Company research
UNION PACIFIC CORP
CIK 100885Updated Nov 13, 2026
SecurityUNP · NYSE · equity
UNP price & chart
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NYSE:UNP on TradingView ↗About the company
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.
In the news
Union Pacific et le CN concluent une entente visant à élargir les occasions offertes aux clients dans le cadre de la fusion ↗
Union Pacific et le CN concluent une entente visant à élargir les occasions offertes aux clients dans le cadre de la fusion ↗
SHAREHOLDER RIGHTS ALERT: Halper Sadeh LLC Investigates UNP, MTSR, SCS on Behalf of Shareholders News provided by Halper Sadeh LLP Oct 09, 2025, 11:17 ET Share this article Share to X Share this article Share to X NEW YORK , Oct. 9, 2025 /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, ↗
Recent filings
10-Q filing
Results of Operations and Financial Condition
Items 2.02, 9.01
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · Regulation FD Disclosure
Items 5.02, 7.01, 9.01
10-Q filing
Results of Operations and Financial Condition
Items 2.02, 9.01
Show 5 more recent filings
Financials
FY 2025 · USDSource
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balance sheet · annual statements
| Line item | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q2 2024 | Q1 2026 | Q1 2025 | Q1 2024 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||||
| AssetsUSD | 68,647,000,000Source | 67,570,000,000Source | 71,211,000,000Source | 68,576,000,000Source | 67,817,000,000Source | 69,644,000,000Source | 68,492,000,000Source | 67,266,000,000Source | 69,698,000,000Source | 67,715,000,000Source | 67,132,000,000Source | 65,449,000,000Source |
| Property, Plant and Equipment, NetUSD | — | 58,036,000,000Source | — | — | 57,835,000,000Source | — | — | 57,590,000,000Source | — | — | 57,398,000,000Source | 56,038,000,000Source |
| Current assets: | ||||||||||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 808,000,000Source | 947,000,000Source | 1,614,000,000Source | 1,060,000,000Source | 1,137,000,000Source | 735,000,000Source | 1,411,000,000Source | 925,000,000Source | 1,266,000,000Source | 1,016,000,000Source | 1,055,000,000Source | 973,000,000Source |
| Accounts Receivable, after Allowance for Credit Loss, CurrentUSD | 1,921,000,000Source | 2,036,000,000Source | 2,130,000,000Source | 1,915,000,000Source | 2,118,000,000Source | 1,986,000,000Source | 1,965,000,000Source | 2,162,000,000Source | 1,860,000,000Source | 1,894,000,000Source | 2,073,000,000Source | 1,891,000,000Source |
| Assets, CurrentUSD | 3,904,000,000Source | 4,149,000,000Source | 5,533,000,000Source | 4,183,000,000Source | 4,498,000,000Source | 4,215,000,000Source | 4,539,000,000Source | 4,194,000,000Source | 4,555,000,000Source | 4,021,000,000Source | 4,148,000,000Source | 3,952,000,000Source |
| Operating Lease, Right-of-Use AssetUSD | 1,090,000,000Source | 1,345,000,000Source | 875,000,000Source | 1,193,000,000Source | 1,386,000,000Source | 907,000,000Source | 1,142,000,000Source | 1,453,000,000Source | 1,036,000,000Source | 1,297,000,000Source | 1,643,000,000Source | 1,672,000,000Source |
| Other Assets, NoncurrentUSD | 1,420,000,000Source | 1,391,000,000Source | 1,627,000,000Source | 1,398,000,000Source | 1,393,000,000Source | 1,613,000,000Source | 1,397,000,000Source | 1,378,000,000Source | 1,577,000,000Source | 1,390,000,000Source | 1,338,000,000Source | 1,412,000,000Source |
| LIABILITIES AND EQUITY | ||||||||||||
| LiabilitiesUSD | 51,343,000,000Source | 50,986,000,000Source | 50,538,000,000Source | 52,318,000,000Source | 51,328,000,000Source | 50,226,000,000Source | 52,453,000,000Source | 51,601,000,000Source | 51,231,000,000Source | 50,825,000,000Source | 52,344,000,000Source | 53,286,000,000Source |
| Stockholders’ equity: | ||||||||||||
| Common Stock, Value, IssuedUSD | 2,783,000,000Source | 2,783,000,000Source | 2,783,000,000Source | 2,783,000,000Source | 2,783,000,000Source | 2,783,000,000Source | 2,783,000,000Source | 2,783,000,000Source | 2,783,000,000Source | 2,783,000,000Source | 2,782,000,000Source | 2,782,000,000Source |
| Additional Paid in CapitalUSD | 5,548,000,000Source | 5,297,000,000Source | 5,677,000,000Source | 5,505,000,000Source | 5,249,000,000Source | 5,621,000,000Source | 5,075,000,000Source | 5,213,000,000Source | 5,589,000,000Source | 5,334,000,000Source | 5,193,000,000Source | 5,080,000,000Source |
| Retained Earnings (Accumulated Deficit)USD | 68,501,000,000Source | 64,677,000,000Source | 71,584,000,000Source | 67,532,000,000Source | 63,820,000,000Source | 70,411,000,000Source | 66,450,000,000Source | 62,940,000,000Source | 69,529,000,000Source | 65,628,000,000Source | 62,093,000,000Source | 58,887,000,000Source |
| Accumulated Other Comprehensive Income (Loss), Net of TaxUSD | -672,000,000Source | -692,000,000Source | -556,000,000Source | -692,000,000Source | -606,000,000Source | -553,000,000Source | -720,000,000Source | -610,000,000Source | -591,000,000Source | -723,000,000Source | -614,000,000Source | -582,000,000Source |
| Stockholders' Equity Attributable to ParentUSD | 17,304,000,000Source | 16,584,000,000Source | 20,673,000,000Source | 16,258,000,000Source | 16,489,000,000Source | 19,418,000,000Source | 16,039,000,000Source | 15,665,000,000Source | 18,467,000,000Source | 16,890,000,000Source | 14,788,000,000Source | 12,163,000,000Source |
| Liabilities and EquityUSD | 68,647,000,000Source | 67,570,000,000Source | 71,211,000,000Source | 68,576,000,000Source | 67,817,000,000Source | 69,644,000,000Source | 68,492,000,000Source | 67,266,000,000Source | 69,698,000,000Source | 67,715,000,000Source | 67,132,000,000Source | 65,449,000,000Source |
| Current liabilities: | ||||||||||||
| Liabilities, CurrentUSD | 5,220,000,000Source | 5,366,000,000Source | 5,612,000,000Source | 6,452,000,000Source | 4,287,000,000Source | 4,602,000,000Source | 6,222,000,000Source | 4,534,000,000Source | 5,014,000,000Source | 5,254,000,000Source | 5,106,000,000Source | 5,520,000,000Source |
| Operating Lease, Liability, CurrentUSD | 277,000,000Source | 349,000,000Source | 233,000,000Source | 312,000,000Source | 317,000,000Source | 235,000,000Source | 304,000,000Source | 322,000,000Source | 270,000,000Source | 346,000,000Source | — | — |
| Accounts Payable, CurrentUSD | 853,000,000Source | 830,000,000Source | 931,000,000Source | 815,000,000Source | 870,000,000Source | 940,000,000Source | 898,000,000Source | 814,000,000Source | 804,000,000Source | 847,000,000Source | 856,000,000Source | 784,000,000Source |
| Operating Lease, Liability, NoncurrentUSD | 764,000,000Source | 934,000,000Source | 609,000,000Source | 831,000,000Source | 988,000,000Source | 619,000,000Source | 758,000,000Source | 1,016,000,000Source | 738,000,000Source | 925,000,000Source | 1,245,000,000Source | 1,300,000,000Source |
| Deferred Income Tax Liabilities, NetUSD | 13,329,000,000Source | 13,199,000,000Source | 13,525,000,000Source | 13,029,000,000Source | 13,166,000,000Source | 13,475,000,000Source | 13,144,000,000Source | 13,146,000,000Source | 13,421,000,000Source | 13,151,000,000Source | 13,123,000,000Source | 13,033,000,000Source |
| Other Liabilities, NoncurrentUSD | 1,744,000,000Source | 1,726,000,000Source | 1,753,000,000Source | 1,715,000,000Source | 1,722,000,000Source | 1,746,000,000Source | 1,714,000,000Source | 1,710,000,000Source | 1,764,000,000Source | 1,728,000,000Source | 1,714,000,000Source | 1,785,000,000Source |
| Additional Financial Items | ||||||||||||
| Deferred Tax Liabilities, NetUSD | — | — | — | — | — | — | — | — | 13,421,000,000Source | 13,151,000,000Source | — | — |
| Long-term DebtUSD | — | — | — | — | — | — | — | — | 31,814,000,000Source | 31,192,000,000Source | 32,579,000,000Source | 33,326,000,000Source |
cash flow · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
| Share-based Payment Arrangement, Noncash ExpenseUSD | — | — | — | 33,000,000Source | — | — | — | — | — | — | 107,000,000Source | 99,000,000Source |
| Changes in operating assets and liabilities: | ||||||||||||
| Increase (Decrease) in Accounts ReceivableUSD | — | — | — | — | — | — | 126,000,000Source | 71,000,000Source | -34,000,000Source | -179,000,000Source | 177,000,000Source | 169,000,000Source |
| Deferred Income Tax Expense (Benefit)USD | — | — | — | — | — | — | — | — | 241,000,000Source | 28,000,000Source | 117,000,000Source | 262,000,000Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | — | — | — | — | — | — | 2,440,000,000Source | 2,210,000,000Source | 9,290,000,000Source | 9,346,000,000Source | 8,379,000,000Source | 9,362,000,000Source |
| Cash flows from investing activities: | ||||||||||||
| Net Cash Provided by (Used in) Investing ActivitiesUSD | — | — | — | — | — | — | -988,000,000Source | -938,000,000Source | -3,762,000,000Source | -3,325,000,000Source | -3,667,000,000Source | -3,471,000,000Source |
| Payments for (Proceeds from) Other Investing ActivitiesUSD | — | — | — | — | — | — | 51,000,000Source | 32,000,000Source | -29,000,000Source | -127,000,000Source | 61,000,000Source | 45,000,000Source |
| Payments to Acquire Property, Plant, and EquipmentUSD | — | — | — | — | — | — | 937,000,000Source | 906,000,000Source | 3,791,000,000Source | 3,452,000,000Source | 3,606,000,000Source | 3,620,000,000Source |
| Cash flows from financing activities: | ||||||||||||
| Payments for Repurchase of Common StockUSD | — | — | — | — | — | — | 0Source | 1,420,000,000Source | 2,679,000,000Source | 1,505,000,000Source | 705,000,000Source | 6,282,000,000Source |
| Net Cash Provided by (Used in) Financing ActivitiesUSD | — | — | — | — | — | — | -1,981,000,000Source | -878,000,000Source | -5,276,000,000Source | -6,067,000,000Source | -4,625,000,000Source | -5,887,000,000Source |
| Dividends paid | — | — | — | — | — | — | —Source | —Source | —Source | —Source | —Source | —Source |
| Proceeds from (Payments for) Other Financing ActivitiesUSD | — | — | — | — | — | — | 12,000,000Source | 20,000,000Source | 72,000,000Source | 77,000,000Source | -156,000,000Source | -30,000,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | — | — | — | — | — | — | -529,000,000Source | 394,000,000Source | 252,000,000Source | -46,000,000Source | 87,000,000Source | 4,000,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | — | 830,000,000Source | 957,000,000Source | 1,623,000,000Source | 1,083,000,000Source | 751,000,000Source | 1,422,000,000Source | 1,280,000,000Source | 1,028,000,000Source | 1,074,000,000Source | 987,000,000Source |
| Supplemental disclosure of cash flow information: | ||||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | — | — | — | — | — | — | 441,000,000Source | 439,000,000Source | 1,311,000,000Source | 1,260,000,000Source | 1,268,000,000Source | 1,156,000,000Source |
| Income Taxes Paid, NetUSD | — | — | — | — | — | — | 59,000,000Source | 61,000,000Source | — | 1,340,000,000Source | -1,486,000,000Source | -2,060,000,000Source |
| Additional Financial Items | ||||||||||||
| Share-based Payment Arrangement, ExpenseUSD | — | — | 39,000,000Source | 33,000,000Source | 31,000,000Source | 37,000,000Source | 29,000,000Source | 34,000,000Source | 142,000,000Source | 118,000,000Source | — | — |
| DepreciationUSD | — | — | 618,000,000Source | 602,000,000Source | 638,000,000Source | 613,000,000Source | 633,000,000Source | 610,000,000Source | 2,465,000,000Source | 2,398,000,000Source | 2,318,000,000Source | 2,246,000,000Source |
| Gain (Loss) on Sale of InvestmentsUSD | — | — | — | — | — | — | — | — | — | — | 0Source | 0Source |
| Gain (Loss) on Disposition of Property Plant EquipmentUSD | — | — | — | — | — | — | — | — | 0Source | — | — | — |
| Income Tax Expense (Benefit)USD | — | — | 530,000,000Source | 518,000,000Source | 562,000,000Source | 437,000,000Source | 528,000,000Source | 501,000,000Source | 2,028,000,000Source | 2,047,000,000Source | 1,854,000,000Source | 2,074,000,000Source |
| InterestExpenseNonoperatingUSD | — | — | 327,000,000Source | 314,000,000Source | 313,000,000Source | 335,000,000Source | 320,000,000Source | 322,000,000Source | 1,309,000,000Source | 1,269,000,000Source | — | — |
| Investment Income, InterestUSD | — | — | — | — | — | — | — | — | — | 52,000,000Source | 52,000,000Source | — |
| Net Income (Loss) Attributable to ParentUSD | — | — | 1,788,000,000Source | 1,671,000,000Source | 1,993,000,000Source | 1,876,000,000Source | 1,701,000,000Source | 1,626,000,000Source | 7,138,000,000Source | 6,747,000,000Source | 6,379,000,000Source | 6,998,000,000Source |
| Other Nonoperating Income (Expense)USD | — | — | 96,000,000Source | 87,000,000Source | 105,000,000Source | 123,000,000Source | 91,000,000Source | 78,000,000Source | 629,000,000Source | 350,000,000Source | 491,000,000Source | 426,000,000Source |
| Proceeds from Issuance of Long-term DebtUSD | — | — | — | — | — | — | 0Source | 1,996,000,000Source | 1,995,000,000Source | 800,000,000Source | 1,599,000,000Source | 6,080,000,000Source |
| Proceeds from Stock Options ExercisedUSD | — | — | 1,000,000Source | 16,000,000Source | 41,000,000Source | 5,000,000Source | 30,000,000Source | 41,000,000Source | 51,000,000Source | 46,000,000Source | 27,000,000Source | 27,000,000Source |
| Stock or Unit Option Plan ExpenseUSD | — | — | — | 4,000,000Source | — | — | — | — | — | — | 16,000,000Source | 14,000,000Source |
income statement · annual statements
| Line item | Q4 2025 | Q4 2024 | Q3 2025 | Q3 2024 | Q2 2026 | Q2 2025 | Q1 2026 | Q1 2025 | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total RevenueUSD | — | — | 6,244,000,000Source | 6,091,000,000Source | 6,864,000,000Source | 6,154,000,000Source | 6,217,000,000Source | 6,027,000,000Source | 24,510,000,000Source | 24,250,000,000Source | 24,119,000,000Source | 24,875,000,000Source |
| Operating Income (Loss)USD | — | — | 2,549,000,000Source | 2,416,000,000Source | 2,763,000,000Source | 2,525,000,000Source | 2,458,000,000Source | 2,371,000,000Source | 9,846,000,000Source | 9,713,000,000Source | 9,082,000,000Source | 9,917,000,000Source |
| Other Nonoperating Income (Expense)USD | — | — | 96,000,000Source | 87,000,000Source | 105,000,000Source | 123,000,000Source | 91,000,000Source | 78,000,000Source | 629,000,000Source | 350,000,000Source | 491,000,000Source | 426,000,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestUSD | — | — | 2,318,000,000Source | 2,189,000,000Source | 2,555,000,000Source | 2,313,000,000Source | 2,229,000,000Source | 2,127,000,000Source | 9,166,000,000Source | 8,794,000,000Source | 8,233,000,000Source | 9,072,000,000Source |
| Income Tax Expense (Benefit)USD | — | — | 530,000,000Source | 518,000,000Source | 562,000,000Source | 437,000,000Source | 528,000,000Source | 501,000,000Source | 2,028,000,000Source | 2,047,000,000Source | 1,854,000,000Source | 2,074,000,000Source |
| Net Income (Loss) Attributable to ParentUSD | — | — | 1,788,000,000Source | 1,671,000,000Source | 1,993,000,000Source | 1,876,000,000Source | 1,701,000,000Source | 1,626,000,000Source | 7,138,000,000Source | 6,747,000,000Source | 6,379,000,000Source | 6,998,000,000Source |
| Earnings Per Share, BasicUSD per share | — | — | 3.02Source | 2.75Source | 3.36Source | 3.16Source | 2.87Source | 2.71Source | 12Source | 11.1Source | 10.47Source | 11.24Source |
| Earnings Per Share, DilutedUSD per share | — | — | 3.01Source | 2.75Source | 3.36Source | 3.15Source | 2.87Source | 2.7Source | 11.98Source | 11.09Source | 10.45Source | 11.21Source |
| Weighted Average Number of Shares Outstanding, Basicshares | — | — | 592,400,000Source | 607,600,000Source | 593,400,000Source | 594,100,000Source | 593,000,000Source | 601,000,000Source | 595,000,000Source | 607,600,000Source | 609,200,000Source | 622,700,000Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | — | — | 593,200,000Source | 608,600,000Source | 594,000,000Source | 594,800,000Source | 593,600,000Source | 601,900,000Source | 595,900,000Source | 608,600,000Source | 610,200,000Source | 624,000,000Source |
| Interest Expense (non-operating)USD | — | — | 327,000,000Source | 314,000,000Source | 313,000,000Source | 335,000,000Source | 320,000,000Source | 322,000,000Source | 1,309,000,000Source | 1,269,000,000Source | — | — |
| Additional Financial Items | ||||||||||||
| Common Stock, Dividends, Per Share, DeclaredUSD per share | — | — | 1.38Source | 1.34Source | 1.38Source | 1.34Source | 1.38Source | 1.34Source | 5.44Source | 5.28Source | 5.2Source | 5.08Source |
| Cost of Property Repairs and MaintenanceUSD | — | — | — | — | — | — | — | — | 2,300,000,000Source | 2,300,000,000Source | 2,500,000,000Source | 2,400,000,000Source |
| Costs and ExpensesUSD | — | — | 3,695,000,000Source | 3,675,000,000Source | 4,101,000,000Source | 3,629,000,000Source | 3,759,000,000Source | 3,656,000,000Source | 14,664,000,000Source | 14,537,000,000Source | 15,037,000,000Source | 14,958,000,000Source |
| Current Income Tax Expense (Benefit)USD | — | — | — | — | — | — | — | — | 1,787,000,000Source | 2,019,000,000Source | 1,737,000,000Source | 1,812,000,000Source |
| Fuel CostsUSD | — | — | 616,000,000Source | 610,000,000Source | 938,000,000Source | 576,000,000Source | 643,000,000Source | 603,000,000Source | 2,390,000,000Source | 2,474,000,000Source | 2,891,000,000Source | 3,439,000,000Source |
| Interest ExpenseUSD | — | — | — | 314,000,000Source | — | — | — | — | — | — | 1,340,000,000Source | 1,271,000,000Source |
| Interest Income, OtherUSD | — | — | 12,000,000Source | 15,000,000Source | 16,000,000Source | 16,000,000Source | 15,000,000Source | 14,000,000Source | 56,000,000Source | — | — | — |
| Investment Income, InterestUSD | — | — | — | — | — | — | — | — | — | 52,000,000Source | 52,000,000Source | — |
| Labor and Related ExpenseUSD | — | — | 1,214,000,000Source | 1,228,000,000Source | 1,240,000,000Source | 1,249,000,000Source | 1,227,000,000Source | 1,212,000,000Source | 4,897,000,000Source | 4,899,000,000Source | 4,818,000,000Source | 4,645,000,000Source |
| Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost ComponentUSD | — | — | -13,000,000Source | -12,000,000Source | -15,000,000Source | -14,000,000Source | -15,000,000Source | -13,000,000Source | -55,000,000Source | -55,000,000Source | -52,000,000Source | -84,000,000Source |
| Other Cost and Expense, OperatingUSD | — | — | 352,000,000Source | 354,000,000Source | 362,000,000Source | 319,000,000Source | 364,000,000Source | 359,000,000Source | 1,374,000,000Source | 1,326,000,000Source | 1,447,000,000Source | 1,288,000,000Source |
Offerings
Registration 333-290282
Filing attachments
d908896dex991.htm · S-4/A · 2025-09-30
EX-99.1 4 d908896dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Consent of Morgan Stanley & Co. LLC We hereby consent to the use in Amendment No. 1 to the Registration Statement (the “Registration Statement”) of Union Pacific Corporation on Form S-4 and in the related joint proxy statement/prospectus, which is part of the Registration Statement, of our written opinion dated July 28, 2025, appearing as Annex B to such joint proxy statement/prospectus, and to the description of such opinion and to…
Read attachment ↗d908896dex992.htm · S-4/A · 2025-09-30
EX-99.2 5 d908896dex992.htm EX-99.2 EX-99.2 Exhibit 99.2 Consent of Wells Fargo Securities, LLC The Board of Directors Union Pacific Corporation 1400 Douglas Street Omaha, Nebraska 68179 The Board of Directors: We hereby consent to the inclusion of our opinion letter, dated July 28, 2025, to the Board of Directors of Union Pacific Corporation (“Union Pacific”) as Annex C to, and reference to such opinion letter under the headings “SUMMARY - Opinions of Union Pacific’s Financial Advis…
Read attachment ↗d908896dex991.htm · S-4 · 2025-09-16
EX-99.1 5 d908896dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Consent of Morgan Stanley & Co. LLC We hereby consent to the use in the Registration Statement (the “Registration Statement”) of Union Pacific Corporation on Form S-4 and in the related joint proxy statement/prospectus, which is part of the Registration Statement, of our written opinion dated July 28, 2025, appearing as Annex B to such joint proxy statement/prospectus, and to the description of such opinion and to the references the…
Read attachment ↗d908896dex992.htm · S-4 · 2025-09-16
EX-99.2 6 d908896dex992.htm EX-99.2 EX-99.2 Exhibit 99.2 Consent of Wells Fargo Securities, LLC The Board of Directors Union Pacific Corporation 1400 Douglas Street Omaha, Nebraska 68179 The Board of Directors: We hereby consent to the inclusion of our opinion letter, dated July 28, 2025, to the Board of Directors of Union Pacific Corporation (“Union Pacific”) as Annex C to, and reference to such opinion letter under the headings “SUMMARY - Opinions of Union Pacific’s Financial Advis…
Read attachment ↗d64537dex991.htm · 8-K · 2025-07-29
EX-99.1 2 d64537dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Union Pacific and Norfolk Southern to Create America’s First Transcontinental Railroad Transaction to transform the U.S. supply chain and economy; strengthen domestic manufacturing; and preserve union jobs Two legendary railroads enter agreement to combine in stock and cash merger, creating a combined enterprise of over $250 billion Transaction values Norfolk Southern at an enterprise value of $85 billion and is expect…
Read attachment ↗d64537dex992.htm · 8-K · 2025-07-29
EX-99.2 3 d64537dex992.htm EX-99.2 EX-99.2 America’s First Transcontinental Railroad Union Pacific and Norfolk Southern to Combine 7/29/2025 Exhibit 99.2 Cautionary Information This presentation and related materials contain statements that are forward looking statements. 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.…
Read attachment ↗