Union Pacific Corporation · NYSE:UNP
Union Pacific — Q3 2026 Earnings Presentation
10 slides from Union Pacific's earnings presentation, Oct 22, 2026
Slide 1: Third Quarter 2026 Earnings
UNION PACIFIC CORPORATION THIRD QUARTER 2026 EARNINGS OCTOBER 22, 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 stateme
Slide 2: Executive Summary: Third Quarter 2026 Highlights
EXECUTIVE SUMMARY T H I R D Q U AR TE R 2 0 2 6 Jim Vena Chief Executive Officer 3 Third Quarter 2026 Highlights Financials Reported Adjusted* Executive Summary: Operating Income $ 2.9B $ 3.0B • Record Financial Results – Freight Revenue, Freight Revenue vs. 3Q’25 15% 14% Excl. Fuel Surcharge, Opera
Slide 3: Financial Review: Third Quarter Income Statement
FINANCIAL REVIEW T H I R D Q U AR TE R 2 0 2 6 Jennifer Hamann Executive Vice President & Chief Financial Officer 5 Third Quarter Income Statement 2026 2025 Variance Freight Revenue Drivers: Freight Revenue Ex. Fuel $ 5,642) $ 5,325) 6) Fuel Surcharge 1,171) 602) 95) Fuel Surcharge 9.00% Freight Rev
Slide 4: Strong Cash Generation & Balance Sheet; 2026 Outlook
Strong Cash Generation & Balance Sheet Cash From Operations ($ in millions) Reported Year-to-Date Results +18% $8,302 $7,065 95% • Generated $8.3 Billion in Cash From Operations Cash Flow Conversion* 81% • Repaid $1.5 Billion of Debt YTD 2025 YTD 2026 • Invested $2.8 Billion in Capital Total Debt ($
Slide 5: Marketing & Sales Review: Third Quarter Commodity Review
MARKETING & SALES REVIEW T H I R D Q U AR TE R 2 0 2 6 Kenny Rocker Executive Vice President – Marketing & Sales 9 Third Quarter Commodity Review Commodity Revenue Volume ARC (Millions) (Thousands) Bulk $ 2,116 529 $ 4,004 vs. 3Q’25 10% Flat 10% Industrial $ 2,509 606 $ 4,136 vs. 3Q’25 14% 6% 8% Pre
Slide 6: Fourth Quarter 2026 Volume Outlook
Fourth Quarter 2026 Volume Outlook Commodity Business Line Outlook + Grain & Grain Products Export Grain; Supportive Renewable Fuels Policy Bulk Coal & Renewables Natural Gas Prices & High Inventory + Metals Strong Industrial Development Pipeline Industrial + Industrial Chemicals & Plastics Winning
Slide 7: Key Performance and Efficiency Metrics
THIRD QUARTER 2026 Key Performance Metrics Delivering the Service We Sold To Our Customers Freight Car Intermodal Service Manifest Service Velocity Performance Index* Performance Index* 228 92 93 1% 6 pts 7 pts Quarterly Drivers Improved Freight 11% Intermodal Record Car Terminal Dwell Volume Growth
Slide 8: How We Win: Union Pacific Strategy
HOW WE WIN T H I R D 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 OCTOBER 22, 2026 APPENDIX 18
Slide 10: Third Quarter 2026 Operating Ratio and EPS
Third Quarter 2026 Operating Ratio and EPS Favorable / (Unfavorable) Operating Ratio EPS Reported Third Quarter 2025 59.2% $3.01 2025 Industrial Park Land Sale ---- ($0.02)) Fuel Price (net) (1.4) pts ($0.15 Merger Costs Comparison 0.4 pts $0.03 Core Results (1.1) pts ($0.32) Reported Third Quarter