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UNION PACIFIC (UNP)

Union Pacific Railroad Company, the principal operating company of Union Pacific Corporation, operates a Class I railroad in the U.S., connecting 23 states in the western two-thirds of the country. The company provides a critical link in the global supply chain, serving major U.S. population centers and ports, and connecting with Canadian and Mexican rail systems . Union Pacific's business is diversified into three main commodity groups: Bulk, Industrial, and Premium, which collectively support the transportation of a wide range of goods across North America .

  1. Industrial - Facilitates the movement of industrial chemicals, plastics, metals and minerals, forest products, and energy and specialized markets across North America, driven by infrastructure investments and manufacturing needs.

  2. Bulk - Manages shipments of grain and grain products, fertilizer, food and refrigerated items, coal, and renewables, serving major grain markets and supporting coal transportation to power companies and industrial facilities.

  3. Premium - Handles finished automobiles, automotive parts, and merchandise in intermodal containers, being the largest automotive carrier west of the Mississippi River and supporting both domestic and international intermodal traffic.

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NamePositionExternal RolesShort Bio

V. James Vena

ExecutiveBoard

Chief Executive Officer

Board Member at FedEx Corp.

V. James Vena became CEO on August 14, 2023. Previously served as COO of UNP (2019-2021) and EVP/COO at Canadian National Railway. Brings decades of operational leadership experience.

View Report →

Craig V. Richardson

Executive

EVP, Chief Legal Officer & Corporate Sec.

None

Craig Richardson has been EVP, Chief Legal Officer, and Corporate Secretary since December 8, 2020. Previously served as VP - Commercial and Regulatory Law at UNP.

Elizabeth F. Whited

Executive

President

Board Member at RPM International Inc.

Elizabeth Whited became President on August 14, 2023. She has been with UNP for over 35 years, holding roles such as EVP - Sustainability and Strategy and EVP/CHRO.

Eric J. Gehringer

Executive

EVP - Operations

None

Eric Gehringer has been EVP - Operations since January 1, 2021. Previously served as SVP - Transportation and VP - Mechanical & Engineering at UNP.

Jennifer L. Hamann

Executive

EVP & Chief Financial Officer

None

Jennifer Hamann has been CFO since at least 2023. She has held various leadership roles at UNP, including EVP - Sustainability and Strategy and EVP/CHRO.

Kenny G. Rocker

Executive

EVP - Marketing and Sales

None

Kenny Rocker has been EVP - Marketing and Sales since August 15, 2018. Previously served as VP - Marketing and Sales - Industrial team at UNP.

Rahul Jalali

Executive

EVP & Chief Information Officer

None

Rahul Jalali became EVP & CIO on June 1, 2023. He has led advancements in AI, machine learning, and data analytics at UNP, including implementing a microservices-based architecture.

Todd M. Rynaski

Executive

SVP & Chief Accounting, Risk, and Compliance Officer

None

Todd Rynaski became SVP & Chief Accounting, Risk, and Compliance Officer on July 1, 2022. Previously served as VP and Controller at UNP.

Christopher J. Williams

Board

Director

Director at Ameriprise Financial and The Clorox Company

Christopher Williams has been a director since 2019. Founder and former CEO of Williams Capital, with expertise in investment banking and finance.

David B. Dillon

Board

Director

Board Member at 3M Company

David Dillon has been a director since 2014. Former CEO and Chairman of Kroger Co., with expertise in governance, risk management, and operations.

Deborah C. Hopkins

Board

Director

Board Member at Bridge Investment Group Holdings Inc. and Marsh and McLennan Companies

Deborah Hopkins has been a director since 2017. Former CEO of Citi Ventures and Chief Innovation Officer at Citigroup, with expertise in finance, innovation, and risk management.

Doyle R. Simons

Board

Director

Lead Independent Director at Fiserv, Inc.; Director at Iron Mountain Incorporated

Doyle Simons joined the board on July 26, 2023. Former CEO of Weyerhaeuser Company and Temple-Inland, with expertise in customer relationships, safety, and operational performance.

Jane H. Lute

Board

Director

Strategic Advisor at SICPA, North America; Director at Shell plc and Marsh and McLennan Companies

Jane Lute has been a director since 2016. Former Deputy Secretary of Homeland Security and CEO of the Center for Internet Security, with expertise in cybersecurity and risk management.

John K. Tien, Jr.

Board

Director

None

John Tien joined the board on December 14, 2023. Former Deputy Secretary of Homeland Security and senior executive at Citigroup, with expertise in operations, technology, and risk management.

John P. Wiehoff

Board

Director

Lead Independent Director at Polaris Inc.; Director at U.S. Bancorp

John Wiehoff joined the board on July 26, 2023. Former CEO of C.H. Robinson Worldwide, with expertise in logistics, finance, and risk management.

Michael R. McCarthy

Board

Independent Chairperson of the Board

Chairman and Co-Founder of McCarthy Group, LLC; Co-Chairman of Bridges Trust Company

Michael McCarthy has been a director since 2008 and became Independent Chairperson on August 14, 2023. He has extensive experience in governance, finance, and risk management.

Sheri H. Edison

Board

Director

Board Member at Cardinal Health, Inc.

Sheri Edison has been a director since 2021. Former EVP and General Counsel at Amcor plc, with expertise in legal, regulatory, and risk management.

Teresa M. Finley

Board

Director

Board Member at TriMas Corporation, Pilot Freight Services, and Assurance America Corporation

Teresa Finley has been a director since February 4, 2022. Former Chief Marketing and Business Services Officer at UPS, with expertise in logistics, finance, and strategy.

William J. DeLaney

Board

Director

Board Member at The Cigna Group

William DeLaney has been a director since 2018. Former CEO of Sysco Corporation, with extensive experience in finance and operations.

  1. Given the unexpected 33% surge in international intermodal volumes and its impact on network velocity, what specific measures are you implementing to proactively manage sudden volume increases in the future to maintain service levels and operational efficiency?

  2. Despite the improvements in workforce and locomotive productivity this year, do you anticipate achieving similar mid-single-digit productivity gains next year in a potentially flat volume environment, and what specific initiatives will drive these improvements?

  3. With the decline in coal volumes due to high inventory levels and low natural gas prices, how are you strategizing to offset the reduction in coal revenue, and how do you plan to diversify your commodity mix to mitigate such risks?

  4. Intermodal train speeds have been reported at their lowest levels, and there are concerns about dwell times at West Coast ports; how do you reconcile these operational challenges with your claims of improved service performance, and what steps are you taking to address these issues?

  5. Considering the ongoing inflationary pressures and the labor challenges you've mentioned, can you provide a clearer timeline on when you expect to overcome these hurdles, and should we anticipate a gradual improvement or a significant change in operating ratios and profitability in the near term?

Research analysts who have asked questions during UNION PACIFIC earnings calls.

Brandon Oglenski

Barclays

4 questions for UNP

Also covers: AAL, ALGT, ALK +18 more

Brian Ossenbeck

JPMorgan Chase & Co.

4 questions for UNP

Also covers: ARCB, CHRW, CNI +18 more

Daniel Imbro

Stephens Inc.

4 questions for UNP

Also covers: ARCB, CHRW, CNI +23 more

David Vernon

Sanford C. Bernstein & Co., LLC

4 questions for UNP

Also covers: AAL, AUR, CNI +7 more

Jonathan Chappell

Evercore ISI

4 questions for UNP

Also covers: ASC, CHRW, CNI +20 more

Ken Hoexter

BofA Securities

4 questions for UNP

Also covers: ARCB, CHRW, CNI +21 more

Scott Group

Wolfe Research

4 questions for UNP

Also covers: AAL, ALGT, ALK +35 more

Ariel Rosa

Citigroup

3 questions for UNP

Also covers: ARCB, CHRW, CNI +14 more

Christian Wetherbee

Wells Fargo

3 questions for UNP

Also covers: ARCB, CHRW, CNI +14 more

Jason Seidl

TD Cowen

3 questions for UNP

Also covers: ARCB, CHRW, CSX +17 more

Jordan Alliger

Goldman Sachs

3 questions for UNP

Also covers: ARCB, CSX, FDX +12 more

Walter Spracklin

RBC Capital Markets

3 questions for UNP

Also covers: CNI, CP, CSX +2 more

Bascome Majors

Susquehanna Financial Group

2 questions for UNP

Also covers: CHRW, CNI, CSX +19 more

Jeffrey Kauffman

Vertical Research Partners

2 questions for UNP

Also covers: ARCB, CHRW, CMI +11 more

Richa Harnain

Deutsche Bank

2 questions for UNP

Also covers: CHRW, CSX, FDX +5 more

Thomas Wadewitz

UBS

2 questions for UNP

Also covers: ALK, ARCB, CHRW +20 more

Tom Wadewitz

UBS Group

2 questions for UNP

Also covers: ARCB, CHRW, CNI +16 more

Andrzej Tomczyk

Goldman Sachs

1 question for UNP

Also covers: GATX, TRN

Ari Rosa

Citigroup

1 question for UNP

Also covers: CNI, CP, CSX +8 more

Benjamin Nolan

Stifel

1 question for UNP

Also covers: ASC, CDLR, CMRE +17 more

Christyne McGarvey

Morgan Stanley

1 question for UNP

Also covers: GXO, HUBG, R +1 more

Chris Wetherbee

Wells Fargo

1 question for UNP

Also covers: ARCB, CHRW, CNI +12 more

Elliot Alper

TD Cowen

1 question for UNP

Also covers: ARCB, CVLG, HUBG +4 more

Fadi Chamoun

BMO Capital Markets

1 question for UNP

Also covers: CAE, CNI, CP +2 more

Jairam Nathan

Daiwa Capital Markets

1 question for UNP

Also covers: ALV, CAT, CGNX +1 more

Jeff Kauffman

Vertical Research Partners

1 question for UNP

Also covers: NKLA

Joe Hafling

Jefferies

1 question for UNP

Joseph Lawrence Hafling

Jefferies

1 question for UNP

Also covers: FWRD, GXO, RXO +3 more

Oliver Holmes

Redburn Atlantic

1 question for UNP

Also covers: CSX, WAB

Ravi Shanker

Morgan Stanley

1 question for UNP

Also covers: AAL, ALGT, ALK +26 more

Stephanie Benjamin Moore

Jefferies

1 question for UNP

Also covers: APG, ARCB, ARMK +22 more

Stephanie Moore

Jefferies

1 question for UNP

Also covers: APG, ARCB, BFAM +25 more
Program DetailsProgram 1
Approval DateApril 1, 2022
End Date/DurationMarch 31, 2025
Total additional amount100 million shares
Remaining authorization76,893,646 shares as of September 30, 2024
DetailsAllows repurchase of up to 100 million shares of common stock. The purpose includes returning capital to shareholders, improving financial metrics, and providing flexibility in managing the company's capital structure.
YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
2024$392 DebtN/A0.7% = (392 / 58,298) * 100
2025$2,591 DebtN/A4.4% = (2,591 / 58,298) * 100
2026$2,617 DebtN/A4.5% = (2,617 / 58,298) * 100
2027$2,348 DebtN/A4.0% = (2,348 / 58,298) * 100
2028$2,294 DebtN/A3.9% = (2,294 / 58,298) * 100
After 2028$48,056 DebtN/A82.4% = (48,056 / 58,298) * 100

Competitors mentioned in the company's latest 10K filing.

CompanyDescription

Burlington Northern Santa Fe LLC

Its primary subsidiary, BNSF Railway Company (BNSF), operates parallel routes in many of our main traffic corridors.

NameStart DateEnd DateReason for Change
Deloitte & Touche LLP1967 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Small trucking & transload operator and related real estate assets

2023

No specific details regarding deal value, structure, key capabilities, or notable terms were provided; however, this acquisition is part of a broader strategy to drive value and growth through small acquisitions including transload facilities.

Recent press releases and 8-K filings for UNP.

Union Pacific to acquire Norfolk Southern in largest M&A deal in five years
·$UNP
M&A
  • Morgan Stanley’s Eli Gross highlights a supportive macro backdrop—strong GDP and earnings growth, easing rate outlook, and high confidence—fueling a rebound in strategic M&A activity.
  • Union Pacific’s acquisition of Norfolk Southern is the largest deal across any sector in five years, underscoring renewed appetite for transformational transactions.
  • Other major recent deals include Baker Hughes’ purchase of Chart Industries and the merger of regional banks Synovus and Pinnacle, indicating broad-based dealmaking momentum.
  • Improved clarity on antitrust rules and reduced regulatory red tape is giving boards the confidence to pursue large-scale combinations.
Aug 12, 2025, 3:21 PM
Union Pacific opens Kansas City intermodal terminal
·$UNP
New Projects/Investments
  • On August 7, 2025, Union Pacific inaugurated its fourth intermodal facility since 2021: the Kansas City Intermodal Terminal (KCIT) in Kansas City, Kan., to expand its intermodal footprint.
  • KCIT features truck-competitive transit times via strategic highway access, precision gate technology, two paved parking lots, and additional working tracks, serving domestic and international shipments of grains, consumer goods, refrigerated products, and auto parts in the Midwest.
  • The new terminal is expected to reduce highway congestion and lower greenhouse gas emissions by shifting freight from trucks to rail.
  • Union Pacific will shift KCIT’s domestic service from Long Beach’s ICTF to the City of Industry terminal, offering a 25% faster journey with up to 25 hours of transit time savings (approximately 2.5 days) on its expedited premium network.
Aug 7, 2025, 6:44 PM
Union Pacific launches LA–Chicago intermodal service
·$UNP
Product Launch
  • Union Pacific will begin a truck-competitive intermodal service from Los Angeles’ Inland Empire to Chicago’s Global 2 terminal on Sept. 3, offering three-day transit and up to 20% faster delivery than current options, operating five days a week initially.
  • The service leverages Union Pacific’s Inland Empire Intermodal Terminal (IEIT) to enhance capacity and streamline west–east freight movement.
  • As part of Union Pacific’s Z train network, the offering targets time-sensitive freight with the fastest delivery times in the rail industry.
  • Kenny Rocker, EVP of Marketing and Sales, said the service will deliver “consistent, reliable and truck-competitive transportation,” directly challenging over-the-road shipping norms.
Aug 7, 2025, 4:00 PM
Union Pacific reports Q2 2025 results
·$UNP
Earnings
Dividends
M&A
  • Union Pacific delivered Q2 2025 EPS of $3.15 and adjusted EPS of $3.30, with an adjusted operating ratio of 58.1% (improved 30 bps vs. prior year).
  • Freight revenue excluding fuel grew 6% to a record $5.8 B, driven by volume growth (3.75 pp) and pricing gains (2 pp), while fuel surcharge revenue declined on lower fuel prices.
  • Operational performance set records: freight car velocity improved 10% to 221 miles/day, train speed rose 73%, and service performance reached 99.97% for both intermodal and manifest.
  • Returned $4.3 B to shareholders through share repurchases and dividends (including a 3% dividend increase), with cash from operations of $4.5 B and an adjusted debt/EBITDA of 2.8×.
  • Union Pacific and Norfolk Southern are in advanced discussions regarding a potential business combination; no agreement has been reached.
Jul 24, 2025, 6:00 PM
Union Pacific announces 3% dividend increase for Q3 2025
·$UNP
Dividends
  • Union Pacific’s Board approved a 3% increase in the quarterly dividend, raising it to $1.38 per share, payable on September 30, 2025, to shareholders of record on August 29, 2025.
  • The increase marks the 19th consecutive year of annual dividend growth and extends the company’s streak to 126 consecutive years of dividend payments.
  • Jennifer Hamann, EVP and CFO, highlighted that the action “delivers on that commitment” to provide strong and growing cash returns to shareholders.
Jul 16, 2025, 8:15 PM
Union Pacific discusses M&A, Q2 volumes, pricing, and buyback
·$UNP
M&A
Revenue Acceleration/Inflection
Share Buyback
  • Union Pacific CFO Jen Hayman acknowledged interest in a transcontinental merger could benefit customers but noted no concrete plans and highlighted significant Surface Transportation Board regulatory hurdles under rules unchanged since 2002.
  • Carload volumes are up 4% YTD, driven by coal +31% on the new LCRA contract and strong utility demand, and grain +9% supported by last year’s harvest, Mexico exports, and new crush facilities; industrial shipments remain mixed.
  • International intermodal volumes show volatility—with April up 18%, May down 3%, and June down 10%—and are expected to face tough year-over-year comps in H2, likely pressuring absolute carloads sequentially.
  • Pricing remains robust with average revenue per car rising above inflation (best in a decade), and a favorable shift from international to domestic intermodal mix should further boost ARC; second-quarter operating ratio improvement is expected in line with the historical ~270 bp gain.
  • The company reaffirms a $4–4.5 B share buyback target, citing strong free cash flow, a February debt issuance, and an ASR program, and continues opportunistic repurchases as shares remain undervalued.
Jun 24, 2025, 9:10 PM
Union Pacific Highlights Q1 Operational Resilience, Capital Strategy & 2025 Outlook
·$UNP
Share Buyback
Hiring
New Projects/Investments
Guidance Update
  • Union Pacific reaffirmed its 2025 outlook and detailed forward-looking performance data with improvements in service delivery and key operational efficiency metrics, targeting high-single to low-double digit EPS CAGR over three years .
  • The company emphasized its robust capital allocation strategy with a $1.7 billion share repurchase executed in Q1, a target of $4–$4.5 billion for the year, and a capital plan of $3.4 billion .
  • Union Pacific addressed a near-term intermodal "air pocket" impact and emphasized adjustments amid tariff changes, underscoring its operational resilience .
  • The call highlighted progress in adopting advanced inspection and remote operations technologies through new FRA waivers, supporting long-term operational improvements .
  • Management noted a 7% headcount reduction (approximately 2,000 fewer employees) alongside active union negotiations to enhance productivity .
May 14, 2025, 1:31 PM
Union Pacific Outlines Strategic Growth and Investment Priorities
·$UNP
New Projects/Investments
Share Buyback
Guidance Update
  • Comprehensive Strategy: Union Pacific emphasized a strategy built on safety, operational excellence, and pricing discipline to drive growth over the next three years, with planned annual capital investments of $3.4–3.7 billion and share repurchases of $4–5 billion.
  • Freight Mix and Volume Dynamics: The company reported strong first quarter volume growth (up 7% YoY) while noting potential near-term volatility in international intermodal volumes due to tariff impacts, balanced by a diverse freight mix.
  • Investment in Nearshoring and Technology: Union Pacific highlighted its 26% stake in FXE in Mexico to capture nearshoring benefits and outlined early-stage efforts in adaptive planning and digital enhancements to boost operational efficiency.
May 2, 2025, 3:01 PM
Union Pacific Reports Q1 2025 Earnings & Performance Results
·$UNP
Earnings
Guidance Update
Revenue Acceleration/Inflection
Share Buyback
  • Union Pacific reported strong Q1 2025 earnings with EPS of $2.70, operating income of $2.4B, and net income of $1.6B; performance remained in line with prior periods .
  • The company achieved operating revenue of $6B and freight revenue of $5.7B, reflecting 1% growth with record pricing in 10 years, even as a 7% fuel headwind was offset by a 7% increase in carloads .
  • Record freight revenue was driven by robust volume growth and favorable pricing gains, further supported by a 6% increase in freight car velocity and a 9% boost in workforce productivity .
  • Strong cash metrics were highlighted with $2.2B in cash from operations and $2.5B returned to shareholders through share buybacks, while managing a 2.8x adjusted debt-to-EBITDA ratio .
  • Management emphasized sustained pricing strength and adaptive operational strategies to navigate market mix challenges and trade uncertainties, maintaining focus on safety, service, and operational excellence .
Apr 24, 2025, 12:46 PM
Union Pacific Provides Strategic Update on Operational Growth
·$UNP
New Projects/Investments
Revenue Acceleration/Inflection
  • Volume, EPS, and productivity improvements were highlighted with 3% volume growth, 6% EPS increase, and notable operational metric gains such as a 7% improvement in freight car velocity, underscoring the strength of UP’s core franchise.
  • Advanced technology initiatives such as adaptive transportation planning and a new terminal command center were discussed as key drivers to boost productivity and service reliability.
  • Market and tariff uncertainties were addressed, with specific concerns over the automotive, lumber, and agricultural segments due to potential tariff impacts, stressing the need for agile network planning.
  • Capital investment and pipeline opportunities were emphasized with a robust project pipeline worth approximately $1.5 billion, showcasing a focus on capital-efficient, brownfield development and fleet modernization.
Mar 11, 2025, 12:16 PM