Episode Details

Union Pacific just posted a record EPS of $3.11 for Q4 2025, but take a closer look at the engine, and you might hear some sputtering.

On this episode, Susie and Miro dig into the "paper profit" that saved the quarter—specifically, how a massive $234M real estate sale masked a decline in actual freight volumes and operating income. Is this a savvy move or a sign of weakness in the core business?

We also unpack the escalating drama with the STB over the Norfolk Southern merger. Regulators are demanding Union Pacific disclose their "red line" price, and CEO Jim Vena isn't happy about it.

Plus, we discuss the "buffer" strategy that helped the network survive the Texas ice storms, and why a pause on buybacks combined with a "muted" economic outlook might make 2026 a grinding year for shareholders. 🚂📉