to C$3.75 billion from C$3.66 billion
Operating Income: Increased 11% to a record C$1.57 billion from C$1.41 billion
Operating Expenses: Decreased 1% to C$2.19 billion from C$2.25 billion
Operating Ratio: Improved 3.1 points to 58.3% from 61.4%

2021 Annual Earnings
Net Earnings: Increased 37% to C$4.90 billion from C$3.60 billion
Diluted Earnings Per Share: Increased 38% to $6.89 per share from $5.00 per share
Revenue: Increased 5% to C$14.48 billion from C$13.82 billion
Operating Income: Increased 18% to C$5.62 billion from C$4.78 billion
Operating Expenses: Decreased 2% to C$8.86 billion from C$9.04 billion
Operating Ratio: Improved 4.2 points to 61.2% from 65.4%
Read CN’s full earnings report.

4th Quarter 2021
Net Earnings: Decreased 34% to C$532 million from C$802 million
Diluted Earnings Per Share: Decreased 38% to $0.74 per share from $1.19 per share
Revenue: Increased 1% to C$2.04 billion from C$2.01 billion
Operating Income: Decreased 10% to C$832 million from C$928 million
Operating Expenses: Increased 11% to C$1.21 billion from C$1.08 billion
Operating Ratio: Worsened 530 basis points to 59.2% from 53.9%

2021 Annual Earnings
Net Earnings: Increased 17% to C$2.9 billion from C$2.44 billion
Diluted Earnings Per Share: Increased 16% to $4.18 per share from $3.59 per share
Revenue: Increased 4% to C$8.0 billion from C$7.71 billion
Operating Income: Decreased 3% to C$3.21 billion from C$3.31 billion
Operating Expenses: Increased 9% to C$4.80 billion from C$4.40 billion
Operating Ratio: Worsened 280 basis points to 59.9% from 57.1%
Read CP’s full earnings report.

4th Quarter 2021 
Net Earnings: Increased 23% to $934 million from $760 million
Earnings Per Share: Increased 27% to $0.42 per share from $0.33 per share
Revenue: Increased 21% to $3.43 billion from $2.83 billion
Operating Income: Increased 12% to $1.37 billion from $1.22 billion
Operating Expenses: Increased 28% to $2.1 billion from $1.6 billion
Operating Ratio: Worsened to 60.1% from 57.0%

2021 Annual Earnings
Net Earnings: Increased 37% to $3.8 billion from $2.8 billion
Earnings Per Share: Increased 40% to $1.68 per share from $1.20 per share
Revenue: Increased 18% to $12.52 billion from $10.58 billion
Operating Income: Increased 28% to $5.6 billion from $4.4 billion
Operating Expenses: Increased 11% to $6.9 billion from $6.2 billion
Operating Ratio: Improved to 55.3% from 58.8%
Read CSX’s full earnings report.

4th Quarter 2021
Net Earnings: Increased 258% to $595.1 million from $166.3 million
Earnings Per Share: On December 14, 2021, Canadian Pacific Railway acquired the outstanding common and preferred stock of KCS. Therefore, earnings per share data is not presented because the company does not have any outstanding or issued publicly traded stock.
Revenue: Increased 8% to $747.8 million from $693.4 million
Operating Income: Increased 209% to $810.6 million from $262.3 million
Operating Expenses: Decreased 115% to a negative $62.8 million from $431.1 million due to the merger
Operating Ratio: Improved 70.6 points to –8.4% from 62.2%

2021 Annual Earnings 
Net Earnings: Decreased 15% to $527 million from $619 million
Earnings Per Share: On December 14, 2021, Canadian Pacific Railway acquired the outstanding common and preferred stock of KCS. Therefore, earnings per share data is not presented because the company does not have any outstanding or issued publicly traded stock.
Revenue: Increased 12% to $2.95 billion from $2.63 billion
Operating Income: Decreased 12% to $884 million from $1.00 billion
Operating Expenses: Increased 27% to $2.06 billion from $1.63 billion
Operating Ratio: Worsened 8.1 points to 70.0% from 61.9%
Read KCS’s full earnings report.

4th Quarter 2021
Net Earnings: Increased 13% to $760 million from $671 million
Diluted Earnings Per Share: Increased 18% to $3.12 per share from $2.64 per share
Revenue: Increased 11% to $2.9 billion from $2.6 billion
Operating Income: Increased 15% to a 4th quarter record of $1.1 billion from $1.0 billion
Operating Expenses: Increased 8% to $1.7 billion from $1.59 billion
Operating Ratio: Improved 2% to a 4th quarter record 60.4% from 61.8%

2021 Annual Earnings 
Net Earnings: Increased 27% to $3 billion from $2 billion
Diluted Earnings Per Share: Increased 31% to $12.11 per share from $7.84 per share
Revenue: Increased 14% to $11.1 billion from $9.8 billion
Operating Income: Increased 28% to a record $4.4 billion from $3.0 billion
Operating Expenses: Decreased 1% to $6.7 billion from $6.8 billion
Operating Ratio: Improved 7% to an all-time record of 60.1% from 69.3%
Read NS’s full earnings report.

4th Quarter 2021 
Net Earnings: Increased 24% to $1.7 billion from $1.4 billion
Earnings Per Share: Increased 30% to $2.67 per share from $2.05 per share
Revenue: Increased 12% to $5.7 billion from $5.1 billion
Operating Income:  Increased 22% to $2.4 billion from $2.0 billion
Operating Expenses: Increased 5% to $3.3 billion from $3.1 billion
Operating Ratio: Improved 3.6 points to 57.4% from 61.0%

2021 Annual Earnings 
Net Earnings: Increased 22% to $6.5 billion from $5.3 billion
Earnings Per Share: Increased 26% to $9.98 per share from $7.90 per share
Revenue: Increased 12% to $21.8 billion from $19.5 billion
Operating Income: Increased 19% to $9.3 billion from $7.8 billion
Operating Expenses: Increased 7% to $12.5 billion from $11.7 billion
Operating Ratio: Improved 2.7 points to 57.2% from 59.9%

“The Union Pacific team concluded its most profitable year ever in 2021. We produced double-digit fourth-quarter revenue growth by leveraging our great rail franchise to generate positive business mix and core pricing gains,” UP CEO Lance Fritz said.
Read UP’s full earnings report.


  • Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
  • All comparisons are made to 2020’s fourth-quarter and 2020 year-end results respectively for each railroad.
  • All figures for CN & CP are in Canadian currency, except for earnings per share.