Union Pacific Corporation · NYSE:UNP
Union Pacific — Q1 2025 Earnings Presentation
10 slides from Union Pacific's earnings presentation, Apr 24, 2025
Slide 1: First Quarter 2025 Earnings
UNION PACIFIC CORPORATION FIRST QUARTER 2025 EARNINGS APRIL 24, 2025 EXECUTIVE SUMMARY FIRST QUARTER 2025 Jim Vena Chief Executive Officer 2
Slide 2: First Quarter Highlights & Executive Summary
First Quarter Highlights & Executive Summary Highlights Executive Summary $2.70 Earnings per Share • Quarterly results demonstrate success of strategic focus $2.4B Operating Income • Record First Quarter Freight Revenue supported by strong $1.6B Net Income volume growth and core pricing gains despit
Slide 3: First Quarter Income Statement; Delivering Strong Cash Returns to Shareholders
First Quarter Income Statement 2025 2024 Variance Freight Revenue Drivers: Freight Revenue Ex. Fuel $ 5,126) $ 4,951) 4) Fuel Surcharge 565) 665) (15) Volume 6.50% Freight Revenue 5,691) 5,616) 1) Fuel Surcharge (2.75%) Other Revenue 336) 415) (19) Operating Revenue 6,027) 6,031) (-) Price/Mix (2.50
Slide 4: On Track With Investor Day Targets
On Track With Investor Day Targets Focused on Our Strategy Amid Uncertain Macro Environment Affirming 2025 Outlook: • Volume Impacted by Mixed Economic Backdrop, Coal Demand, and Challenging Year-over-Year International Intermodal Comparisons • Pricing Dollars Accretive to Operating Ratio • EPS Grow
Slide 5: First Quarter Commodity Review and 2025 Volume Outlook
First Quarter Commodity Review Commodity Revenue Volume ARC Quarterly Drivers (Millions) (Thousands) • Favorable Natural Gas Prices Drove Higher Coal Demand Bulk $ 1,836 491 $ 3,744 • New UP Facilities & High Demand for Grain Products vs. 1Q’24 1% 2% 1% • Decreased Food & Beverage Shipments • Lower
Slide 6: Operations Review: Key Performance Metrics
OPERATIONS REVIEW FIRST QUARTER 2025 Eric Gehringer Executive Vice President – Operations 11 FIRST QUARTER 2025 Key Performance Metrics Freight Car Intermodal Service Manifest Service Velocity Performance Index Performance Index 215 94 93 6% 1 pts 6 pts Quarterly Drivers Lower Freight Supporting Int
Slide 7: Key Efficiency Metrics
FIRST QUARTER 2025 Key Efficiency Metrics Locomotive Workforce Train Productivity Productivity Length 136 1,091 9,490 1% 9% 2% Quarterly Drivers Improved Network Lower Workforce Optimizing Fluidity Levels Transportation Plan 13 Year-over-year change in metrics. HOW WE WIN FIRST QUARTER 2025 Jim Vena
Slide 8: Safety, Service & Operational Excellence = Growth; Cautionary Information
UNION PACIFIC STRATEGY Safety, Service & Operational Excellence = Growth ASSET SAFETY SERVICE COST CONTROL PEOPLE UTILIZATION Spend resources wisely, Be the best Deliver the service we sold Drive decision-making to Engage our teams and with a buffer for the at safety. our customers. those closest to
Slide 9: Question & Answer
UNION PACIFIC CORPORATION QUESTION & ANSWER APRIL 24, 2025 APPENDIX 18
Slide 10: First Quarter 2025 Operating Ratio and EPS
First Quarter 2025 Operating Ratio and EPS Favorable / (Unfavorable) Operating Ratio EPS First Quarter 2024 60.7% $2.69 Fuel Price (net) (0.5) pts ($0.12) Leap Year Impact (0.4) pts ($0.07) Core Results (0.9) pts ($0.20) First Quarter 2025 60.7% $2.70 19 Lower Fuel Prices & Productivity Offset Volum