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 .
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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.
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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.
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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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| Name | Position | External Roles | Short 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. |
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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?
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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?
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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?
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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?
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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.
Ariel Rosa
Citigroup
4 questions for UNP
Brandon Oglenski
Barclays
4 questions for UNP
Brian Ossenbeck
JPMorgan Chase & Co.
4 questions for UNP
Christian Wetherbee
Wells Fargo
4 questions for UNP
Daniel Imbro
Stephens Inc.
4 questions for UNP
David Vernon
Sanford C. Bernstein & Co., LLC
4 questions for UNP
Jonathan Chappell
Evercore ISI
4 questions for UNP
Ken Hoexter
BofA Securities
4 questions for UNP
Scott Group
Wolfe Research
4 questions for UNP
Jason Seidl
TD Cowen
3 questions for UNP
Jeffrey Kauffman
Vertical Research Partners
3 questions for UNP
Jordan Alliger
Goldman Sachs
3 questions for UNP
Walter Spracklin
RBC Capital Markets
3 questions for UNP
Bascome Majors
Susquehanna Financial Group
2 questions for UNP
Richa Harnain
Deutsche Bank
2 questions for UNP
Stephanie Moore
Jefferies
2 questions for UNP
Thomas Wadewitz
UBS
2 questions for UNP
Tom Wadewitz
UBS Group
2 questions for UNP
Andrzej Tomczyk
Goldman Sachs
1 question for UNP
Benjamin Nolan
Stifel
1 question for UNP
Christyne McGarvey
Morgan Stanley
1 question for UNP
Elliot Alper
TD Cowen
1 question for UNP
Fadi Chamoun
BMO Capital Markets
1 question for UNP
Jairam Nathan
Daiwa Capital Markets
1 question for UNP
Joe Hafling
Jefferies
1 question for UNP
Joseph Lawrence Hafling
Jefferies
1 question for UNP
Oliver Holmes
Redburn Atlantic
1 question for UNP
Ravi Shanker
Morgan Stanley
1 question for UNP
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Burlington Northern Santa Fe LLC | Its primary subsidiary, BNSF Railway Company (BNSF), operates parallel routes in many of our main traffic corridors. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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.
- Standalone performance since 2019: service delivery in the high 90s–100% on customer commitments, best‐in‐industry operating ratio, and robust free cash flow; paused $4.5 billion share buybacks to repay $1 billion of debt; projecting high-single-digit to low-double-digit EPS growth and maintaining a $2.44 dividend.
- Strategic rationale for merger: create a seamless coast-to-coast network to bolster competitiveness against autonomous trucking and Canadian ports, open watershed markets by eliminating Mississippi interchanges, and reduce transit times and touchpoints.
- Customer benefits via technology integration: unified billing, end-to-end visibility with UP Go and NetControl systems, eliminating third-party logistics friction points and lowering inventory and asset costs.
- Employee and regulatory assurances: guarantee of jobs for all unionized employees post-merger; target to be the safest US railroad with over 20% reduction in accident rate; positioning to secure FRA and STB approval.
- Freight car velocity peaked at 238 cars/day in Q3’25, averaging 210 cars/day in Q4’25 through 11/3/25.
- Operating Ratio improved to 59% in 2025, down from 61% in 2024.
- Service Performance Index reached 100% for both intermodal and manifest in Q4’25 through 11/3/25.
- UP-NS merger unanimously approved; shareholder vote on November 14, 2025, STB approval targeted early December, with deal close by early 2027.
- Union Pacific entered into a two‐step merger agreement with Norfolk Southern on July 28, 2025, filed an S-4 registration statement declared effective September 30, 2025, and set special shareholder meetings for November 14, 2025 to vote on the transaction.
- Three lawsuits (Welsh v. Norfolk Southern et al., Scott v. Norfolk Southern et al., Siegel v. Dillon et al.) and related demand letters challenging disclosure in the Joint Proxy Statement/Prospectus have been filed, prompting Union Pacific and Norfolk Southern to file supplemental disclosures while denying any material omission.
- The supplemental disclosures revise Morgan Stanley’s fairness analyses—applying AV/NTM Adjusted EBITDA multiples of 11.5x–13.5x for Norfolk Southern and 12.5x–14.5x for Union Pacific (using 2027 NTM EBITDA estimates of $6,663 million and $13,664 million, respectively)—and update broker price targets for Norfolk Southern at $174–$300 (median $278), as well as Bank of America’s pro forma equity valuation assumptions (27.5% ownership via 225.152 million shares, incremental net debt of $20.4 billion, and $88.82 cash consideration).
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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 .