Union Pacific Corporation · NYSE:UNP
Union Pacific — Q2 2026 Earnings Presentation
10 slides from Union Pacific's earnings presentation, Jul 23, 2026
Slide 1: Second Quarter 2026 Earnings
UNION PACIFIC CORPORATION SECOND QUARTER 2026 EARNINGS JULY 23, 2026 Cautionary Information Certain statements in this presentation are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statement
Slide 2: Executive Summary: Second Quarter 2026 Highlights
EXECUTIVE SUMMARY S E CO N D Q U AR T E R 2 0 2 6 Jim Vena Chief Executive Officer 3 Second Quarter 2026 Highlights Financials Reported Adjusted* Executive Summary: Operating Income $ 2.8B $ 2.8B • Record Financial Results – Freight Revenue, Freight Revenue vs. 2Q’25 9% 8% Excl. Fuel Surcharge, Oper
Slide 3: Financial Review: Second Quarter Income Statement
FINANCIAL REVIEW S E CO N D Q U AR T E R 2 0 2 6 Jennifer Hamann Executive Vice President & Chief Financial Officer 5 Second Quarter Income Statement 2026 2025 Variance Freight Revenue Drivers: Freight Revenue Ex. Fuel $ 5,490) $ 5,274) 4) Fuel Surcharge 1,028) 569) 81) Fuel Surcharge 7.50% Freight
Slide 4: Strong Cash Generation & Balance Sheet; 2026 Outlook Improved
Strong Cash Generation & Balance Sheet Cash From Operations ($ in millions) Reported Year to Date Results +21% $5,516 $4,543 100% • Generated $5.5 Billion in Cash From Operations Cash Flow 77% Conversion* • Repaid $1.5 Billion of Debt YTD 2025 YTD 2026 • Invested $1.8 Billion in Capital Total Debt (
Slide 5: Marketing & Sales Review: Second Quarter Commodity Review
MARKETING & SALES REVIEW S E CO N D Q U AR T E R 2 0 2 6 Kenny Rocker Executive Vice President – Marketing & Sales 9 Second Quarter Commodity Review Commodity Revenue Volume ARC (Millions) (Thousands) Bulk $ 2,043 514 $ 3,971 vs. 2Q’25 7% 1% 9% Industrial $ 2,386 586 $ 4,075 vs. 2Q’25 8% 3% 5% Premi
Slide 6: Second Half 2026 Volume Outlook
Second Half 2026 Volume Outlook Commodity Business Line Outlook + Grain & Grain Products Export Soybeans; Supportive Renewable Fuels Policy Bulk Coal & Renewables Natural Gas Prices & High Inventory + Metals Strong Industrial Development Pipeline Industrial + Industrial Chemicals & Plastics Winning
Slide 7: Key Performance Metrics and Key Efficiency Metrics
SECOND QUARTE R 2026 Key Performance Metrics Exceptional Service Performance Freight Car Intermodal Service Manifest Service Velocity Performance Index* Performance Index* 231 95 95 5% 4 pts 2 pts Quarterly Drivers Record (Tie) Freight Supporting Domestic Reduced Car Terminal Dwell Intermodal Growth
Slide 8: How We Win: Union Pacific Strategy
HOW WE WIN S E CO N D Q U AR T E R 2 0 2 6 Jim Vena Chief Executive Officer 15 UNI ON PACIFI C 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 Enga
Slide 9: Question & Answer
UNION PACIFIC CORPORATION QUESTION & ANSWER JULY 23, 2026 APPENDIX 18
Slide 10: Second Quarter 2026 Operating Ratio and EPS
Second Quarter 2026 Operating Ratio and EPS Favorable / (Unfavorable) Operating Ratio EPS Reported Second Quarter 2025 59.0% $3.15 2025 Deferred Tax Adjustment (- ($0.19) 2025 Crew Staffing Agreement (0.9) pts ($0.07) Fuel Price (net) (1.2) pts ($0.14) Merger Costs (0.5) pts ($0.05) Core Results (0.