# EDGAR Filing Document

**Accession Number:** 0000100885
**File Stem:** 0000100885-25-000250
**Filing Date:** 2025-7
**Character Count:** 44046
**Document Hash:** 62ecc825a6571674371e7b31e8b33a3b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000100885-25-000250.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0000100885-25-000250

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250724

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNION PACIFIC CORP
- **CENTRAL INDEX KEY:** 0000100885
- **STANDARD INDUSTRIAL CLASSIFICATION:** RAILROADS, LINE-HAUL OPERATING [4011]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 132626465
- **STATE OF INCORPORATION:** UT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-06075
- **FILM NUMBER:** 251144539

**BUSINESS ADDRESS:**
- **STREET 1:** 1400 DOUGLAS STREET
- **STREET 2:** STOP 0310
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68179
- **BUSINESS PHONE:** 402 544 6763

**MAIL ADDRESS:**
- **STREET 1:** 1400 DOUGLAS STREET
- **STREET 2:** STOP 0310
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68179

?xml version='1.0' encoding='ASCII'? unp-20250724

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

______________________________________

**FORM 8-K**

______________________________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): July 24, 2025 (July 24, 2025)**

______________________________________

**UNION PACIFIC CORPORATION**

(Exact name of registrant as specified in its charter)

______________________________________

---

| | | |
|:---|:---|:---|
| **Utah** | **1-6075** | **13-2626465** |
| (State or other jurisdiction<br>of Incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

---

| | |
|:---|:---|
| **1400 Douglas Street, Omaha, Nebraska** | **68179** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(402) 544-5000**

**N/A**

(Former name or former address, if changed since last report)

______________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each Class | Trading Symbol | Name of each exchange on which registered |
| Common Stock (Par Value $2.50 per share) | UNP | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp; ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On July 24, 2025, Union Pacific Corporation issued a press release announcing its financial results for the quarter ended June 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Exhibits.

---

| | |
|:---|:---|
| 99.1 | <u>[Press Release of Union Pacific Corporation, dated](a2025-07x248xkex991earning.htm)[July](a2025-07x248xkex991earning.htm)[24, 2025, announcing its financial results for the quarter ended](a2025-07x248xkex991earning.htm)[June](a2025-07x248xkex991earning.htm)[3](a2025-07x248xkex991earning.htm)[0](a2025-07x248xkex991earning.htm)[, 2025.](a2025-07x248xkex991earning.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 24, 2025

---

| | |
|:---|:---|
| UNION PACIFIC CORPORATION | UNION PACIFIC CORPORATION |
| By: | /s/ Jennifer L. Hamann |
|  | Jennifer L. Hamann |
|  | Executive Vice President and |
|  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Union Pacific Reports Second Quarter 2025 Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Diluted earnings per share (EPS) of $3.15 and adjusted diluted EPS\* of $3.03*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* O*perating ratio (OR) of* 59.0% *and adjusted OR\* of 58.1%*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Revenue carloads up 4%*

**Omaha, Neb., July 24, 2025** – Union Pacific Corporation (NYSE: UNP) today reported 2025 second quarter net income of $1.9 billion, or $3.15 per diluted share. Results compare to 2024 second quarter net income of $1.7 billion, or $2.74 per diluted share.

Second quarter 2025 results include a deferred tax benefit of $115 million, or $0.19 per diluted share, partially offset by a crew staffing agreement of $55 million, or $0.07 per diluted share. 2025 second quarter adjusted net income\* of $1.8 billion, or $3.03 per diluted share\*, compares to 2024 second quarter adjusted net income\* of $1.7 billion, or $2.71 per diluted share\*.

"We are delivering on our strategy and our second quarter results demonstrate our commitment to leading the industry as we set new standards for safety, service, and operational excellence." said Jim Vena, Union Pacific Chief Executive Officer. "The foundation is built, we are growing with our customers, and we have strong momentum as we continue to maximize the value of our great franchise."

**Second Quarter Summary: 2025 vs. 2024**

**Financial Results: Operational Fluidity and Service Supporting Revenue Growth; Second Quarter Records for Freight Revenue and Operating Income** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating revenue of $6.2 billion grew 2% driven by higher volume and solid core pricing gains partially offset by reduced fuel surcharge, business mix, and lower other revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Freight revenue excluding fuel surcharge grew 6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported operating ratio was 59.0%, an improvement of 100 basis points. Adjusted operating ratio\* was 58.1%, an improvement of 230 basis points.

**Operating Results: Continued Improvement in Safety, Service, and Operational Excellence; Second Quarter Record for Locomotive Productivity and Best Ever Quarter for Workforce Productivity and Train Length**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable personal injury rate and reportable derailment rate both improved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Freight car velocity was 221 daily miles per car, a 10% improvement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Locomotive productivity was 141 gross ton-miles (GTMs) per horsepower day, a 5% improvement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average maximum train length was 9,689 feet, a 2% increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Workforce productivity improved 9% to 1,124 car miles per employee.

\*&nbsp;&nbsp;&nbsp;&nbsp;Adjusted diluted earnings per share and adjusted operating ratio are considered non-GAAP financial measures. See attached supplemental schedule of non-GAAP measures for a reconciliation to GAAP.

-more-

------

**On Track With Investor Day Targets**

&nbsp;&nbsp;&nbsp;&nbsp;**•** Affirming 2025 Outlook:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Well-positioned to meet customer demand; challenging second half international intermodal comparison

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pricing dollars accretive to operating ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Earnings per share growth consistent with attaining the 3-year CAGR target of high-single to low-double digit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Industry-leading operating ratio and return on invested capital

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No change to long-term capital allocation strategy

- Capital plan of $3.4 billion

- Share repurchases of $4.0 to $4.5 billion

- Third quarter 2025 dividend increase of 3%

**Second Quarter 2025 Earnings Conference Call**

Union Pacific will webcast its second quarter 2025 earnings release presentation live at www.up.com/investor and via teleconference on Thursday, July 24, 2025, at 8:45 a.m. Eastern Time. Participants may join the conference call by dialing 877-407-8293 (or for international participants, 201-689-8349).

**ABOUT UNION PACIFIC**

Union Pacific (NYSE: UNP) delivers the goods families and businesses use every day with safe, reliable, and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.

**Union Pacific Investor contact**: Diana Prauner at 402-544-4227 or dprauner@up.com

**Union Pacific Media contact**: Clarissa Beyah at 402-957-4793 or cbeyah@up.com

**Supplemental financial information is attached.**

------

\*\*\*\*

*This news release and related materials contain statements about the Company's future that are not statements of historical fact, including specifically the statements regarding the potential impacts of public health crises, including pandemics, epidemics and the outbreak of other contagious diseases, such as the coronavirus and its variant strains (COVID); the Russia-Ukraine and Israel-Hamas wars and other geopolitical tensions in the Middle East, and any impacts on our business operations, financial results, liquidity, and financial position, and on the world economy (including customers, employees, and supply chains), including as a result of fluctuations in volume and carloadings; expectations as to general macroeconomic conditions, including slowdowns and recessions, domestically or internationally, and future volatility in interest rates and fuel prices; closing of customer manufacturing, distribution, or production facilities; expectations as to operational or service improvements; expectations as to hiring challenges; availability of employees; expectations regarding the effectiveness of steps taken or to be taken to improve operations, service, infrastructure improvements, and transportation plan modifications (including those in response to increased traffic); expectations as to cost savings, revenue growth, and earnings; the time by which goals, targets, or objectives will be achieved; projections, predictions, expectations, estimates, or forecasts as to business, financial, and operational results, future economic performance, and planned capital investments ; proposed new products and services; estimates of costs relating to environmental remediation and restoration; estimates and expectations regarding tax matters; estimates and expectations regarding current or potential tariffs; expectations that claims, litigation, environmental costs, commitments, contingent liabilities, labor negotiations or agreements, cyber incidents or other matters. These statements are, or will be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements also generally include, without limitation, information, or statements regarding: projections, predictions, expectations, estimates, or forecasts as to the Company's and its subsidiaries' business, financial, and operational results, and future economic performance; and management's beliefs, expectations, goals, and objectives and other similar expressions concerning matters that are not historical facts.*

*Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times that, or by which, such performance or results will be achieved. Forward-looking information, including expectations regarding operational and financial improvements and the Company's future performance or results are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statement. Important factors, including risk factors, could affect the Company's and its subsidiaries' future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements. Information regarding risk factors and other cautionary information are available in the Company's Annual Report on Form 10-K for 2024, which was filed with the SEC on February 7, 2025. The Company updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q and its subsequent Annual Reports on Form 10-K (or such other reports that may be filed with the SEC).*

*Forward-looking statements speak only as of, and are based only upon information available on, the date the statements were made. The Company assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References to the Company's website are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein.*

###

------

**UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES**

*Condensed Consolidated Statements of Income (unaudited)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Millions, except per share amounts and percentages, <br>for the periods ended June 30,* | ***2nd quarter*** | ***2nd quarter*** | ***2nd quarter*** | ***2nd quarter*** | ***Year-to-date*** | ***Year-to-date*** | ***Year-to-date*** | ***Year-to-date*** |
| *Millions, except per share amounts and percentages, <br>for the periods ended June 30,* | ***2025*** | *2024* | *%* | *%* | ***2025*** | *2024* | *%* | *%* |
| **Operating revenues** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Freight revenues | $**5843** | $5638 | 4 | % | $**11534** | $11254 | 2 | % |
| &nbsp;&nbsp;&nbsp;Other revenues | **311** | 369 | (16) |  | **647** | 784 | (17) |  |
| Total operating revenues | **6154** | 6007 | 2 |  | **12181** | 12038 | 1 |  |
| **Operating expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | **1249** | 1187 | 5 |  | **2461** | 2410 | 2 |  |
| &nbsp;&nbsp;&nbsp;Purchased services and materials | **642** | 644 | - |  | **1273** | 1257 | 1 |  |
| &nbsp;&nbsp;&nbsp;Depreciation | **613** | 596 | 3 |  | **1223** | 1190 | 3 |  |
| &nbsp;&nbsp;&nbsp;Fuel | **576** | 625 | (8) |  | **1179** | 1283 | (8) |  |
| &nbsp;&nbsp;&nbsp;Equipment and other rents | **230** | 219 | 5 |  | **471** | 435 | 8 |  |
| &nbsp;&nbsp;&nbsp;Other | **319** | 336 | (5) |  | **678** | 691 | (2) |  |
| Total operating expenses | **3629** | 3607 | 1 |  | **7285** | 7266 | - |  |
| **Operating income** | **2525** | 2400 | 5 |  | **4896** | 4772 | 3 |  |
| &nbsp;&nbsp;&nbsp;Other income, net | **123** | 103 | 19 |  | **201** | 195 | 3 |  |
| &nbsp;&nbsp;&nbsp;Interest expense | **(335)** | (319) | 5 |  | **(657)** | (643) | 2 |  |
| Income before income taxes | **2313** | 2184 | 6 |  | **4440** | 4324 | 3 |  |
| Income tax expense | **(437)** | (511) | (14) |  | **(938)** | (1010) | (7) |  |
| **Net income** | $**1876** | $1673 | 12 | % | $**3502** | $3314 | 6 | % |
| **Share and per share** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earnings per share - basic | $**3.16** | $2.75 | 15 | % | $**5.86** | $5.44 | 8 | % |
| &nbsp;&nbsp;&nbsp;Earnings per share - diluted | $**3.15** | $2.74 | 15 |  | $**5.85** | $5.43 | 8 |  |
| &nbsp;&nbsp;&nbsp;Weighted average number of shares - basic | **594.1** | 609.4 | (3) |  | **597.5** | 609.3 | (2) |  |
| &nbsp;&nbsp;&nbsp;Weighted average number of shares - diluted | **594.8** | 610.3 | (3) |  | **598.4** | 610.3 | (2) |  |
| &nbsp;&nbsp;&nbsp;Dividends declared per share | $**1.34** | $1.30 | 3 |  | $**2.68** | $2.60 | 3 |  |
| **Operating ratio** | **59.0%** | 60.0% | (1.0) | pts | **59.8%** | 60.4% | (0.6) | pts |
| **Effective tax rate** | **18.9%** | 23.4% | (4.5) | pts | **21.1%** | 23.4% | (2.3) | pts |

---

------

**UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES**

*Freight Revenues Statistics (unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | ***2nd quarter*** | ***2nd quarter*** | ***2nd quarter*** | ***Year-to-date*** | ***Year-to-date*** | ***Year-to-date*** |
| *For the periods ended June 30,* | ***2025*** | *2024* | *%* | ***2025*** | *2024* | *%* |
| **Freight revenues (millions)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain & grain products | $**964** | $901 | 7% | $**1914** | $1844 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fertilizer | **201** | 203 | (1) | **411** | 404 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & refrigerated | **267** | 278 | (4) | **527** | 563 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coal & renewables | **469** | 339 | 38 | **885** | 727 | 22 |
| &nbsp;&nbsp;&nbsp;Bulk | **1901** | 1721 | 10 | **3737** | 3538 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial chemicals & plastics | **646** | 593 | 9 | **1253** | 1165 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & minerals | **561** | 530 | 6 | **1082** | 1045 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest products | **340** | 342 | (1) | **661** | 680 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy & specialized markets | **665** | 658 | 1 | **1298** | 1337 | (3) |
| &nbsp;&nbsp;&nbsp;Industrial | **2212** | 2123 | 4 | **4294** | 4227 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automotive | **632** | 659 | (4) | **1213** | 1270 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermodal | **1098** | 1135 | (3) | **2290** | 2219 | 3 |
| &nbsp;&nbsp;&nbsp;Premium | **1730** | 1794 | (4) | **3503** | 3489 | - |
| Total | $**5843** | $5638 | 4% | $**11534** | $11254 | 2% |
| **Revenue carloads (thousands)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain & grain products | **216** | 200 | 8% | **430** | 410 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fertilizer | **55** | 62 | (11) | **104** | 109 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & refrigerated | **43** | 46 | (7) | **86** | 92 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coal & renewables | **205** | 158 | 30 | **390** | 335 | 16 |
| &nbsp;&nbsp;&nbsp;Bulk | **519** | 466 | 11 | **1010** | 946 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial chemicals & plastics | **177** | 169 | 5 | **346** | 333 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & minerals | **191** | 184 | 4 | **365** | 354 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest products | **52** | 55 | (5) | **103** | 108 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy & specialized markets | **149** | 147 | 1 | **292** | 301 | (3) |
| &nbsp;&nbsp;&nbsp;Industrial | **569** | 555 | 3 | **1106** | 1096 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automotive | **209** | 218 | (4) | **404** | 425 | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermodal [a] | **817** | 798 | 2 | **1691** | 1537 | 10 |
| &nbsp;&nbsp;&nbsp;Premium | **1026** | 1016 | 1 | **2095** | 1962 | 7 |
| Total | **2114** | 2037 | 4% | **4211** | 4004 | 5% |
| **Average revenue per car** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain & grain products | $**4467** | $4493 | (1)% | $**4451** | $4493 | (1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fertilizer | **3627** | 3311 | 10 | **3959** | 3727 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & refrigerated | **6237** | 5943 | 5 | **6147** | 6086 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coal & renewables | **2283** | 2156 | 6 | **2267** | 2173 | 4 |
| &nbsp;&nbsp;&nbsp;Bulk | **3659** | 3692 | (1) | **3700** | 3740 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial chemicals & plastics | **3647** | 3507 | 4 | **3625** | 3497 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & minerals | **2950** | 2885 | 2 | **2967** | 2955 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest products | **6508** | 6249 | 4 | **6387** | 6272 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy & specialized markets | **4439** | 4462 | (1) | **4436** | 4439 | - |
| &nbsp;&nbsp;&nbsp;Industrial | **3885** | 3825 | 2 | **3881** | 3855 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automotive | **3034** | 3033 | - | **3004** | 2991 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermodal [a] | **1345** | 1421 | (5) | **1355** | 1444 | (6) |
| &nbsp;&nbsp;&nbsp;Premium | **1688** | 1766 | (4) | **1673** | 1779 | (6) |
| Average | $**2764** | $2768 | -% | $**2739** | $2811 | (3)% |

---

[a]For intermodal shipments each container or trailer equals one carload.

------

**UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES**

*Condensed Consolidated Statements of Financial Position (unaudited)*

---

| | | |
|:---|:---|:---|
| *Millions* | ***Jun. 30,<br>2025*** | *Dec. 31,<br>2024* |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $**1060** | $1016 |
| &nbsp;&nbsp;&nbsp;Other current assets | **3123** | 3005 |
| &nbsp;&nbsp;&nbsp;Investments | **2785** | 2664 |
| &nbsp;&nbsp;&nbsp;Properties, net | **59017** | 58343 |
| &nbsp;&nbsp;&nbsp;Operating lease assets | **1193** | 1297 |
| &nbsp;&nbsp;&nbsp;Other assets | **1398** | 1390 |
| Total assets | $**68576** | $67715 |
| **Liabilities and common shareholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;Debt due within one year | $**2522** | $1425 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | **3930** | 3829 |
| &nbsp;&nbsp;&nbsp;Debt due after one year | **30291** | 29767 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | **831** | 925 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | **13029** | 13151 |
| &nbsp;&nbsp;&nbsp;Other long-term liabilities | **1715** | 1728 |
| Total liabilities | **52318** | 50825 |
| Total common shareholders' equity | **16258** | 16890 |
| Total liabilities and common shareholders' equity | $**68576** | $67715 |
| **Debt / net income** | **4.7** | 4.6 |
| **Adjusted debt / adjusted EBITDA\*** | **2.8** | 2.7 |

---

\*Adjusted debt / adjusted EBITDA is a non-GAAP measure. See page 10 for a reconciliation to GAAP.

------

**UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES**

*Condensed Consolidated Statements of Cash Flows (unaudited)*

---

| | | |
|:---|:---|:---|
| | ***Year-to-date*** | ***Year-to-date*** |
| *Millions, for the periods ended June 30,* | ***2025*** | *2024* |
| **Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $**3502** | $3314 |
| &nbsp;&nbsp;&nbsp;Depreciation | **1223** | 1190 |
| &nbsp;&nbsp;&nbsp;Deferred and other income taxes | **(123)** | 43 |
| &nbsp;&nbsp;&nbsp;Other - net | **(59)** | (514) |
| Cash provided by operating activities | **4543** | 4033 |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Capital investments\* | **(1842)** | (1699) |
| &nbsp;&nbsp;&nbsp;Other - net | **3** | 107 |
| Cash used in investing activities | **(1839)** | (1592) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Share repurchase programs | **(2679)** | (100) |
| &nbsp;&nbsp;&nbsp;Debt issued | **1995** | 800 |
| &nbsp;&nbsp;&nbsp;Dividends paid | **(1599)** | (1588) |
| &nbsp;&nbsp;&nbsp;Debt repaid | **(409)** | (1807) |
| &nbsp;&nbsp;&nbsp;Net Issued/(paid) commercial paper | **-** | 297 |
| &nbsp;&nbsp;&nbsp;Other - net | **43** | 30 |
| Cash used in financing activities | **(2649)** | (2368) |
| Net change in cash, cash equivalents, and restricted cash | **55** | 73 |
| Cash, cash equivalents, and restricted cash at beginning of year | **1028** | 1074 |
| Cash, cash equivalents, and restricted cash at end of period | $**1083** | $1147 |
| **Free cash flow\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;Cash provided by operating activities | $**4543** | $4033 |
| &nbsp;&nbsp;&nbsp;Cash used in investing activities | **(1839)** | (1592) |
| &nbsp;&nbsp;&nbsp;Dividends paid | **(1599)** | (1588) |
| Free cash flow | $**1105** | $853 |

---

\*Capital investments include locomotive and freight car early lease buyouts of $178 million in 2025 and $96 million in 2024.

\*\*Free cash flow is defined as cash provided by operating activities less cash used in investing activities and dividends paid. Free cash flow is considered non-GAAP financial measure by SEC Regulation G and Item 10 of SEC Regulation S-K and may not be defined and calculated by other companies in the same manner. We believe free cash flow is important to management and investors in evaluating our financial performance and measures our ability to generate cash without additional external financing. Free cash flow should be considered in addition to, rather than as a substitute for, cash provided by operating activities.

------

**UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES**

*Operating and Performance Statistics (unaudited)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | ***2nd quarter*** | ***2nd quarter*** | ***2nd quarter*** | ***2nd quarter*** | ***Year-to-date*** | ***Year-to-date*** | ***Year-to-date*** | ***Year-to-date*** |
| *For the periods ended June 30,* | ***2025*** | *2024* | *%* | *%* | ***2025*** | *2024* | *%* | *%* |
| **Operating/performance statistics** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Freight car velocity (daily miles per car) | **221** | 201 | 10 | % | **218** | 202 | 8 | % |
| &nbsp;&nbsp;&nbsp;Average train speed (miles per hour)\* | **23.9** | 23.3 | 3 |  | **23.8** | 23.7 | - |  |
| &nbsp;&nbsp;&nbsp;Average terminal dwell time (hours)\* | **21.2** | 22.7 | (7) |  | **21.7** | 23.1 | (6) |  |
| &nbsp;&nbsp;&nbsp;Locomotive productivity (GTMs per horsepower day) | **141** | 134 | 5 |  | **138** | 134 | 3 |  |
| &nbsp;&nbsp;&nbsp;Gross ton-miles (GTMs) (millions) | **220258** | 206806 | 7 |  | **433050** | 412835 | 5 |  |
| &nbsp;&nbsp;&nbsp;Train length (feet) | **9689** | 9544 | 2 |  | **9590** | 9415 | 2 |  |
| &nbsp;&nbsp;&nbsp;Intermodal service performance index (%) | **99** | 93 | 6 | pts | **96** | 93 | 3 | pts |
| &nbsp;&nbsp;&nbsp;Manifest service performance index (%) | **97** | 84 | 13 | pts | **95** | 85 | 10 | pts |
| &nbsp;&nbsp;&nbsp;Intermodal car trip plan compliance (%) | **88** | 83 | 5 | pts | **86** | 83 | 3 | pts |
| &nbsp;&nbsp;&nbsp;Manifest car trip plan compliance (%) | **74** | 64 | 10 | pts | **72** | 65 | 7 | pts |
| &nbsp;&nbsp;&nbsp;Workforce productivity (car miles per employee) | **1124** | 1031 | 9 |  | **1108** | 1015 | 9 |  |
| &nbsp;&nbsp;&nbsp;Total employees (average) | **29711** | 30556 | (3) |  | **29929** | 30804 | (3) |  |
| **Locomotive fuel statistics** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average fuel price per gallon consumed | $**2.42** | $2.73 | (11) | % | $**2.46** | $2.77 | (11) | % |
| &nbsp;&nbsp;&nbsp;Fuel consumed in gallons (millions) | **232** | 223 | 4 |  | **468** | 453 | 3 |  |
| &nbsp;&nbsp;&nbsp;Fuel consumption rate\*\* | **1.058** | 1.080 | (2) |  | **1.082** | 1.097 | (1) |  |
| **Revenue ton-miles (millions)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain & grain products | **21486** | 19995 | 7 | % | **42630** | 40644 | 5 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fertilizer | **3346** | 3570 | (6) |  | **6777** | 6857 | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & refrigerated | **4709** | 4693 | - |  | **9249** | 9610 | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coal & renewables | **23117** | 16351 | 41 |  | **43331** | 35234 | 23 |  |
| &nbsp;&nbsp;&nbsp;Bulk | **52658** | 44609 | 18 |  | **101987** | 92345 | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial chemicals & plastics | **8004** | 8069 | (1) |  | **15741** | 15496 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & minerals | **8564** | 8301 | 3 |  | **16662** | 16366 | 2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest products | **5533** | 5663 | (2) |  | **10802** | 11243 | (4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy & specialized markets | **10011** | 10229 | (2) |  | **19730** | 20815 | (5) |  |
| &nbsp;&nbsp;&nbsp;Industrial | **32112** | 32262 | - |  | **62935** | 63920 | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automotive | **4756** | 4879 | (3) |  | **9200** | 9415 | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermodal | **18024** | 18242 | (1) |  | **37439** | 35577 | 5 |  |
| &nbsp;&nbsp;&nbsp;Premium | **22780** | 23121 | (1) |  | **46639** | 44992 | 4 |  |
| Total | **107550** | 99992 | 8 | % | **211561** | 201257 | 5 | % |

---

\*Surface Transportation Board (STB) reported performance measures.

\*\*Fuel consumption is computed as follows: gallons of fuel consumed divided by gross ton-miles in thousands.

------

**UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES**

*Condensed Consolidated Statements of Income (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| *Millions, <br>except per share amounts and percentages,* | ***2025*** | ***2025*** | ***2025*** |
| *Millions, <br>except per share amounts and percentages,* | ***1st qtr*** | ***2nd qtr*** | ***Year-to-date*** |
| **Operating revenues** |  |  |  |
| &nbsp;&nbsp;&nbsp;Freight revenues | $5691 | $5843 | $11534 |
| &nbsp;&nbsp;&nbsp;Other revenues | 336 | 311 | 647 |
| Total operating revenues | 6027 | 6154 | 12181 |
| **Operating expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | 1212 | 1249 | 2461 |
| &nbsp;&nbsp;&nbsp;Purchased services and materials | 631 | 642 | 1273 |
| &nbsp;&nbsp;&nbsp;Depreciation | 610 | 613 | 1223 |
| &nbsp;&nbsp;&nbsp;Fuel | 603 | 576 | 1179 |
| &nbsp;&nbsp;&nbsp;Equipment and other rents | 241 | 230 | 471 |
| &nbsp;&nbsp;&nbsp;Other | 359 | 319 | 678 |
| Total operating expenses | 3656 | 3629 | 7285 |
| **Operating income** | 2371 | 2525 | 4896 |
| &nbsp;&nbsp;&nbsp;Other income, net | 78 | 123 | 201 |
| &nbsp;&nbsp;&nbsp;Interest expense | (322) | (335) | (657) |
| Income before income taxes | 2127 | 2313 | 4440 |
| Income tax expense | (501) | (437) | (938) |
| **Net income** | $1626 | $1876 | $3502 |
| **Share and per share** |  |  |  |
| &nbsp;&nbsp;&nbsp;Earnings per share - basic | $2.71 | $3.16 | $5.86 |
| &nbsp;&nbsp;&nbsp;Earnings per share - diluted | $2.70 | $3.15 | $5.85 |
| &nbsp;&nbsp;&nbsp;Weighted average number of shares - basic | 601.0 | 594.1 | 597.5 |
| &nbsp;&nbsp;&nbsp;Weighted average number of shares - diluted | 601.9 | 594.8 | 598.4 |
| &nbsp;&nbsp;&nbsp;Dividends declared per share | $1.34 | $1.34 | $2.68 |
| **Operating ratio** | 60.7% | 59.0% | 59.8% |
| **Effective tax rate** | 23.6% | 18.9% | 21.1% |

---

------

**UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES**

*Freight Revenue Statistics (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | ***2025*** | ***2025*** | ***2025*** |
|  | ***1st qtr*** | ***2nd qtr*** | ***Year-to-date*** |
| **Freight revenues (millions)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain & grain products | $950 | $964 | $1914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fertilizer | 210 | 201 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & refrigerated | 260 | 267 | 527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coal & renewables | 416 | 469 | 885 |
| &nbsp;&nbsp;&nbsp;Bulk | 1836 | 1901 | 3737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial chemicals & plastics | 607 | 646 | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & minerals | 521 | 561 | 1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest products | 321 | 340 | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy & specialized markets | 633 | 665 | 1298 |
| &nbsp;&nbsp;&nbsp;Industrial | 2082 | 2212 | 4294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automotive | 581 | 632 | 1213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermodal | 1192 | 1098 | 2290 |
| &nbsp;&nbsp;&nbsp;Premium | 1773 | 1730 | 3503 |
| Total | $5691 | $5843 | $11534 |
| **Revenue carloads (thousands)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain & grain products | 214 | 216 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fertilizer | 49 | 55 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & refrigerated | 43 | 43 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coal & renewables | 185 | 205 | 390 |
| &nbsp;&nbsp;&nbsp;Bulk | 491 | 519 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial chemicals & plastics | 169 | 177 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & minerals | 174 | 191 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest products | 51 | 52 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy & specialized markets | 143 | 149 | 292 |
| &nbsp;&nbsp;&nbsp;Industrial | 537 | 569 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automotive | 195 | 209 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermodal [a] | 874 | 817 | 1691 |
| &nbsp;&nbsp;&nbsp;Premium | 1069 | 1026 | 2095 |
| Total | 2097 | 2114 | 4211 |
| **Average revenue per car** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grain & grain products | $4434 | $4467 | $4451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fertilizer | 4339 | 3627 | 3959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & refrigerated | 6058 | 6237 | 6147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coal & renewables | 2250 | 2283 | 2267 |
| &nbsp;&nbsp;&nbsp;Bulk | 3744 | 3659 | 3700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial chemicals & plastics | 3601 | 3647 | 3625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & minerals | 2986 | 2950 | 2967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forest products | 6264 | 6508 | 6387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy & specialized markets | 4433 | 4439 | 4436 |
| &nbsp;&nbsp;&nbsp;Industrial | 3877 | 3885 | 3881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automotive | 2971 | 3034 | 3004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intermodal [a] | 1364 | 1345 | 1355 |
| &nbsp;&nbsp;&nbsp;Premium | 1658 | 1688 | 1673 |
| Average | $2714 | $2764 | $2739 |

---

[a]For intermodal shipments each container or trailer equals one carload.

------

**UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES**

*Non-GAAP Measures Reconciliation to GAAP (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Performance\*** | | | | |
| *Millions, except per share amounts and percentages, <br>for the three months ended June 30, 2025* | *Reported <br>results<br>(GAAP)* | *Deferred tax adjustment* | *Crew staffing agreement* | *Adjusted <br>results<br>(non-GAAP)* |
| Operating expenses | $3629 | $- | $(55) | $3574 |
| Operating income | 2525 | - | 55 | 2580 |
| Income tax expense | (437) | (115) | (13) | (565) |
| Net income | 1876 | (115) | 42 | 1803 |
| Earnings per share - diluted | 3.15 | (0.19) | 0.07 | 3.03 |
| Operating ratio | 59.0% | -% | (0.9)% | 58.1% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Millions, except per share amounts and percentages, <br>for the three months ended June 30, 2024* | *Reported <br>results<br>(GAAP)* | *Gain on sale <br>of intermodal <br>equipment* | *Environmental<br>remediation* | *Adjusted <br>results<br>(non-GAAP)* |
| Operating expenses | $3607 | $46 | $(23) | $3630 |
| Operating income | 2400 | (46) | 23 | 2377 |
| Income tax expense | (511) | 11 | (6) | (506) |
| Net income | 1673 | (35) | 17 | 1655 |
| Earnings per share - diluted | 2.74 | (0.06) | 0.03 | 2.71 |
| Operating ratio | 60.0% | 0.8% | (0.4)% | 60.4% |

---

\*The above tables reconcile our results for the three months ended as of June 30, 2025 and 2024, to adjust results that exclude the impact of certain items identified as affecting comparability. We use adjusted operating expenses, adjusted operating income, adjusted income tax expense, adjusted net income, adjusted diluted earnings per share (EPS), and adjusted operating ratio, as applicable, among other measures, to evaluate our actual operating performance. The measures listed in the above tables are considered non-GAAP by SEC Regulation G and Item 10 of SEC Regulation S-K. We believe these non-GAAP financial measures provide valuable information regarding earnings and business trends by excluding specific items that we believe are not indicative of our ongoing operating results of our business, providing a useful way for investors to make a comparison of our performance over time and against other companies in our industry. Since these are not measures of performance calculated in accordance with GAAP, they should be considered in addition to, rather than as a substitute for, operating expenses, operating income, income tax expense, net income, diluted EPS, and operating ratio as indicators of operating performance.

------

**UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES**

*Non-GAAP Measures Reconciliation to GAAP (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Performance\*** | | | | |
| *Millions, except per share amounts and percentages, <br>for the six month ended June 30, 2025* | *Reported <br>results<br>(GAAP)* | *Deferred tax adjustment* | *Crew staffing agreement* | *Adjusted <br>results<br>(non-GAAP)* |
| Operating expenses | $7285 | $- | $(55) | $7230 |
| Operating income | 4896 | - | 55 | 4951 |
| Income tax expense | (938) | (115) | (13) | (1066) |
| Net income | 3502 | (115) | 42 | 3429 |
| Earnings per share - diluted | 5.85 | (0.19) | 0.07 | 5.73 |
| Operating ratio | 59.8% | -% | (0.4)% | 59.4% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Millions, except per share amounts and percentages, <br>for the six month ended June 30, 2024* | *Reported <br>results<br>(GAAP)* | *Gain on sale <br>of intermodal <br>equipment* | *Environmental<br>remediation* | *Adjusted <br>results<br>(non-GAAP)* |
| Operating expenses | $7266 | $46 | $(23) | $7289 |
| Operating income | 4772 | (46) | 23 | 4749 |
| Income tax expense | (1010) | 11 | (6) | (1005) |
| Net income | 3314 | (35) | 17 | 3296 |
| Earnings per share - diluted | 5.43 | (0.06) | 0.03 | 5.40 |
| Operating ratio | 60.4% | 0.3% | (0.2)% | 60.5% |

---

\*The above tables reconcile our results for the six months ended as of June 30, 2025 and 2024, to adjust results that exclude the impact of certain items identified as affecting comparability. We use adjusted operating expenses, adjusted operating income, adjusted income tax expense, adjusted net income, adjusted diluted EPS, and adjusted operating ratio, as applicable, among other measures, to evaluate our actual operating performance. The measures listed in the above tables are considered non-GAAP by SEC Regulation G and Item 10 of SEC Regulation S-K. We believe these non-GAAP financial measures provide valuable information regarding earnings and business trends by excluding specific items that we believe are not indicative of our ongoing operating results of our business, providing a useful way for investors to make a comparison of our performance over time and against other companies in our industry. Since these are not measures of performance calculated in accordance with GAAP, they should be considered in addition to, rather than as a substitute for, operating expenses, operating income, income tax expense, net income, diluted EPS, and operating ratio as indicators of operating performance.

------

**UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES**

*Non-GAAP Measures Reconciliation to GAAP (unaudited)*

---

| | | |
|:---|:---|:---|
| **Debt / net income** | | |
| *Millions, except ratios<br>for the trailing twelve months ended [1]* | ***Jun. 30,<br>2025*** | *Dec. 31,<br>2024* |
| Debt | $**32813** | $31192 |
| Net income | **6935** | 6747 |
| Debt / net income | **4.7** | 4.6 |

---

---

| | | |
|:---|:---|:---|
| **Adjusted debt / adjusted EBITDA\*** | | |
| *Millions, except ratios<br>for the trailing twelve months ended [1]* | ***Jun. 30,<br>2025*** | *Dec. 31,<br>2024* |
| Net income | $**6935** | $6747 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;Income tax expense | **1975** | 2047 |
| &nbsp;&nbsp;&nbsp;Depreciation | **2431** | 2398 |
| &nbsp;&nbsp;&nbsp;Interest expense | **1283** | 1269 |
| EBITDA | $**12624** | $12461 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;Other income, net | **(356)** | (350) |
| &nbsp;&nbsp;&nbsp;Interest on operating lease liabilities [2] | **46** | 48 |
| Adjusted EBITDA (a) | $**12314** | $12159 |
| Debt | $**32813** | $31192 |
| Operating lease liabilities | **1143** | 1271 |
| Adjusted debt (b) | $**33956** | $32463 |
| Adjusted debt / adjusted EBITDA (b/a) | **2.8** | 2.7 |

---

[1]The trailing twelve months income statement information ended June 30, 2025, is recalculated by taking the twelve months ended December 31, 2024, subtracting the six months ended June 30, 2024, and adding the six months ended June 30, 2025.

[2]Represents the hypothetical interest expense we would incur (using the incremental borrowing rate) if the property under our operating leases were owned or accounted for as finance leases.

\*Adjusted debt (total debt plus operating lease liabilities plus after-tax unfunded pension and OPEB (other post-retirement benefit) obligations) to adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and adjustments for other income and interest on present value of operating leases) is considered a non-GAAP financial measure by SEC Regulation G and Item 10 of SEC Regulation S-K and may not be defined and calculated by other companies in the same manner. We believe this measure is important to management and investors in evaluating the Company's ability to sustain given debt levels (including leases) with the cash generated from operations. In addition, a comparable measure is used by rating agencies when reviewing the Company's credit rating. Adjusted debt to adjusted EBITDA should be considered in addition to, rather than as a substitute for, other information provided in accordance with GAAP. The most comparable GAAP measure is debt to net income ratio. The tables above provide reconciliations from net income to adjusted EBITDA, debt to adjusted debt, and debt to net income to adjusted debt to adjusted EBITDA. At June 30, 2025, and December 31, 2024, the incremental borrowing rate on operating leases was 4.0% and 3.8%, respectively. Pension and OPEB were funded at June 30, 2025, and December 31, 2024.

<br>