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0000100885FALSE00001008852025-07-242025-07-24

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
of Incorporation)		 (Commission
File Number)		 (IRS Employer
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).    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.     ☐


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.
(d)Exhibits.
99.1
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
By:
/s/ Jennifer L. Hamann
Jennifer L. Hamann
Executive Vice President and
Chief Financial Officer

EX-99.1 2 a2025-07x248xkex991earning.htm EX-99.1 Document
Exhibit 99.1

Union Pacific Reports Second Quarter 2025 Results
•Diluted earnings per share (EPS) of $3.15 and adjusted diluted EPS* of $3.03
•Operating ratio (OR) of 59.0% and adjusted OR* of 58.1%
•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
•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.
•Freight revenue excluding fuel surcharge grew 6%.
•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
•Reportable personal injury rate and reportable derailment rate both improved.
•Freight car velocity was 221 daily miles per car, a 10% improvement.
•Locomotive productivity was 141 gross ton-miles (GTMs) per horsepower day, a 5% improvement.
•Average maximum train length was 9,689 feet, a 2% increase.
•Workforce productivity improved 9% to 1,124 car miles per employee.
*    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
•Affirming 2025 Outlook:
•Well-positioned to meet customer demand; challenging second half international intermodal comparison
•Pricing dollars accretive to operating ratio
•Earnings per share growth consistent with attaining the 3-year CAGR target of high-single to low-double digit
•Industry-leading operating ratio and return on invested capital
•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,
for the periods ended June 30,		 2nd quarter Year-to-date
2025 2024 % 2025 2024 %
Operating revenues
Freight revenues $ 5,843  $ 5,638  4  % $ 11,534  $ 11,254  2  %
Other revenues 311  369  (16) 647  784  (17)
Total operating revenues 6,154  6,007  2  12,181  12,038  1 
Operating expenses
Compensation and benefits 1,249  1,187  5  2,461  2,410  2 
Purchased services and materials 642  644  -  1,273  1,257  1 
Depreciation 613  596  3  1,223  1,190  3 
Fuel 576  625  (8) 1,179  1,283  (8)
Equipment and other rents 230  219  5  471  435  8 
Other 319  336  (5) 678  691  (2)
Total operating expenses 3,629  3,607  1  7,285  7,266  - 
Operating income 2,525  2,400  5  4,896  4,772  3 
Other income, net 123  103  19  201  195  3 
Interest expense (335) (319) 5  (657) (643) 2 
Income before income taxes 2,313  2,184  6  4,440  4,324  3 
Income tax expense (437) (511) (14) (938) (1,010) (7)
Net income $ 1,876  $ 1,673  12  % $ 3,502  $ 3,314  6  %
Share and per share
Earnings per share - basic $ 3.16  $ 2.75  15  % $ 5.86  $ 5.44  8  %
Earnings per share - diluted $ 3.15  $ 2.74  15  $ 5.85  $ 5.43  8 
Weighted average number of shares - basic 594.1  609.4  (3) 597.5  609.3  (2)
Weighted average number of shares - diluted 594.8  610.3  (3) 598.4  610.3  (2)
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
1

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Freight Revenues Statistics (unaudited)
2nd quarter Year-to-date
For the periods ended June 30, 2025 2024 % 2025 2024 %
Freight revenues (millions)
Grain & grain products $ 964  $ 901  7  % $ 1,914  $ 1,844  4  %
Fertilizer 201  203  (1) 411  404  2 
Food & refrigerated 267  278  (4) 527  563  (6)
Coal & renewables 469  339  38  885  727  22 
Bulk 1,901  1,721  10  3,737  3,538  6 
Industrial chemicals & plastics 646  593  9  1,253  1,165  8 
Metals & minerals 561  530  6  1,082  1,045  4 
Forest products 340  342  (1) 661  680  (3)
Energy & specialized markets 665  658  1  1,298  1,337  (3)
Industrial 2,212  2,123  4  4,294  4,227  2 
Automotive 632  659  (4) 1,213  1,270  (4)
Intermodal 1,098  1,135  (3) 2,290  2,219  3 
Premium 1,730  1,794  (4) 3,503  3,489  - 
Total $ 5,843  $ 5,638  4  % $ 11,534  $ 11,254  2  %
Revenue carloads (thousands)
Grain & grain products 216  200  8  % 430  410  5  %
Fertilizer 55  62  (11) 104  109  (5)
Food & refrigerated 43  46  (7) 86  92  (7)
Coal & renewables 205  158  30  390  335  16 
Bulk 519  466  11  1,010  946  7 
Industrial chemicals & plastics 177  169  5  346  333  4 
Metals & minerals 191  184  4  365  354  3 
Forest products 52  55  (5) 103  108  (5)
Energy & specialized markets 149  147  1  292  301  (3)
Industrial 569  555  3  1,106  1,096  1 
Automotive 209  218  (4) 404  425  (5)
Intermodal [a] 817  798  2  1,691  1,537  10 
Premium 1,026  1,016  1  2,095  1,962  7 
Total 2,114  2,037  4  % 4,211  4,004  5  %
Average revenue per car
Grain & grain products $ 4,467  $ 4,493  (1) % $ 4,451  $ 4,493  (1) %
Fertilizer 3,627  3,311  10  3,959  3,727  6 
Food & refrigerated 6,237  5,943  5  6,147  6,086  1 
Coal & renewables 2,283  2,156  6  2,267  2,173  4 
Bulk 3,659  3,692  (1) 3,700  3,740  (1)
Industrial chemicals & plastics 3,647  3,507  4  3,625  3,497  4 
Metals & minerals 2,950  2,885  2  2,967  2,955  - 
Forest products 6,508  6,249  4  6,387  6,272  2 
Energy & specialized markets 4,439  4,462  (1) 4,436  4,439  - 
Industrial 3,885  3,825  2  3,881  3,855  1 
Automotive 3,034  3,033  -  3,004  2,991  - 
Intermodal [a] 1,345  1,421  (5) 1,355  1,444  (6)
Premium 1,688  1,766  (4) 1,673  1,779  (6)
Average $ 2,764  $ 2,768  -  % $ 2,739  $ 2,811  (3) %
[a]For intermodal shipments each container or trailer equals one carload.
2

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Statements of Financial Position (unaudited)
Millions Jun. 30,
2025		 Dec. 31,
2024
Assets
Cash and cash equivalents $ 1,060  $ 1,016 
Other current assets 3,123  3,005 
Investments 2,785  2,664 
Properties, net 59,017  58,343 
Operating lease assets 1,193  1,297 
Other assets 1,398  1,390 
Total assets $ 68,576  $ 67,715 
Liabilities and common shareholders' equity
Debt due within one year $ 2,522  $ 1,425 
Other current liabilities 3,930  3,829 
Debt due after one year 30,291  29,767 
Operating lease liabilities 831  925 
Deferred income taxes 13,029  13,151 
Other long-term liabilities 1,715  1,728 
Total liabilities 52,318  50,825 
Total common shareholders' equity 16,258  16,890 
Total liabilities and common shareholders' equity $ 68,576  $ 67,715 
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.
3

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Statements of Cash Flows (unaudited)
Year-to-date
Millions, for the periods ended June 30, 2025 2024
Operating activities
Net income $ 3,502  $ 3,314 
Depreciation 1,223  1,190 
Deferred and other income taxes (123) 43 
Other - net (59) (514)
Cash provided by operating activities 4,543  4,033 
Investing activities
Capital investments* (1,842) (1,699)
Other - net 3  107 
Cash used in investing activities (1,839) (1,592)
Financing activities
Share repurchase programs (2,679) (100)
Debt issued 1,995  800 
Dividends paid (1,599) (1,588)
Debt repaid (409) (1,807)
Net Issued/(paid) commercial paper -  297 
Other - net 43  30 
Cash used in financing activities (2,649) (2,368)
Net change in cash, cash equivalents, and restricted cash 55  73 
Cash, cash equivalents, and restricted cash at beginning of year 1,028  1,074 
Cash, cash equivalents, and restricted cash at end of period $ 1,083  $ 1,147 
Free cash flow**
Cash provided by operating activities $ 4,543  $ 4,033 
Cash used in investing activities (1,839) (1,592)
Dividends paid (1,599) (1,588)
Free cash flow $ 1,105  $ 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.
4

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Operating and Performance Statistics (unaudited)
2nd quarter Year-to-date
For the periods ended June 30, 2025 2024 % 2025 2024 %
Operating/performance statistics
Freight car velocity (daily miles per car) 221 201 10  % 218 202 8  %
Average train speed (miles per hour)* 23.9 23.3 3  23.8 23.7 - 
Average terminal dwell time (hours)* 21.2 22.7 (7) 21.7 23.1 (6)
Locomotive productivity (GTMs per horsepower day) 141 134 5  138 134 3 
Gross ton-miles (GTMs) (millions) 220,258 206,806 7  433,050 412,835 5 
Train length (feet) 9,689 9,544 2  9,590 9,415 2 
Intermodal service performance index (%) 99  93  6   pts 96  93  3   pts
Manifest service performance index (%) 97  84  13   pts 95  85  10   pts
Intermodal car trip plan compliance (%) 88  83  5   pts 86  83  3   pts
Manifest car trip plan compliance (%) 74  64  10   pts 72  65  7   pts
Workforce productivity (car miles per employee) 1,124 1,031 9  1,108 1,015 9 
Total employees (average) 29,711 30,556 (3) 29,929 30,804 (3)
Locomotive fuel statistics
Average fuel price per gallon consumed $ 2.42  $ 2.73  (11) % $ 2.46  $ 2.77  (11) %
Fuel consumed in gallons (millions) 232 223 4  468 453 3 
Fuel consumption rate** 1.058 1.080 (2) 1.082 1.097 (1)
Revenue ton-miles (millions)
Grain & grain products 21,486  19,995  7  % 42,630  40,644  5  %
Fertilizer 3,346  3,570  (6) 6,777  6,857  (1)
Food & refrigerated 4,709  4,693  -  9,249  9,610  (4)
Coal & renewables 23,117  16,351  41  43,331  35,234  23 
Bulk 52,658  44,609  18  101,987  92,345  10 
Industrial chemicals & plastics 8,004  8,069  (1) 15,741  15,496  2 
Metals & minerals 8,564  8,301  3  16,662  16,366  2 
Forest products 5,533  5,663  (2) 10,802  11,243  (4)
Energy & specialized markets 10,011  10,229  (2) 19,730  20,815  (5)
Industrial 32,112  32,262  -  62,935  63,920  (2)
Automotive 4,756  4,879  (3) 9,200  9,415  (2)
Intermodal 18,024  18,242  (1) 37,439  35,577  5 
Premium 22,780  23,121  (1) 46,639  44,992  4 
Total 107,550  99,992  8  % 211,561  201,257  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.
5

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Condensed Consolidated Statements of Income (unaudited)
Millions,
except per share amounts and percentages,		 2025
1st qtr 2nd qtr Year-to-date
Operating revenues
Freight revenues $ 5,691  $ 5,843  $ 11,534 
Other revenues 336  311  647 
Total operating revenues 6,027  6,154  12,181 
Operating expenses
Compensation and benefits 1,212  1,249  2,461 
Purchased services and materials 631  642  1,273 
Depreciation 610  613  1,223 
Fuel 603  576  1,179 
Equipment and other rents 241  230  471 
Other 359  319  678 
Total operating expenses 3,656  3,629  7,285 
Operating income 2,371  2,525  4,896 
Other income, net 78  123  201 
Interest expense (322) (335) (657)
Income before income taxes 2,127  2,313  4,440 
Income tax expense (501) (437) (938)
Net income $ 1,626  $ 1,876  $ 3,502 
Share and per share
Earnings per share - basic $ 2.71  $ 3.16  $ 5.86 
Earnings per share - diluted $ 2.70  $ 3.15  $ 5.85 
Weighted average number of shares - basic 601.0  594.1  597.5 
Weighted average number of shares - diluted 601.9  594.8  598.4 
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  %
6

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Freight Revenue Statistics (unaudited)
2025
1st qtr 2nd qtr Year-to-date
Freight revenues (millions)
Grain & grain products $ 950  $ 964  $ 1,914 
Fertilizer 210  201  411 
Food & refrigerated 260  267  527 
Coal & renewables 416  469  885 
Bulk 1,836  1,901  3,737 
Industrial chemicals & plastics 607  646  1,253 
Metals & minerals 521  561  1,082 
Forest products 321  340  661 
Energy & specialized markets 633  665  1,298 
Industrial 2,082  2,212  4,294 
Automotive 581  632  1,213 
Intermodal 1,192  1,098  2,290 
Premium 1,773  1,730  3,503 
Total $ 5,691  $ 5,843  $ 11,534 
Revenue carloads (thousands)
Grain & grain products 214  216  430 
Fertilizer 49  55  104 
Food & refrigerated 43  43  86 
Coal & renewables 185  205  390 
Bulk 491  519  1,010 
Industrial chemicals & plastics 169  177  346 
Metals & minerals 174  191  365 
Forest products 51  52  103 
Energy & specialized markets 143  149  292 
Industrial 537  569  1,106 
Automotive 195  209  404 
Intermodal [a] 874  817  1,691 
Premium 1,069  1,026  2,095 
Total 2,097  2,114  4,211 
Average revenue per car
Grain & grain products $ 4,434  $ 4,467  $ 4,451 
Fertilizer 4,339  3,627  3,959 
Food & refrigerated 6,058  6,237  6,147 
Coal & renewables 2,250  2,283  2,267 
Bulk 3,744  3,659  3,700 
Industrial chemicals & plastics 3,601  3,647  3,625 
Metals & minerals 2,986  2,950  2,967 
Forest products 6,264  6,508  6,387 
Energy & specialized markets 4,433  4,439  4,436 
Industrial 3,877  3,885  3,881 
Automotive 2,971  3,034  3,004 
Intermodal [a] 1,364  1,345  1,355 
Premium 1,658  1,688  1,673 
Average $ 2,714  $ 2,764  $ 2,739 
[a]For intermodal shipments each container or trailer equals one carload.
7

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Non-GAAP Measures Reconciliation to GAAP (unaudited)
Financial Performance*
Millions, except per share amounts and percentages,
for the three months ended June 30, 2025		 Reported
results
(GAAP)
Deferred tax adjustment
Crew staffing agreement
 Adjusted
results
(non-GAAP)
Operating expenses $ 3,629  $ -  $ (55) $ 3,574 
Operating income 2,525  -  55  2,580 
Income tax expense (437) (115) (13) (565)
Net income 1,876  (115) 42  1,803 
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,
for the three months ended June 30, 2024		 Reported
results
(GAAP)		 Gain on sale
of intermodal
equipment		 Environmental
remediation		 Adjusted
results
(non-GAAP)
Operating expenses $ 3,607  $ 46  $ (23) $ 3,630 
Operating income 2,400  (46) 23  2,377 
Income tax expense (511) 11  (6) (506)
Net income 1,673  (35) 17  1,655 
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.
8

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Non-GAAP Measures Reconciliation to GAAP (unaudited)
Financial Performance*
Millions, except per share amounts and percentages,
for the six month ended June 30, 2025		 Reported
results
(GAAP)
Deferred tax adjustment
Crew staffing agreement
 Adjusted
results
(non-GAAP)
Operating expenses $ 7,285  $ -  $ (55) $ 7,230 
Operating income 4,896  -  55  4,951 
Income tax expense (938) (115) (13) (1,066)
Net income 3,502  (115) 42  3,429 
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,
for the six month ended June 30, 2024		 Reported
results
(GAAP)		 Gain on sale
of intermodal
equipment		 Environmental
remediation		 Adjusted
results
(non-GAAP)
Operating expenses $ 7,266  $ 46  $ (23) $ 7,289 
Operating income 4,772  (46) 23  4,749 
Income tax expense (1,010) 11  (6) (1,005)
Net income 3,314  (35) 17  3,296 
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.

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UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Non-GAAP Measures Reconciliation to GAAP (unaudited)
Debt / net income
Millions, except ratios
for the trailing twelve months ended [1]		 Jun. 30,
2025		 Dec. 31,
2024
Debt $ 32,813  $ 31,192 
Net income 6,935  6,747 
Debt / net income 4.7 4.6
Adjusted debt / adjusted EBITDA*
Millions, except ratios
for the trailing twelve months ended [1]		 Jun. 30,
2025		 Dec. 31,
2024
Net income $ 6,935  $ 6,747 
Add:
Income tax expense 1,975  2,047 
Depreciation 2,431  2,398 
Interest expense 1,283  1,269 
EBITDA $ 12,624  $ 12,461 
Adjustments:
Other income, net (356) (350)
Interest on operating lease liabilities [2] 46  48 
Adjusted EBITDA (a) $ 12,314  $ 12,159 
Debt $ 32,813  $ 31,192 
Operating lease liabilities 1,143  1,271 
Adjusted debt (b) $ 33,956  $ 32,463 
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.

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