After carefully negotiating its way out of an industrywide railroad strike, Union Pacific (NYSE: UNP) steams ahead into 2023. The Omaha-based rail carrier posted record 2022 earnings last month amid a challenging operating environment. 

Let's take a look at recent performance and full-year results to determine if this railroad stock is a buy.

Fourth-quarter revenue climbed 8% year over year thanks to higher fuel surcharge revenue, strategic price increases, and demand growth. Also helping to drive revenue in Q4 was Union Pacific's fuel consumption rate, which improved 2%.

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Source Fool.com