UNION PACIFIC (UNP) Company Report

Union Pacific and Norfolk Southern submitted a nearly 7,000-page merger application to the STB, with shareholders of both companies voting 99% in favor of the transaction.
The combination will create a coast-to-coast network, converting 10,000 lanes into faster single-line service, and eliminate an estimated 2,400 daily rail car handlings and 60,000 car-miles per day.
The merged railroad aims to shift 2 million truckloads to rail annually, reduce emissions, and deploy $2.1 billion of incremental capital with $133 million in annual capital synergies.
All existing union employees are guaranteed jobs post-merger, with approximately 900 net new union jobs expected by the end of year three.
The transaction is subject to STB review and oversight, with an anticipated close in early 2027.

7 days ago

8-K

Union Pacific and Norfolk Southern announce STB merger filing

UNP

M&A

Union Pacific (UP) and Norfolk Southern (NS) filed a ~7,000-page merger application with the Surface Transportation Board on December 19, 2025, initiating a 30-day acceptance review for a proposed first U.S. transcontinental railroad.
The transaction targets up to $2 billion in net revenue EBITDA synergies by year three, $1 billion in cost synergies, and requires $2.1 billion of integration capital, with additional annual CapEx savings of $133 million.
Operational gains include eliminating 2,400 daily railcar handlings and saving 60,000 car miles per day, converting 10,000 interline lanes to single-line service, and opening 84,000 new county-to-county lanes for shippers.
The merger is backed by over 2,000 stakeholders—including 500 shippers and 800 public officials—and incorporates committed gateway pricing and open gateways to preserve and enhance competition.

7 days ago

Transcript

Union Pacific and Norfolk Southern announce merger

UNP

M&A

Union Pacific and Norfolk Southern agreed to merge, creating America’s first transcontinental railroad.
Transaction targets up to $2.0 B of annual net revenue EBITDA synergies, $1.0 B of cost synergies, $2.1 B of one-time integration capital, and $12 B+ of annual free cash flow by Year 3.
The companies plan $5.6 B of combined 2025 capital investments, including $2.1 B for integration, to enhance the network and support growth.
The merger aims to convert over 2 million annual truckloads to rail, drive 1.4 million intermodal loads and 425 000 manifest and bulk carloads, and enable single-line service across 10 000 lanes.

7 days ago

Presentation

Union Pacific and Norfolk Southern file merger application

UNP

M&A

Union Pacific (UP) and Norfolk Southern (NS) filed a merger application with the Surface Transportation Board to create an end-to-end single-line railroad aimed at enhancing competition and operational efficiency.
The companies project $2 billion in net revenue EBITDA synergies by the end of year three (up from $1 billion), $1 billion in cost synergies, and will invest $2.1 billion of merger-related capital, with $133 million of annual capital synergies.
The merger is forecast to boost the combined intermodal business by 1.4 million annual loads and add 425,000 annual carloads, including 105,000 carloads converted from trucks to rail.
The committed gateway pricing (CGP) initiative will offer formula-based competitive rates to customers solely served by CSX or Burlington Northern, preserving and enhancing rail competition at key gateways.
UP and NS guaranteed job continuity for all union employees at closing, formalizing commitments with multiple unions (including SMART-TD) and targeting 900 net new union jobs by year three.

7 days ago

Transcript

Union Pacific and Norfolk Southern seek STB approval for transcontinental railroad merger

UNP

M&A

Union Pacific and Norfolk Southern filed a 7,000-page merger application with the Surface Transportation Board to form the first transcontinental railroad, aiming to remove 2 million truckloads from highways, reduce emissions, and cut 2,400 daily car handlings.
The combined network is projected to add 1.4 million intermodal loads, 425,000 carloads annually, and convert 105,000 watershed market carloads from truck to rail, unlocking 84,000 new county-to-county single-line lanes.
Financially, the deal targets $2 billion in net revenue EBITDA synergies by year three (up from $1 billion), $1 billion in cost synergies, and requires $2.1 billion of merger-related capital, with $133 million of annual capex savings.
To enhance competition, the companies will implement Committed Gateway Pricing, maintain open gateways, and work with the three customers losing dual service to ensure continued rail options.
A phased integration plan includes $1 billion in main line and terminal capacity investments, maintenance of existing IT systems for continuity, and a voluntary service dispute resolution program.

7 days ago

Transcript

Union Pacific files STB application for transcontinental railroad merger

UNP

M&A

Union Pacific and Norfolk Southern filed a 7,000-page merger application with the Surface Transportation Board to create America’s first transcontinental railroad, following a July 29, 2025 agreement supported by 2,000 stakeholder letters and 99% shareholder approval.
The combined network will link coast to coast, converting 10,000 interline lanes to single-line service and eliminating an estimated 2,400 daily rail car handlings and 60,000 daily car-miles to boost efficiency.
The merger is expected to shift 2 million truckloads annually from road to rail, fund $2.1 billion in incremental capital investments, deliver $133 million in annual capital synergies, and generate 900 net new union jobs by year three post-closing.
All existing union positions will be preserved, and the transaction maintains competitive shipping alternatives for affected customer locations.

7 days ago

Press Release

Union Pacific updates on merger progress and Q4 2025 performance

UNP

M&A

The boards and shareholders of Union Pacific and Norfolk Southern have unanimously approved the merger; a Surface Transportation Board application is expected by year-end, targeting an early 2027 close.
Q4 2025 freight car velocity reached 238, up from 215 in Q3 2024.
Service Performance Index in Q4 2025 achieved 100% for both intermodal and manifest operations.
Merger-related expenses of $30–40 million are expected in the fourth quarter.
Year-to-date operating ratio of 62.2% compares to 63.7% for rail peers.

Dec 2, 2025, 5:10 PM

Presentation

Union Pacific outlines merger strategy and Q4 outlook

UNP

M&A

Demand Weakening

Union Pacific plans to file its merger application with Norfolk Southern to the STB in approximately two weeks, finalizing economic analyses before submission for the $85 billion transaction.
Fourth-quarter volumes are down 4% year-over-year, with an unfavorable mix and $30–40 million of merger-related costs pressuring OR and earnings, although full-year 2025 is expected to deliver industry-leading OR and ROIC.
Operational efficiency remains high, with freight car velocity hitting a record 245 miles per day, reflecting network speed and resiliency improvements.
Management plans to enhance competition via end-to-end intermodal service—eliminating handoffs—and expand its I-5 corridor pricing model to partner railroads beyond directly merged routes.

Dec 2, 2025, 5:10 PM

Transcript

Union Pacific outlines merger application timeline at UBS conference

UNP

M&A

Union Pacific expects to submit its $85 billion merger application with Norfolk Southern to the STB in two weeks, following final economist reviews.
The network achieved a record freight car velocity of 245 mi/day, marking an all-time high service level.
Q4 volumes are down 4% quarter-to-date against tough comparisons, with mix headwinds and $30 million–$40 million in merger-related costs impacting results.
The proposed merger will streamline end-to-end operations by eliminating handoffs, accelerating intermodal and carload service, and extending the I-5 corridor pricing model to additional gateways.

Dec 2, 2025, 5:10 PM

Transcript

Union Pacific provides merger update and Q4 outlook at UBS conference

UNP

M&A

Demand Weakening

Merger update: UP plans to file its $85 billion merger application with Norfolk Southern to the STB in two weeks, promising a seamless end-to-end network with removed touchpoints and four main interchange gateways, and extending an I-5 pricing model to connecting railroads ** **.
Operational metrics: Q4 freight car velocity reached a record 245 car-miles/day, reflecting improved network speed, reduced dwell and enhanced resiliency .
Volume and financial outlook: Q4 volumes are down 4% YTD, with international intermodal and housing-related traffic weak; $30–40 million of merger-related costs plus derailment expenses will pressure operating ratio and earnings .
Cost and pricing strategy: Labor agreements ratified with ~4% wage increases; total inflation expected around 3.5–4% in 2026; disciplined pricing and productivity gains targeted to offset cost inflation .

Dec 2, 2025, 5:10 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for UNION PACIFIC.

Q3 2025

Oct 23, 2025

→

Q2 2025

Jul 24, 2025

→

Q1 2025

Apr 24, 2025

→

View All Transcripts

Ask Fintool AI Agent

Get instant answers from SEC filings, earnings calls & more

What did Jim Vena say about margins?What are UNION PACIFIC's strategic priorities?How is UNION PACIFIC positioned vs competitors?How did UNION PACIFIC do last quarter?

UNION PACIFIC (UNP)

Analyst Earnings Quarterly Reports

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Executives

Jim Vena

Eric Gehringer

Carrie Powers

Craig Richardson

Jennifer Hamann

Kenny Rocker

Board Members

Christopher Williams

David Dillon

Deborah Hopkins

Doyle Simons

Jane Lute

John Tien

John Wiehoff

Michael McCarthy

Sheri Edison

Teresa Finley

Analyst Coverage

Ariel Rosa

Brandon Oglenski

Brian Ossenbeck

Christian Wetherbee

Daniel Imbro

David Vernon

Jonathan Chappell

Ken Hoexter

Scott Group

Jason Seidl

Jeffrey Kauffman

Jordan Alliger

Walter Spracklin

Bascome Majors

Richa Harnain

Stephanie Moore

Thomas Wadewitz

Tom Wadewitz

Andrzej Tomczyk

Benjamin Nolan

Christyne McGarvey

Elliot Alper

Fadi Chamoun

Jairam Nathan

Joe Hafling

Joseph Lawrence Hafling

Oliver Holmes

Ravi Shanker

Latest news

Earnings Transcripts

Q3 2025

Q2 2025

Q1 2025

Ask Fintool AI Agent