0000100885-25-000321 | 10-Q | XBRL Viewer

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Share Repurchase Programs - Narrative (Details) - USD ($) $ in Millions		3 Months Ended						6 Months Ended	9 Months Ended		36 Months Ended
	Feb. 18, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025	Apr. 01, 2025	Apr. 01, 2022
Share Repurchase Program [Abstract]
Stock repurchase program, number of shares authorized to be repurchased (in shares)												100,000,000	100,000,000
Share Repurchase Program [Line Items]
Treasury stock, shares, acquired (in shares)		0	6,111,558	5,745,601	3,006,061	492,320	0	6,100,000	11,857,159	3,498,381	31,700,000
Treasury stock, value, acquired		$ 0			$ 738				$ 2,694	$ 849
2025 ASRs
Share Repurchase Program [Line Items]
Treasury stock, shares, acquired (in shares)	4,815,022		1,795,904	4,815,022
Treasury stock, value, acquired	$ 1,500

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Pronouncements	9 Months Ended
Accounting Pronouncements	Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Pronouncements	Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update No. (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires business entities to expand their annual disclosures of the effective rate reconciliation and income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024, may be adopted on a prospective or retrospective basis, and early adoption is permitted. The Company is currently evaluating the effect that the new guidance will have on our related disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure of additional information about specific expense categories in the notes to the financial statements. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, may be adopted on a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the effect that the new guidance will have on our related disclosures. In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which allows a practical expedient that assumes current conditions as of the balance sheet date do not change for the remaining life of the asset. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years, must be adopted on a prospective basis, and early adoption is permitted. The Company is currently evaluating the effect that the new guidance will have on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which details the criteria for capitalization of internal-use software costs. The ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, may be adopted on a prospective, modified, or retrospective transition approach, and early adoption is permitted. The Company is currently evaluating the effect that the new guidance will have on our consolidated financial statements and related disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Debt - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Debt - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Jul. 28, 2025	Dec. 31, 2024
Line of Credit Facility [Line Items]
Proceeds from issuance of commercial paper	$ 0
Repayments of commercial paper	0
Commercial paper outstanding	0
Authorized debt issuance		$ 20,000
Remaining debt issuance	20,000	$ 7,000
Secured Debt
Line of Credit Facility [Line Items]
Receivables facility	0		$ 0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, remaining borrowing capacity	2,000
Credit facility withdrawals	0
Debt coverage ratio	47,800
Outstanding debt as defined by facility	33,500
Cross default provision	$ 150

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Oct. 17, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	1-6075
Entity Registrant Name	UNION PACIFIC CORP
Entity Incorporation, State or Country Code	UT
Entity Tax Identification Number	13-2626465
Entity Address, Address Line One	1400 Douglas Street
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68179
City Area Code	402
Local Phone Number	544-5000
Title of 12(b) Security	Common Stock (Par Value $2.50 per share)
Trading Symbol	UNP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		593,160,889
Entity Central Index Key	0000100885
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Operations and Segmentation - Schedule of Freight and Other Revenues (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 6,244	$ 6,091	$ 18,425	$ 18,129
Locomotive fuel	616	610	1,795	1,893
Depreciation	618	602	1,841	1,792
Other income, net	(96)	(87)	(297)	(282)
Interest expense	327	314	984	957
Income tax expense	530	518	1,468	1,528
Net income	1,788	1,671	5,290	4,985
Total freight revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	5,927	5,768	17,461	17,022
Reportable Segment
Disaggregation of Revenue [Line Items]
Total operating revenues	6,244	6,091	18,425	18,129
Operating	1,711	1,727	5,080	5,066
Administrative	176	184	557	564
Locomotive fuel	600	595	1,754	1,850
Acquisition-related (Note 18)	41	0	42	0
Other segment items	549	567	1,706	1,669
Depreciation	618	602	1,841	1,792
Other income, net	(96)	(87)	(297)	(282)
Interest expense	327	314	984	957
Income tax expense	530	518	1,468	1,528
Net income	1,788	1,671	5,290	4,985
Reportable Segment \| Total freight revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	5,927	5,768	17,461	17,022
Reportable Segment \| Bulk
Disaggregation of Revenue [Line Items]
Total operating revenues	1,930	1,805	5,667	5,343
Reportable Segment \| Industrial
Disaggregation of Revenue [Line Items]
Total operating revenues	2,194	2,121	6,488	6,348
Reportable Segment \| Premium
Disaggregation of Revenue [Line Items]
Total operating revenues	1,803	1,842	5,306	5,331
Reportable Segment \| Other subsidiary revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	172	179	547	608
Reportable Segment \| Accessorial revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	124	122	349	427
Reportable Segment \| Other
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 21	$ 22	$ 68	$ 72

Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value total debt	$ 26,800	$ 25,300
Total debt less of carrying value	5,000	5,900
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 20	$ 20

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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+ Details

Share Repurchase Programs - Schedule of Share Repurchase Programs (Details) - $ / shares		3 Months Ended						6 Months Ended	9 Months Ended		36 Months Ended
	Feb. 18, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025
Share Repurchase Program [Line Items]
Number of shares purchased (in shares)		0	6,111,558	5,745,601	3,006,061	492,320	0	6,100,000	11,857,159	3,498,381	31,700,000
Average price paid (in dollars per share)		$ 0	$ 205.06	$ 250.74	$ 245.44	$ 225.96	$ 0		$ 227.20	$ 242.70
Remaining number of shares that may be repurchased under current authority (in shares)		93,888,442						93,888,442	93,888,442
2025 ASRs
Share Repurchase Program [Line Items]
Number of shares purchased (in shares)	4,815,022		1,795,904	4,815,022
Average price paid (in dollars per share)			$ 169.22	$ 251.73					$ 229.32

Operations and Segmentation - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			1
Number of operating segments \| segment			1
Total operating revenues \| $	$ 6,244	$ 6,091	$ 18,425	$ 18,129
Mexico
Segment Reporting Information [Line Items]
Total operating revenues \| $	$ 752	$ 724	$ 2,200	$ 2,300

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Pending Acquisition - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2027 USD ($) state $ / shares shares	Sep. 30, 2025 USD ($)	Jul. 28, 2025 USD ($) state
Forecast
Business Combination [Line Items]
Number of states in which entity operates \| state	43
Norfolk Southern
Business Combination [Line Items]
Other current assets		$ 8
Termination fee			$ 2,500
Norfolk Southern \| Forecast
Business Combination [Line Items]
Entity shares issued (in shares) \| shares	1
Cash paid per acquiree share (in dollars per share) \| $ / shares	$ 88.82
Stock issued (in shares) \| shares	224,800,000
Cash consideration	$ 20,000
Norfolk Southern
Business Combination [Line Items]
Number of states in which entity operates \| state			22

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

We have several stock-based compensation plans where employees receive nonvested stock options, nonvested retention shares, and nonvested stock units. We refer to the nonvested shares and stock units collectively as “retention awards”. Employees may also participate in our employee stock purchase plan (ESPP).

Information regarding stock-based compensation expense appears in the table below:


	Three months ended September 30,				Nine months ended September 30,
Millions	2025		2024		2025		2024
Stock-based compensation, before tax:
Stock options	$	6	$	4	$	19	$	13
Retention awards	30		23		78		58
ESPP [a]	3		6		13		16
Total stock-based compensation, before tax	$	39	$	33	$	110	$	87
Excess income tax benefits from equity compensation plans	$	3	$	3	$	11	$	13

[a]Effective with the June 10, 2025, purchase (for employee services rendered in May 2025), the Company match was changed from 40% to 20% of amounts contributed by the employee up to a maximum employee contribution of 5% of monthly salary (limited to $15,000 annually).

Stock options – Stock options are granted at the closing price on the date of grant, have 10-year contractual terms, and vest no later than 3 years from the date of grant. At September 30, 2025, outstanding stock options are not subject to performance or market-based vesting conditions.

The table below shows the annual weighted-average assumptions used for Black-Scholes valuation purposes:


Weighted-average assumptions	2025		2024
Risk-free interest rate	4.3%		4.2%
Dividend yield	2.2%		2.1%
Expected life (years)	4.3		4.4
Volatility	22.4%		28.7%
Weighted-average grant-date fair value of options granted	$	48.70	$	61.75

The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant; the expected dividend yield is calculated as the ratio of dividends paid per share of common stock to the stock price on the date of grant; the expected life is based on historical and expected exercise behavior; and expected volatility is based on the historical volatility of our stock price over the expected life of the stock option.

A summary of stock option activity during the nine months ended September 30, 2025, is presented below:


	Options (thous.)	Weighted-average exercise price		Weighted-average remaining contractual term (in yrs.)	Aggregate intrinsic value (millions)
Outstanding at January 1, 2025	1,981	$	195.81	5.8	$	74
Granted	423	243.51		N/A	N/A
Exercised	(261)	162.09		N/A	N/A
Forfeited or expired	(21)	238.93		N/A	N/A
Outstanding at September 30, 2025	2,122	$	209.04	5.8	$	67
Vested or expected to vest at September 30, 2025	2,102	$	208.75	5.8	$	67
Options exercisable at September 30, 2025	1,428	$	194.51	4.5	$	63

At September 30, 2025, there was $16 million of unrecognized compensation expense related to nonvested stock options, which is expected to be recognized over a weighted-average period of 1.0 year. Additional information regarding stock option exercises appears in the following table:


	Three months ended September 30,				Nine months ended September 30,
Millions	2025		2024		2025		2024
Intrinsic value of stock options exercised	$	2	$	15	$	23	$	31
Cash received from option exercises	1		16		47		40
Treasury shares repurchased for employee payroll taxes	-		(2)		(7)		(7)
Income tax benefit realized from option exercises	-		2		3		6
Aggregate grant-date fair value of stock options vested	-		-		16		15

Retention awards – Retention awards are granted at no cost to the employee, vest over periods lasting up to 4 years, and have dividends and dividend equivalents paid to participants during the vesting periods.

Changes in our retention awards during the nine months ended September 30, 2025, were as follows:


	Shares (thous.)	Weighted-average grant-date fair value
Nonvested at January 1, 2025	915		$	222.50
Granted	229		243.48
Vested	(230)		205.15
Forfeited	(32)		230.39
Nonvested at September 30, 2025	882		$	232.19

At September 30, 2025, there was $68 million of total unrecognized compensation expense related to nonvested retention awards, which is expected to be recognized over a weighted-average period of 1.0 year.

Performance stock unit awards – In February 2025, our Board of Directors approved performance stock unit grants. This plan is based on performance targets for annual return on invested capital (ROIC) and operating income growth (OIG) compared to companies in the S&P 100 Industrials Index plus the Class I railroads. We define ROIC as net operating profit adjusted for interest expense (including interest on average operating lease liabilities) and taxes on interest divided by average invested capital adjusted for average operating lease liabilities.

The February 2025 stock units awarded to executives are subject to continued employment for 37 months, the attainment of certain levels of ROIC, and the relative three-year OIG. We expense two-thirds of the fair value of the units that are probable of being earned based on our forecasted ROIC over the three-year performance period, and with respect to the third year of the plan, we expense the remaining one-third of the fair value subject to the relative three-year OIG. We measure the fair value of performance stock units based upon the closing price of the underlying common stock as of the date of grant. Dividend equivalents are accumulated during the service period and paid to participants only after the units are earned.

Changes in our performance stock unit awards during the nine months ended September 30, 2025, were as follows:


	Shares (thous.)	Weighted-average grant-date fair value
Nonvested at January 1, 2025	607		$	219.08
Granted	254		243.51
Vested	(72)		244.95
Unearned	(83)		244.35
Forfeited	(85)		218.45
Nonvested at September 30, 2025	621		$	222.78

At September 30, 2025, there was $18 million of total unrecognized compensation expense related to nonvested performance stock unit awards, which is expected to be recognized over a weighted-average period of 1.5 years. This expense is subject to achievement of the performance measures established for the performance stock unit grants.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In the second quarter of 2025, the state of Kansas enacted legislation modifying the corporate income tax apportionment formula for future years resulting in a $115 million reduction of our deferred tax expense. In the second quarter of 2024, the state of Arkansas enacted legislation to reduce its corporate income tax rate for future years resulting in an $8 million reduction of our deferred tax expense.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our Condensed Consolidated Financial Statements are unaudited and reflect all adjustments (consisting of normal and recurring adjustments) that are, in the opinion of management, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America (GAAP). Pursuant to the rules and regulations of the Securities and Exchange Commission (SEC), certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, this Quarterly Report on Form 10-Q should be read in conjunction with our Consolidated Financial Statements and notes thereto contained in our 2024 Annual Report on Form 10-K. Our Consolidated Statement of Financial Position at December 31, 2024, is derived from audited financial statements. The results of operations for the nine months ended September 30, 2025, are not necessarily indicative of the results for the entire year ending December 31, 2025. The Condensed Consolidated Financial Statements are presented in accordance with GAAP as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). Certain prior period amounts have been reclassified to conform to the current period financial statement presentation.

Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

Credit facilities – At September 30, 2025, we had $2.0 billion of credit available under our revolving credit facility (the Facility), which is designated for general corporate purposes and supports the issuance of commercial paper. Credit facility withdrawals totaled $0 during the nine months ended September 30, 2025. Commitment fees and interest rates payable under the Facility are similar to fees and rates available to comparably rated, investment-grade borrowers. The Facility allows for borrowings at floating rates based on Term Secured Overnight Financing Rate (SOFR), plus a spread, depending upon credit ratings for our senior unsecured debt. The Facility, set to expire May 20, 2027, requires UPC to maintain an adjusted debt-to-EBITDA (earnings before interest, taxes, depreciation, and amortization) coverage ratio.

The definition of debt used for purposes of calculating the adjusted debt-to-EBITDA coverage ratio includes, among other things, certain credit arrangements, finance leases, guarantees, unfunded and vested pension benefits under Title IV of the Employee Retirement Income Security Act of 1974 (ERISA), and unamortized debt discount and deferred debt issuance costs. At September 30, 2025, the Company was in compliance with the adjusted debt-to-EBITDA coverage ratio, which allows us to carry up to $47.8 billion of debt (as defined in the Facility), and we had $33.5 billion of debt (as defined in the Facility) outstanding at that date. The Facility does not include any other financial restrictions, credit rating triggers (other than rating-dependent pricing), or any other provision that could require us to post collateral. The Facility also includes a $150 million cross-default provision and a change-of-control provision.

During the nine months ended September 30, 2025, we issued $0 and repaid $0 of commercial paper. At September 30, 2025, we had $0 of commercial paper outstanding. Our revolving credit facility supports our outstanding commercial paper balances, and, unless we change the terms of our commercial paper program, our aggregate issuance of commercial paper will not exceed the amount of borrowings available under the Facility.

Shelf registration statement and significant new borrowings – We filed an automatic shelf registration statement with the SEC that became effective on February 13, 2024. On July 28, 2025, the Board of Directors authorized the issuance of up to $20.0 billion of debt securities, replacing the prior authorization from 2024, which had $7.0 billion of authority remaining. Under our shelf registration, we may issue, from time to time, any combination of debt securities, preferred stock, common stock, or warrants for debt securities or preferred stock in one or more offerings.

During the nine months ended September 30, 2025, we issued the following unsecured, fixed-rate debt securities under our shelf registration:


Date						Description of securities
February 13, 2025						$1.00 billion of 5.100% Notes due February 20, 2035
						$1.00 billion of 5.600% Notes due December 1, 2054

We used the net proceeds from the offering for general corporate purposes, including the repurchase of common stock pursuant to our share repurchase programs. These debt securities include change-of-control provisions. At September 30, 2025, we had remaining authority from the Board of Directors to issue up to $20.0 billion of debt securities under our shelf registration.

Receivables securitization facility – As of both September 30, 2025, and December 31, 2024, we recorded $0 of borrowings under our Receivables Facility as secured debt. (See further discussion in the "Receivables Securitization Facility" section of Note 10).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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+ Details

Accumulated Other Comprehensive Income/Loss (Details) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss) [Line Items]

Net year-to-date other comprehensive income/(loss), taxes

$ 0.1

$ 0.8

$ (1.8)

$ 0.7

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Beginning balance

16,258.0

16,489.0

16,890.0

14,788.0

Other comprehensive income/(loss) before reclassifications

22.0

(86.0)

53.0

(77.0)

Amounts reclassified from accumulated other comprehensive income/(loss)

(2.0)

0.0

(2.0)

(1.0)

Total other comprehensive income/(loss)

20.0

^[1]

(86.0)

^[1]

51.0

^[2]

(78.0)

^[2]

Ending balance

17,304.0

16,584.0

17,304.0

16,584.0

Total

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Beginning balance

^[3]

(692.0)

(606.0)

(723.0)

(614.0)

Total other comprehensive income/(loss)

^[3]

20.0

(86.0)

51.0

(78.0)

Ending balance

^[3]

(672.0)

(692.0)

(672.0)

(692.0)

Defined benefit plans

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Beginning balance

(497.0)

(483.0)

(498.0)

(484.0)

Other comprehensive income/(loss) before reclassifications

1.0

0.0

2.0

Amounts reclassified from accumulated other comprehensive income/(loss)

(2.0)

0.0

(2.0)

(1.0)

Total other comprehensive income/(loss)

(1.0)

0.0

1.0

Ending balance

(498.0)

(483.0)

(498.0)

(483.0)

Foreign currency translation

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Beginning balance

(211.0)

(139.0)

(241.0)

(146.0)

Other comprehensive income/(loss) before reclassifications

21.0

(86.0)

51.0

(79.0)

Amounts reclassified from accumulated other comprehensive income/(loss)

0.0

Total other comprehensive income/(loss)

21.0

(86.0)

51.0

(79.0)

Ending balance

(190.0)

(225.0)

(190.0)

(225.0)

Unrealized gain on derivative instruments

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Beginning balance

16.0

Other comprehensive income/(loss) before reclassifications

0.0

Amounts reclassified from accumulated other comprehensive income/(loss)

0.0

Total other comprehensive income/(loss)

0.0

Ending balance

$ 16.0

[1]	Net of deferred taxes of $0.1 million and $0.8 million during the three months ended September 30, 2025 and 2024, respectively.
[2]	Net of deferred taxes of ($1.8) million and $0.7 million during the nine months ended September 30, 2025 and 2024, respectively.
[3]	AOCI = accumulated other comprehensive income/loss (Note 9)

Share Repurchase Programs (Tables)

9 Months Ended

Sep. 30, 2025

Share Repurchase Program [Abstract]

Schedule of Share Repurchase Programs

The table below represents shares repurchased under repurchase programs in the nine months ended September 30, 2025 and 2024:


	Number of shares purchased		Average price paid [a]
	2025	2024	2025		2024
First quarter [b]	5,745,601	-	$	250.74	$	-
Second quarter [c]	6,111,558	492,320	205.06		225.96
Third quarter	-	3,006,061	-		245.44
Total	11,857,159	3,498,381	$	227.20	$	242.70
Remaining number of shares that may be repurchased under current authority					93,888,442

[a]In the period of the final settlement, the average price under the accelerated share repurchase programs (ASRs) is calculated based on the total program value less the value assigned to the initial delivery of shares. The average price of the completed 2025 ASRs was $229.32.

[b]Includes 4,815,022 shares repurchased in 2025 under the ASRs at an average price $251.73.

[c]Includes an incremental 1,795,904 shares received upon final settlement in 2025 under the ASRs at an average price of $169.22.

Commitments and Contingencies - Schedule of Environmental Liability Activity (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	$ 268	$ 245
Accruals	44	100
Payments	(55)	(76)
Ending balance	257	269
Current portion, ending balance at September 30,	$ 66	$ 119

Condensed Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 808	$ 1,016
Accounts receivable, net (Note 10)	1,921	1,894
Materials and supplies	782	769
Other current assets	393	342
Total current assets	3,904	4,021
Investments	2,841	2,664
Properties, net (Note 11)	59,392	58,343
Operating lease assets	1,090	1,297
Other assets	1,420	1,390
Total assets	68,647	67,715
Current liabilities:
Accounts payable and other current liabilities (Note 12)	3,699	3,829
Debt due within one year (Note 14)	1,521	1,425
Total current liabilities	5,220	5,254
Debt due after one year (Note 14)	30,286	29,767
Operating lease liabilities	764	925
Deferred income taxes	13,329	13,151
Other long-term liabilities	1,744	1,728
Commitments and contingencies (Note 15)
Total liabilities	51,343	50,825
Common shareholders' equity:
Common shares, $2.50 par value, 1,400,000,000 authorized; 1,113,163,706 and 1,113,018,733 issued; 593,127,096 and 604,241,260 outstanding, respectively	2,783	2,783
Paid-in-surplus	5,548	5,334
Retained earnings	68,501	65,628
Treasury stock	(58,856)	(56,132)
Accumulated other comprehensive loss (Note 9)	(672)	(723)
Total common shareholders' equity	17,304	16,890
Total liabilities and common shareholders' equity	$ 68,647	$ 67,715

Other Income (Tables)

9 Months Ended

Sep. 30, 2025

Other Income and Expenses [Abstract]

Schedule of Other Income

Other income included the following:


	Three months ended September 30,				Nine months ended September 30,
Millions	2025		2024		2025		2024
Real estate income	$	74	$	70	$	240	$	192
Interest income	12		15		42		39
Net periodic pension benefit/(costs)	13		12		40		42
Non-operating property environmental remediation and restoration	(6)		(7)		(18)		(21)
Interest from IRS refund claims	-		-		-		24
Other	3		(3)		(7)		6
Total	$	96	$	87	$	297	$	282

Pending Acquisition (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Acquisition-Related Expense Associated with the Merger Agreement

Union Pacific incurred the following acquisition-related expense associated with the merger agreement:


Millions	Three months ended September 30, 2025		Nine months ended September 30, 2025


Acquisition-related expense

Purchased services and materials	$	40	$	41
Other	1		1
Total acquisition-related expense [a]	$	41	$	42

[a]Certain acquisition-related costs are non-deductible for income tax purposes.

Stock-Based Compensation - Schedule of Changes in Retention Awards (Details) - Retention awards shares in Thousands	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Shares
Outstanding at beginning of period (in shares) \| shares	915
Granted (in shares) \| shares	229
Vested (in shares) \| shares	(230)
Forfeited (in shares) \| shares	(32)
Outstanding at end of period (in shares) \| shares	882
Weighted-average grant-date fair value
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 222.50
Granted (in dollars per share) \| $ / shares	243.48
Vested (in dollars per share) \| $ / shares	205.15
Forfeited (in dollars per share) \| $ / shares	230.39
Outstanding at end of period (in dollars per share) \| $ / shares	$ 232.19

Condensed Consolidated Statements of Changes in Common Shareholders' Equity (Unaudited) - USD ($)
$ in Millions

Total

Common shares

Treasury shares

Paid-in-surplus

Retained earnings

AOCI

^[1]

Beginning balance (in shares) at Dec. 31, 2023

1,112,900,000

Beginning balance (in shares) at Dec. 31, 2023

(503,200,000)

Beginning balance at Dec. 31, 2023

$ 14,788

$ 2,782

$ (54,666)

$ 5,193

$ 62,093

$ (614)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

4,985

Other comprehensive income/(loss)

(78)

^[2]

(78)

Conversion, stock option exercises, forfeitures, ESPP, and other (in shares)

^[3]

100,000

600,000

Conversion, stock option exercises, forfeitures, ESPP, and other

^[3]

$ 139

$ 1

$ 34

104

Share repurchase programs (Note 16) (in shares)

(3,498,381)

(3,500,000)

Share repurchase programs (Note 16)

$ (849)

Dividends declared

(2,401)

Ending balance (in shares) at Sep. 30, 2024

1,113,000,000

Ending balance (in shares) at Sep. 30, 2024

(506,100,000)

Ending balance at Sep. 30, 2024

16,584

$ 2,783

$ (55,481)

5,297

64,677

(692)

Beginning balance (in shares) at Jun. 30, 2024

1,113,000,000

Beginning balance (in shares) at Jun. 30, 2024

(503,300,000)

Beginning balance at Jun. 30, 2024

16,489

$ 2,783

$ (54,757)

5,249

63,820

(606)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

1,671

Other comprehensive income/(loss)

(86)

^[4]

(86)

Conversion, stock option exercises, forfeitures, ESPP, and other (in shares)

^[3]

200,000

Conversion, stock option exercises, forfeitures, ESPP, and other

^[3]

$ 62

$ 14

Share repurchase programs (Note 16) (in shares)

(3,006,061)

(3,000,000.0)

Share repurchase programs (Note 16)

$ (738)

Dividends declared

(814)

Ending balance (in shares) at Sep. 30, 2024

1,113,000,000

Ending balance (in shares) at Sep. 30, 2024

(506,100,000)

Ending balance at Sep. 30, 2024

$ 16,584

$ 2,783

$ (55,481)

5,297

64,677

(692)

Beginning balance (in shares) at Dec. 31, 2024

604,241,260

1,113,000,000

Beginning balance (in shares) at Dec. 31, 2024

(508,800,000)

Beginning balance at Dec. 31, 2024

$ 16,890

$ 2,783

$ (56,132)

5,334

65,628

(723)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

5,290

Other comprehensive income/(loss)

^[2]

Conversion, stock option exercises, forfeitures, ESPP, and other (in shares)

^[3]

200,000

700,000

Conversion, stock option exercises, forfeitures, ESPP, and other

^[3]

$ 184

$ 53

131

Share repurchase programs (Note 16) (in shares)

(11,857,159)

(11,900,000)

Share repurchase programs (Note 16)

$ (2,694)

$ (2,777)

Dividends declared

$ (2,417)

(2,417)

Ending balance (in shares) at Sep. 30, 2025

593,127,096

1,113,200,000

Ending balance (in shares) at Sep. 30, 2025

(520,000,000.0)

Ending balance at Sep. 30, 2025

$ 17,304

$ 2,783

$ (58,856)

5,548

68,501

(672)

Beginning balance (in shares) at Jun. 30, 2025

1,113,200,000

Beginning balance (in shares) at Jun. 30, 2025

(520,200,000)

Beginning balance at Jun. 30, 2025

16,258

$ 2,783

$ (58,870)

5,505

67,532

(692)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

1,788

Other comprehensive income/(loss)

^[4]

Conversion, stock option exercises, forfeitures, ESPP, and other (in shares)

^[3]

200,000

Conversion, stock option exercises, forfeitures, ESPP, and other

^[3]

$ 57

$ 14

Share repurchase programs (Note 16) (in shares)

Share repurchase programs (Note 16)

$ 0

Dividends declared

$ (819)

(819)

Ending balance (in shares) at Sep. 30, 2025

593,127,096

1,113,200,000

Ending balance (in shares) at Sep. 30, 2025

(520,000,000.0)

Ending balance at Sep. 30, 2025

$ 17,304

$ 2,783

$ (58,856)

$ 5,548

$ 68,501

$ (672)

[1]	AOCI = accumulated other comprehensive income/loss (Note 9)
[2]	Net of deferred taxes of ($1.8) million and $0.7 million during the nine months ended September 30, 2025 and 2024, respectively.
[3]	ESPP = employee stock purchase plan
[4]	Net of deferred taxes of $0.1 million and $0.8 million during the three months ended September 30, 2025 and 2024, respectively.

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 1,788	$ 1,671	$ 5,290	$ 4,985
Weighted-average number of shares outstanding:
Weighted average number of shares - basic (in shares)	592.4	607.6	595.8	608.7
Weighted average number of shares - diluted (in shares)	593.2	608.6	596.7	609.7
Earnings per share - basic (in dollars per share)	$ 3.02	$ 2.75	$ 8.88	$ 8.19
Earnings per share - diluted (in dollars per share)	$ 3.01	$ 2.75	$ 8.87	$ 8.18
Stock options excluded as their inclusion would be anti-dilutive (in shares)	1.0	0.6	0.9	0.6
Stock options
Weighted-average number of shares outstanding:
Weighted-average number of shares outstanding, dilutive effect on shares	0.2	0.4	0.3	0.4
Retention awards
Weighted-average number of shares outstanding:
Weighted-average number of shares outstanding, dilutive effect on shares	0.6	0.6	0.6	0.6

Accumulated Other Comprehensive Income/Loss

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Accumulated Other Comprehensive Income/Loss

Reclassifications out of accumulated other comprehensive income/loss were as follows (net of tax):


Millions	Defined benefit plans		Foreign currency translation		Unrealized gain on derivative instruments [a]		Total
Balance at July 1, 2025	$	(497)	$	(211)	$	16	$	(692)
Other comprehensive income/(loss) before reclassifications	1		21		-		22
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	(2)		-		-		(2)
Net quarter-to-date other comprehensive income/(loss), net of taxes of $0.1 million	(1)		21		-		20
Balance at September 30, 2025	$	(498)	$	(190)	$	16	$	(672)

Balance at July 1, 2024	$	(483)	$	(139)	$	16	$	(606)
Other comprehensive income/(loss) before reclassifications	-		(86)		-		(86)
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	-		-		-		-
Net quarter-to-date other comprehensive income/(loss), net of taxes of $0.8 million	-		(86)		-		(86)
Balance at September 30, 2024	$	(483)	$	(225)	$	16	$	(692)

[a]Related to interest rate swaps from equity method investments.

[b]The accumulated other comprehensive income/loss reclassification components are 1) prior service cost/credit and 2) net actuarial loss, which are both included in the computation of net periodic pension benefit/cost. See Note 5 Retirement Plans for additional details.

Reclassifications out of accumulated other comprehensive income/loss were as follows (net of tax):


Millions	Defined benefit plans		Foreign currency translation		Unrealized gain on derivative instruments [a]		Total
Balance at January 1, 2025	$	(498)	$	(241)	$	16	$	(723)
Other comprehensive income/(loss) before reclassifications	2		51		-		53
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	(2)		-		-		(2)
Net year-to-date other comprehensive income/(loss), net of taxes of ($1.8) million	-		51		-		51
Balance at September 30, 2025	$	(498)	$	(190)	$	16	$	(672)

Balance at January 1, 2024	$	(484)	$	(146)	$	16	$	(614)
Other comprehensive income/(loss) before reclassifications	2		(79)		-		(77)
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	(1)		-		-		(1)
Net year-to-date other comprehensive income/(loss), net of taxes of $0.7 million	1		(79)		-		(78)
Balance at September 30, 2024	$	(483)	$	(225)	$	16	$	(692)

[a]Related to interest rate swaps from equity method investments.

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Other comprehensive income/(loss), deferred taxes	$ 0.1	$ 0.8	$ (1.8)	$ 0.7

Properties (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment and Weighted Average Estimated Useful Life

The following tables list the major categories of property and equipment, as well as the weighted-average estimated useful life for each category (in years):


Millions, except estimated useful life As of September 30, 2025	Cost		Accumulated depreciation		Net book value		Estimated useful life
Land	$	5,455	N/A		$	5,455	N/A
Road:
Rail and other track material	19,646		7,858		11,788		45
Ties	12,699		4,251		8,448		34
Ballast	6,618		2,274		4,344		34
Other roadway [a]	24,385		6,005		18,380		47
Total road	63,348		20,388		42,960		N/A
Equipment:
Locomotives	9,899		3,819		6,080		18
Freight cars	3,063		1,088		1,975		23
Work equipment and other	1,287		524		763		17
Total equipment	14,249		5,431		8,818		N/A
Technology and other	1,386		637		749		12
Construction in progress	1,410		N/A		1,410		N/A
Total	$	85,848	$	26,456	$	59,392	N/A


Millions, except estimated useful life As of December 31, 2024	Cost		Accumulated depreciation		Net book value		Estimated useful life
Land	$	5,441	N/A		$	5,441	N/A
Road:
Rail and other track material	19,283		7,642		11,641		46
Ties	12,358		4,109		8,249		34
Ballast	6,495		2,182		4,313		34
Other roadway [a]	23,913		5,681		18,232		47
Total road	62,049		19,614		42,435		N/A
Equipment:
Locomotives	9,517		3,724		5,793		18
Freight cars	3,011		1,037		1,974		22
Work equipment and other [b]	1,222		482		740		17
Total equipment	13,750		5,243		8,507		N/A
Technology and other	1,431		640		791		12
Construction in progress	1,169		N/A		1,169		N/A
Total	$	83,840	$	25,497	$	58,343	N/A

[a]Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets.

[b]For retirements of depreciable railroad properties that do not occur in the normal course of business, a gain or loss may be recognized if the retirement meets each of the following three conditions: (a) is unusual, (b) is material in amount, and (c) varies significantly from the retirement profile identified through our depreciation studies. In the second quarter of 2024, we sold a large portion of an intermodal equipment asset class resulting in a $46 million gain recognized in other expense in our Condensed Consolidated Statements of Income.

Retirement Plans

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Retirement Plans

We provide defined benefit retirement income to eligible non-union employees through qualified and non-qualified (supplemental) pension plans. Qualified and non-qualified pension benefits are based on years of service and the highest compensation during the latest years of employment, with specific reductions made for early retirements. Non-union employees hired on or after January 1, 2018, are no longer eligible for pension benefits, but are eligible for an enhanced 401(k) plan.

Expense

Pension expense is determined based upon the annual service cost of benefits (the actuarial cost of benefits earned during a period) and the interest cost on those liabilities, less the expected return on plan assets. The expected long-term rate of return on plan assets is applied to a calculated value of plan assets that recognizes changes in fair value over a 5-year period. This practice is intended to reduce year-to-year volatility in pension expense, but it can have the effect of delaying the recognition of differences between actual returns on assets and expected returns based on long-term rate of return assumptions. Differences in actual experience in relation to assumptions are not recognized in net income immediately but are deferred in accumulated other comprehensive income/loss and, if necessary, amortized as pension expense.

The components of our net periodic pension benefit/cost were as follows:


	Three months ended September 30,				Nine months ended September 30,
Millions	2025		2024		2025		2024
Service cost	$	9	$	12	$	31	$	39
Interest cost	45		47		135		139
Expected return on plan assets	(60)		(63)		(181)		(189)
Amortization of actuarial loss	2		4		6		8
Net periodic pension (benefit)/cost	$	(4)	$	-	$	(9)	$	(3)

Cash contributions

For the nine months ended September 30, 2025, cash contributions totaled $0 to the qualified pension plans. Any contributions made during 2025 will be based on cash generated from operations and financial market considerations. Our policy with respect to funding the qualified pension plans is to fund at least the minimum required by law and not more than the maximum amount deductible for tax purposes. At September 30, 2025, we do not have minimum cash funding requirements for 2025.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

The following table provides a reconciliation between basic and diluted earnings per share:


	Three months ended September 30,				Nine months ended September 30,
Millions, except per share amounts	2025		2024		2025		2024
Net income	$	1,788	$	1,671	$	5,290	$	4,985
Weighted-average number of shares outstanding:
Basic	592.4		607.6		595.8		608.7
Dilutive effect of stock options	0.2		0.4		0.3		0.4
Dilutive effect of retention shares and units	0.6		0.6		0.6		0.6
Diluted	593.2		608.6		596.7		609.7
Earnings per share - basic	$	3.02	$	2.75	$	8.88	$	8.19
Earnings per share - diluted	$	3.01	$	2.75	$	8.87	$	8.18
Stock options excluded as their inclusion would be anti-dilutive	1.0		0.6		0.9		0.6

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation Expense

Information regarding stock-based compensation expense appears in the table below:


	Three months ended September 30,				Nine months ended September 30,
Millions	2025		2024		2025		2024
Stock-based compensation, before tax:
Stock options	$	6	$	4	$	19	$	13
Retention awards	30		23		78		58
ESPP [a]	3		6		13		16
Total stock-based compensation, before tax	$	39	$	33	$	110	$	87
Excess income tax benefits from equity compensation plans	$	3	$	3	$	11	$	13

Schedule of Annual Weighted Average Assumptions

The table below shows the annual weighted-average assumptions used for Black-Scholes valuation purposes:


Weighted-average assumptions	2025		2024
Risk-free interest rate	4.3%		4.2%
Dividend yield	2.2%		2.1%
Expected life (years)	4.3		4.4
Volatility	22.4%		28.7%
Weighted-average grant-date fair value of options granted	$	48.70	$	61.75

Schedule of Stock Option Activity

A summary of stock option activity during the nine months ended September 30, 2025, is presented below:


	Options (thous.)	Weighted-average exercise price		Weighted-average remaining contractual term (in yrs.)	Aggregate intrinsic value (millions)
Outstanding at January 1, 2025	1,981	$	195.81	5.8	$	74
Granted	423	243.51		N/A	N/A
Exercised	(261)	162.09		N/A	N/A
Forfeited or expired	(21)	238.93		N/A	N/A
Outstanding at September 30, 2025	2,122	$	209.04	5.8	$	67
Vested or expected to vest at September 30, 2025	2,102	$	208.75	5.8	$	67
Options exercisable at September 30, 2025	1,428	$	194.51	4.5	$	63

Schedule of Additional Information Regarding Stock Option Exercises

Additional information regarding stock option exercises appears in the following table:


	Three months ended September 30,				Nine months ended September 30,
Millions	2025		2024		2025		2024
Intrinsic value of stock options exercised	$	2	$	15	$	23	$	31
Cash received from option exercises	1		16		47		40
Treasury shares repurchased for employee payroll taxes	-		(2)		(7)		(7)
Income tax benefit realized from option exercises	-		2		3		6
Aggregate grant-date fair value of stock options vested	-		-		16		15

Schedule of Changes in Retention Awards

Changes in our retention awards during the nine months ended September 30, 2025, were as follows:


	Shares (thous.)	Weighted-average grant-date fair value
Nonvested at January 1, 2025	915		$	222.50
Granted	229		243.48
Vested	(230)		205.15
Forfeited	(32)		230.39
Nonvested at September 30, 2025	882		$	232.19

Schedule of Changes in Performance Stock Unit Awards

Changes in our performance stock unit awards during the nine months ended September 30, 2025, were as follows:


	Shares (thous.)	Weighted-average grant-date fair value
Nonvested at January 1, 2025	607		$	219.08
Granted	254		243.51
Vested	(72)		244.95
Unearned	(83)		244.35
Forfeited	(85)		218.45
Nonvested at September 30, 2025	621		$	222.78

Share Repurchase Programs

9 Months Ended

Sep. 30, 2025

Share Repurchase Program [Abstract]

Share Repurchase Programs

Effective April 1, 2025, our Board of Directors authorized the repurchase of up to 100 million shares of our common stock by March 31, 2028. As of September 30, 2025, we repurchased a total of 6.1 million shares of our common stock under the 2025 authorization. As part of the pending acquisition of Norfolk Southern described in Note 18, we paused our share repurchase program.

Our previous authorization, which was effective April 1, 2022, through March 31, 2025, was approved by our Board of Directors for up to 100 million shares of common stock. We repurchased a total of 31.7 million shares of our common stock under the 2022 authorization.

The table below represents shares repurchased under repurchase programs in the nine months ended September 30, 2025 and 2024:


	Number of shares purchased		Average price paid [a]
	2025	2024	2025		2024
First quarter [b]	5,745,601	-	$	250.74	$	-
Second quarter [c]	6,111,558	492,320	205.06		225.96
Third quarter	-	3,006,061	-		245.44
Total	11,857,159	3,498,381	$	227.20	$	242.70
Remaining number of shares that may be repurchased under current authority					93,888,442

[b]Includes 4,815,022 shares repurchased in 2025 under the ASRs at an average price $251.73.

[c]Includes an incremental 1,795,904 shares received upon final settlement in 2025 under the ASRs at an average price of $169.22.

Accelerated share repurchase programs – The Company has established ASRs with financial institutions to repurchase shares of our common stock. These ASRs have been structured so that at the time of commencement, we pay a specified amount to the financial institutions and receive an initial delivery of shares. Additional shares may be received at the time of settlement. The final number of shares to be received is based on the volume weighted average price of the Company's common stock during the ASR term, less a discount and subject to potential adjustments pursuant to the terms of such ASR.

On February 18, 2025, the Company received 4,815,022 shares of its common stock repurchased under ASRs for an aggregate of $1.5 billion. Upon settlement of these ASRs in the second quarter of 2025, we received 1,795,904 additional shares.

ASRs are accounted for as equity transactions, and at the time of receipt, shares are included in treasury stock at fair market value as of the corresponding initiation or settlement date. The Company reflects shares received as a repurchase of common stock in the weighted average common shares outstanding calculation for basic and diluted earnings per share.

Other Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Other Income (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Other Income and Expenses [Abstract]
Real estate income	$ 74	$ 70	$ 240	$ 192
Interest income	12	15	42	39
Net periodic pension benefit/(costs)	13	12	40	42
Non-operating property environmental remediation and restoration	(6)	(7)	(18)	(21)
Interest from IRS refund claims	0	0	0	24
Other	3	(3)	(7)	6
Total	$ 96	$ 87	$ 297	$ 282

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Jun. 10, 2025	Jun. 09, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Stock-based compensation, before tax:
Total stock-based compensation, before tax			$ 39,000	$ 33,000	$ 110,000	$ 87,000
Excess income tax benefits from equity compensation plans			3,000	3,000	11,000	13,000
ESPP employee contribution annual limit	$ 15
Stock options
Stock-based compensation, before tax:
Total stock-based compensation, before tax			6,000	4,000	19,000	13,000
Retention awards
Stock-based compensation, before tax:
Total stock-based compensation, before tax			30,000	23,000	78,000	58,000
ESPP
Stock-based compensation, before tax:
Total stock-based compensation, before tax			$ 3,000	$ 6,000	$ 13,000	$ 16,000
Employer contribution match (as a percent)	20.00%	40.00%
Maximum employee subscription rate (as a percent)	5.00%

Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

During the nine months ended September 30, 2025, we issued the following unsecured, fixed-rate debt securities under our shelf registration:


Date						Description of securities
February 13, 2025						$1.00 billion of 5.100% Notes due February 20, 2035
						$1.00 billion of 5.600% Notes due December 1, 2054

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Retirement Plans - Schedule of Net Periodic Pension Benefit/Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Retirement Benefits [Abstract]
Service cost	$ 9	$ 12	$ 31	$ 39
Interest cost	45	47	135	139
Expected return on plan assets	(60)	(63)	(181)	(189)
Amortization of actuarial loss	2	4	6	8
Net periodic pension (benefit)/cost	$ (4)	$ 0	$ (9)	$ (3)

Related Parties	9 Months Ended
Related Parties	Sep. 30, 2025
Related Party Transactions [Abstract]
Related Parties	Related Parties UPRR and other North American railroad companies jointly own TTX Company (TTX). UPRR has a 37.03% economic interest in TTX while the other North American railroads own the remaining interest. In accordance with ASC 323 Investments - Equity Method and Joint Venture, UPRR applies the equity method of accounting to our investment in TTX. TTX is a rail car pooling company that owns rail cars and intermodal wells to serve North America’s railroads. TTX assists railroads in meeting the needs of their customers by providing rail cars in an efficient, pooled environment. All railroads may utilize TTX rail cars through car hire (i.e., renting rail cars at stated rates). UPRR had $2.0 billion and $1.9 billion recognized as investments related to TTX in our Condensed Consolidated Statements of Financial Position as of September 30, 2025, and December 31, 2024, respectively. TTX car hire expense of $115 million and $112 million for the three months ended September 30, 2025 and 2024, respectively, and $336 million and $321 million for the nine months ended September 30, 2025 and 2024, respectively, are included in equipment and other rents in our Condensed Consolidated Statements of Income. In addition, UPRR had accounts payable to TTX of $75 million and $70 million at September 30, 2025, and December 31, 2024, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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+ Details

Stock-Based Compensation - Schedule of Changes in Performance Stock Unit Awards (Details) - Performance stock unit awards shares in Thousands	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Shares
Outstanding at beginning of period (in shares) \| shares	607
Granted (in shares) \| shares	254
Vested (in shares) \| shares	(72)
Unearned (in shares) \| shares	(83)
Forfeited (in shares) \| shares	(85)
Outstanding at end of period (in shares) \| shares	621
Weighted-average grant-date fair value
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 219.08
Granted (in dollars per share) \| $ / shares	243.51
Vested (in dollars per share) \| $ / shares	244.95
Unearned (in dollars per share) \| $ / shares	244.35
Forfeited (in dollars per share) \| $ / shares	218.45
Outstanding at end of period (in dollars per share) \| $ / shares	$ 222.78

Operations and Segmentation (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Segment Reporting Information, by Segment

Our significant segment expenses as monitored by the CODM are shown in the table below. This breakout of revenues and expenses is used by the CODM to monitor and assess the financial performance of our rail network by comparing actual results to prior years and plans.


	Three months ended September 30,				Nine months ended September 30,
Millions	2025		2024		2025		2024
Bulk	$	1,930	$	1,805	$	5,667	$	5,343
Industrial	2,194		2,121		6,488		6,348
Premium	1,803		1,842		5,306		5,331
Total freight revenues	$	5,927	$	5,768	$	17,461	$	17,022
Other subsidiary revenues	172		179		547		608
Accessorial revenues	124		122		349		427
Other	21		22		68		72
Total operating revenues	$	6,244	$	6,091	$	18,425	$	18,129
Operating [a]	1,711		1,727		5,080		5,066
Administrative [a]	176		184		557		564
Locomotive fuel	600		595		1,754		1,850
Acquisition-related (Note 18)	41		-		42		-
Other segment items [b]	549		567		1,706		1,669
Depreciation	618		602		1,841		1,792
Other income, net	(96)		(87)		(297)		(282)
Interest expense	327		314		984		957
Income tax expense	530		518		1,468		1,528
Net income	$	1,788	$	1,671	$	5,290	$	4,985

[a]Operating and administrative includes compensation and benefits, purchased services and materials, equipment and other rents, non-locomotive fuel, and other expenses.

[b]Other segment items includes car hire and leases, casualty costs, state and local taxes, subsidiary expense, and other overhead expense.

Commitments and Contingencies - Schedule of Personal Injury Liability Activity (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Loss Contingency Accrual [Roll Forward]
Current portion, ending balance at September 30,	$ 307		$ 319
Personal Injury
Loss Contingency Accrual [Roll Forward]
Beginning balance	379	$ 383
Current year accruals	82	87
Changes in estimates for prior years	9	(2)
Payments	(81)	(75)
Ending balance at September 30,	389	393
Current portion, ending balance at September 30,	$ 105	$ 114

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table provides a reconciliation between basic and diluted earnings per share:


	Three months ended September 30,				Nine months ended September 30,
Millions, except per share amounts	2025		2024		2025		2024
Net income	$	1,788	$	1,671	$	5,290	$	4,985
Weighted-average number of shares outstanding:
Basic	592.4		607.6		595.8		608.7
Dilutive effect of stock options	0.2		0.4		0.3		0.4
Dilutive effect of retention shares and units	0.6		0.6		0.6		0.6
Diluted	593.2		608.6		596.7		609.7
Earnings per share - basic	$	3.02	$	2.75	$	8.88	$	8.19
Earnings per share - diluted	$	3.01	$	2.75	$	8.87	$	8.18
Stock options excluded as their inclusion would be anti-dilutive	1.0		0.6		0.9		0.6

Pending Acquisition

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Pending Acquisition

Norfolk Southern, a Virginia corporation, is one of the nation’s premier transportation companies, moving goods and materials that help drive the U.S. economy. Norfolk Southern connects customers to markets and communities to economic opportunity with safe, reliable, and cost-effective shipping solutions. Its Norfolk Southern Railway Company subsidiary operates in 22 states and the District of Columbia. Norfolk Southern is a major transporter of industrial products, including agriculture, forest, and consumer products, chemicals, and metals and construction materials. In addition, in the East, it serves every major container port and operates the most extensive intermodal network. Norfolk Southern is also a principal carrier of coal, automobiles, and automotive parts. Norfolk Southern’s stock is publicly traded on the NYSE under the ticker symbol NSC.

On July 28, 2025, Union Pacific, Norfolk Southern, Ruby Merger Sub 1 Corporation, and Ruby Merger Sub 2 LLC, entered into an agreement and plan of merger (the merger agreement). The merger agreement provides, among other things, for the acquisition of Norfolk Southern by Union Pacific, subject to the satisfaction or waiver of the conditions specified therein, through two mergers: (i) first, Ruby Merger Sub 1 Corporation will merge with and into Norfolk Southern with Norfolk Southern surviving as a direct, wholly owned subsidiary of Union Pacific (the first merger); and (ii) second, immediately after the first merger, Norfolk Southern will merge with and into Ruby Merger Sub 2 LLC with Ruby Merger Sub 2 LLC surviving as a direct, wholly owned subsidiary of Union Pacific (second merger). The first merger and the second merger are collectively referred to as the mergers.

At the effective time of the first merger (first effective time), each share of Norfolk Southern common stock issued and outstanding immediately prior to the first effective time, except for shares held by Union Pacific or Norfolk Southern, or their direct or indirect subsidiaries (other than, with respect to shares held by Union Pacific, Norfolk Southern, Ruby Merger Sub 1 Corporation, or Ruby Merger Sub 2 LLC, shares held on behalf of third parties), will be converted automatically into the right to receive one validly issued, fully paid, and nonassessable share of Union Pacific common stock and $88.82 in cash, without interest. Assuming completion of the mergers, we expect approximately 224.8 million shares of common stock to be issued and approximately $20 billion of cash consideration to be paid. The cash consideration is expected to be funded through a combination of new debt and cash accumulated through cash provided by operating activities. The actual value of the transaction may fluctuate based upon changes in the price of Union Pacific common stock and the number of Norfolk Southern common stock outstanding at the first effective time.

The combination of Norfolk Southern and Union Pacific would create America’s first transcontinental railroad that spans over 50,000 miles across 43 states with access to 10 international interchanges and approximately 100 ports.

Union Pacific filed a registration statement on Form S-4 (File No. 333-290282), which the SEC declared effective on September 30, 2025. Union Pacific and Norfolk Southern each also filed definitive proxy statements on October 1, 2025. Both Union Pacific's and Norfolk Southern's special meetings of shareholders will be held on November 14, 2025 (unless one or both are adjourned or postponed to a later date).

Completion of the mergers is conditioned on Union Pacific shareholders approving the share issuance proposal, Norfolk Southern shareholders approving the merger agreement proposal (each as described in the companies' definitive proxy statements), as well as the receipt of approval of the Surface Transportation Board (STB) and a number of other conditions before the mergers can be consummated, as described in the merger agreement. Norfolk Southern's management and Board of Directors will continue to manage Norfolk Southern until the first effective time, pursuing its independent business plans and growth strategies. Subject to completion of the mergers, the acquisition is expected to be accounted for as a business combination using the acquisition method of accounting and currently expected to be completed in early 2027.

Union Pacific incurred the following acquisition-related expense associated with the merger agreement:


Millions	Three months ended September 30, 2025		Nine months ended September 30, 2025


Acquisition-related expense

Purchased services and materials	$	40	$	41
Other	1		1
Total acquisition-related expense [a]	$	41	$	42

[a]Certain acquisition-related costs are non-deductible for income tax purposes.

As of September 30, 2025, we incurred deferred share issuance costs of $8 million that will be recognized in paid-in-surplus upon completion of the mergers.

Both Union Pacific and Norfolk Southern may be required to pay the other a termination fee of $2.5 billion if the merger agreement is terminated under certain circumstances described in the merger agreement.

- Definition

The entire disclosure for business combination.

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+ Details

Financial Instruments	9 Months Ended
Financial Instruments	Sep. 30, 2025
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments Short-term investments – All of the Company's short-term investments consist of time deposits and government agency securities. These investments are considered Level 2 investments and are valued at amortized cost, which approximates fair value. As of both September 30, 2025, and December 31, 2024, the Company had $20 million of short-term investments, which is included in other current assets in our Condensed Consolidated Statements of Financial Position. All short-term investments have a maturity of less than one year and are classified as held-to-maturity. Fair value of financial instruments – The fair value of our short- and long-term debt was estimated using a market value price model, which utilizes applicable U.S. Treasury rates along with current market quotes on comparable debt securities. All of the inputs used to determine the fair market value of the Corporation’s long-term debt are Level 2 inputs and obtained from an independent source. At September 30, 2025, the fair value of total debt was $26.8 billion, approximately $5.0 billion less than the carrying value. At December 31, 2024, the fair value of total debt was $25.3 billion, approximately $5.9 billion less than the carrying value. The fair value of the Corporation’s debt is a measure of its current value under present market conditions. The fair value of our cash equivalents approximates their carrying value due to the short-term maturities of these instruments.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

See Note 18 for a discussion on the pending acquisition of Norfolk Southern Corporation (Norfolk Southern).

Asserted and unasserted claims – Various claims and lawsuits are pending against us and certain of our subsidiaries. We cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations, financial condition, or liquidity. We have recorded a liability where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated. We currently do not expect that any known lawsuits, claims, environmental costs, commitments, contingent liabilities, or guarantees will have a material adverse effect on our consolidated results of operations, financial condition, or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters.

In December 2019, we received a putative class action complaint under the Illinois Biometric Information Privacy Act, alleging violation due to the use of a finger scan system developed and managed by third parties. While we believe that we have strong defenses to the claims made in the complaint and will vigorously defend ourselves, there is no assurance regarding the ultimate outcome. The outcome of this litigation is inherently uncertain, and we cannot reasonably estimate any loss or range of loss that may arise from this matter.

Personal injury – The Federal Employers’ Liability Act (FELA) governs compensation for work-related accidents. Under FELA, damages are assessed based on a finding of fault through litigation or out-of-court settlements. We offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work.

Because of the uncertainty surrounding the ultimate outcome of personal injury claims, it is reasonably possible that future costs to settle these claims may range from approximately $389 million to $508 million. We record an accrual at the low end of the range as no amount of loss within the range is more probable than any other. Estimates can vary over time due to evolving trends in litigation.

Our personal injury liability activity was as follows:


Millions, for the nine months ended September 30,	2025		2024
Beginning balance	$	379	$	383
Current year accruals	82		87
Changes in estimates for prior years	9		(2)
Payments	(81)		(75)
Ending balance at September 30,	$	389	$	393
Current portion, ending balance at September 30,	$	105	$	114

Environmental costs – We are subject to federal, state, and local environmental laws and regulations. We have identified 361 sites where we are or may be liable for remediation costs associated with alleged contamination or for violations of environmental requirements. This includes 29 sites that are the subject of actions taken by the U.S. government, including 17 that are currently on the Superfund National Priorities List. Certain federal legislation imposes joint and several liability for the remediation of identified sites; consequently, our ultimate environmental liability may include costs relating to activities of other parties, in addition to costs relating to our own activities at each site.

Our environmental liability activity was as follows:


Millions, for the nine months ended September 30,	2025		2024
Beginning balance	$	268	$	245
Accruals	44		100
Payments	(55)		(76)
Ending balance at September 30,	$	257	$	269
Current portion, ending balance at September 30,	$	66	$	119

The environmental liability includes future costs for remediation and restoration of sites, as well as ongoing monitoring costs, but excludes any anticipated recoveries from third parties. Cost estimates are based on information available for each site, financial viability of other potentially responsible parties, and existing technology, laws, and regulations. The ultimate liability for remediation is difficult to determine because of the number of potentially responsible parties, site-specific cost sharing arrangements with other potentially responsible parties, the degree of contamination by various wastes, the scarcity and quality of volumetric data related to many of the sites, and the speculative nature of remediation costs. Estimates of liability may vary over time due to changes in federal, state, and local laws governing environmental remediation. Current obligations are not expected to have a material adverse effect on our consolidated results of operations, financial condition, or liquidity.

Indemnities – Our maximum potential exposure under indemnification arrangements, including certain tax indemnifications, can range from a specified dollar amount to an unlimited amount, depending on the nature of the transactions and the agreements. Due to uncertainty as to whether claims will be made or how they will be resolved, we cannot reasonably determine the probability of an adverse claim or reasonably estimate any adverse liability or the total maximum exposure under these indemnification arrangements. We do not have any reason to believe that we will be required to make any material payments under these indemnity provisions.

Condensed Consolidated Statements of Financial Position (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 2.50	$ 2.50
Common shares authorized (in shares)	1,400,000,000	1,400,000,000
Common shares issued (in shares)	1,113,163,706	1,113,018,733
Common shares outstanding (in shares)	593,127,096	604,241,260

Pending Acquisition - Schedule of Acquisition-Related Expense Associated with the Merger Agreement (Details) - Norfolk Southern - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025
Business Combination [Line Items]
Total acquisition-related expense	$ 41	$ 42
Purchased services and materials
Business Combination [Line Items]
Total acquisition-related expense	40	41
Other
Business Combination [Line Items]
Total acquisition-related expense	$ 1	$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount of expense for acquisition-related cost incurred to effect business combination and recognized separately from acquisition of asset and assumption of liability. Includes, but is not limited to, finder's fee and advisory, legal, accounting, valuation, and other professional and consulting fees. Excludes integration, restructuring, and other post-combination costs; cost related to acquisition of asset; and acquisition-related cost for transaction with third party.

+ References + Details

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Statement of Comprehensive Income [Abstract]

Net income

$ 1,788

$ 1,671

$ 5,290

$ 4,985

Other comprehensive income/(loss):

Defined benefit plans

(1)

Foreign currency translation

(86)

(79)

Total other comprehensive income/(loss)

^[1]

(86)

^[1]

^[2]

(78)

^[2]

Comprehensive income

$ 1,808

$ 1,585

$ 5,341

$ 4,907

[1]	Net of deferred taxes of $0.1 million and $0.8 million during the three months ended September 30, 2025 and 2024, respectively.
[2]	Net of deferred taxes of ($1.8) million and $0.7 million during the nine months ended September 30, 2025 and 2024, respectively.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Accounts Receivable	9 Months Ended
Accounts Receivable	Sep. 30, 2025
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable include freight and other receivables reduced by an allowance for doubtful accounts. At September 30, 2025, and December 31, 2024, our accounts receivable were reduced by $5 million and $6 million, respectively. Receivables not expected to be collected in one year and the associated allowances are classified as other assets in our Condensed Consolidated Statements of Financial Position. At September 30, 2025, and December 31, 2024, receivables classified as other assets were reduced by allowances of $71 million and $69 million, respectively. Receivables securitization facility – On July 28, 2025, the Railroad completed the renewal of the receivables securitization facility (the Receivables Facility). The new $600 million, 3-year facility replaces the prior $800 million facility and will mature in July 2028. Under the Receivables Facility, the Railroad sells most of its eligible third-party receivables to Union Pacific Receivables, Inc. (UPRI), a consolidated, wholly-owned, bankruptcy-remote subsidiary that may subsequently transfer, without recourse, an undivided interest in accounts receivable to investors. The investors have no recourse to the Railroad’s other assets except for customary warranty and indemnity claims. Creditors of the Railroad do not have recourse to the assets of UPRI. The amount recorded under the Receivables Facility was $0 at both September 30, 2025, and December 31, 2024. During the nine months ended September 30, 2025, we issued $0 and repaid $0 under the Receivables Facility. The Receivables Facility was supported by $1.6 billion of accounts receivable as collateral at both September 30, 2025, and December 31, 2024, which, as a retained interest, is included in accounts receivable, net in our Condensed Consolidated Statements of Financial Position. The outstanding amount the Railroad maintains under the Receivables Facility may fluctuate based on current cash needs. The maximum allowed under the Receivables Facility is $600 million with availability directly impacted by eligible receivables, business volume, and credit risks, including receivables payment quality measures such as default and dilution ratios. If default or dilution ratios increase one percent, the allowable outstanding amount under the Receivables Facility would not materially change. The costs of the Receivables Facility include interest, which will vary based on prevailing benchmark and commercial paper rates, program fees paid to participating banks, commercial paper issuance costs, and fees of participating banks for unused commitment availability. The costs of the Receivables Facility are included in interest expense and were $1 million and $2 million for the three months ended September 30, 2025 and 2024, respectively, and $3 million and $7 million for the nine months ended September 30, 2025 and 2024, respectively.

Other Income

9 Months Ended

Sep. 30, 2025

Other Income and Expenses [Abstract]

Other Income

Other income included the following:


	Three months ended September 30,				Nine months ended September 30,
Millions	2025		2024		2025		2024
Real estate income	$	74	$	70	$	240	$	192
Interest income	12		15		42		39
Net periodic pension benefit/(costs)	13		12		40		42
Non-operating property environmental remediation and restoration	(6)		(7)		(18)		(21)
Interest from IRS refund claims	-		-		-		24
Other	3		(3)		(7)		6
Total	$	96	$	87	$	297	$	282

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating revenues:
Total operating revenues	$ 6,244	$ 6,091	$ 18,425	$ 18,129
Operating expenses:
Compensation and benefits	1,214	1,228	3,675	3,638
Purchased services and materials	683	644	1,956	1,901
Depreciation	618	602	1,841	1,792
Fuel	616	610	1,795	1,893
Equipment and other rents	212	237	683	672
Other	352	354	1,030	1,045
Total operating expenses	3,695	3,675	10,980	10,941
Operating income	2,549	2,416	7,445	7,188
Other income, net (Note 6)	96	87	297	282
Interest expense	(327)	(314)	(984)	(957)
Income before income taxes	2,318	2,189	6,758	6,513
Income tax expense (Note 7)	(530)	(518)	(1,468)	(1,528)
Net income	$ 1,788	$ 1,671	$ 5,290	$ 4,985
Share and per share (Note 8):
Earnings per share - basic (in dollars per share)	$ 3.02	$ 2.75	$ 8.88	$ 8.19
Earnings per share - diluted (in dollars per share)	$ 3.01	$ 2.75	$ 8.87	$ 8.18
Weighted average number of shares - basic (in shares)	592.4	607.6	595.8	608.7
Weighted average number of shares - diluted (in shares)	593.2	608.6	596.7	609.7
Freight revenues
Operating revenues:
Total operating revenues	$ 5,927	$ 5,768	$ 17,461	$ 17,022
Other revenues
Operating revenues:
Total operating revenues	$ 317	$ 323	$ 964	$ 1,107

Retirement Plans - Narrative (Details) $ in Millions	9 Months Ended
Retirement Plans - Narrative (Details) $ in Millions	Sep. 30, 2025 USD ($)
Retirement Benefits [Abstract]
Expected return on plan assets, changes in fair value, period (in years)	5 years
Cash contributions for pension plans	$ 0

Accounts Receivable (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
Accounts Receivable (Details) - USD ($) $ in Millions	Jul. 28, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Jul. 27, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, allowance for credit loss, current		$ 5		$ 5			$ 6
Accounts receivable, allowance for credit loss, noncurrent		71		71			69
Receivables facility	$ 600	600		600		$ 800
Receivables securitization facility, period	3 years
Outstanding value of receivables securitization facility		0		0			0
Receivables securitization facility, issued				0
Repayments amount				0
Undivided investor held interest		1,600		1,600			$ 1,600
Interest expense		327	$ 314	$ 984	$ 957
Asset-Backed Securities, Securitized Loans and Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, from securitization, default or dilution ratio				1.00%
Interest expense		$ 1	$ 2	$ 3	$ 7

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Options
Outstanding at beginning of period (in shares)	1,981
Granted (in shares)	423
Exercised (in shares)	(261)
Forfeited or expired (in shares)	(21)
Outstanding at end of period (in shares)	2,122	1,981
Vested or expected to vest (in shares)	2,102
Options exercisable (in shares)	1,428
Weighted-average exercise price
Outstanding at beginning of period (in dollars per share)	$ 195.81
Granted (in shares)	243.51
Exercised (in shares)	162.09
Forfeited or expired (in shares)	238.93
Outstanding, weighted average exercise price (in dollars per share)	209.04	$ 195.81
Vested or expected to vest (in dollars per share)	208.75
Options exercisable (in dollars per share)	$ 194.51
Weighted-average remaining contractual term (in yrs.)
Outstanding (in years)	5 years 9 months 18 days	5 years 9 months 18 days
Vested or expected to vest (in years)	5 years 9 months 18 days
Options exercisable (in years)	4 years 6 months
Aggregate intrinsic value
Outstanding	$ 67	$ 74
Vested or expected to vest	67
Options exercisable	$ 63

Operations and Segmentation

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Operations and Segmentation

The Railroad, along with its subsidiaries and rail affiliates, is our one reportable operating segment. Although we provide and analyze revenues by commodity group, we treat the financial results of the Railroad as one segment due to the integrated nature of our rail network.

The Company’s Chief Operating Decision Maker (CODM) is our Chief Executive Officer. The CODM assesses performance for our rail network and decides how to allocate resources based on net income as reported on our Consolidated Statements of Income. The measure of segment assets is reported on our Consolidated Statements of Financial Position as total assets.

Our operating revenues are primarily derived from contracts with customers for the transportation of freight from origin to destination.

Although our revenues are principally derived from customers domiciled in the U.S., the ultimate points of origination or destination for some products we transport are outside the U.S. Freight revenues from each of our commodity groups, as described in the table below, includes revenues from shipments to and from Mexico, which amounted to $752 million and $724 million for the three months ended September 30, 2025 and 2024, respectively, and $2.2 billion and $2.3 billion for the nine months ended September 30, 2025 and 2024, respectively.


	Three months ended September 30,				Nine months ended September 30,
Millions	2025		2024		2025		2024
Bulk	$	1,930	$	1,805	$	5,667	$	5,343
Industrial	2,194		2,121		6,488		6,348
Premium	1,803		1,842		5,306		5,331
Total freight revenues	$	5,927	$	5,768	$	17,461	$	17,022
Other subsidiary revenues	172		179		547		608
Accessorial revenues	124		122		349		427
Other	21		22		68		72
Total operating revenues	$	6,244	$	6,091	$	18,425	$	18,129
Operating [a]	1,711		1,727		5,080		5,066
Administrative [a]	176		184		557		564
Locomotive fuel	600		595		1,754		1,850
Acquisition-related (Note 18)	41		-		42		-
Other segment items [b]	549		567		1,706		1,669
Depreciation	618		602		1,841		1,792
Other income, net	(96)		(87)		(297)		(282)
Interest expense	327		314		984		957
Income tax expense	530		518		1,468		1,528
Net income	$	1,788	$	1,671	$	5,290	$	4,985

[a]Operating and administrative includes compensation and benefits, purchased services and materials, equipment and other rents, non-locomotive fuel, and other expenses.

[b]Other segment items includes car hire and leases, casualty costs, state and local taxes, subsidiary expense, and other overhead expense.

Operations and Segmentation

Our operating revenues are primarily derived from contracts with customers for the transportation of freight from origin to destination.


	Three months ended September 30,				Nine months ended September 30,
Millions	2025		2024		2025		2024
Bulk	$	1,930	$	1,805	$	5,667	$	5,343
Industrial	2,194		2,121		6,488		6,348
Premium	1,803		1,842		5,306		5,331
Total freight revenues	$	5,927	$	5,768	$	17,461	$	17,022
Other subsidiary revenues	172		179		547		608
Accessorial revenues	124		122		349		427
Other	21		22		68		72
Total operating revenues	$	6,244	$	6,091	$	18,425	$	18,129
Operating [a]	1,711		1,727		5,080		5,066
Administrative [a]	176		184		557		564
Locomotive fuel	600		595		1,754		1,850
Acquisition-related (Note 18)	41		-		42		-
Other segment items [b]	549		567		1,706		1,669
Depreciation	618		602		1,841		1,792
Other income, net	(96)		(87)		(297)		(282)
Interest expense	327		314		984		957
Income tax expense	530		518		1,468		1,528
Net income	$	1,788	$	1,671	$	5,290	$	4,985

[a]Operating and administrative includes compensation and benefits, purchased services and materials, equipment and other rents, non-locomotive fuel, and other expenses.

[b]Other segment items includes car hire and leases, casualty costs, state and local taxes, subsidiary expense, and other overhead expense.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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-Subparagraph (c)
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Reference 14: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Condensed Consolidated Statements of Changes in Common Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]
Dividends per share (in dollars per share)	$ 1.38	$ 1.34	$ 4.06	$ 3.94

Accounts Payable and Other Current Liabilities

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Accounts Payable and Other Current Liabilities


Millions	Sep. 30, 2025		Dec. 31, 2024
Accounts payable	$	853	$	847
Income and other taxes payable	767		605
Compensation-related accruals	612		618
Accrued casualty costs	307		319
Current operating lease liabilities	277		346
Interest payable	269		372
Equipment rents payable	105		109
Other	509		613
Total accounts payable and other current liabilities	$	3,699	$	3,829

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Feb. 28, 2025	Sep. 30, 2025
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award expiration period (in years)		10 years
Award vesting period (in years)		3 years
Unrecognized compensation expense		$ 16
Recognized weighted-average period (in years)		1 year
Retention awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period (in years)		4 years
Unrecognized compensation expense		$ 68
Recognized weighted-average period (in years)		1 year
Performance stock unit awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense		$ 18
Recognized weighted-average period (in years)		1 year 6 months
Share-based payment award, award requisite service period (in months)	37 months
Performance period (in years)	3 years
Performance stock unit awards \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights (percent)	66.67%
Performance stock unit awards \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights (percent)	33.33%

Stock-Based Compensation - Schedule of Additional Information Regarding Stock Option Exercises (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Intrinsic value of stock options exercised	$ 2	$ 15	$ 23	$ 31
Cash received from option exercises	1	16	47	40
Treasury shares repurchased for employee payroll taxes	0	(2)	(7)	(7)
Income tax benefit realized from option exercises	0	2	3	6
Aggregate grant-date fair value of stock options vested	$ 0	$ 0	$ 16	$ 15

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating activities
Net income	$ 1,788	$ 1,671	$ 5,290	$ 4,985
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	618	602	1,841	1,792
Deferred and other income taxes			172	77
Other operating activities, net			6	(52)
Changes in current assets and liabilities:
Accounts receivable, net			(27)	37
Materials and supplies			(13)	(32)
Other current assets			1	(92)
Accounts payable and other current liabilities			(324)	(82)
Income and other taxes			119	51
Cash provided by operating activities			7,065	6,684
Investing activities
Capital investments			(2,792)	(2,530)
Other investing activities, net			1	104
Cash used in investing activities			(2,791)	(2,426)
Financing activities
Share repurchase programs (Note 16)			(2,679)	(831)
Dividends paid			(2,418)	(2,403)
Debt issued (Note 14)			1,995	800
Debt repaid			(1,424)	(2,220)
Other financing activities, net			54	279
Cash used in financing activities			(4,472)	(4,375)
Net change in cash, cash equivalents, and restricted cash			(198)	(117)
Cash, cash equivalents, and restricted cash at beginning of year			1,028	1,074
Cash, cash equivalents, and restricted cash at end of period	830	957	830	957
Non-cash investing and financing activities:
Capital investments accrued but not yet paid			190	153
Cash paid during the period for:
Income taxes, net of refunds			(841)	(1,219)
Interest, net of amounts capitalized			(1,083)	(1,074)
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Statement of Financial Position:
Cash and cash equivalents	808	947	808	947
Restricted cash equivalents in other current assets	17	2	17	2
Restricted cash equivalents in other assets	5	8	5	8
Total cash, cash equivalents, and restricted cash equivalents per above	$ 830	$ 957	$ 830	$ 957

Retirement Plans (Tables)

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Schedule of Net Periodic Pension Benefit/Cost

The components of our net periodic pension benefit/cost were as follows:


	Three months ended September 30,				Nine months ended September 30,
Millions	2025		2024		2025		2024
Service cost	$	9	$	12	$	31	$	39
Interest cost	45		47		135		139
Expected return on plan assets	(60)		(63)		(181)		(189)
Amortization of actuarial loss	2		4		6		8
Net periodic pension (benefit)/cost	$	(4)	$	-	$	(9)	$	(3)

Debt - Schedule of Unsecured, Fixed-Rate Debt Securities Under Our Shelf Registration (Details) - Unsecured Debt $ in Millions	Feb. 13, 2025 USD ($)
Unsecured Notes Due February 20, 2035
Debt Instrument [Line Items]
Fixed rate debt securities, principal amount	$ 1,000
Fixed rate debt securities, interest rate	5.10%
Unsecured Notes Due December 1, 2054
Debt Instrument [Line Items]
Fixed rate debt securities, principal amount	$ 1,000
Fixed rate debt securities, interest rate	5.60%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accounts payable	$ 853	$ 847
Income and other taxes payable	767	605
Compensation-related accruals	612	618
Accrued casualty costs	307	319
Current operating lease liabilities	277	346
Interest payable	269	372
Equipment rents payable	105	109
Other	509	613
Total accounts payable and other current liabilities	$ 3,699	$ 3,829

Properties

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Properties

The following tables list the major categories of property and equipment, as well as the weighted-average estimated useful life for each category (in years):


Millions, except estimated useful life As of September 30, 2025	Cost		Accumulated depreciation		Net book value		Estimated useful life
Land	$	5,455	N/A		$	5,455	N/A
Road:
Rail and other track material	19,646		7,858		11,788		45
Ties	12,699		4,251		8,448		34
Ballast	6,618		2,274		4,344		34
Other roadway [a]	24,385		6,005		18,380		47
Total road	63,348		20,388		42,960		N/A
Equipment:
Locomotives	9,899		3,819		6,080		18
Freight cars	3,063		1,088		1,975		23
Work equipment and other	1,287		524		763		17
Total equipment	14,249		5,431		8,818		N/A
Technology and other	1,386		637		749		12
Construction in progress	1,410		N/A		1,410		N/A
Total	$	85,848	$	26,456	$	59,392	N/A


Millions, except estimated useful life As of December 31, 2024	Cost		Accumulated depreciation		Net book value		Estimated useful life
Land	$	5,441	N/A		$	5,441	N/A
Road:
Rail and other track material	19,283		7,642		11,641		46
Ties	12,358		4,109		8,249		34
Ballast	6,495		2,182		4,313		34
Other roadway [a]	23,913		5,681		18,232		47
Total road	62,049		19,614		42,435		N/A
Equipment:
Locomotives	9,517		3,724		5,793		18
Freight cars	3,011		1,037		1,974		22
Work equipment and other [b]	1,222		482		740		17
Total equipment	13,750		5,243		8,507		N/A
Technology and other	1,431		640		791		12
Construction in progress	1,169		N/A		1,169		N/A
Total	$	83,840	$	25,497	$	58,343	N/A

[a]Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets.

Properties (Details) - USD ($) $ in Millions	3 Months Ended
Properties (Details) - USD ($) $ in Millions	Jun. 30, 2024	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Cost		$ 85,848	$ 83,840
Accumulated depreciation		26,456	25,497
Net book value		59,392	58,343
Land
Property, Plant and Equipment [Line Items]
Cost		5,455	5,441
Net book value		5,455	5,441
Total road
Property, Plant and Equipment [Line Items]
Cost		63,348	62,049
Accumulated depreciation		20,388	19,614
Net book value		42,960	42,435
Rail and other track material
Property, Plant and Equipment [Line Items]
Cost		19,646	19,283
Accumulated depreciation		7,858	7,642
Net book value		$ 11,788	$ 11,641
Estimated useful life		45 years	46 years
Ties
Property, Plant and Equipment [Line Items]
Cost		$ 12,699	$ 12,358
Accumulated depreciation		4,251	4,109
Net book value		$ 8,448	$ 8,249
Estimated useful life		34 years	34 years
Ballast
Property, Plant and Equipment [Line Items]
Cost		$ 6,618	$ 6,495
Accumulated depreciation		2,274	2,182
Net book value		$ 4,344	$ 4,313
Estimated useful life		34 years	34 years
Other roadway
Property, Plant and Equipment [Line Items]
Cost		$ 24,385	$ 23,913
Accumulated depreciation		6,005	5,681
Net book value		$ 18,380	$ 18,232
Estimated useful life		47 years	47 years
Total equipment
Property, Plant and Equipment [Line Items]
Cost		$ 14,249	$ 13,750
Accumulated depreciation		5,431	5,243
Net book value		8,818	8,507
Locomotives
Property, Plant and Equipment [Line Items]
Cost		9,899	9,517
Accumulated depreciation		3,819	3,724
Net book value		$ 6,080	$ 5,793
Estimated useful life		18 years	18 years
Freight cars
Property, Plant and Equipment [Line Items]
Cost		$ 3,063	$ 3,011
Accumulated depreciation		1,088	1,037
Net book value		$ 1,975	$ 1,974
Estimated useful life		23 years	22 years
Work equipment and other
Property, Plant and Equipment [Line Items]
Cost		$ 1,287	$ 1,222
Accumulated depreciation		524	482
Net book value		$ 763	$ 740
Estimated useful life		17 years	17 years
Technology and other
Property, Plant and Equipment [Line Items]
Cost		$ 1,386	$ 1,431
Accumulated depreciation		637	640
Net book value		$ 749	$ 791
Estimated useful life		12 years	12 years
Construction in progress
Property, Plant and Equipment [Line Items]
Cost		$ 1,410	$ 1,169
Net book value		$ 1,410	$ 1,169
Chassis assets \| Other Expense
Property, Plant and Equipment [Line Items]
Gain recognized in other expense	$ 46

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Personal Injury Liability Activity

Our personal injury liability activity was as follows:


Millions, for the nine months ended September 30,	2025		2024
Beginning balance	$	379	$	383
Current year accruals	82		87
Changes in estimates for prior years	9		(2)
Payments	(81)		(75)
Ending balance at September 30,	$	389	$	393
Current portion, ending balance at September 30,	$	105	$	114

Schedule of Environmental Liability Activity

Our environmental liability activity was as follows:


Millions, for the nine months ended September 30,	2025		2024
Beginning balance	$	268	$	245
Accruals	44		100
Payments	(55)		(76)
Ending balance at September 30,	$	257	$	269
Current portion, ending balance at September 30,	$	66	$	119

Commitments and Contingencies - Narrative (Details) $ in Millions	Sep. 30, 2025 USD ($) site
Loss Contingencies [Line Items]
Sites identified	361
Sites subject of actions taken by US government	29
Sites on superfund national priorities list	17
Personal Injury \| Minimum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss \| $	$ 389
Personal Injury \| Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss \| $	$ 508

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
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-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482425/460-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Related Parties (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Related Parties (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Equipment and other rents	$ 212	$ 237	$ 683	$ 672
Accounts payable, current	853		853		$ 847
UPRR \| Equity Method Investee
Related Party Transaction [Line Items]
Equipment and other rents	115	$ 112	336	$ 321
Accounts payable, current	$ 75		$ 75		70
UPRR \| TTX Company
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	37.03%		37.03%
Equity method investments	$ 2,000		$ 2,000		$ 1,900

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Accounts Payable and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Other Current Liabilities


Millions	Sep. 30, 2025		Dec. 31, 2024
Accounts payable	$	853	$	847
Income and other taxes payable	767		605
Compensation-related accruals	612		618
Accrued casualty costs	307		319
Current operating lease liabilities	277		346
Interest payable	269		372
Equipment rents payable	105		109
Other	509		613
Total accounts payable and other current liabilities	$	3,699	$	3,829

Income Taxes (Details) - State and Local Jurisdiction - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Kansas Department of Revenue
Operating Loss Carryforwards [Line Items]
Reduction of our deferred tax expense	$ 115
Arkansas Department of Revenue
Operating Loss Carryforwards [Line Items]
Reduction of our deferred tax expense		$ 8

Accumulated Other Comprehensive Income/Loss (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Reclassifications Out of Accumulated Other Comprehensive Income/Loss

Reclassifications out of accumulated other comprehensive income/loss were as follows (net of tax):


Millions	Defined benefit plans		Foreign currency translation		Unrealized gain on derivative instruments [a]		Total
Balance at July 1, 2025	$	(497)	$	(211)	$	16	$	(692)
Other comprehensive income/(loss) before reclassifications	1		21		-		22
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	(2)		-		-		(2)
Net quarter-to-date other comprehensive income/(loss), net of taxes of $0.1 million	(1)		21		-		20
Balance at September 30, 2025	$	(498)	$	(190)	$	16	$	(672)

Balance at July 1, 2024	$	(483)	$	(139)	$	16	$	(606)
Other comprehensive income/(loss) before reclassifications	-		(86)		-		(86)
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	-		-		-		-
Net quarter-to-date other comprehensive income/(loss), net of taxes of $0.8 million	-		(86)		-		(86)
Balance at September 30, 2024	$	(483)	$	(225)	$	16	$	(692)

[a]Related to interest rate swaps from equity method investments.

Reclassifications out of accumulated other comprehensive income/loss were as follows (net of tax):


Millions	Defined benefit plans		Foreign currency translation		Unrealized gain on derivative instruments [a]		Total
Balance at January 1, 2025	$	(498)	$	(241)	$	16	$	(723)
Other comprehensive income/(loss) before reclassifications	2		51		-		53
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	(2)		-		-		(2)
Net year-to-date other comprehensive income/(loss), net of taxes of ($1.8) million	-		51		-		51
Balance at September 30, 2025	$	(498)	$	(190)	$	16	$	(672)

Balance at January 1, 2024	$	(484)	$	(146)	$	16	$	(614)
Other comprehensive income/(loss) before reclassifications	2		(79)		-		(77)
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	(1)		-		-		(1)
Net year-to-date other comprehensive income/(loss), net of taxes of $0.7 million	1		(79)		-		(78)
Balance at September 30, 2024	$	(483)	$	(225)	$	16	$	(692)

[a]Related to interest rate swaps from equity method investments.

Stock-Based Compensation - Schedule of Annual Weighted Average Assumptions (Details) - Stock options - $ / shares	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.30%	4.20%
Dividend yield	2.20%	2.10%
Expected life (years)	4 years 3 months 18 days	4 years 4 months 24 days
Volatility	22.40%	28.70%
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 48.70	$ 61.75

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details