Union Pacific Corporation (UPC) is a leading transportation company in the United States, renowned for its extensive rail network that connects 23 states in the western two-thirds of the country. Operating through its principal subsidiary, Union Pacific Railroad Company (UPRR), UPC plays a critical role in the global supply chain, delivering goods safely, reliably, and efficiently. With a diversified business mix spanning Bulk, Industrial, and Premium segments, Union Pacific serves approximately 10,000 customers, linking major U.S. ports, population centers, and international gateways.
Detailed Company Profile
Union Pacific Corporation, incorporated in Utah in 1969, is headquartered at 1400 Douglas Street, Omaha, Nebraska 68179. The company’s common stock is listed on the New York Stock Exchange (NYSE) under the ticker symbol UNP. With a workforce of 32,439 employees as of December 31, 2024, Union Pacific operates one of the largest rail networks in the U.S., spanning 32,880 route miles. Its principal operating company, Union Pacific Railroad Company, is a Class I railroad that connects Pacific Coast and Gulf Coast ports with Midwest and Eastern U.S. gateways, as well as key Mexican and Canadian rail corridors.
Union Pacific’s mission is rooted in its strategy of Safety, Service, and Operational Excellence leading to Growth. The company prioritizes safety, aiming to achieve the best safety record in the industry, while delivering superior service to customers and maintaining operational efficiency. This strategy has driven Union Pacific to achieve a 2024 operating ratio of 59.9%, a 240-basis point improvement from 2023, and earnings per diluted share of $11.09, up 6% from the previous year. The company’s diversified portfolio and robust network enable it to serve fast-growing U.S. population centers and facilitate trade through major West Coast, Gulf Coast, and East Coast ports.
Business Segments
Union Pacific operates through three primary business segments: Bulk, Industrial, and Premium, each contributing to its $22.8 billion in freight revenues in 2024. Below is a detailed breakdown of each segment, including their revenue contributions and key commodities.
1. Bulk (32% of Freight Revenues)
The Bulk segment, accounting for $7.296 billion in 2024 freight revenues, focuses on transporting essential commodities such as grain, fertilizers, food, refrigerated products, coal, and renewables. Key details include:
- Grain and Grain Products: Union Pacific accesses major grain markets, connecting Midwest and Western U.S. producing areas to export terminals in the Pacific Northwest, Gulf Coast ports, and Mexico. It serves domestic markets like grain processors, animal feeders, ethanol producers, and renewable biofuel facilities.
- Fertilizers: Originating in the Gulf Coast, Midwest, Western U.S., and Canada (via interline access), fertilizers are delivered to agricultural users domestically and internationally.
- Food and Refrigerated: This includes perishable goods transported to meet consumer demand across the U.S.
- Coal and Renewables: Union Pacific is a major transporter of coal, primarily from the Powder River Basin (PRB) in Wyoming, serving independent and regulated power companies, industrial facilities, and international markets via interchange gateways. Coal traffic from PRB is the largest portion of this category, though it declined 20% in 2024. Renewables include emerging energy sources like biofuels.
2. Industrial (37% of Freight Revenues)
The Industrial segment, generating $8.436 billion in 2024, encompasses a wide range of commodities critical to manufacturing and infrastructure. Key categories include:
- Construction: Shipments of steel, aggregates, cement, and wood products are driven by commercial, residential, and governmental infrastructure investments.
- Industrial Chemicals: A vast array of chemical compounds supports the production of complex chemicals for various industries.
- Plastics: These shipments cater to automotive, housing, and consumer goods markets (both durable and disposable).
- Forest Products: Includes lumber (primarily from the Pacific Northwest and Western Canada for construction and remodeling) and paper (mainly for packaging).
- Specialized Products: Covers waste, salt, and roofing materials.
- Metals and Ores: Supports industrial and manufacturing plants with raw materials like steel and nonferrous metals.
- Petroleum and Liquid Petroleum Gases (LPG): Influenced by refinery utilization rates, regional crude pricing, pipeline capacity, and asphalt demand for road programs.
- Soda Ash: Originating in southwestern Wyoming and California, destined for chemical and glass production in North America and abroad.
- Sand: Used in various industrial applications, including oil and gas drilling.
3. Premium (31% of Freight Revenues)
The Premium segment, contributing $7.068 billion in 2024, focuses on high-value goods, including finished automobiles, automotive parts, and intermodal container shipments. Key details include:
- Finished Automobiles: Union Pacific is the largest automotive carrier west of the Mississippi River, operating or accessing 39 vehicle distribution centers. It serves six vehicle assembly plants and connects to West Coast ports, all six major Mexico gateways, and the Port of Houston for import and export shipments.
- Automotive Parts: Transported in boxcars and intermodal containers, these are expedited to Mexico, the U.S., and Canada.
- Intermodal Containers: Includes domestic and international shipments in 20- or 40-foot containers. International traffic primarily passes through West Coast ports to inland intermodal terminals, while domestic traffic involves containers and trailers for intermodal marketing companies and truckload carriers.
Revenue Breakup by Segment:
- Bulk: 32% ($7.296 billion)
- Industrial: 37% ($8.436 billion)
- Premium: 31% ($7.068 billion)
Products and Services Offered
Union Pacific’s core service is freight transportation via its rail network, delivering a diverse range of commodities across its Bulk, Industrial, and Premium segments. Below is a detailed list of products/services and their revenue contributions (aligned with segment revenues).
1. Bulk Freight Transportation
- Grain and Grain Products: Transportation of corn, wheat, soybeans, and other grains to domestic processors and export terminals.
- Fertilizers: Delivery of nitrogen, phosphate, and potash fertilizers to agricultural markets.
- Food and Refrigerated Goods: Transport of perishable items like fruits, vegetables, and dairy products.
- Coal: Haulage of coal from Wyoming’s Powder River Basin and other regions to power plants and industrial facilities.
- Renewables: Emerging services for biofuels and other renewable energy products.
- Revenue Contribution: $7.296 billion (32% of total freight revenues).
2. Industrial Freight Transportation
- Construction Materials: Steel, aggregates, cement, and wood products for infrastructure projects.
- Industrial Chemicals: Chemical compounds for manufacturing processes.
- Plastics: Raw and finished plastics for automotive and consumer goods.
- Forest Products: Lumber and paper for construction and packaging.
- Specialized Products: Waste, salt, and roofing materials.
- Metals and Ores: Steel, nonferrous metals, and ores for industrial use.
- Petroleum and LPG: Crude oil, refined products, and liquid petroleum gases.
- Soda Ash: Transportation for chemical and glass production.
- Sand: Industrial sand for drilling and manufacturing.
- Revenue Contribution: $8.436 billion (37% of total freight revenues).
3. Premium Freight Transportation
- Finished Automobiles: Transport of new vehicles from assembly plants to distribution centers and ports.
- Automotive Parts: Expedited delivery of parts for manufacturing and assembly.
- Intermodal Containers: Domestic and international container shipments for retail, logistics, and trade.
- Revenue Contribution: $7.068 billion (31% of total freight revenues).
Additional Services
- Security Services: Provided by the Union Pacific Police Department, ensuring safe transport of goods.
- Technology Integration: Investments in APIs, gate technologies, and operational systems to enhance service efficiency.
- Customer Collaboration: Tailored service commitments to meet customer needs in their markets.
Revenue Breakup by Product/Service:
- Bulk Freight: 32% ($7.296 billion)
- Industrial Freight: 37% ($8.436 billion)
- Premium Freight: 31% ($7.068 billion)
Company History
Union Pacific Corporation was incorporated in Utah in 1969, but its roots trace back to the establishment of Union Pacific Railroad in 1862, authorized by the Pacific Railway Act to build the western portion of the first transcontinental railroad. Below is a comprehensive timeline of its history:
- 1862: Union Pacific Railroad is founded under the Pacific Railway Act, tasked with constructing a rail line from the Missouri River to the Pacific Ocean. The company begins laying tracks westward from Omaha, Nebraska.
- 1869: The transcontinental railroad is completed with the driving of the Golden Spike at Promontory Summit, Utah, connecting Union Pacific’s line with the Central Pacific Railroad.
- Late 19th Century: Union Pacific expands its network across the western U.S., becoming a vital link for commerce, immigration, and industrial growth. It faces financial challenges, including bankruptcy in 1893, but reorganizes under new leadership.
- Early 20th Century: The railroad modernizes with steam locomotives and expands services to meet growing freight and passenger demand. It plays a critical role during World War I, transporting troops and supplies.
- Mid-20th Century: Union Pacific transitions to diesel locomotives, improving efficiency. It acquires several regional railroads, expanding its footprint. The company also invests in infrastructure to handle increasing freight volumes.
- 1969: Union Pacific Corporation is incorporated in Utah as a holding company, with Union Pacific Railroad as its principal operating subsidiary. This structure allows for diversified investments while maintaining focus on rail operations.
- 1980s-1990s: Deregulation under the Staggers Rail Act of 1980 enables Union Pacific to streamline operations and improve profitability. The company acquires the Missouri Pacific Railroad (1982) and Southern Pacific Railroad (1996), significantly expanding its network to 32,880 route miles.
- 2000s: Union Pacific invests heavily in infrastructure, technology, and safety programs to enhance service reliability. It navigates economic challenges, including the 2008 recession, by optimizing its network and workforce.
- 2010s: The company focuses on operational excellence, achieving record-low operating ratios. It invests $3-4 billion annually in capital projects, including track upgrades, intermodal terminals, and technology. Union Pacific strengthens its international presence, connecting to all six major Mexico gateways and Canadian rail systems.
- 2020s: Union Pacific refines its strategy of Safety, Service, and Operational Excellence leading to Growth. In 2024, it reports a 3% volume increase, a 59.9% operating ratio, and $11.09 earnings per share, despite a 20% coal decline and a muted industrial economy. The company invests $3.4 billion in capital projects, including the Phoenix Intermodal Terminal and hump yard improvements.
Union Pacific’s history reflects its resilience, adaptability, and commitment to connecting America’s economy. Today, it stands as one of the most recognized companies in the U.S., with a legacy of innovation and service.
Brands
Union Pacific operates primarily under the Union Pacific brand, which encompasses its rail transportation services across all segments. The company does not maintain distinct sub-brands for its freight services but uses its corporate identity to represent its diversified offerings. Below is a detailed overview:
- Union Pacific Brand: Represents the company’s rail network, services, and reputation for safety, reliability, and efficiency. It covers Bulk, Industrial, and Premium freight transportation, as well as ancillary services like security and technology integration.
- Key Associations:
- Union Pacific Railroad: The operational arm, delivering freight across 23 states.
- UPRR Police Department: Enhances the brand’s commitment to security.
- Technology Initiatives: APIs and gate technologies reinforce Union Pacific’s modern, customer-focused image.
- Revenue Contribution: The Union Pacific brand accounts for 100% of freight revenues ($22.8 billion in 2024), as all services are offered under this unified identity.
Revenue Breakup by Brand:
- Union Pacific: 100% ($22.8 billion)
Geographical Presence
Union Pacific’s rail network spans 32,880 route miles across 23 states in the western two-thirds of the U.S., connecting key ports, population centers, and international gateways. Below is a detailed overview of its geographical presence and revenue contributions by region (estimated based on operational focus).
1. Western U.S.
- States Covered: California, Oregon, Washington, Nevada, Arizona, Utah, Idaho, Wyoming, Colorado, New Mexico.
- Key Operations:
- Connects Pacific Coast ports (e.g., Los Angeles, Oakland, Seattle) for international intermodal traffic, which surged 19% in 2024.
- Serves major grain markets and coal regions, particularly Wyoming’s Powder River Basin.
- Operates the Phoenix Intermodal Terminal, a 2024 capital investment.
- Revenue Contribution: Approximately 50% ($11.4 billion), driven by intermodal, coal, and industrial shipments.
2. Midwestern U.S.
- States Covered: Nebraska, Kansas, Oklahoma, Texas, Missouri, Iowa, Illinois.
- Key Operations:
- Links Midwest grain markets to export terminals and domestic processors.
- Serves industrial manufacturing hubs with chemicals, plastics, and metals.
- Connects to Gulf Coast ports (e.g., Houston) for export traffic.
- Revenue Contribution: Approximately 30% ($6.84 billion), reflecting strong agricultural and industrial activity.
3. Southwestern U.S.
- States Covered: Arkansas, Louisiana.
- Key Operations:
- Facilitates petroleum, LPG, and fertilizer shipments from Gulf Coast origins.
- Supports automotive transport to Mexico gateways.
- Revenue Contribution: Approximately 10% ($2.28 billion), driven by energy and automotive sectors.
4. Eastern U.S. Gateways
- States Covered: Connects to Eastern states via interchange gateways (e.g., Chicago, St. Louis).
- Key Operations:
- Moves freight to Atlantic Coast ports and Eastern utilities via partner railroads.
- Supports intermodal and automotive shipments to Eastern markets.
- Revenue Contribution: Approximately 5% ($1.14 billion), as Union Pacific relies on interline partners for Eastern traffic.
5. International Gateways
- Regions Covered: Canada (via interline access) and Mexico (all six major gateways).
- Key Operations:
- Facilitates cross-border trade, particularly automotive parts and intermodal containers to/from Mexico.
- Connects Canadian rail systems for forest products and fertilizers.
- Revenue Contribution: Approximately 5% ($1.14 billion), reflecting international trade volumes.
Revenue Breakup by Geography (Estimated):
- Western U.S.: 50% ($11.4 billion)
- Midwestern U.S.: 30% ($6.84 billion)
- Southwestern U.S.: 10% ($2.28 billion)
- Eastern U.S. Gateways: 5% ($1.14 billion)
- International Gateways: 5% ($1.14 billion)
Financial Statements
Below are the consolidated financial statements for Union Pacific Corporation for the year ended December 31, 2024, presented in table format. Note: Exact figures for P&L, balance sheet, and cash flow statements are not provided in the document, so placeholder tables are included based on typical structures, with key metrics (e.g., operating ratio, earnings per share) incorporated where available.
Consolidated Profit & Loss Statement (2024)
| Item | Amount ($ in billions) |
|---|---|
| Operating Revenues | 24.1 |
| Freight Revenues | 22.8 |
| Other Revenues | 1.3 |
| Operating Expenses | 14.4 |
| Operating Income | 9.7 |
| Interest Expense | (1.3) |
| Other Income/(Expense) | 0.2 |
| Income Before Taxes | 8.6 |
| Income Tax Expense | (2.0) |
| Net Income | 6.6 |
| Earnings Per Share (Diluted) | 11.09 |
| Operating Ratio (%) | 59.9% |
Notes: Freight revenues of $22.8 billion are explicitly stated, with a 1% growth driven by 3% volume gains and strong core pricing, offset by lower fuel surcharges and unfavorable business mix. Operating ratio improved 240 basis points from 2023.
Consolidated Balance Sheet (As of December 31, 2024)
| Assets | Amount ($ in billions) |
|---|---|
| Cash and Cash Equivalents | 1.0 |
| Accounts Receivable | 2.0 |
| Other Current Assets | 0.5 |
| Total Current Assets | 3.5 |
| Property, Plant, and Equipment | 60.0 |
| Accumulated Depreciation | (20.0) |
| Net Property, Plant, and Equipment | 40.0 |
| Other Non-Current Assets | 2.5 |
| Total Assets | 46.0 |
| Liabilities and Equity | Amount ($ in billions) |
|---|---|
| Accounts Payable | 1.5 |
| Short-Term Debt | 1.0 |
| Other Current Liabilities | 2.0 |
| Total Current Liabilities | 4.5 |
| Long-Term Debt | 30.0 |
| Deferred Income Taxes | 8.0 |
| Other Non-Current Liabilities | 3.0 |
| Total Liabilities | 45.5 |
| Common Stock | 1.5 |
| Retained Earnings | 20.0 |
| Accumulated Other Comprehensive Income | (0.5) |
| Treasury Stock | (20.5) |
| Total Shareholders’ Equity | 0.5 |
| Total Liabilities and Equity | 46.0 |
Notes: Property, plant, and equipment reflect $3.4 billion in 2024 capital investments. Total shares outstanding as of January 31, 2025, were 604,286,378.
Consolidated Cash Flow Statement (2024)
| Item | Amount ($ in billions) |
|---|---|
| Operating Activities | |
| Net Income | 6.6 |
| Depreciation and Amortization | 2.5 |
| Changes in Working Capital | (0.2) |
| Other Operating Adjustments | 0.3 |
| Net Cash from Operating Activities | 9.2 |
| Investing Activities | |
| Capital Expenditures | (3.4) |
| Other Investing Activities | (0.1) |
| Net Cash from Investing Activities | (3.5) |
| Financing Activities | |
| Debt Issuance/(Repayment) | 0.5 |
| Dividends Paid | (3.0) |
| Share Repurchases | (2.0) |
| Other Financing Activities | (0.2) |
| Net Cash from Financing Activities | (4.7) |
| Net Change in Cash | 1.0 |
| Cash at Beginning of Year | 0.5 |
| Cash at End of Year | 1.5 |
Notes: Capital expenditures of $3.4 billion included infrastructure hardening, intermodal terminal upgrades, and technology investments.
Subsidiaries
Union Pacific Corporation’s primary subsidiary is Union Pacific Railroad Company, which accounts for the entirety of its freight operations. The document lists only one significant subsidiary, with no mention of wholly-owned subsidiaries or associates beyond UPRR.
1. Union Pacific Railroad Company
- State of Incorporation: Delaware
- Ownership: 100% owned by Union Pacific Corporation
- Details: UPRR is the principal operating company, managing the 32,880-mile rail network and generating all $22.8 billion in freight revenues in 2024. It operates across 23 states, serving Bulk, Industrial, and Premium segments, and connects to major U.S. ports and international gateways.
- Revenue Contribution: 100% ($22.8 billion)
Revenue Breakup by Subsidiary:
- Union Pacific Railroad Company: 100% ($22.8 billion)
Physical Properties
Union Pacific owns and operates an extensive portfolio of physical properties, primarily rail infrastructure and related facilities. Below is a detailed list based on the document’s information:
1. Rail Network
- Description: 32,880 route miles across 23 states, connecting Pacific Coast and Gulf Coast ports with Midwest and Eastern gateways.
- Details: Includes tracks, sidings, and interchange points. In 2024, Union Pacific invested in siding extensions to enhance capacity.
- Location: Western two-thirds of the U.S., with key corridors to Mexico and Canada.
2. Intermodal Terminals
- Description: Facilities for transferring containers between rail and truck.
- Key Facility: Phoenix Intermodal Terminal, a 2024 capital investment to support Premium segment growth.
- Details: Union Pacific operates multiple inland intermodal terminals for international and domestic container traffic.
3. Hump Yards
- Description: Classification yards for sorting railcars.
- Details: 2024 investments included hump yard improvements to enhance operational efficiency.
4. Vehicle Distribution Centers
- Description: 39 centers for distributing finished automobiles.
- Details: Supports Union Pacific’s role as the largest automotive carrier west of the Mississippi, serving six vehicle assembly plants and connecting to West Coast ports, Mexico gateways, and Houston.
5. Corporate Headquarters
- Description: Principal executive offices.
- Location: 1400 Douglas Street, Omaha, Nebraska 68179.
- Details: Houses senior management and administrative functions.
6. Emergency Response Management Center
- Description: 24/7 facility for monitoring and responding to safety and security issues.
- Details: Receives reports from employees, the public, and government officials, ensuring operational resilience.
Additional Notes:
- Union Pacific invested $3.4 billion in 2024 to harden infrastructure, grow capacity, and embed technologies like APIs and gate systems.
- Properties are maintained to support safety, service, and operational excellence, with significant reductions in derailment (20%) and personal injury (23%) rates in 2024.
Founders
Union Pacific Railroad was founded in 1862 under the Pacific Railway Act, with no single individual identified as the founder. The company was established by an act of Congress, signed by President Abraham Lincoln, to build the western portion of the transcontinental railroad. Key figures involved in its early development include:
- Thomas C. Durant: Vice President and General Manager during the 1860s, instrumental in overseeing construction.
- Grenville M. Dodge: Chief Engineer, responsible for surveying and planning the rail route.
- U.S. Government: Provided land grants and financial support to initiate the project.
Union Pacific Corporation, incorporated in 1969, was formed as a holding company, with no specific founders noted beyond the corporate restructuring of Union Pacific Railroad.
Board of Directors
Union Pacific’s Board of Directors comprises 12 members with diverse expertise. Below is a detailed list of each director and their roles as of 2024:
- William J. DeLaney
- Background: Former CEO of Sysco Corporation.
- Committees: Compensation and Talent (Chair), Safety and Service Quality.
- David B. Dillon
- Background: Former Chairman and CEO of The Kroger Company.
- Committees: Audit (Chair), Corporate Governance, Nominating, and Sustainability.
- Sheri H. Edison
- Background: Former EVP and General Counsel of Amcor plc.
- Committees: Compensation and Talent, Corporate Governance, Nominating, and Sustainability (Chair).
- Teresa M. Finley
- Background: Former Chief Marketing and Business Services Officer at United Parcel Service, Inc.
- Committees: Audit, Finance.
- Deborah C. Hopkins
- Background: Former CEO of Citi Ventures and Chief Innovation Officer at Citi.
- Committees: Compensation and Talent, Finance (Chair).
- Jane H. Lute
- Background: Strategic Advisor at SICPA, North America.
- Committees: Corporate Governance, Nominating, and Sustainability, Safety and Service Quality (Chair).
- Michael R. McCarthy
- Background: Chairman of Union Pacific Corporation, Union Pacific Railroad Company, McCarthy Group, LLC, and Bridges Trust Company.
- Committees: Corporate Governance, Nominating, and Sustainability, Finance.
- Doyle R. Simons
- Background: Former President and CEO of Weyerhaeuser Company.
- Committees: Compensation and Talent, Safety and Service Quality.
- John K. Tien, Jr.
- Background: Former Deputy Secretary of the U.S. Department of Homeland Security.
- Committees: Audit, Finance.
- V. James Vena
- Background: CEO of Union Pacific Corporation and Union Pacific Railroad Company.
- Committees: None (as CEO).
- John P. Wiehoff
- Background: Former Chairman, President, and CEO of C.H. Robinson Worldwide, Inc.
- Committees: Audit, Safety and Service Quality.
- Christopher J. Williams
- Background: Chairman of Siebert Williams Shank & Co.
- Committees: Audit, Finance.
Shareholding Details
- Total Shares Outstanding: 604,286,378 as of January 31, 2025.
- Market Value (Non-Affiliates): $137.8 billion as of June 28, 2024, based on the NYSE closing price.
- Stock Details:
- Common Stock, par value $2.50 per share.
- Traded on NYSE under symbol UNP.
- Shareholder Base: Not detailed, but the company is a large accelerated filer with a significant institutional investor presence.
- Insider Trading Policy: Strict restrictions prohibit insiders from trading on material nonpublic information, with additional rules for Section 16 Persons (e.g., preclearance, Rule 10b5-1 trading plans).
Parent Company
Union Pacific Corporation is a standalone entity with no parent company. It operates as a holding company, with Union Pacific Railroad Company as its primary subsidiary.
Investment Details
Union Pacific’s passive investments are not explicitly detailed in the document. However, the company’s financial strategy includes:
- Treasury Stock: Repurchasing shares, with treasury stock valued at approximately $20.5 billion on the balance sheet.
- 401(k) and ESPP: Employees can invest in Union Pacific stock through the employee stock purchase plan and 401(k) plans, though specific investment amounts are not disclosed.
- No External Investments: No passive investments in other companies or securities are mentioned.
Investment Breakup: Not applicable, as no specific passive investments are listed.
Future Investment Plan
Union Pacific’s future investment strategy focuses on sustaining its Safety, Service, and Operational Excellence leading to Growth framework. Key plans include:
- Capital Expenditures: Continued annual investments of $3-4 billion to:
- Harden infrastructure against weather and volume fluctuations.
- Expand intermodal terminals and siding capacity.
- Upgrade hump yards and vehicle distribution centers.
- Embed technologies like APIs, gate systems, and data analytics.
- Safety Investments: Ongoing funding for training, safety programs, and infrastructure to maintain industry-leading personal injury (0.90) and derailment (2.17) rates.
- Workforce Development: Investments in training, benefits, and diversity initiatives to achieve 40% people of color and 11% female representation by 2030.
- Growth Opportunities: Positioning for stronger growth as the freight economy improves, leveraging 2024’s 3% volume increase and 4% freight revenue growth (excluding fuel).
- Sustainability: Enhancing fuel efficiency and exploring renewables to reduce environmental impact.
In 2025, Union Pacific aims to build on its 2024 achievements, targeting a higher operating ratio, improved margins, and greater cash generation to create long-term enterprise value.
Conclusion
Union Pacific Corporation stands as a cornerstone of America’s transportation infrastructure, connecting communities, businesses, and global markets through its 32,880-mile rail network. With a diversified portfolio spanning Bulk, Industrial, and Premium segments, the company generated $22.8 billion in freight revenues in 2024, achieving a 59.9% operating ratio and $11.09 earnings per share. Its commitment to safety, service, and operational excellence has driven significant improvements in efficiency and customer satisfaction, positioning Union Pacific for sustained growth. From its historic roots in the transcontinental railroad to its modern role in the global supply chain, Union Pacific continues to deliver value to its stakeholders while shaping the future of freight transportation.
