Subtext

Union Pacific Corporation UNP

SectorIndustrials
Transcripts70
Date range2008-01-24 – 2025-04-24
Calls charted70

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-26-13+0+13+262007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q4 · Overall: +10.02008 Q1 · Overall: +9.02008 Q2 · Overall: +11.92008 Q3 · Overall: +10.02008 Q4 · Overall: +0.22009 Q1 · Overall: +5.12009 Q2 · Overall: +5.02009 Q3 · Overall: +2.32009 Q4 · Overall: +8.42010 Q1 · Overall: +10.02010 Q2 · Overall: +11.22010 Q3 · Overall: +9.82010 Q4 · Overall: +13.92011 Q1 · Overall: +11.12011 Q2 · Overall: +8.32011 Q3 · Overall: +7.02011 Q4 · Overall: +9.22012 Q1 · Overall: +9.72012 Q2 · Overall: +8.42012 Q3 · Overall: +3.32012 Q4 · Overall: +6.72013 Q1 · Overall: +3.92013 Q2 · Overall: +7.72013 Q3 · Overall: +12.02013 Q4 · Overall: +13.42014 Q1 · Overall: +8.52014 Q2 · Overall: +14.42014 Q3 · Overall: +10.12014 Q4 · Overall: +9.22015 Q1 · Overall: +2.72015 Q2 · Overall: +3.22015 Q3 · Overall: +5.92015 Q4 · Overall: +3.42016 Q1 · Overall: +1.02016 Q2 · Overall: +2.02016 Q3 · Overall: +9.02016 Q4 · Overall: +8.92017 Q1 · Overall: +6.92017 Q2 · Overall: +9.72017 Q3 · Overall: +7.42017 Q4 · Overall: +5.42018 Q1 · Overall: +11.62018 Q2 · Overall: +6.62018 Q3 · Overall: +9.12018 Q4 · Overall: +13.42019 Q1 · Overall: +8.82019 Q2 · Overall: +13.22019 Q3 · Overall: +10.32019 Q4 · Overall: +10.72020 Q1 · Overall: +7.82020 Q2 · Overall: +7.52020 Q3 · Overall: +19.12020 Q4 · Overall: +15.22021 Q1 · Overall: +11.32021 Q2 · Overall: +11.02021 Q3 · Overall: +11.92021 Q4 · Overall: +10.02022 Q1 · Overall: +5.22022 Q2 · Overall: +9.52022 Q3 · Overall: +10.32022 Q4 · Overall: +5.32023 Q1 · Overall: +5.12023 Q2 · Overall: +15.32023 Q3 · Overall: +11.42023 Q4 · Overall: +12.72024 Q1 · Overall: +9.12024 Q2 · Overall: +14.42024 Q3 · Overall: +22.62024 Q4 · Overall: +14.92025 Q1 · Overall: +11.5
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-34-17+0+17+342007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32008 Q3 · CEO: +17.52008 Q4 · CEO: +9.12009 Q1 · CEO: +6.72009 Q2 · CEO: +10.32009 Q3 · CEO: +15.42009 Q4 · CEO: +6.22010 Q1 · CEO: +16.22010 Q2 · CEO: +15.22010 Q3 · CEO: +14.62010 Q4 · CEO: +19.82011 Q1 · CEO: +18.02011 Q2 · CEO: +14.22011 Q3 · CEO: +5.32011 Q4 · CEO: +14.02012 Q1 · CEO: +13.72012 Q2 · CEO: +6.82012 Q3 · CEO: +11.62013 Q1 · CEO: +4.72013 Q2 · CEO: +21.62013 Q3 · CEO: +16.32013 Q4 · CEO: +18.52014 Q1 · CEO: +12.52014 Q2 · CEO: +18.82014 Q3 · CEO: +29.72014 Q4 · CEO: +15.12015 Q1 · CEO: +11.12015 Q2 · CEO: +11.22015 Q3 · CEO: +21.02015 Q4 · CEO: +18.42016 Q1 · CEO: +16.02016 Q2 · CEO: +17.92016 Q3 · CEO: +20.72016 Q4 · CEO: +23.62017 Q1 · CEO: +12.52017 Q2 · CEO: +22.72017 Q3 · CEO: +12.62017 Q4 · CEO: +13.02018 Q1 · CEO: +18.92018 Q2 · CEO: +16.12018 Q3 · CEO: +11.92018 Q4 · CEO: +23.52019 Q1 · CEO: +8.22019 Q2 · CEO: +9.72019 Q3 · CEO: +6.82019 Q4 · CEO: +10.62020 Q1 · CEO: +10.42020 Q2 · CEO: +7.62020 Q3 · CEO: +25.42020 Q4 · CEO: +18.42021 Q1 · CEO: +17.52021 Q2 · CEO: +7.12021 Q3 · CEO: +13.72022 Q1 · CEO: +4.12022 Q2 · CEO: +9.22022 Q3 · CEO: +11.52022 Q4 · CEO: +2.52023 Q1 · CEO: +5.42023 Q2 · CEO: +19.12023 Q3 · CEO: +13.22023 Q4 · CEO: +21.12024 Q2 · CEO: +22.82024 Q3 · CEO: +28.32024 Q4 · CEO: +23.52025 Q1 · CEO: +14.12007 Q4 · CFO: +18.72008 Q1 · CFO: +14.62008 Q2 · CFO: -20.42008 Q3 · CFO: +12.12008 Q4 · CFO: +0.02009 Q1 · CFO: +13.52009 Q2 · CFO: +4.92009 Q3 · CFO: +3.42009 Q4 · CFO: +11.82010 Q1 · CFO: +16.32010 Q2 · CFO: +20.92010 Q3 · CFO: +17.32010 Q4 · CFO: +18.52011 Q1 · CFO: +11.52011 Q2 · CFO: +6.02011 Q3 · CFO: +10.62011 Q4 · CFO: +14.82012 Q1 · CFO: +22.22012 Q2 · CFO: +16.62012 Q3 · CFO: +4.82012 Q4 · CFO: +13.42013 Q1 · CFO: +10.92013 Q2 · CFO: +14.32013 Q3 · CFO: +23.32013 Q4 · CFO: +24.22014 Q1 · CFO: +8.62014 Q2 · CFO: +18.42014 Q3 · CFO: +4.52014 Q4 · CFO: +13.62015 Q1 · CFO: +8.52015 Q2 · CFO: +11.32015 Q3 · CFO: +10.22015 Q4 · CFO: +9.62016 Q1 · CFO: -0.32016 Q2 · CFO: +5.52016 Q3 · CFO: +14.42016 Q4 · CFO: +9.72017 Q2 · CFO: +14.32017 Q3 · CFO: +6.32017 Q4 · CFO: +6.42018 Q2 · CFO: +1.22018 Q4 · CFO: +11.32019 Q1 · CFO: +9.22019 Q2 · CFO: +18.32019 Q3 · CFO: +15.22019 Q4 · CFO: +22.82020 Q1 · CFO: +8.22020 Q2 · CFO: +7.92020 Q3 · CFO: +19.12020 Q4 · CFO: +15.12021 Q1 · CFO: +15.62021 Q2 · CFO: +17.32021 Q3 · CFO: +22.02021 Q4 · CFO: +18.82022 Q1 · CFO: +12.52022 Q2 · CFO: +15.62022 Q3 · CFO: +13.92022 Q4 · CFO: +9.22023 Q1 · CFO: +7.52023 Q2 · CFO: +11.12023 Q3 · CFO: +9.12023 Q4 · CFO: +6.02024 Q2 · CFO: +17.12024 Q3 · CFO: +15.42024 Q4 · CFO: +15.32025 Q1 · CFO: +15.7
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-44-22+0+22+442007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32007 Q4 · Prepared remarks: +20.32008 Q1 · Prepared remarks: +26.72008 Q2 · Prepared remarks: +14.72008 Q3 · Prepared remarks: +18.22008 Q4 · Prepared remarks: +8.22009 Q1 · Prepared remarks: +14.22009 Q2 · Prepared remarks: +10.42009 Q3 · Prepared remarks: +12.52009 Q4 · Prepared remarks: +15.72010 Q1 · Prepared remarks: +24.12010 Q2 · Prepared remarks: +26.22010 Q3 · Prepared remarks: +26.22010 Q4 · Prepared remarks: +30.42011 Q1 · Prepared remarks: +22.22011 Q2 · Prepared remarks: +20.72011 Q3 · Prepared remarks: +14.72011 Q4 · Prepared remarks: +21.22012 Q1 · Prepared remarks: +21.22012 Q2 · Prepared remarks: +20.42012 Q3 · Prepared remarks: +12.12012 Q4 · Prepared remarks: +15.72013 Q1 · Prepared remarks: +9.62013 Q2 · Prepared remarks: +20.22013 Q3 · Prepared remarks: +21.72013 Q4 · Prepared remarks: +21.52014 Q1 · Prepared remarks: +14.82014 Q2 · Prepared remarks: +23.12014 Q3 · Prepared remarks: +16.32014 Q4 · Prepared remarks: +18.72015 Q1 · Prepared remarks: +10.52015 Q2 · Prepared remarks: +8.82015 Q3 · Prepared remarks: +12.32015 Q4 · Prepared remarks: +8.52016 Q1 · Prepared remarks: -1.12016 Q2 · Prepared remarks: +4.12016 Q3 · Prepared remarks: +8.72016 Q4 · Prepared remarks: +15.92017 Q1 · Prepared remarks: +12.32017 Q2 · Prepared remarks: +22.92017 Q3 · Prepared remarks: +12.02017 Q4 · Prepared remarks: +13.72018 Q1 · Prepared remarks: +16.02018 Q2 · Prepared remarks: +11.72018 Q3 · Prepared remarks: +17.22018 Q4 · Prepared remarks: +19.92019 Q1 · Prepared remarks: +10.82019 Q2 · Prepared remarks: +20.42019 Q3 · Prepared remarks: +17.12019 Q4 · Prepared remarks: +22.92020 Q1 · Prepared remarks: +18.72020 Q2 · Prepared remarks: +10.72020 Q3 · Prepared remarks: +22.52020 Q4 · Prepared remarks: +23.82021 Q1 · Prepared remarks: +14.22021 Q2 · Prepared remarks: +24.52021 Q3 · Prepared remarks: +23.72021 Q4 · Prepared remarks: +26.72022 Q1 · Prepared remarks: +15.42022 Q2 · Prepared remarks: +18.42022 Q3 · Prepared remarks: +24.42022 Q4 · Prepared remarks: +17.62023 Q1 · Prepared remarks: +6.92023 Q2 · Prepared remarks: +25.02023 Q3 · Prepared remarks: +20.32023 Q4 · Prepared remarks: +27.12024 Q1 · Prepared remarks: +24.02024 Q2 · Prepared remarks: +26.12024 Q3 · Prepared remarks: +38.42024 Q4 · Prepared remarks: +30.02025 Q1 · Prepared remarks: +24.82007 Q4 · Q&A responses: +11.52008 Q1 · Q&A responses: +1.12008 Q2 · Q&A responses: +12.62008 Q3 · Q&A responses: +10.02008 Q4 · Q&A responses: -2.72009 Q1 · Q&A responses: +5.32009 Q2 · Q&A responses: +4.12009 Q3 · Q&A responses: +0.32009 Q4 · Q&A responses: +7.52010 Q1 · Q&A responses: +9.52010 Q2 · Q&A responses: +5.42010 Q3 · Q&A responses: +5.32010 Q4 · Q&A responses: +9.92011 Q1 · Q&A responses: +8.92011 Q2 · Q&A responses: +3.72011 Q3 · Q&A responses: +5.32011 Q4 · Q&A responses: +5.12012 Q1 · Q&A responses: +8.02012 Q2 · Q&A responses: +5.22012 Q3 · Q&A responses: +5.02012 Q4 · Q&A responses: +6.62013 Q1 · Q&A responses: +6.32013 Q2 · Q&A responses: +4.42013 Q3 · Q&A responses: +11.62013 Q4 · Q&A responses: +14.82014 Q1 · Q&A responses: +11.92014 Q2 · Q&A responses: +15.02014 Q3 · Q&A responses: +11.12014 Q4 · Q&A responses: +8.62015 Q1 · Q&A responses: +7.82015 Q2 · Q&A responses: +11.92015 Q3 · Q&A responses: +13.02015 Q4 · Q&A responses: +10.92016 Q1 · Q&A responses: +7.32016 Q2 · Q&A responses: +8.42016 Q3 · Q&A responses: +17.22016 Q4 · Q&A responses: +12.72017 Q1 · Q&A responses: +11.12017 Q2 · Q&A responses: +12.62017 Q3 · Q&A responses: +12.22017 Q4 · Q&A responses: +6.62018 Q1 · Q&A responses: +18.12018 Q2 · Q&A responses: +9.42018 Q3 · Q&A responses: +9.52018 Q4 · Q&A responses: +18.52019 Q1 · Q&A responses: +15.02019 Q2 · Q&A responses: +18.42019 Q3 · Q&A responses: +13.32019 Q4 · Q&A responses: +16.82020 Q1 · Q&A responses: +9.42020 Q2 · Q&A responses: +11.72020 Q3 · Q&A responses: +23.92020 Q4 · Q&A responses: +14.92021 Q1 · Q&A responses: +19.32021 Q2 · Q&A responses: +7.42021 Q3 · Q&A responses: +12.52021 Q4 · Q&A responses: +9.02022 Q1 · Q&A responses: +8.02022 Q2 · Q&A responses: +12.42022 Q3 · Q&A responses: +8.92022 Q4 · Q&A responses: +4.92023 Q1 · Q&A responses: +7.72023 Q2 · Q&A responses: +14.02023 Q3 · Q&A responses: +13.62023 Q4 · Q&A responses: +14.62024 Q1 · Q&A responses: +10.62024 Q2 · Q&A responses: +17.02024 Q3 · Q&A responses: +18.12024 Q4 · Q&A responses: +14.12025 Q1 · Q&A responses: +11.4
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$4.90$8.93$12.962007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: $5.592014 Q2: $5.832014 Q3: $6.152014 Q4: $6.482015 Q1: $6.802015 Q2: $6.482015 Q3: $6.142015 Q4: $6.082016 Q1: $5.522016 Q2: $5.462016 Q3: $5.512016 Q4: $5.592017 Q1: $5.812017 Q2: $6.092017 Q3: $6.292017 Q4: $6.482018 Q1: $7.812018 Q2: $8.132018 Q3: $8.562018 Q4: $8.962019 Q1: $9.382019 Q2: $9.672019 Q3: $9.762019 Q4: $9.562020 Q1: $9.362020 Q2: $8.312020 Q3: $8.862020 Q4: $9.352021 Q1: $9.822021 Q2: $10.232021 Q3: $10.942021 Q4: $11.372022 Q1: $11.882022 Q2: $12.292022 Q3: $12.402022 Q4: $11.872023 Q1: $11.832023 Q2: $11.812023 Q3: $11.382023 Q4: $11.342024 Q1: $11.482024 Q2: $12.022024 Q3: $12.142024 Q4: $12.12

Forward P/E

11.4617.5223.582007 Q42010 Q12012 Q22014 Q32016 Q42019 Q12021 Q22023 Q32014 Q1: 16.722014 Q2: 17.272014 Q3: 17.812014 Q4: 17.732015 Q1: 17.312015 Q2: 15.612015 Q3: 14.612015 Q4: 12.982016 Q1: 14.552016 Q2: 16.032016 Q3: 16.832016 Q4: 18.392017 Q1: 18.182017 Q2: 18.032017 Q3: 17.272017 Q4: 20.112018 Q1: 17.272018 Q2: 17.742018 Q3: 19.022018 Q4: 15.282019 Q1: 17.802019 Q2: 17.162019 Q3: 17.202019 Q4: 18.642020 Q1: 12.302020 Q2: 20.592020 Q3: 22.742020 Q4: 21.272021 Q1: 21.622021 Q2: 21.712021 Q3: 18.672021 Q4: 21.732022 Q1: 22.232022 Q2: 17.072022 Q3: 17.572022 Q4: 18.332023 Q1: 16.242023 Q2: 17.172023 Q3: 18.642023 Q4: 20.872024 Q1: 21.712024 Q2: 18.532024 Q3: 20.682024 Q4: 18.53

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q3 tone ↓ -4.3 fwd EPS ↑ +0.32 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q1 tone ↓ -6.6 fwd EPS ↑ +0.32 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q3 tone ↑ +2.7 fwd EPS ↓ -0.34 Tone rose while the forward EPS estimate was cut.
  • 2017 Q3 tone ↓ -2.3 fwd EPS ↑ +0.20 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q4 tone ↓ -2.0 fwd EPS ↑ +0.19 Tone cooled even as the forward EPS estimate rose.
  • 2018 Q2 tone ↓ -5.0 fwd EPS ↑ +0.33 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q1 tone ↓ -4.6 fwd EPS ↑ +0.41 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q4 tone ↓ -3.8 fwd EPS ↑ +0.49 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q1 tone ↓ -3.9 fwd EPS ↑ +0.47 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q1 tone ↓ -4.9 fwd EPS ↑ +0.51 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q1 tone ↓ -3.6 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-24+11.5——View →
2024 Q42025-01-23+14.9$12.1218.5View →
2024 Q32024-10-24+22.6$12.1420.7View →
2024 Q22024-07-25+14.4$12.0218.5View →
2024 Q12024-04-25+9.1$11.4821.7View →
2023 Q42024-01-25+12.7$11.3420.9View →
2023 Q32023-10-19+11.4$11.3818.6View →
2023 Q22023-07-26+15.3$11.8117.2View →