Union Pacific Corporation announced earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company's operating revenue was $5.5 billion was up 5% in the fourth quarter 2017 compared to the fourth quarter 2016. Operating income was $2,251 million compared with $1,965 million a year ago. Net income was $7,278 million or $9.25 per diluted share compared with $1,144 million or $1.39 per diluted share a year ago. Adjusted results (non-GAAP) operating income was $2,039 million. Adjusted results (non-GAAP) net income was $1,204 million or $1.53 diluted per share.

For the year, the company's operating revenue totaled $21.2 billion as compared to $19.9 billion in 2016. Operating income was $8,061 million compared with $7,272 million a year ago. Net income was $10,712 million or $13.36 per diluted share compared with $4,233 million or $5.07 per diluted share a year ago. Adjusted results (non-GAAP) operating income was $7,849 million. Adjusted results (non-GAAP) net income was $4,638 million or $5.79 diluted per share. Cash from operations for the full year totaled about $7.2 billion, down 4% when compared to the last year. This decrease in cash was primarily related to a lower bonus depreciation benefit in 2017 compared to 2016, which was mostly offset by the increase in net income.

For the year 2018, the company expects capital spending to be about $3.3 billion. The company expects 2018 cash tax rate will be between 17% and 18%. The company expects increase in free cash flow by approximately $1 billion in 2018 compared to results without the new tax law.