Union Pacific Corporation · NYSE:UNP
Union Pacific — Q1 2026 Earnings Presentation
11 slides from Union Pacific's earnings presentation, Apr 23, 2026
Slide 1: First Quarter 2026 Earnings
UNION PACIFIC CORPORATION FIRST QUARTER 2026 EARNINGS APRIL 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: First Quarter 2026 Highlights
EXECUTIVE SUMMARY F I R S T Q U AR TE R 2 0 2 6 Jim Vena Chief Executive Officer 3 First Quarter 2026 Highlights Financials Reported Adjusted* Executive Summary: Operating Income $ 2.5B $ 2.5B • Record First Quarter Operating and Financial Results vs. 1Q’25 4% 5% • Strong core pricing gains and prod
Slide 3: Financial Review: First Quarter Income Statement
FINANCIAL REVIEW F I R S T Q U AR TE R 2 0 2 6 Jennifer Hamann Executive Vice President & Chief Financial Officer 5 First Quarter Income Statement 2026 2025 Variance Freight Revenue Ex. Fuel $ 5,285) $ 5,126) 3) Freight Revenue Drivers: Fuel Surcharge 608) 565) 8) Freight Revenue 5,893) 5,691) 4) Pr
Slide 4: Strong Cash Generation & Balance Sheet; On Track With Investor Day Targets
Strong Cash Generation & Balance Sheet Cash From Operations ($ in millions) Reported First Quarter Results +10% $2,440 $2,210 88% • Generated $2.4 Billion in Cash From Operations Cash Flow 80% Conversion* • Repaid $1.2 Billion of Debt 1Q 2025 1Q 2026 • Invested $0.9 Billion in Capital Total Debt ($
Slide 5: Marketing & Sales Review: First Quarter Commodity Review
MARKETING & SALES REVIEW F I R S T Q U AR TE R 2 0 2 5 Kenny Rocker Executive Vice President – Marketing & Sales 9 First Quarter Commodity Review Commodity Revenue Volume ARC (Millions) (Thousands) Bulk $ 2,026 548 $ 3,700 vs. 1Q’25 10% 12% 1% Industrial $ 2,191 560 $ 3,911 vs. 1Q’25 5% 4% 1% Premiu
Slide 6: 2026 Volume Outlook
2026 Volume Outlook Commodity Business Line Outlook + Coal & Renewables Natural Gas Prices Bulk + Grain & Grain Products Export Soybeans; Renewable Fuels Policy Clarity + Construction Southern Demand & Strong Business Development Focus Industrial + Industrial Chemicals & Plastics Winning New Busines
Slide 7: Key Performance and Efficiency Metrics
FIRST QUARTER 2026 Key Performance Metrics Freight Car Intermodal Service Manifest Service Velocity Performance Index Performance Index 235 98 98 9% 4 pts 5 pts Quarterly Drivers Record Freight Increased Reduced Car Terminal Dwell Train Speed Car Touches 13 Year-over-year change in metrics. Intermod
Slide 8: How We Win: Union Pacific Strategy
HOW WE WIN F I R S T Q U AR TE 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 Engage
Slide 9: Question & Answer
UNION PACIFIC CORPORATION QUESTION & ANSWER APRIL 23, 2026 APPENDIX 18
Slide 10: First Quarter 2026 Operating Ratio and EPS
First Quarter 2026 Operating Ratio and EPS Favorable / (Unfavorable) Operating Ratio EPS Reported First Quarter 2025 60.7% $2.70 Fuel Price (net) (0.1) pts ($0.03) Merger Costs (0.6) pts ($0.06) Core Results (0.9) pts ($0.20) Reported First Quarter 2026 60.5% $2.87 19 Productivity Partially Offsets
Slide 11: 2026 Full Year Financial Assumptions
2026 Full Year Financial Assumptions • Inflation (excluding fuel): 4% vs. 2025 • Depreciation: Up 4% vs. 2025 • Merger Costs: ~$25 Million per Quarter • Tax Rate: ~24% 21