Adjusted debt-to-EBITDA ratio finished at 2.8x, maintaining A-ratings from all three credit rating agencies.
Adjusted operating ratio was 58.1%, improving 230 basis points versus last year, reflecting a 90 basis point impact from the Brakeperson agreement.
Cash from operations totaled $4.5 billion, up over $500 million versus last year, with $4.3 billion returned to shareholders through share repurchases and dividends.
Freight revenue growth was driven by volume growth adding 375 basis points and price/mix contributing 200 basis points, offset partially by a $100 million decline in fuel surcharge revenue due to lower fuel prices.
Fuel expense declined 8% due to an 11% decrease in fuel prices and improved fuel consumption rate by 2%, setting a second quarter record.
Operating expenses increased only 1% to $3.6 billion despite a 4% increase in volume, with compensation and benefits up 5% due to a $55 million Brakeperson buyout agreement.
Operating revenue was $6.2 billion, up 2% year-over-year, while freight revenue set a second quarter record at $5.8 billion, increasing 4%.
Reported operating income grew to $2.5 billion, a second quarter record, and net income totaled $1.9 billion.
Union Pacific reported second quarter 2025 earnings per share of $3.15, with adjusted EPS of $3.03 excluding unusual items, up 12% versus last year's adjusted results.
Capital expenditures totaled $954 million in Q2, with a full-year CapEx guidance of approximately $3 billion.
Debt to capital ratio was approximately 24% with $2.5 billion in cash at quarter end; next major debt maturity is in 2027.
Nucor generated EBITDA of approximately $1.3 billion and earned $2.60 per diluted share in Q2 2025, a significant improvement over Q1 results.
Raw materials segment pretax earnings were approximately $57 million, a 95% increase over Q1.
Returned $329 million to shareholders in Q2 via dividends and buybacks, totaling $758 million for the first half of 2025.
Second quarter net earnings were $603 million or $2.60 per share, at the midpoint of guidance, compared to $0.77 adjusted EPS in Q1 and $2.68 EPS in Q2 2024.
Steel mills segment pretax earnings were $843 million, more than triple Q1, driven by higher average selling prices and stable volumes.
Steel Products segment pretax earnings were $392 million, up 28% over Q1, marking the best quarter since Q2 2024.
Adjusted net income was negative $6.1 million or negative $0.15 per diluted share, beating expectations due to higher revenue and cost containment.
Capital allocation included $6 million traditional CapEx, $0.7 million invested in Trailers as a Service, $10.4 million share repurchases, and $3.4 million dividends.
Gross margins were 9% with breakeven adjusted operating margins.
In Q2 2025, Wabash reported consolidated revenue of $459 million, slightly better than expectations and at the top end of guidance.
Liquidity was $312 million with a net debt leverage ratio of 6.2x as of June 30.
Parts and Services segment generated $60 million revenue and $9.1 million operating income, showing sequential and year-over-year growth.
Transportation Solutions segment generated $400 million revenue and $13 million operating income.
Year-to-date operating cash flow was negative $16.1 million due to timing of revenue and working capital drag.
Dafinchi