0000100885-26-000037 | 10-K | XBRL Viewer

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Retirement Plans - Schedule of Underfunded Accumulated Benefit Obligation (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 380	$ 395
Accumulated benefit obligation	376	389
Fair value of plan assets	0	0
Underfunded accumulated benefit obligation	$ (376)	$ (389)

- 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
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+ Details

Share Repurchase Programs

12 Months Ended

Dec. 31, 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 December 31, 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 20, 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 during 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
Fourth quarter	-	2,804,785	-		237.43
Total	11,857,159	6,303,166	$	227.20	$	240.35
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 the average price of $251.73

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

Nature of Operations

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations

Operations and segmentation – We are a Class I railroad operating in the U.S. Our network includes 32,889 route miles, connecting Pacific Coast and Gulf Coast ports with the Midwest and Eastern U.S. gateways and providing several corridors to key Mexican and Canadian gateways. We own 26,294 miles and operate on the remainder pursuant to trackage rights or leases. We serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the Atlantic Coast, the Pacific Coast, the Southeast, the Southwest, Canada, and Mexico. Export and import traffic is moved through Gulf Coast, Pacific Coast, and East Coast ports and across the Mexican and Canadian borders.

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 accounting policies of the Railroad segment are the same as those described in Note 2 Significant Accounting Policies.

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 $2.9 billion in 2025, $3.0 billion in 2024, and $2.8 billion in 2023. 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.


Millions	2025		2024		2023
Bulk	$	7,586	$	7,207	$	7,358
Industrial	8,604		8,440		8,238
Premium	7,030		7,164		6,975
Total freight revenues	$	23,220	$	22,811	$	22,571
Other subsidiary revenues	718		788		872
Accessorial revenues	475		554		584
Other	97		97		92
Total operating revenues	$	24,510	$	24,250	$	24,119
Operating [a] [c]	6,816		6,793		6,727
Administrative [a] [c]	735		760		763
Locomotive fuel	2,335		2,418		2,815
Acquisition-related (Note 20)	72		-		-
Other segment items [b] [c]	2,241		2,168		2,414
Depreciation	2,465		2,398		2,318
Other income, net	(629)		(350)		(491)
Interest expense	1,309		1,269		1,340
Income tax expense	2,028		2,047		1,854
Net income	$	7,138	$	6,747	$	6,379

[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, property taxes, subsidiary expense, and other overhead expense.

[c] Prior periods have been recast to reflect the presentation of the CODM's review in the current year.

Basis of presentation – The Consolidated Financial Statements are presented in accordance with accounting principles generally accepted in the U.S. (GAAP) as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC).

Stock Options and Other Stock Plans - Schedule of Changes in Performance Stock Unit Awards (Details) - Performance Stock Unit Awards shares in Thousands	12 Months Ended
	Dec. 31, 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	(87)
Outstanding at end of period (in shares) \| shares	619
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	219.28
Outstanding at end of period (in dollars per share) \| $ / shares	$ 222.68

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Jan. 30, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 136.1
Entity Common Stock, Shares Outstanding		593,391,460
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for the Annual Meeting of Shareholders to be held on May 14, 2026, are incorporated by reference into Part III of this report. The registrant’s Proxy Statement will be filed with the Securities and Exchange Commission (SEC) within 120 days after the end of the fiscal year that this report relates pursuant to Regulation 14A.
Entity Central Index Key	0000100885
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Variable Interest Entities (Details) $ in Millions	Dec. 31, 2025 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lessee, operating lease, liability, to be paid	$ 1,125
Variable Interest Entity, Not Primary Beneficiary
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lessee, operating lease, liability, to be paid	$ 331

Accumulated Other Comprehensive Income/Loss (Tables)

12 Months Ended

Dec. 31, 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		Derivative instruments [a]		Total
Balance at January 1, 2025	$	(498)	$	(241)	$	16	$	(723)
Other comprehensive income/(loss) before reclassifications	2		62		-		64
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	69		-		(1)		68
Net year-to-date other comprehensive income/(loss), net of taxes of ($24) million	71		62		(1)		132
Balance at December 31, 2025	$	(427)	$	(179)	$	15	$	(591)

Balance at January 1, 2024	$	(484)	$	(146)	$	16	$	(614)
Other comprehensive income/(loss) before reclassifications	2		(95)		-		(93)
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	(16)		-		-		(16)
Net year-to-date other comprehensive income/(loss), net of taxes of $6 million	(14)		(95)		-		(109)
Balance at December 31, 2024	$	(498)	$	(241)	$	16	$	(723)

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

[b]The defined benefit plans 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.

Stock Options and Other Stock Plans - Schedule of Changes in Retention Awards (Details) - Retention awards shares in Thousands	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Shares
Outstanding at beginning of period (in shares) \| shares	915
Granted (in shares) \| shares	229
Vested (in shares) \| shares	(231)
Forfeited (in shares) \| shares	(35)
Outstanding at end of period (in shares) \| shares	878
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	205.32
Forfeited (in dollars per share) \| $ / shares	230.34
Outstanding at end of period (in dollars per share) \| $ / shares	$ 232.18

Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 250	$ 20
Debt Instrument, fair value disclosure	26,500	25,300
Fair value of total debt less of carrying value	5,300	5,900
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 250	$ 20

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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+ Details

Retirement Plans - Schedule of Weighted Average Assumptions (Details) - Pension Plan	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.53%	5.61%	5.00%
Compensation increase	3.60%	4.00%
Discount rate for interest on benefit obligations	5.32%	4.91%	5.14%
Discount rate for service cost	5.75%	5.05%	5.19%
Discount rate for interest on service cost	5.68%	5.02%	5.21%
Expected return on plan assets	5.25%	5.25%	5.25%
Compensation increase	3.90%	4.00%	4.10%

- 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

+ Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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 for the years ended December 31:


Millions, except per share amounts	2025		2024		2023
Net income	$	7,138	$	6,747	$	6,379
Weighted-average number of shares outstanding:
Basic	595.0		607.6		609.2
Dilutive effect of stock options	0.3		0.4		0.4
Dilutive effect of retention awards	0.6		0.6		0.6
Diluted	595.9		608.6		610.2
Earnings per share - basic	$	12.00	$	11.10	$	10.47
Earnings per share - diluted	$	11.98	$	11.09	$	10.45

Retirement Plans - Schedule of Qualified and Non-Qualified Pension Plans (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Qualified
Defined Benefit Plan Disclosure [Line Items]
Cash contributions	$ 0	$ 0
Non-qualified
Defined Benefit Plan Disclosure [Line Items]
Cash contributions	$ 33	$ 32

- 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

+ Details

Accounting Pronouncements	12 Months Ended
Accounting Pronouncements	Dec. 31, 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 adopted this ASU on December 31, 2025, on a retrospective basis. See the Supplemental Cash Flow Information of the Consolidated Statements of Cash Flows and Note 7 Income Taxes. 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, and early adoption is 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. We elected to early adopt ASU 2025-05 on December 31, 2025, which did not have a material impact on our consolidated financial statements. 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. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides recognition, measurement, and presentation authoritative guidance for grants received by a business entity from a government. The ASU is effective for fiscal years beginning after December 15, 2028, and interim reporting periods within those fiscal years, may be adopted on a modified prospective, modified retrospective, or retrospective 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.

+ References

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+ Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Amount
Federal Taxes	$ 1,925	$ 1,847	$ 1,729
State and local income tax, net of federal benefit	163	264	166
Foreign tax effects	10	16	8
Effect of cross-border tax laws	(2)	1	(2)
Tax credits	(50)	(45)	(21)
Nontaxable or nondeductible items	(16)	(36)	(37)
Changes in unrecognized tax benefits	(2)	0	(1)
Other adjustments	0	0	12
Total income tax expense	$ 2,028	$ 2,047	$ 1,854
Effective Income Tax Rate Reconciliation, Percent
Federal Taxes (as a percent)	21.00%	21.00%	21.00%
State and local income tax, net of federal benefit (as a percent)	1.80%	3.00%	2.00%
Foreign tax effects (as a percent)	0.10%	0.20%	0.10%
Effect of cross-border tax laws (as a percent)	0.00%	0.00%	0.00%
Tax credits (as a percent)	(0.60%)	(0.50%)	(0.30%)
Nontaxable or nondeductible items (as a percent)	(0.20%)	(0.40%)	(0.40%)
Changes in unrecognized tax benefits (as a percent)	0.00%	0.00%	0.00%
Other adjustments (as a percent)	0.00%	0.00%	0.10%
Effective tax rate (as a percent)	22.10%	23.30%	22.50%

Other Income

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Other Income

Other income included the following for the years ended December 31:


Millions	2025		2024		2023
Real estate income [a]	$	558	$	263	$	414
Interest income	56		52		52
Net periodic pension benefit/(costs)	55		55		52
Non-operating property environmental remediation and restoration	(32)		(37)		(37)
Interest from IRS refund claims	-		24		-
Other	(8)		(7)		10
Total	$	629	$	350	$	491

[a]2025 includes $250 million in industrial park land sales. 2023 includes a one-time $107 million transaction.

Consolidated Statements of Changes in Common Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 5.44	$ 5.28	$ 5.20

Financial Instruments	12 Months Ended
Financial Instruments	Dec. 31, 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 December 31, 2025 and 2024, the Company had $250 million and $20 million of short-term investments, respectively. All short-term investments have a maturity of three to twelve months from the date of purchase 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 December 31, 2025, the fair value of total debt was $26.5 billion, approximately $5.3 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.

Debt - Schedule of Aggregate Debt Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 1,521
2027	1,291
2028	1,239
2029	1,276
2030	753
Thereafter	27,412
Total principal	33,492
Unamortized discount and deferred issuance costs	(1,678)	$ (1,693)
Total debt	$ 31,814

Stock Options and Other Stock Plans - Schedule of Stock Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock-based compensation, before tax:
Total stock-based compensation, before tax	$ 142	$ 118	$ 107
Excess income tax benefits from equity compensation plans	12	15	11
Stock options
Stock-based compensation, before tax:
Total stock-based compensation, before tax	24	18	16
Retention awards
Stock-based compensation, before tax:
Total stock-based compensation, before tax	102	77	71
ESPP
Stock-based compensation, before tax:
Total stock-based compensation, before tax	$ 16	$ 23	$ 20

Other Income (Table)

12 Months Ended

Dec. 31, 2025

Other Income and Expenses [Abstract]

Schedule of Other Income

Other income included the following for the years ended December 31:


Millions	2025		2024		2023
Real estate income [a]	$	558	$	263	$	414
Interest income	56		52		52
Net periodic pension benefit/(costs)	55		55		52
Non-operating property environmental remediation and restoration	(32)		(37)		(37)
Interest from IRS refund claims	-		24		-
Other	(8)		(7)		10
Total	$	629	$	350	$	491

[a]2025 includes $250 million in industrial park land sales. 2023 includes a one-time $107 million transaction.

Retirement Plans - Schedule of Pre-Tax Changes in Other Comprehensive Income/Loss (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (loss)/gain	$ 93	$ (11)	$ (159)
Actuarial loss	8	11	9
Total	$ 101	$ 0	$ (150)

- 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

+ Details

- Definition

Amount, before tax, after reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan.

+ References + Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Other comprehensive income/(loss), deferred taxes	$ (24)	$ 6	$ 31

Leases - Schedule of Other Lease Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating cash flows from operating leases	$ 310	$ 319
Investing cash flows from operating leases	32	32
Operating cash flows from finance leases	4	6
Financing cash flows from finance leases	36	47
Leased assets obtained in exchange for operating lease liabilities	$ 198	$ 119

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Share Repurchase Programs - Narrative (Details) - USD ($) $ in Millions		3 Months Ended								9 Months Ended	12 Months Ended			36 Months Ended
	Feb. 18, 2025	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	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	0	6,111,558	5,745,601	2,804,785	3,006,061	492,320	0	6,100,000	11,857,159	6,303,166		31,700,000
Treasury stock, value, acquired											$ 2,694	$ 1,515	$ 712
2025 Accelerated Share Repurchase
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

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Components of income tax expense were as follows for the years ended December 31:


Millions	2025		2024		2023
Current tax expense:
Federal	1,460		1,649		1,417
State	321		359		314
Foreign	6		11		6
Total current tax expense	1,787		2,019		1,737
Deferred and other tax expense/(benefit):
Federal	351		47		219
State [a]	(114)		(24)		(104)
Foreign	4		5		2
Total deferred and other tax expense	241		28		117
Total income tax expense	$	2,028	$	2,047	$	1,854

[a]In 2025, Kansas enacted corporate income tax legislation that resulted in a $115 million reduction of our deferred tax expense. In 2024, Louisiana and Arkansas enacted corporate income tax legislation that resulted in a $34 million reduction of our deferred tax expense. In 2023, Nebraska, Iowa, Kansas, and Arkansas enacted corporate income tax legislation that resulted in a $114 million reduction of our deferred tax expense.

Schedule of Effective Income Tax Rate Reconciliation

For the years ended December 31, reconciliations between statutory and effective tax rates are as follows:


Millions, except percentages	2025				2024				2023
Federal Taxes	$	1,925	21.0	%	$	1,847	21.0	%	$	1,729	21.0	%
State and local income tax, net of federal benefit	163		1.8		264		3.0		166		2.0
Foreign tax effects	10		0.1		16		0.2		8		0.1

Effect of cross-border tax laws	(2)		-		1		-		(2)		-
Tax credits	(50)		(0.6)		(45)		(0.5)		(21)		(0.3)

Nontaxable or nondeductible items	(16)		(0.2)		(36)		(0.4)		(37)		(0.4)
Changes in unrecognized tax benefits	(2)		-		-		-		(1)		-
Other adjustments	-		-		-		-		12		0.1
Effective tax rate	$	2,028	22.1	%	$	2,047	23.3	%	$	1,854	22.5	%

Schedule of States with Income Tax Liability

The following states represent over 50% of our state income tax liability, listed in order of magnitude:


2025	2024	2023
California	California	California
Illinois	Nebraska	Nebraska
Nebraska	Illinois	Illinois
Kansas	Kansas	Kansas
	Iowa	Iowa

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax assets/(liabilities) were comprised of the following at December 31:


Millions	2025		2024
Deferred income tax liabilities:
Property	$	(13,260)	$	(13,020)
Operating lease assets	(248)		(314)
Other	(639)		(581)
Total deferred income tax liabilities	(14,147)		(13,915)
Deferred income tax assets:
Operating lease liabilities	241		308
Accrued casualty costs	184		172
Accrued wages	52		51
Stock compensation	34		28
Other	215		205
Total deferred income tax assets	726		764
Net deferred income tax liability	$	(13,421)	$	(13,151)

Schedule of Unrecognized Tax Benefits Liabilities (Assets)

A reconciliation of changes in unrecognized tax benefits liabilities/(assets) from the beginning to the end of the reporting period is as follows:


Millions	2025		2024		2023
Unrecognized tax benefits at January 1	$	32	$	30	$	34
Refunds from/(payments to) and settlements with taxing authorities	-		7		-
Decreases for positions taken in prior years	(1)		(6)		(1)
Increases/(decreases) for interest and penalties	1		1		-
Lapse of statutes of limitations	(5)		-		(4)
Increases for positions taken in current year	-		-		1

Unrecognized tax benefits at December 31	$	27	$	32	$	30

Leases - Schedule of Lease Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease cost	$ 305	$ 340
Short-term lease cost	23	24
Variable lease cost	39	37
Amortization of leased assets	28	31
Interest on lease liabilities	5	5
Net lease cost	$ 400	$ 437

Earnings Per Share - Schedule of Reconciliation of Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 7,138	$ 6,747	$ 6,379
Weighted-average number of shares outstanding:
Weighted average number of shares - basic (in shares)	595.0	607.6	609.2
Weighted average number of shares - diluted (in shares)	595.9	608.6	610.2
Earnings per share - basic (in dollars per share)	$ 12.00	$ 11.10	$ 10.47
Earnings per share - diluted (in dollars per share)	$ 11.98	$ 11.09	$ 10.45
Stock options
Weighted-average number of shares outstanding:
Dilutive effect of share-based payment arrangement (in shares)	0.3	0.4	0.4
Retention awards
Weighted-average number of shares outstanding:
Dilutive effect of share-based payment arrangement (in shares)	0.6	0.6	0.6

Share Repurchase Programs (Tables)

12 Months Ended

Dec. 31, 2025

Share Repurchase Program [Abstract]

Schedule of Share Repurchase Programs

The table below represents shares repurchased under repurchase programs during 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
Fourth quarter	-	2,804,785	-		237.43
Total	11,857,159	6,303,166	$	227.20	$	240.35
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 the average price of $251.73

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

Income Taxes - Schedule of Income Tax Expense Components (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current tax expense:
Federal	$ 1,460	$ 1,649	$ 1,417
State	321	359	314
Foreign	6	11	6
Total current tax expense	1,787	2,019	1,737
Deferred and other tax expense/(benefit):
Federal	351	47	219
State	(114)	(24)	(104)
Foreign	4	5	2
Total deferred and other tax expense	241	28	117
Total income tax expense	2,028	2,047	1,854
Kansas
Deferred and other tax expense/(benefit):
Deferred tax expense adjustment	$ 115
Louisiana and Arkansas
Deferred and other tax expense/(benefit):
Deferred tax expense adjustment		$ 34
Nebraska, Iowa, Kansas, and Arkansas
Deferred and other tax expense/(benefit):
Deferred tax expense adjustment			$ 114

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net income	$ 7,138	$ 6,747	$ 6,379
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	2,465	2,398	2,318
Deferred and other income taxes	241	28	117
Other operating activities, net	(193)	(13)	(132)
Changes in current assets and liabilities:
Accounts receivable, net	34	179	(177)
Materials and supplies	(18)	(26)	(2)
Other current assets	25	(69)	(38)
Accounts payable and other current liabilities	(196)	189	(215)
Income and other taxes	(206)	(87)	129
Cash provided by operating activities	9,290	9,346	8,379
Investing activities
Capital investments	(3,791)	(3,452)	(3,606)
Other investing activities, net	29	127	(61)
Cash used in investing activities	(3,762)	(3,325)	(3,667)
Financing activities
Dividends paid	(3,236)	(3,213)	(3,173)
Share repurchase programs (Note 18)	(2,679)	(1,505)	(705)
Debt issued (Note 14)	1,995	800	1,599
Debt repaid	(1,428)	(2,226)	(2,190)
Other financing activities, net	72	77	(156)
Cash used in financing activities	(5,276)	(6,067)	(4,625)
Net change in cash, cash equivalents, and restricted cash	252	(46)	87
Cash, cash equivalents, and restricted cash at beginning of year	1,028	1,074	987
Cash, cash equivalents, and restricted cash at end of year	1,280	1,028	1,074
Non-cash investing and financing activities:
Capital investments accrued but not yet paid	131	165	137
Cash paid during the year for:
Federal income taxes, net of refunds	(543)	(986)	(1,185)
Total state income taxes, net of refunds	(321)	(350)	(295)
Foreign income taxes, net of refunds	(13)	(4)	(6)
Interest, net of amounts capitalized	(1,311)	(1,260)	(1,268)
California
Cash paid during the year for:
Total state income taxes, net of refunds	(64)
Other
Cash paid during the year for:
Total state income taxes, net of refunds	$ (257)	$ (350)	$ (295)

Stock Options and Other Stock Plans - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended	12 Months Ended
	Jun. 10, 2025	Jun. 09, 2025	Feb. 28, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 31, 2021	May 31, 2013	Apr. 30, 2000
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option (in shares)				2,095,000	1,981,000
Number of shares available for grant (in shares)				29,874,539	31,063,392	31,979,909
ESPP employee contribution annual limit				$ 15
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				$ 10,000
Recognized weighted-average period (in years)				8 months 12 days
Retention awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Retention shares (in shares)				878,000	915,000
Award vesting period (in years)				4 years
Unrecognized compensation expense				$ 50,000
Recognized weighted-average period (in years)				9 months 18 days
Performance stock unit awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Retention shares (in shares)				619,000	607,000
Unrecognized compensation expense				$ 11,000
Recognized weighted-average period (in years)				1 year
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%
Employee stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employer contribution match (as a percent)	20.00%	40.00%
Maximum employee subscription rate				5.00%
Union Pacific Corporation 2000 Directors Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)									2,200,000
Retention shares granted to each non-employee director upon initial election to board (in shares)									4,000
Outstanding, number (in shares)				16,000
Union Pacific Corporation 2013 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)								78,000,000
Stock option (in shares)				501,049
Retention shares (in shares)				0
Union Pacific Corporation 2021 Stock Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)							23,000,000
Stock option (in shares)				1,593,585
Retention shares (in shares)				1,187,093
Union Pacific Corporation 2021 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized (in shares)							10,000,000
Shares issued in period (in shares)				1,537,960

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

The following table provides a reconciliation between basic and diluted earnings per share for the years ended December 31:


Millions, except per share amounts	2025		2024		2023
Net income	$	7,138	$	6,747	$	6,379
Weighted-average number of shares outstanding:
Basic	595.0		607.6		609.2
Dilutive effect of stock options	0.3		0.4		0.4
Dilutive effect of retention awards	0.6		0.6		0.6
Diluted	595.9		608.6		610.2
Earnings per share - basic	$	12.00	$	11.10	$	10.47
Earnings per share - diluted	$	11.98	$	11.09	$	10.45

Diluted earnings per share was computed using the treasury stock method for both stock options and retention awards. Common stock options totaling 1.0 million, 0.6 million, and 0.9 million for 2025, 2024, and 2023, respectively, were excluded from the computation of diluted earnings per share because the exercise prices of these stock options exceeded the average market price of our common stock for the respective periods, and the effect of their inclusion would be anti-dilutive.

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Statement of Comprehensive Income [Abstract]

Net income

$ 7,138

$ 6,747

$ 6,379

Other comprehensive income/(loss):

Defined benefit plans

(14)

(106)

Foreign currency translation

(95)

Derivative instruments

(1)

Total other comprehensive income/(loss)

^[1]

132

(109)

(32)

Comprehensive income

$ 7,270

$ 6,638

$ 6,347

[1]	Net of deferred taxes of ($24) million, $6 million, and $31 million during 2025, 2024, and 2023, 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

Nature of Operations (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Segment Reporting Information, by Segment

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.


Millions	2025		2024		2023
Bulk	$	7,586	$	7,207	$	7,358
Industrial	8,604		8,440		8,238
Premium	7,030		7,164		6,975
Total freight revenues	$	23,220	$	22,811	$	22,571
Other subsidiary revenues	718		788		872
Accessorial revenues	475		554		584
Other	97		97		92
Total operating revenues	$	24,510	$	24,250	$	24,119
Operating [a] [c]	6,816		6,793		6,727
Administrative [a] [c]	735		760		763
Locomotive fuel	2,335		2,418		2,815
Acquisition-related (Note 20)	72		-		-
Other segment items [b] [c]	2,241		2,168		2,414
Depreciation	2,465		2,398		2,318
Other income, net	(629)		(350)		(491)
Interest expense	1,309		1,269		1,340
Income tax expense	2,028		2,047		1,854
Net income	$	7,138	$	6,747	$	6,379

[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, property taxes, subsidiary expense, and other overhead expense.

[c] Prior periods have been recast to reflect the presentation of the CODM's review in the current year.

Stock Options and Other Stock Plans

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Options and Other Stock Plans

In April 2000, the shareholders approved the Union Pacific Corporation 2000 Directors Plan (Directors Plan) whereby 2,200,000 shares of our common stock were reserved for issuance to our non-employee directors. Under the Directors Plan, each non-employee director, upon his or her initial election to the Board of Directors, received a grant of 4,000 retention shares or retention stock units. In July 2018, the Board of Directors eliminated the retention grant for directors newly elected in 2018 and all future years. As of December 31, 2025, 16,000 restricted shares were outstanding under the Directors Plan.

The Union Pacific Corporation 2013 Stock Incentive Plan (2013 Plan) was approved by shareholders in May 2013. The 2013 Plan reserved 78,000,000 shares of our common stock for issuance, plus any shares subject to awards made under previous plans as of February 28, 2013, that are subsequently cancelled, expired, forfeited, or otherwise not issued under previous plans. Under the 2013 Plan, non-qualified stock options, incentive stock options, retention shares, stock units, and incentive bonus awards may be granted to eligible employees of the Corporation and its subsidiaries. Non-employee directors are not eligible for awards under the 2013 Plan. As of December 31, 2025, 501,049 stock options and no retention shares and stock units were outstanding under the 2013 Plan. We no longer grant any stock options or other stock or unit awards under this plan.

The Union Pacific Corporation 2021 Stock Incentive Plan (2021 Plan) was approved by shareholders in May 2021. The 2021 Plan reserved 23,000,000 shares of our common stock for issuance, plus any shares subject to awards made under previous plans as of December 31, 2022, that are subsequently cancelled, expired, forfeited, or otherwise not issued under previous plans. Under the 2021 Plan, non-qualified stock options, incentive stock options, retention shares, stock units, and incentive bonus awards may be granted to eligible employees of the Corporation and its subsidiaries. Non-employee directors are not eligible for awards under the 2021 Plan. As of December 31, 2025, 1,593,585 stock options and 1,187,093 retention shares were outstanding under the 2021 Plan.

The Union Pacific Corporation 2021 Employee Stock Purchase Plan (2021 ESPP) was approved by shareholders in May 2021. The 2021 ESPP reserved 10,000,000 shares of our common stock for issuance. Under the 2021 ESPP, eligible employees of the Corporation and its subsidiaries may elect to purchase shares with a Company match award. Non-employee directors are not eligible for awards under the 2021 ESPP. As of December 31, 2025, 1,537,960 shares were issued under the 2021 ESPP.

Pursuant to the above plans 29,874,539; 31,063,392; and 31,979,909 shares of our common stock were authorized and available for grant at December 31, 2025, 2024, and 2023, respectively.

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 ESPP.

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


Millions	2025		2024		2023
Stock-based compensation, before tax:
Stock options	$	24	$	18	$	16
Retention awards	102		77		71
ESPP	16		23		20
Total stock-based compensation, before tax	$	142	$	118	$	107
Excess income tax benefits from equity compensation plans	$	12	$	15	$	11

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 December 31, 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			2023
Risk-free interest rate	4.3		%	4.2		%	3.9		%
Dividend yield	2.2		%	2.1		%	2.6		%
Expected life (years)	4.3			4.4			4.5
Volatility	22.4		%	28.7		%	29.3		%
Weighted-average grant-date fair value of options granted	$	48.70		$	61.75		$	48.31

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 2025 is presented below:


	Options (thous.)	Weighted-average exercise price		Weighted-average remaining contractual term (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	(288)	157.41		N/A	N/A
Forfeited or expired	(21)	238.93		N/A	N/A
Outstanding at December 31, 2025	2,095	$	210.29	5.6	$	58
Vested or expected to vest at December 31, 2025	2,074	$	210.03	5.6	$	58
Options exercisable at December 31, 2025	1,400	$	196.12	4.2	$	55

At December 31, 2025, there was $10 million of unrecognized compensation expense related to nonvested stock options, which is expected to be recognized over a weighted-average period of 0.7 years. Additional information regarding stock option exercises appears in the following table:


Millions	2025		2024		2023
Intrinsic value of stock options exercised	$	26	$	35	$	23
Cash received from option exercises	51		46		27
Treasury shares repurchased for employee payroll taxes	(8)		(8)		(5)
Income tax benefit realized from option exercises	4		7		5
Aggregate grant-date fair value of stock options vested	$	16	$	15	$	14

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 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	(231)	205.32
Forfeited	(35)	230.34
Nonvested at December 31, 2025	878	$	232.18

At December 31, 2025, there was $50 million of total unrecognized compensation expense related to nonvested retention awards, which is expected to be recognized over a weighted-average period of 0.8 years.

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 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	(87)	219.28
Nonvested at December 31, 2025	619	$	222.68

At December 31, 2025, there was $11 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 1.0 year. This expense is subject to achievement of the performance measures established for the performance stock unit grants.

Employee stock purchase plan – Employee and Company contributions are used to issue treasury shares the month after employee contributions are withheld based on the settlement date closing price. Effective with the June 10, 2025, purchase (for employee services rendered in May 2025), the Company match was changed from 40% to 20% of the amount contributed by the employee up to a maximum employee contribution of 5% of monthly salary (limited to $15,000 annually). We expense the Company contributions in the month the employee services were rendered (i.e., the month the employee contributions were withheld).

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Components of income tax expense were as follows for the years ended December 31:


Millions	2025		2024		2023
Current tax expense:
Federal	1,460		1,649		1,417
State	321		359		314
Foreign	6		11		6
Total current tax expense	1,787		2,019		1,737
Deferred and other tax expense/(benefit):
Federal	351		47		219
State [a]	(114)		(24)		(104)
Foreign	4		5		2
Total deferred and other tax expense	241		28		117
Total income tax expense	$	2,028	$	2,047	$	1,854

For the years ended December 31, reconciliations between statutory and effective tax rates are as follows:


Millions, except percentages	2025				2024				2023
Federal Taxes	$	1,925	21.0	%	$	1,847	21.0	%	$	1,729	21.0	%
State and local income tax, net of federal benefit	163		1.8		264		3.0		166		2.0
Foreign tax effects	10		0.1		16		0.2		8		0.1

Effect of cross-border tax laws	(2)		-		1		-		(2)		-
Tax credits	(50)		(0.6)		(45)		(0.5)		(21)		(0.3)

Nontaxable or nondeductible items	(16)		(0.2)		(36)		(0.4)		(37)		(0.4)
Changes in unrecognized tax benefits	(2)		-		-		-		(1)		-
Other adjustments	-		-		-		-		12		0.1
Effective tax rate	$	2,028	22.1	%	$	2,047	23.3	%	$	1,854	22.5	%

The state statutory rate, net of federal benefits, was 3.1%, 3.2%, and 3.4% for years ended December 31, 2025, 2024, and 2023, respectively.

UPRR operates in the western two-thirds of the country. The majority of our state taxes are paid in the states where we actively operate. The following states represent over 50% of our state income tax liability, listed in order of magnitude:


2025	2024	2023
California	California	California
Illinois	Nebraska	Nebraska
Nebraska	Illinois	Illinois
Kansas	Kansas	Kansas
	Iowa	Iowa

Deferred income tax assets/(liabilities) were comprised of the following at December 31:


Millions	2025		2024
Deferred income tax liabilities:
Property	$	(13,260)	$	(13,020)
Operating lease assets	(248)		(314)
Other	(639)		(581)
Total deferred income tax liabilities	(14,147)		(13,915)
Deferred income tax assets:
Operating lease liabilities	241		308
Accrued casualty costs	184		172
Accrued wages	52		51
Stock compensation	34		28
Other	215		205
Total deferred income tax assets	726		764
Net deferred income tax liability	$	(13,421)	$	(13,151)

In 2025 and 2024, there were no valuation allowances against deferred tax assets.

A reconciliation of changes in unrecognized tax benefits liabilities/(assets) from the beginning to the end of the reporting period is as follows:


Millions	2025		2024		2023
Unrecognized tax benefits at January 1	$	32	$	30	$	34
Refunds from/(payments to) and settlements with taxing authorities	-		7		-
Decreases for positions taken in prior years	(1)		(6)		(1)
Increases/(decreases) for interest and penalties	1		1		-
Lapse of statutes of limitations	(5)		-		(4)
Increases for positions taken in current year	-		-		1

Unrecognized tax benefits at December 31	$	27	$	32	$	30

We recognize interest and penalties as part of income tax expense. Total accrued liabilities for interest and penalties were $4 million at both December 31, 2025 and 2024, respectively. Total interest and penalties recognized as part of income tax expense/(benefit) were $1 million for both 2025 and 2024 and ($1) million for 2023.

Several state tax authorities are examining our state income tax returns for years 2020 through 2024. With few exceptions, we are no longer subject to state income tax examinations by tax authorities for years before 2020. Additionally, we are no longer subject to U.S. federal income tax examinations by tax authorities for years before 2022.

The portion of our unrecognized tax benefits that relates to permanent changes in tax and interest would reduce our effective tax rate, if recognized. The remaining unrecognized tax benefits relate to tax positions for which only the timing of the benefit is uncertain. The unrecognized tax benefits that would reduce our effective tax rate are $27 million for 2025, $32 million for 2024, and $30 million for 2023.

- Definition

The entire disclosure for income tax.

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+ Details

Pending Acquisition

12 Months Ended

Dec. 31, 2025

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

Pending Acquisition

Norfolk Southern Corporation (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 was held on November 14, 2025. Union Pacific shareholders approved the share issuance proposal, and Norfolk Southern shareholders approved the merger agreement proposal (each as described in the companies' definitive proxy statements).

Completion of the mergers is conditioned on the receipt of Surface Transportation Board (STB) approval and a number of other conditions before the mergers can be consummated, as described in the merger agreement. On December 19, 2025, Union Pacific and Norfolk Southern (applicants) submitted a joint application to the STB seeking approval of the mergers. On December 19, 2025, the STB issued a decision inviting public comment on the application's completeness. Comments were due December 29, 2025. The applicants replied to comments on January 2, 2026. On January 16, 2026, the STB issued a decision that the joint application was not accepted as complete. The decision does not result in the dismissal of the merger proceeding nor should it be read as an indication of how the STB might ultimately assess any future revised application. The applicants are permitted to file a revised application, which would commence a new review by the STB for completeness. The STB decision directs the applicants to file a letter by February 17, 2026, indicating if and when the applicants anticipate filing a revised application.

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 2027.

Union Pacific incurred the following acquisition-related expense associated with the merger agreement for the year ended December 31:


Millions	2025
Acquisition-related expense


Purchased services and materials	$	68
Other	4
Total acquisition-related expense [a]	$	72

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

At December 31, 2025, deferred share issuance costs of $13 million was recorded and 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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-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 40
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479326/805-40-45-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-30/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-20/tableOfContent

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-5

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/805-10/tableOfContent

+ Details

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Accumulated Other Comprehensive Income (Loss) [Line Items]

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

$ (24)

$ 6

$ 31

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

Beginning balance

16,890

14,788

12,163

Other comprehensive income/(loss) before reclassifications

(93)

Amounts reclassified from accumulated other comprehensive income/(loss)

(16)

Total other comprehensive income/(loss)

^[1]

132

(109)

(32)

Ending balance

18,467

16,890

14,788

Total

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

Beginning balance

^[2]

(723)

(614)

(582)

Total other comprehensive income/(loss)

^[2]

132

(109)

(32)

Ending balance

^[2]

(591)

(723)

(614)

Defined benefit plans

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

Beginning balance

(498)

(484)

Other comprehensive income/(loss) before reclassifications

Amounts reclassified from accumulated other comprehensive income/(loss)

(16)

Total other comprehensive income/(loss)

(14)

Ending balance

(427)

(498)

(484)

Foreign currency translation

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

Beginning balance

(241)

(146)

Other comprehensive income/(loss) before reclassifications

(95)

Amounts reclassified from accumulated other comprehensive income/(loss)

Total other comprehensive income/(loss)

(95)

Ending balance

(179)

(241)

(146)

Derivative instruments

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

Beginning balance

Other comprehensive income/(loss) before reclassifications

Amounts reclassified from accumulated other comprehensive income/(loss)

(1)

Total other comprehensive income/(loss)

(1)

Ending balance

$ 15

$ 16

[1]	Net of deferred taxes of ($24) million, $6 million, and $31 million during 2025, 2024, and 2023, respectively.
[2]	AOCI = Accumulated Other Comprehensive Income/Loss (Note 9)

Variable Interest Entities	12 Months Ended
Variable Interest Entities	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities We have entered into various lease transactions in which the structure of the leases contain variable interest entities (VIEs). These VIEs were created solely for the purpose of doing lease transactions (principally involving railroad equipment and facilities) and have no other activities, assets, or liabilities outside of the lease transactions. Within these lease arrangements, we have the right to purchase some or all of the assets at fixed prices. Depending on market conditions, fixed-price purchase options available in the leases could potentially provide benefits to us; however, these benefits are not expected to be significant. We maintain and operate the assets based on contractual obligations within the lease arrangements, which set specific guidelines consistent within the railroad industry. As such, we have no control over activities that could materially impact the fair value of the leased assets. We do not hold the power to direct the activities of the VIEs and, therefore, do not control the ongoing activities that have a significant impact on the economic performance of the VIEs. Additionally, we do not have the obligation to absorb losses of the VIEs or the right to receive benefits of the VIEs that could potentially be significant to the VIEs. We are not considered to be the primary beneficiary and do not consolidate these VIEs because our actions and decisions do not have the most significant effect on the VIE’s performance and our fixed-price purchase options are not considered to be potentially significant to the VIEs. The future minimum lease payments associated with the VIE leases totaled $331 million as of December 31, 2025, and are recorded as operating lease liabilities at present value in our Consolidated Statements of Financial Position.

Debt - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Debt - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 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		$ 0
Authorized debt issuance		$ 20,000
Remaining debt issuance	20,000	$ 7,000
Receivables facility	33,492
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 issued	0
Repayments of lines of credit	0
Credit facility balance	0		$ 0
Debt coverage ratio	47,700
Outstanding debt as defined by facility	33,500
Cross default provision	$ 150

Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 1,266	$ 1,016	$ 1,055
Restricted cash equivalents in other current assets	9	4	10
Restricted cash equivalents in other assets	5	8	9
Total cash, cash equivalents, and restricted cash equivalents	$ 1,280	$ 1,028	$ 1,074	$ 987

Properties (Tables)

12 Months Ended

Dec. 31, 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	Cost		Accumulated depreciation		Net book value		Estimated useful life
As of December 31, 2025
Land	$	5,471	N/A		$	5,471	N/A
Road:
Rail and other track material	19,747		$	7,936	11,811		45
Ties	12,779		4,305		8,474		34
Ballast	6,646		2,309		4,337		34
Other roadway [a]	24,610		6,080		18,530		47
Total road	63,782		20,630		43,152		N/A
Equipment:
Locomotives	9,926		3,813		6,113		18
Freight cars	3,080		1,107		1,973		23
Work equipment and other	1,318		540		778		17
Total equipment	14,324		5,460		8,864		N/A
Technology and other	1,414		669		745		12
Construction in progress	1,413		-		1,413		N/A
Total	$	86,404	$	26,759	$	59,645	N/A

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


Millions, except estimated useful life	Cost		Accumulated depreciation		Net book value		Estimated useful life
As of December 31, 2024
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		-		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 to the asset class, 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 Consolidated Statements of Income.

Stock Options and Other Stock Plans (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation Expense

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


Millions	2025		2024		2023
Stock-based compensation, before tax:
Stock options	$	24	$	18	$	16
Retention awards	102		77		71
ESPP	16		23		20
Total stock-based compensation, before tax	$	142	$	118	$	107
Excess income tax benefits from equity compensation plans	$	12	$	15	$	11

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			2023
Risk-free interest rate	4.3		%	4.2		%	3.9		%
Dividend yield	2.2		%	2.1		%	2.6		%
Expected life (years)	4.3			4.4			4.5
Volatility	22.4		%	28.7		%	29.3		%
Weighted-average grant-date fair value of options granted	$	48.70		$	61.75		$	48.31

Schedule of Stock Option Activity

A summary of stock option activity during 2025 is presented below:


	Options (thous.)	Weighted-average exercise price		Weighted-average remaining contractual term (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	(288)	157.41		N/A	N/A
Forfeited or expired	(21)	238.93		N/A	N/A
Outstanding at December 31, 2025	2,095	$	210.29	5.6	$	58
Vested or expected to vest at December 31, 2025	2,074	$	210.03	5.6	$	58
Options exercisable at December 31, 2025	1,400	$	196.12	4.2	$	55

Schedule of Additional Information Regarding Stock Option Exercises

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


Millions	2025		2024		2023
Intrinsic value of stock options exercised	$	26	$	35	$	23
Cash received from option exercises	51		46		27
Treasury shares repurchased for employee payroll taxes	(8)		(8)		(5)
Income tax benefit realized from option exercises	4		7		5
Aggregate grant-date fair value of stock options vested	$	16	$	15	$	14

Schedule of Changes in Retention Awards

Changes in our retention awards during 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	(231)	205.32
Forfeited	(35)	230.34
Nonvested at December 31, 2025	878	$	232.18

Schedule of Changes in Performance Stock Unit Awards

Changes in our performance stock unit awards during 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	(87)	219.28
Nonvested at December 31, 2025	619	$	222.68

Commitments and Contingencies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) site
Loss Contingencies [Line Items]
Sites identified	343
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 \| $	$ 413
Personal Injury \| Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss \| $	$ 530

- 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
-SubTopic 20
-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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 27
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482395/460-10-55-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-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
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

+ Details

Nature of Operations - Schedule of Freight and Other Revenues (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 24,510	$ 24,250	$ 24,119
Locomotive fuel	2,390	2,474	2,891
Depreciation	2,465	2,398	2,318
Other income, net	(629)	(350)	(491)
Interest expense	1,309	1,269	1,340
Income tax expense	2,028	2,047	1,854
Net income	7,138	6,747	6,379
Total freight revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	23,220	22,811	22,571
Reportable Segment
Disaggregation of Revenue [Line Items]
Total operating revenues	24,510	24,250	24,119
Operating	6,816	6,793	6,727
Administrative	735	760	763
Locomotive fuel	2,335	2,418	2,815
Acquisition-related (Note 20)	72	0	0
Other segment items	2,241	2,168	2,414
Depreciation	2,465	2,398	2,318
Other income, net	(629)	(350)	(491)
Interest expense	1,309	1,269	1,340
Income tax expense	2,028	2,047	1,854
Net income	7,138	6,747	6,379
Reportable Segment \| Total freight revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	23,220	22,811	22,571
Reportable Segment \| Bulk
Disaggregation of Revenue [Line Items]
Total operating revenues	7,586	7,207	7,358
Reportable Segment \| Industrial
Disaggregation of Revenue [Line Items]
Total operating revenues	8,604	8,440	8,238
Reportable Segment \| Premium
Disaggregation of Revenue [Line Items]
Total operating revenues	7,030	7,164	6,975
Reportable Segment \| Other subsidiary revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	718	788	872
Reportable Segment \| Accessorial revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	475	554	584
Reportable Segment \| Other
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 97	$ 97	$ 92

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

We lease certain locomotives, freight cars, and other property for use in our rail operations.

The following are details related to our lease portfolio as of December 31:


Millions	Classification	2025		2024
Assets
Operating leases	Operating lease assets	$	1,036	$	1,297
Finance leases	Properties, net [a]	185		172
Total leased assets		$	1,221	$	1,469
Liabilities
Current
Operating	Accounts payable and other current liabilities	$	270	$	346
Finance	Debt due within one year	39		37
Noncurrent
Operating	Operating lease liabilities	738		925
Finance	Debt due after one year	66		72
Total lease liabilities		$	1,113	$	1,380

[a]Finance lease assets are recorded net of accumulated amortization of $456 million and $472 million as of December 31, 2025 and 2024, respectively.

The following table presents the classification of lease cost components for the year-ended December 31:


Millions	2025		2024
Operating lease cost [a]	$	305	$	340
Short-term lease cost	23		24
Variable lease cost	39		37
Finance lease cost
Amortization of leased assets [b]	28		31
Interest on lease liabilities [c]	5		5
Net lease cost	$	400	$	437

[a]Operating lease cost is primarily reported in equipment and other rents in our Consolidated Statements of Income.

[b]Amortization of leased assets is reported in depreciation in our Consolidated Statements of Income.

[c]Interest on lease liabilities is reported in interest expense in our Consolidated Statements of Income.

The following table presents aggregate lease maturities as of December 31, 2025:


Millions	Operating leases		Finance leases		Total
2026	$	276	$	42	$	318
2027	238		37		275
2028	191		14		205
2029	123		21		144
2030	121		-		121
After 2030	176		-		176
Total lease payments	$	1,125	$	114	$	1,239
Less: Interest	117		9		126
Present value of lease liabilities	$	1,008	$	105	$	1,113

The following table presents the weighted average remaining lease term and discount rate as of December 31:


			2025
Weighted-average remaining lease term (years)
Operating leases			5.4
Finance leases			2.6
Weighted-average discount rate (%)
Operating leases			4.0
Finance leases			4.5

The following table presents other information related to our operating and finance leases for the years ended December 31:


Millions	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	310	$	319
Investing cash flows from operating leases	32		32
Operating cash flows from finance leases	4		6
Financing cash flows from finance leases	36		47

Leased assets obtained in exchange for operating lease liabilities	$	198	$	119

Leases

We lease certain locomotives, freight cars, and other property for use in our rail operations.

The following are details related to our lease portfolio as of December 31:


Millions	Classification	2025		2024
Assets
Operating leases	Operating lease assets	$	1,036	$	1,297
Finance leases	Properties, net [a]	185		172
Total leased assets		$	1,221	$	1,469
Liabilities
Current
Operating	Accounts payable and other current liabilities	$	270	$	346
Finance	Debt due within one year	39		37
Noncurrent
Operating	Operating lease liabilities	738		925
Finance	Debt due after one year	66		72
Total lease liabilities		$	1,113	$	1,380

[a]Finance lease assets are recorded net of accumulated amortization of $456 million and $472 million as of December 31, 2025 and 2024, respectively.

The following table presents the classification of lease cost components for the year-ended December 31:


Millions	2025		2024
Operating lease cost [a]	$	305	$	340
Short-term lease cost	23		24
Variable lease cost	39		37
Finance lease cost
Amortization of leased assets [b]	28		31
Interest on lease liabilities [c]	5		5
Net lease cost	$	400	$	437

[a]Operating lease cost is primarily reported in equipment and other rents in our Consolidated Statements of Income.

[b]Amortization of leased assets is reported in depreciation in our Consolidated Statements of Income.

[c]Interest on lease liabilities is reported in interest expense in our Consolidated Statements of Income.

The following table presents aggregate lease maturities as of December 31, 2025:


Millions	Operating leases		Finance leases		Total
2026	$	276	$	42	$	318
2027	238		37		275
2028	191		14		205
2029	123		21		144
2030	121		-		121
After 2030	176		-		176
Total lease payments	$	1,125	$	114	$	1,239
Less: Interest	117		9		126
Present value of lease liabilities	$	1,008	$	105	$	1,113

The following table presents the weighted average remaining lease term and discount rate as of December 31:


			2025
Weighted-average remaining lease term (years)
Operating leases			5.4
Finance leases			2.6
Weighted-average discount rate (%)
Operating leases			4.0
Finance leases			4.5

The following table presents other information related to our operating and finance leases for the years ended December 31:


Millions	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	310	$	319
Investing cash flows from operating leases	32		32
Operating cash flows from finance leases	4		6
Financing cash flows from finance leases	36		47

Leased assets obtained in exchange for operating lease liabilities	$	198	$	119

Accounts Receivable (Details) - USD ($) $ in Millions		12 Months Ended
Accounts Receivable (Details) - USD ($) $ in Millions	Jul. 28, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jul. 27, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, allowance for credit loss, current		$ 4	$ 6
Accounts receivable, allowance for credit loss, noncurrent		64	69
Receivables facility	$ 600				$ 800
Receivables securitization facility, duration (in years)	3 years
Value outstanding, undivided interest held by investors under receivables securitization facility		0	0
Receivables securitization facility issued		0
Receivables securitization facility repayments		0
Accounts receivable, supporting undivided investor held interest		1,500	1,600
Interest expense		$ 1,309	1,269	$ 1,340
Asset-Backed Securities, Securitized Loans and Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, from securitization, default or dilution ratio (as a percent)		1.00%
Interest expense		$ 3	$ 8	$ 9

Pending Acquisition (Tables)

12 Months Ended

Dec. 31, 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 for the year ended December 31:


Millions	2025
Acquisition-related expense


Purchased services and materials	$	68
Other	4
Total acquisition-related expense [a]	$	72

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

Earnings Per Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock options (in shares)	1.0	0.6	0.9

Related Parties (Details) - USD ($) $ in Millions	12 Months Ended
Related Parties (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Equipment and other rents	$ 912	$ 920	$ 947
Accounts payable, current	804	847
UPRR \| Equity Method Investee
Related Party Transaction [Line Items]
Equipment and other rents	447	432	$ 399
Accounts payable, current	$ 72	70
TTX Company \| UPRR
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	37.03%
Equity method investments	$ 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

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+ Details

Related Parties	12 Months Ended
Related Parties	Dec. 31, 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 by renting rail cars at stated rates. UPRR had $2.0 billion and $1.9 billion recognized as investments related to TTX in our Consolidated Statements of Financial Position as of December 31, 2025 and 2024, respectively. TTX car hire expense of $447 million in 2025, $432 million in 2024, and $399 million in 2023 are included in equipment and other rents in our Consolidated Statements of Income. In addition, UPRR had accounts payable to TTX of $72 million and $70 million at December 31, 2025 and 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.

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+ Details

Retirement Plans - Schedule of Amount Recognized in Financial Position (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Noncurrent assets	$ 1,083	$ 950
Current liabilities	(32)	(32)
Noncurrent liabilities	(348)	(363)
Net amounts recognized at end of year	$ 703	$ 555

- Definition

Amount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.

+ 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

+ Details

Debt - Schedule of Total Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total principal	$ 33,492
Unamortized discount and deferred issuance costs	(1,678)	$ (1,693)
Total debt	31,814	31,192
Less: current portion	(1,520)	(1,425)
Total long-term debt	30,294	29,767
Notes and Debentures
Debt Instrument [Line Items]
Total principal	32,694	32,044
Equipment Obligations
Debt Instrument [Line Items]
Total principal	693	732
Equipment Obligations \| Railroad Assets, Equipment
Debt Instrument [Line Items]
Debt instrument, collateral amount	800	800
Finance Lease
Debt Instrument [Line Items]
Total principal	$ 105	$ 109
Minimum \| Notes and Debentures
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.30%
Minimum \| Equipment Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	2.60%
Minimum \| Finance Lease
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	3.10%
Maximum \| Notes and Debentures
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	7.20%
Maximum \| Equipment Obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.20%
Maximum \| Finance Lease
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	6.80%

Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accounts payable	$ 804	$ 847
Compensation-related accruals	642	618
Income and other taxes payable	491	605
Interest payable	375	372
Accrued casualty costs	278	319
Current operating lease liabilities (Note 16)	270	346
Equipment rents payable	102	109
Other	532	613
Total accounts payable and other current liabilities	$ 3,494	$ 3,829

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
Debt instrument, interest rate, stated percentage	5.10%
Unsecured Notes Due December 1, 2054
Debt Instrument [Line Items]
Fixed rate debt securities, principal amount	$ 1,000
Debt instrument, interest rate, stated percentage	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.

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+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The Company is subject to cybersecurity threats that could have a material adverse impact on our results of operations, financial condition, and liquidity. See also our discussion in the Risk Factors in Item 1A of this report. As a component of our Company-wide enterprise risk management framework, we implemented a cybersecurity program whose objective is to assess, identify, and manage risks from cybersecurity threats that may result in adverse effects on the confidentiality, integrity, and availability of the electronic information systems that we own. We regularly perform internal security assessments, engage third-party consultants to conduct external security assessments, and participate in, conduct, and/or administer exercises, drills, and recovery tests as part of this program. We also maintain training programs and policies and procedures designed to safeguard employee handling and use of data, internet usage, controlled access measures, and physical protections. We consult with industry groups, monitor threat intelligence reports, and communicate with various government agencies in an effort to stay up-to-date on changes in the cybersecurity threat landscape. This program, in addition to addressing our own information systems, is also designed to oversee, identify, and reduce the potential impact of a security incident at a third-party service provider or that otherwise impacts third-party technology and systems we use. Internal cybersecurity team The Company’s internal information security organization (Internal Cybersecurity Team), led by our Executive Vice President and Chief Information Officer (CIO) as well as the Assistant Vice President and Chief Information Security Officer (CISO), is responsible for coordinating all aspects of the Company’s electronic information security systems, including prevention, detection, mitigation, and remediation of cybersecurity incidents, as well as implementing, monitoring, and maintaining our enterprise-wide security strategy, standards, architecture, policies, and processes. Our CIO reports directly to our Chief Executive Officer, our CISO reports to our CIO, and reporting to our CISO are our Deputy Chief Information Security Officer (Deputy CISO) and other experienced information security personnel responsible for various parts of our business. In addition to our internal cybersecurity capabilities, we also periodically engage assessors, consultants, auditors, and other third parties to assist with assessing, identifying, and managing cybersecurity risks. When the Company learns of a cybersecurity incident at a third-party service provider, the Company’s respective department contacts maintain communication with the third-party service provider and communicate any cybersecurity incidents to the CISO. Security policy and requirements As part of the Company’s Crisis Management Plan, the Company's cybersecurity Incident Response Plan (the IRP) provides a framework for responding to cybersecurity incidents. The IRP sets out a coordinated approach to discovering, investigating, containing, tracking, mitigating, and remediating cybersecurity incidents, including a framework for elevating and reporting findings and keeping senior management and other key stakeholders informed and involved, based on assessments regarding the scope or significance of incidents. The IRP applies to the Company’s extended computing environment, including electronic information resources that are owned or used by the Company and are routinely relied on to support our operations. Additionally, in 2025, certain management employees participated in a tabletop exercise to simulate a response to a cybersecurity incident, and the teams incorporated the findings of this exercise into our Business Sustainment Plans The Internal Cybersecurity Team has robust processes and redundancies in place designed with the objective of deterring, detecting, mitigating, and responding to potential cybersecurity threats, which includes a vulnerability assessment, prioritization, and remediation program. The Internal Cybersecurity Team also performs regular system penetration testing to validate our security controls and assess our infrastructure and applications. All management employees take mandatory security awareness training on the Company’s data security policies and procedures, which is supplemented by Company-wide testing initiatives, including periodic phishing tests. Our information security program is designed to align our defenses and resources to identify, assess, and address more likely and more damaging cyber events, to provide support for our organizational mission and operational objectives, and to position us to deter, detect, mitigate, and respond to a wide variety of potential attacks in a timely fashion. Our information security program employs quantitative and qualitative approaches to evaluate the effectiveness of controls and assess the resiliency of critical computing resources. This data is combined with knowledge of common attack techniques to assess the likelihood of components being compromised and assess potential financial implications under different scenarios. The results are used to help identify potentially material risks and provide insights which are taken into account when prioritizing our security initiatives. Material cybersecurity risks, threats, and incidents Due to the evolving nature of cybersecurity threats, it has and will continue to be difficult to prevent, detect, mitigate, and remediate cybersecurity incidents. While we are not aware of having experienced any material effects or reasonably likely material effects on our Company, its business strategy, results of operations, or financial condition resulting from cybersecurity threats or incidents to date, as a critical infrastructure provider, we may be a target of well-funded and sophisticated adverse actors. There can be no guarantee that we will not be the subject of future risks or incidents that have such an effect, or that we are not currently the subject of an undetected risk or incident that may have such an effect. We also rely on information technology and third-party vendors to support our operations, including our secure processing of personal, confidential, sensitive, proprietary, and other types of information. Despite ongoing efforts to continue improvement of our and our vendors’ ability to protect against cyber incidents, we may not be able to protect all of the information systems we use. Incidents may lead to reputational harm, revenue and client loss, legal actions, or statutory penalties, among other consequences. For a more detailed discussion of these risks, see our discussion in the Risk Factors in Item 1A of this report.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company is subject to cybersecurity threats that could have a material adverse impact on our results of operations, financial condition, and liquidity. See also our discussion in the Risk Factors in Item 1A of this report. As a component of our Company-wide enterprise risk management framework, we implemented a cybersecurity program whose objective is to assess, identify, and manage risks from cybersecurity threats that may result in adverse effects on the confidentiality, integrity, and availability of the electronic information systems that we own. We regularly perform internal security assessments, engage third-party consultants to conduct external security assessments, and participate in, conduct, and/or administer exercises, drills, and recovery tests as part of this program. We also maintain training programs and policies and procedures designed to safeguard employee handling and use of data, internet usage, controlled access measures, and physical protections. We consult with industry groups, monitor threat intelligence reports, and communicate with various government agencies in an effort to stay up-to-date on changes in the cybersecurity threat landscape. This program, in addition to addressing our own information systems, is also designed to oversee, identify, and reduce the potential impact of a security incident at a third-party service provider or that otherwise impacts third-party technology and systems we use. Internal cybersecurity team The Company’s internal information security organization (Internal Cybersecurity Team), led by our Executive Vice President and Chief Information Officer (CIO) as well as the Assistant Vice President and Chief Information Security Officer (CISO), is responsible for coordinating all aspects of the Company’s electronic information security systems, including prevention, detection, mitigation, and remediation of cybersecurity incidents, as well as implementing, monitoring, and maintaining our enterprise-wide security strategy, standards, architecture, policies, and processes. Our CIO reports directly to our Chief Executive Officer, our CISO reports to our CIO, and reporting to our CISO are our Deputy Chief Information Security Officer (Deputy CISO) and other experienced information security personnel responsible for various parts of our business. In addition to our internal cybersecurity capabilities, we also periodically engage assessors, consultants, auditors, and other third parties to assist with assessing, identifying, and managing cybersecurity risks. When the Company learns of a cybersecurity incident at a third-party service provider, the Company’s respective department contacts maintain communication with the third-party service provider and communicate any cybersecurity incidents to the CISO.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board of Directors has delegated primary oversight of the Company’s cybersecurity risk to the Audit Committee, which receives updates on cybersecurity risks, risk mitigation initiatives, and incidents at Audit Committee meetings from the CIO, CISO, and other members of management, as needed. When making decisions regarding director appointments and committee assignments, the Board of Directors takes into consideration the cybersecurity experience of directors and director candidates and strives to maintain cybersecurity expertise on the Board of Directors and Audit Committee. We have protocols by which certain cybersecurity incidents are reported to the Audit Committee and Board of Directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors has delegated primary oversight of the Company’s cybersecurity risk to the Audit Committee, which receives updates on cybersecurity risks, risk mitigation initiatives, and incidents at Audit Committee meetings from the CIO, CISO, and other members of management, as needed. When making decisions regarding director appointments and committee assignments, the Board of Directors takes into consideration the cybersecurity experience of directors and director candidates and strives to maintain cybersecurity expertise on the Board of Directors and Audit Committee. We have protocols by which certain cybersecurity incidents are reported to the Audit Committee and Board of Directors.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors has delegated primary oversight of the Company’s cybersecurity risk to the Audit Committee, which receives updates on cybersecurity risks, risk mitigation initiatives, and incidents at Audit Committee meetings from the CIO, CISO, and other members of management, as needed. When making decisions regarding director appointments and committee assignments, the Board of Directors takes into consideration the cybersecurity experience of directors and director candidates and strives to maintain cybersecurity expertise on the Board of Directors and Audit Committee. We have protocols by which certain cybersecurity incidents are reported to the Audit Committee and Board of Directors.
Cybersecurity Risk Role of Management [Text Block]	At the management level, our CIO, CISO, and Deputy CISO, each of whom has extensive cybersecurity knowledge and skills gained from over 29 years, 30 years, and 21 years of relevant work experience, respectively, head the Internal Cybersecurity Team that is responsible for implementing and maintaining cybersecurity and data protection practices across our business, with our CIO reporting directly to our Chief Executive Officer. Our CISO and Deputy CISO receive reports on cybersecurity threats from a number of experienced information security professionals for various parts of our business on an ongoing basis and, in conjunction with other management personnel, regularly consult on risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks. In addition, our Risk and Compliance Committee (RCC) is responsible for oversight and support of the Company’s Enterprise Risk Management and Compliance and Ethics programs and is comprised of the Executive Leadership Team, the Vice President Law and Chief Compliance Officer (Compliance Officer), and the Assistant Vice President - Accounting who has responsibilities for Enterprise Risk Management. The RCC also created a subcommittee, the Enterprise Risk Management Committee (ERMC), who is charged with continually monitoring, evaluating, and managing enterprise risks. The ERMC includes the Compliance Officer, General Auditor, Vice President and Chief Safety Officer, CISO, Vice President - Strategy and Corporate Development, Assistant Vice President - Accounting, and Assistant Vice President - HDC and Network Operations. The RCC and ERMC both meet throughout the year and receive periodic updates on cybersecurity from the CISO.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	At the management level, our CIO, CISO, and Deputy CISO, each of whom has extensive cybersecurity knowledge and skills gained from over 29 years, 30 years, and 21 years of relevant work experience, respectively, head the Internal Cybersecurity Team that is responsible for implementing and maintaining cybersecurity and data protection practices across our business, with our CIO reporting directly to our Chief Executive Officer. Our CISO and Deputy CISO receive reports on cybersecurity threats from a number of experienced information security professionals for various parts of our business on an ongoing basis and, in conjunction with other management personnel, regularly consult on risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks. In addition, our Risk and Compliance Committee (RCC) is responsible for oversight and support of the Company’s Enterprise Risk Management and Compliance and Ethics programs and is comprised of the Executive Leadership Team, the Vice President Law and Chief Compliance Officer (Compliance Officer), and the Assistant Vice President - Accounting who has responsibilities for Enterprise Risk Management. The RCC also created a subcommittee, the Enterprise Risk Management Committee (ERMC), who is charged with continually monitoring, evaluating, and managing enterprise risks. The ERMC includes the Compliance Officer, General Auditor, Vice President and Chief Safety Officer, CISO, Vice President - Strategy and Corporate Development, Assistant Vice President - Accounting, and Assistant Vice President - HDC and Network Operations. The RCC and ERMC both meet throughout the year and receive periodic updates on cybersecurity from the CISO.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	At the management level, our CIO, CISO, and Deputy CISO, each of whom has extensive cybersecurity knowledge and skills gained from over 29 years, 30 years, and 21 years of relevant work experience, respectively, head the Internal Cybersecurity Team that is responsible for implementing and maintaining cybersecurity and data protection practices across our business, with our CIO reporting directly to our Chief Executive Officer.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CISO and Deputy CISO receive reports on cybersecurity threats from a number of experienced information security professionals for various parts of our business on an ongoing basis and, in conjunction with other management personnel, regularly consult on risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks. In addition, our Risk and Compliance Committee (RCC) is responsible for oversight and support of the Company’s Enterprise Risk Management and Compliance and Ethics programs and is comprised of the Executive Leadership Team, the Vice President Law and Chief Compliance Officer (Compliance Officer), and the Assistant Vice President - Accounting who has responsibilities for Enterprise Risk Management. The RCC also created a subcommittee, the Enterprise Risk Management Committee (ERMC), who is charged with continually monitoring, evaluating, and managing enterprise risks. The ERMC includes the Compliance Officer, General Auditor, Vice President and Chief Safety Officer, CISO, Vice President - Strategy and Corporate Development, Assistant Vice President - Accounting, and Assistant Vice President - HDC and Network Operations. The RCC and ERMC both meet throughout the year and receive periodic updates on cybersecurity from the CISO.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

See Note 20 for a discussion on the pending acquisition of 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 $413 million to $530 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	2025		2024		2023
Beginning balance	$	379	$	383	$	361
Current year accruals	123		121		112
Changes in estimates for prior years	17		(14)		89
Payments	(106)		(111)		(179)
Ending balance at December 31	$	413	$	379	$	383
Current portion, ending balance at December 31	$	93	$	106	$	113

Environmental costs – We are subject to federal, state, and local environmental laws and regulations. We have identified 343 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	2025		2024		2023
Beginning balance	$	268	$	245	$	253
Accruals	70		129		99
Payments	(79)		(106)		(107)
Ending balance at December 31	$	259	$	268	$	245
Current portion, ending balance at December 31	$	62	$	83	$	91

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.

Accounts Payable and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accounts Payable and Other Current Liabilities


Millions	Dec. 31, 2025		Dec. 31, 2024
Accounts payable	$	804	$	847
Compensation-related accruals	642		618
Income and other taxes payable	491		605
Interest payable	375		372
Accrued casualty costs	278		319
Current operating lease liabilities (Note 16)	270		346
Equipment rents payable	102		109
Other	532		613
Total accounts payable and other current liabilities	$	3,494	$	3,829

Commitments and Contingencies - Schedule of Environmental Liability Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	$ 268	$ 245	$ 253
Accruals	70	129	99
Payments	(79)	(106)	(107)
Ending balance	259	268	245
Current portion, ending balance	$ 62	$ 83	$ 91
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other current liabilities (Note 12), Other long-term liabilities	Accounts payable and other current liabilities (Note 12), Other long-term liabilities	Accounts payable and other current liabilities (Note 12), Other long-term liabilities
Environmental Loss Contingency, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other current liabilities (Note 12)	Accounts payable and other current liabilities (Note 12)	Accounts payable and other current liabilities (Note 12)

Properties - Schedule of Property and Equipment and Weighted Average Estimated Useful Life (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2025	Dec. 31, 2023	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Cost		$ 86,404,000,000		$ 83,840,000,000
Accumulated depreciation		26,759,000,000		25,497,000,000
Net book value		59,645,000,000		58,343,000,000
Gain recognized in other expense		0	$ 0
Land
Property, Plant and Equipment [Line Items]
Cost		5,471,000,000		5,441,000,000
Net book value		5,471,000,000		5,441,000,000
Total road
Property, Plant and Equipment [Line Items]
Cost		63,782,000,000		62,049,000,000
Accumulated depreciation		20,630,000,000		19,614,000,000
Net book value		43,152,000,000		42,435,000,000
Rail and other track material
Property, Plant and Equipment [Line Items]
Cost		19,747,000,000		19,283,000,000
Accumulated depreciation		7,936,000,000		7,642,000,000
Net book value		$ 11,811,000,000		$ 11,641,000,000
Estimated useful life		45 years		46 years
Ties
Property, Plant and Equipment [Line Items]
Cost		$ 12,779,000,000		$ 12,358,000,000
Accumulated depreciation		4,305,000,000		4,109,000,000
Net book value		$ 8,474,000,000		$ 8,249,000,000
Estimated useful life		34 years		34 years
Ballast
Property, Plant and Equipment [Line Items]
Cost		$ 6,646,000,000		$ 6,495,000,000
Accumulated depreciation		2,309,000,000		2,182,000,000
Net book value		$ 4,337,000,000		$ 4,313,000,000
Estimated useful life		34 years		34 years
Other roadway
Property, Plant and Equipment [Line Items]
Cost		$ 24,610,000,000		$ 23,913,000,000
Accumulated depreciation		6,080,000,000		5,681,000,000
Net book value		$ 18,530,000,000		$ 18,232,000,000
Estimated useful life		47 years		47 years
Total equipment
Property, Plant and Equipment [Line Items]
Cost		$ 14,324,000,000		$ 13,750,000,000
Accumulated depreciation		5,460,000,000		5,243,000,000
Net book value		8,864,000,000		8,507,000,000
Locomotives
Property, Plant and Equipment [Line Items]
Cost		9,926,000,000		9,517,000,000
Accumulated depreciation		3,813,000,000		3,724,000,000
Net book value		$ 6,113,000,000		$ 5,793,000,000
Estimated useful life		18 years		18 years
Freight cars
Property, Plant and Equipment [Line Items]
Cost		$ 3,080,000,000		$ 3,011,000,000
Accumulated depreciation		1,107,000,000		1,037,000,000
Net book value		$ 1,973,000,000		$ 1,974,000,000
Estimated useful life		23 years		22 years
Work equipment and other
Property, Plant and Equipment [Line Items]
Cost		$ 1,318,000,000		$ 1,222,000,000
Accumulated depreciation		540,000,000		482,000,000
Net book value		$ 778,000,000		$ 740,000,000
Estimated useful life		17 years		17 years
Technology and other
Property, Plant and Equipment [Line Items]
Cost		$ 1,414,000,000		$ 1,431,000,000
Accumulated depreciation		669,000,000		640,000,000
Net book value		$ 745,000,000		$ 791,000,000
Estimated useful life		12 years		12 years
Construction in progress
Property, Plant and Equipment [Line Items]
Cost		$ 1,413,000,000		$ 1,169,000,000
Accumulated depreciation		0		0
Net book value		$ 1,413,000,000		$ 1,169,000,000
Chassis assets \| Other Expense
Property, Plant and Equipment [Line Items]
Gain recognized in other expense	$ 46,000,000

Leases - Schedule of Aggregate Lease Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Operating leases
2026	$ 276
2027	238
2028	191
2029	123
2030	121
After 2030	176
Total lease payments	1,125
Less: Interest	117
Present value of lease liabilities	1,008
Finance leases
2026	42
2027	37
2028	14
2029	21
2030	0
After 2030	0
Total lease payments	114
Less: Interest	9
Present value of lease liabilities	105
Total
2026	318
2027	275
2028	205
2029	144
2030	121
After 2030	176
Total lease payments	1,239
Less: Interest	126
Total lease liabilities	$ 1,113	$ 1,380

Properties - Narrative (Details)	12 Months Ended
Properties - Narrative (Details)	Dec. 31, 2025 USD ($) asset_class	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Number of depreciable asset classes \| asset_class	60
Gain or loss from retirement of properties	$ 0		$ 0
Cost of property repairs and maintenance	$ 2,300,000,000	$ 2,300,000,000	$ 2,500,000,000
Railroad Transportation Equipment
Property, Plant and Equipment [Line Items]
Term of depreciation studies (in years)	3 years
Railroad Transportation Track Assets
Property, Plant and Equipment [Line Items]
Term of depreciation studies (in years)	6 years

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Total debt as of December 31, 2025 and 2024, is summarized below:


Millions	2025		2024
Notes and debentures, 2.3% to 7.2% due through February 14, 2072	$	32,694	$	32,044
Equipment obligations, 2.6% to 6.2% due through January 2, 2031 [a]	693		732
Finance leases, 3.1% to 6.8% due through August 21, 2029	105		109



Unamortized discount and deferred issuance costs	(1,678)		(1,693)
Total debt	31,814		31,192
Less: current portion	(1,520)		(1,425)
Total long-term debt	$	30,294	$	29,767

[a]Equipment obligations are secured by an interest in certain railroad equipment with a carrying value of approximately $0.8 billion at both December 31, 2025 and 2024.

Debt maturities – The following table presents aggregate debt maturities as of December 31, 2025, excluding market value adjustments:


Millions
2026	$	1,521
2027	1,291
2028	1,239
2029	1,276
2030	753
Thereafter	27,412
Total principal	33,492
Unamortized discount and deferred issuance costs	(1,678)
Total debt	$	31,814

Credit facilities – At December 31, 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. During 2025, we issued $0 and repaid $0 through the Facility. As of both December 31, 2025 and 2024, we had $0 outstanding with the Facility. 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 Employee Retirement Income Security Act of 1974 (ERISA), and unamortized debt discount and deferred debt issuance costs. At December 31, 2025, the Company was in compliance with the adjusted debt-to-EBITDA coverage ratio, which allows us to carry up to $47.7 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 2025, we issued $0 and repaid $0 of commercial paper. As of both December 31, 2025 and 2024, 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 year ended December 31, 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 offerings 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 December 31, 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 December 31, 2025 and 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
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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+ Details

Consolidated Statements of Financial Position - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 1,266	$ 1,016
Short-term investments (Note 13)	250	20
Accounts receivable, net (Note 10)	1,860	1,894
Materials and supplies	787	769
Other current assets	392	322
Total current assets	4,555	4,021
Investments	2,885	2,664
Properties, net (Note 11)	59,645	58,343
Operating lease assets (Note 16)	1,036	1,297
Other assets	1,577	1,390
Total assets	69,698	67,715
Current liabilities:
Accounts payable and other current liabilities (Note 12)	3,494	3,829
Debt due within one year (Note 14)	1,520	1,425
Total current liabilities	5,014	5,254
Debt due after one year (Note 14)	30,294	29,767
Operating lease liabilities (Note 16)	738	925
Deferred income taxes (Note 7)	13,421	13,151
Other long-term liabilities	1,764	1,728
Commitments and contingencies (Note 17)
Total liabilities	51,231	50,825
Common shareholders' equity:
Common shares, $2.50 par value, 1,400,000,000 authorized; 1,113,161,191 and 1,113,018,733 issued; 593,245,884 and 604,241,260 outstanding, respectively	2,783	2,783
Paid-in-surplus	5,589	5,334
Retained earnings	69,529	65,628
Treasury stock	(58,843)	(56,132)
Accumulated other comprehensive income/(loss) (Note 9)	(591)	(723)
Total common shareholders' equity	18,467	16,890
Total liabilities and common shareholders' equity	$ 69,698	$ 67,715

Retirement Plans - Schedule of Expected Benefit Payments (Details) - Pension Plan $ in Millions	Dec. 31, 2025 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2026	$ 213
2027	213
2028	214
2029	215
2030	216
Years 2031 - 2035	$ 1,104

- 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

+ Details

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating revenues:
Total operating revenues	$ 24,510	$ 24,250	$ 24,119
Operating expenses:
Compensation and benefits	4,897	4,899	4,818
Purchased services and materials	2,626	2,520	2,616
Depreciation	2,465	2,398	2,318
Fuel	2,390	2,474	2,891
Equipment and other rents	912	920	947
Other	1,374	1,326	1,447
Total operating expenses	14,664	14,537	15,037
Operating income	9,846	9,713	9,082
Other income, net (Note 6)	629	350	491
Interest expense	(1,309)	(1,269)	(1,340)
Income before income taxes	9,166	8,794	8,233
Income tax expense (Note 7)	(2,028)	(2,047)	(1,854)
Net income	$ 7,138	$ 6,747	$ 6,379
Share and Per Share (Note 8):
Earnings per share - basic (in dollars per share)	$ 12.00	$ 11.10	$ 10.47
Earnings per share - diluted (in dollars per share)	$ 11.98	$ 11.09	$ 10.45
Weighted average number of shares - basic (in shares)	595.0	607.6	609.2
Weighted average number of shares - diluted (in shares)	595.9	608.6	610.2
Freight revenues
Operating revenues:
Total operating revenues	$ 23,220	$ 22,811	$ 22,571
Other revenues
Operating revenues:
Total operating revenues	$ 1,290	$ 1,439	$ 1,548

Accumulated Other Comprehensive Income/Loss

12 Months Ended

Dec. 31, 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		Derivative instruments [a]		Total
Balance at January 1, 2025	$	(498)	$	(241)	$	16	$	(723)
Other comprehensive income/(loss) before reclassifications	2		62		-		64
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	69		-		(1)		68
Net year-to-date other comprehensive income/(loss), net of taxes of ($24) million	71		62		(1)		132
Balance at December 31, 2025	$	(427)	$	(179)	$	15	$	(591)

Balance at January 1, 2024	$	(484)	$	(146)	$	16	$	(614)
Other comprehensive income/(loss) before reclassifications	2		(95)		-		(93)
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	(16)		-		-		(16)
Net year-to-date other comprehensive income/(loss), net of taxes of $6 million	(14)		(95)		-		(109)
Balance at December 31, 2024	$	(498)	$	(241)	$	16	$	(723)

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

Leases - Schedule of Leases Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Operating leases	$ 1,036	$ 1,297
Finance leases	185	172
Total leased assets	$ 1,221	$ 1,469
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Properties, net (Note 11)	Properties, net (Note 11)
Current
Operating	$ 270	$ 346
Finance	$ 39	$ 37
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other current liabilities (Note 12)	Accounts payable and other current liabilities (Note 12)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Debt due within one year (Note 14)	Debt due within one year (Note 14)
Noncurrent
Operating	$ 738	$ 925
Finance	$ 66	$ 72
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Debt due after one year (Note 14)	Debt due after one year (Note 14)
Total lease liabilities	$ 1,113	$ 1,380
Finance lease net of accumulated amortization	$ 456	$ 472

Pending Acquisition - Schedule of Acquisition-Related Expense Associated with the Merger Agreement (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Business Combination [Line Items]
Business Combination Separately Recognized Transaction Acquisition Related Cost Expensed Statement Of Income Or Comprehensive Income Extensible Enumeration Not Disclosed Flag	Total acquisition-related expense [a]
Norfolk Southern
Business Combination [Line Items]
Total acquisition-related expense	$ 72
Norfolk Southern \| Purchased services and materials
Business Combination [Line Items]
Total acquisition-related expense	68
Norfolk Southern \| Other
Business Combination [Line Items]
Total acquisition-related expense	$ 4

- 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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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

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-Section 50
-Paragraph 2
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-Publisher FASB
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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

Retirement Plans

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Retirement Plans

Pension benefits

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) benefit as described below in other retirement programs.

Funded status

We are required by GAAP to separately recognize the overfunded or underfunded status of our pension plans as an asset or liability. The funded status represents the difference between the projected benefit obligation (PBO) and the fair value of the plan assets. Our non-qualified (supplemental) pension plan is unfunded by design. The PBO of the pension plans is the present value of benefits earned to date by plan participants, including the effect of assumed future compensation increases. Plan assets are measured at fair value. We use a December 31 measurement date for plan assets and obligations for all our retirement plans.

Changes in our PBO and plan assets were as follows for the years ended December 31:


Funded status
Millions	2025		2024
Projected benefit obligation
Projected benefit obligation at beginning of year	$	3,513	$	3,880
Service cost	41		52
Interest cost	179		186
Actuarial loss/(gain)	(41)		(269)
Gross benefits paid	(417)		(336)
Projected benefit obligation at end of year	$	3,275	$	3,513
Plan assets
Fair value of plan assets at beginning of year	$	4,068	$	4,400
Actual return/(loss) on plan assets	294		(28)
Non-qualified plan benefit contributions	33		32
Gross benefits paid	(417)		(336)
Fair value of plan assets at end of year	$	3,978	$	4,068
Funded status at end of year	$	703	$	555

The 2025 actuarial gains were insignificant. Actuarial gains that decrease the 2024 PBO were driven by an increase in discount rates from 5.00% to 5.61%.

Amounts recognized in the statement of financial position as of December 31, 2025 and 2024, consist of:


Millions	2025		2024
Noncurrent assets	$	1,083	$	950
Current liabilities	(32)		(32)
Noncurrent liabilities	(348)		(363)
Net amounts recognized at end of year	$	703	$	555

Pre-tax amounts recognized in accumulated other comprehensive income/loss consist of $542 million and $644 million net actuarial loss as of December 31, 2025 and 2024, respectively.

Pre-tax changes recognized in other comprehensive income/loss as of December 31, 2025, 2024, and 2023, were as follows:


Millions	2025		2024		2023
Net actuarial (loss)/gain	$	93	$	(11)	$	(159)
Amortization of:
Actuarial loss	8		11		9
Total	$	101	$	-	$	(150)

Underfunded accumulated benefit obligation – The accumulated benefit obligation (ABO) is the present value of benefits earned to date, assuming no future compensation growth. The underfunded accumulated benefit obligation represents the difference between the ABO and the fair value of plan assets.

The following table discloses only the PBO, ABO, and fair value of plan assets for pension plans where the accumulated benefit obligation is in excess of the fair value of the plan assets as of December 31:


Underfunded accumulated benefit obligation
Millions	2025		2024
Projected benefit obligation	$	380	$	395
Accumulated benefit obligation	$	376	$	389
Fair value of plan assets	-		-
Underfunded accumulated benefit obligation	$	(376)	$	(389)

The ABO for all defined benefit pension plans was $3.2 billion and $3.3 billion at December 31, 2025 and 2024, respectively.

Assumptions – The weighted-average actuarial assumptions used to determine benefit obligations at December 31:


Percentages	2025		2024
Discount rate	5.53	%	5.61	%
Compensation increase	3.60	%	4.00	%

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 for the years ended December 31:


Millions	2025		2024		2023
Service cost	$	41	$	52	$	52
Interest cost	179		186		187
Expected return on plan assets	(242)		(252)		(248)
Amortization of actuarial loss	8		11		9
Net periodic pension (benefit)/cost	$	(14)	$	(3)	$	-

Assumptions – The weighted-average actuarial assumptions used to determine expense were as follows:


Percentages	2025		2024		2023
Discount rate for interest on benefit obligations	5.32	%	4.91	%	5.14	%
Discount rate for service cost	5.75	%	5.05	%	5.19	%
Discount rate for interest on service cost	5.68	%	5.02	%	5.21	%
Expected return on plan assets	5.25	%	5.25	%	5.25	%
Compensation increase	3.90	%	4.00	%	4.10	%

We measure the service cost and interest cost components of our net periodic pension benefit/cost by using individual spot discount rates matched with separate cash flows for each future year. The discount rates were based on a yield curve of high-quality corporate bonds. The expected return on plan assets is based on our asset allocation mix and our historical return, taking into account current and expected market conditions.

Cash contributions

The following table details cash contributions, if any, for the qualified and non-qualified (supplemental) pension plans:


Millions	Qualified		Non-qualified
2025	$	-	$	33
2024	$	-	$	32

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.

The non-qualified pension plan is not funded and is not subject to any minimum regulatory funding requirements. Benefit payments for each year represent supplemental pension payments. We anticipate our 2026 supplemental pension payments will be made from cash generated from operations.

Benefit payments

The following table details expected benefit payments for the years 2026 through 2035:


Millions
2026	$	213
2027	213
2028	214
2029	215
2030	216
Years 2031 - 2035	$	1,104

Asset allocation strategy

Our pension plan asset allocation at December 31, 2025 and 2024, and target allocation for 2026, are as follows:


	Target allocation 2026	Percentage of plan assets December 31,
		2025		2024
Equity securities	20% to 30%	23	%	24	%
Debt securities	70% to 80%	76		75
Real estate	0% to 2%	1		1
Total		100	%	100	%

The pension plan investments are held in a master trust. The investment strategy for pension plan assets is to maintain a broadly diversified portfolio designed to achieve our target average long-term rate of return of 5.25%. While we believe we can achieve a long-term average rate of return of 5.25%, we cannot be certain that the portfolio will perform to our expectations. Assets are strategically allocated among equity, debt, and other investments in order to achieve a diversification level that reduces fluctuations in investment returns. Asset allocation target ranges for equity, debt, and other portfolios are evaluated at least every three years with the assistance of an independent consulting firm. Actual asset allocations are monitored monthly, and rebalancing actions are executed at least quarterly, as needed.

The weighted average credit rating of the debt portfolio was AA- at both December 31, 2025 and 2024. The debt portfolio is also broadly diversified and invested primarily in U.S. Treasury, mortgage, and corporate securities. The weighted-average maturity of the debt portfolio was 21 years and 22 years at December 31, 2025 and 2024.

The investment of pension plan assets in securities issued by UPC is explicitly prohibited by the plan for both the equity and debt portfolios, other than through index fund holdings.

Fair value measurements

The pension plan assets are valued at fair value. The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy.

Federal government securities – Federal Government Securities consist of bills, notes, bonds, and other fixed income securities issued directly by the U.S. Treasury or by government-sponsored enterprises. These assets are valued using a bid evaluation process with bid data provided by independent pricing sources. Federal Government Securities are classified as Level 2 investments.

Bonds and debentures – Bonds and debentures consist of debt securities issued by U.S. and non-U.S. corporations as well as state and local governments. These assets are valued using a bid evaluation process with bid data provided by independent pricing sources. Corporate, state, and municipal bonds and debentures are classified as Level 2 investments.

Corporate stock – This investment category consists of common and preferred stock issued by U.S. and non-U.S. corporations. Most common shares are traded actively on exchanges and price quotes for these shares are readily available. Common stock is classified as a Level 1 investment. Preferred shares included in this category are valued using a bid evaluation process with bid data provided by independent pricing sources. Preferred stock is classified as a Level 2 investment.

Venture capital and buyout partnerships – This investment category is comprised of interests in limited partnerships that invest primarily in privately-held companies. Due to the private nature of the partnership investments, pricing inputs are not readily observable. Asset valuations are developed by the general partners that manage the partnerships. These valuations are based on the application of public market multiples to private company cash flows, market transactions that provide valuation information for comparable companies, and other methods. The fair value recorded by the master trust is calculated using each partnership’s net asset value (NAV).

Real estate funds – The plan’s real estate investments are primarily interests in private real estate investment trusts, partnerships, limited liability companies, and similar structures. Valuations for the holdings in this category are not based on readily observable inputs and are primarily derived from property appraisals. The fair value recorded by the master trust is calculated using the NAV for each investment.

Collective trust and other funds – Collective trust and other funds are comprised of shares or units in commingled funds and limited liability companies that are not publicly traded. The underlying assets in these entities (global stock funds and short-term investment funds) are publicly traded on exchanges and price quotes for the assets held by these funds are readily available. The fair value recorded by the master trust is calculated using NAV for each investment.

As of December 31, 2025, the pension plan assets measured at fair value on a recurring basis were as follows:


Millions	Quoted prices in active markets for identical inputs (Level 1)		Significant other inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Plan assets at fair value:


Federal government securities	$	-	$	1,471	$	-	$	1,471
Bonds and debentures	-		1,492		-		1,492
Corporate stock	235		2		-		237
Total plan assets at fair value	$	235	$	2,965	$	-	$	3,200
Plan assets at NAV:

Venture capital and buyout partnerships							413
Real estate funds							20
Collective trust and other funds							306
Total plan assets at NAV							$	739
Other assets/(liabilities) [a]							39
Total plan assets							$	3,978

As of December 31, 2024, the pension plan assets measured at fair value on a recurring basis were as follows:


Millions	Quoted prices in active markets for identical inputs (Level 1)		Significant other inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Plan assets at fair value:


Federal government securities	$	-	$	1,448	$	-	$	1,448
Bonds and debentures	-		1,512		-		1,512
Corporate stock	220		6		-		226
Total plan assets at fair value	$	220	$	2,966	$	-	$	3,186
Plan assets at NAV:

Venture capital and buyout partnerships							446
Real estate funds							26
Collective trust and other funds							370
Total plan assets at NAV							$	842
Other assets/(liabilities) [a]							40
Total plan assets							$	4,068

[a]Includes accrued receivables, net payables, and pending broker settlements.

The master trust’s investments in limited partnerships and similar structures (used to invest in private equity and real estate) are valued at fair value based on their proportionate share of the partnerships’ fair value as recorded in the limited partnerships’ audited financial statements. The limited partnerships allocate gains, losses, and expenses to the partners based on the ownership percentage as described in the partnership agreements.

Other retirement programs

Other post-retirement benefits – We provide medical benefits for eligible retirees hired before January 1, 2004. These benefits are funded as medical claims are paid. In 2025, we completed a buyout of life insurance benefits for eligible retirees hired before January 1, 2004. OPEB expense is determined based upon the annual service cost of benefits and the interest cost on those liabilities plus amortization of net (gain)/loss amounts offset by amortization of prior service credits recorded in AOCI. Our OPEB liability was $84 million and $104 million at December 31, 2025 and 2024, respectively. The liability is based on discount rate assumptions of 5.42% and 5.53% at December 31, 2025 and 2024, respectively. OPEB net periodic (benefit)/cost was ($2) million in 2025, ($5) million in 2024, and ($7) million in 2023.

401(k)/Thrift plan – For non-union employees hired prior to January 1, 2018, and eligible union employees for whom we make matching contributions, we provide a defined contribution plan (401(k)/thrift plan). We match 50% for each dollar contributed by employees up to the first 6% of compensation contributed. For non-union employees hired on or after January 1, 2018, we match 100% for each dollar, up to the first 6% of compensation contributed, in addition to contributing an annual amount of 3% of the employee’s annual base salary. Our plan contributions were $29 million in 2025, $28 million in 2024, and $27 million in 2023.

Railroad retirement system – All Railroad employees are covered by the Railroad Retirement System (the System). Contributions made to the System are expensed as incurred and amounted to approximately $681 million in 2025, $671 million in 2024, and $711 million in 2023.

Collective bargaining agreements – Under collective bargaining agreements, we participate in multi-employer benefit plans that provide certain post retirement health care and life insurance benefits for eligible union employees. Premiums paid under these plans are expensed as incurred and amounted to $9 million in 2025, $12 million in 2024, and $16 million in 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Omaha, Nebraska

Retirement Plans - Schedule of Plan Asset Measured on a Recurring Basis (Details) - Pension Plan - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	$ 3,978	$ 4,068	$ 4,400
Fair Value, Recurring
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	3,978	4,068
Fair Value, Recurring \| Federal government securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	1,471	1,448
Fair Value, Recurring \| Bonds and debentures
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	1,492	1,512
Fair Value, Recurring \| Corporate stock
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	237	226
Fair Value, Recurring \| Venture capital and buyout partnerships
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	$ 413	$ 446
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible Enumeration]	Fair Value Measured at Net Asset Value Per Share	Fair Value Measured at Net Asset Value Per Share
Fair Value, Recurring \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	$ 20	$ 26
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible Enumeration]	Fair Value Measured at Net Asset Value Per Share	Fair Value Measured at Net Asset Value Per Share
Fair Value, Recurring \| Collective trust and other funds
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	$ 306	$ 370
Defined Benefit Plan, Plan Assets, Fair Value by Hierarchy and NAV [Extensible Enumeration]	Fair Value Measured at Net Asset Value Per Share	Fair Value Measured at Net Asset Value Per Share
Fair Value, Recurring \| Other assets/(liabilities)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	$ 39	$ 40
Fair Value, Recurring \| Fair Value, Inputs, Level 1, Level 2, and Level 3
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	3,200	3,186
Fair Value, Recurring \| Quoted prices in active markets for identical inputs (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	235	220
Fair Value, Recurring \| Quoted prices in active markets for identical inputs (Level 1) \| Federal government securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0	0
Fair Value, Recurring \| Quoted prices in active markets for identical inputs (Level 1) \| Bonds and debentures
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0	0
Fair Value, Recurring \| Quoted prices in active markets for identical inputs (Level 1) \| Corporate stock
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	235	220
Fair Value, Recurring \| Significant other inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	2,965	2,966
Fair Value, Recurring \| Significant other inputs (Level 2) \| Federal government securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	1,471	1,448
Fair Value, Recurring \| Significant other inputs (Level 2) \| Bonds and debentures
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	1,492	1,512
Fair Value, Recurring \| Significant other inputs (Level 2) \| Corporate stock
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	2	6
Fair Value, Recurring \| Significant unobservable inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0	0
Fair Value, Recurring \| Significant unobservable inputs (Level 3) \| Federal government securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0	0
Fair Value, Recurring \| Significant unobservable inputs (Level 3) \| Bonds and debentures
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0	0
Fair Value, Recurring \| Significant unobservable inputs (Level 3) \| Corporate stock
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	0	0
Fair Value, Recurring \| Fair Value Measured at Net Asset Value Per Share
Defined Benefit Plan Disclosure [Line Items]
Total plan assets	$ 739	$ 842

Nature of Operations - Narrative (Details) $ in Millions	12 Months Ended
Nature of Operations - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) segment mi	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Network route miles \| mi	32,889
Route miles owned \| mi	26,294
Number of reportable segments \| segment	1
Number of operating segments \| segment	1
Total operating revenues \| $	$ 24,510	$ 24,250	$ 24,119
Mexico
Segment Reporting Information [Line Items]
Total operating revenues \| $	$ 2,900	$ 3,000	$ 2,800

- 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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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

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-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Stock Options and Other Stock Plans - Schedule of Annual Weighted Average Assumptions (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.30%	4.20%	3.90%
Dividend yield	2.20%	2.10%	2.60%
Expected life (years)	4 years 3 months 18 days	4 years 4 months 24 days	4 years 6 months
Volatility	22.40%	28.70%	29.30%
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 48.70	$ 61.75	$ 48.31

- 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
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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 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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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Unrecognized Tax Benefits Assets (Liabilities) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits at January 1	$ 32	$ 30	$ 34
Refunds from/(payments to) and settlements with taxing authorities	0	7	0
Decreases for positions taken in prior years	(1)	(6)	(1)
Increases/(decreases) for interest and penalties	1	1	0
Lapse of statutes of limitations	(5)	0	(4)
Increases for positions taken in current year	0	0	1
Unrecognized tax benefits at December 31	$ 27	$ 32	$ 30

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Assets And Liabilities, Leases

The following are details related to our lease portfolio as of December 31:


Millions	Classification	2025		2024
Assets
Operating leases	Operating lease assets	$	1,036	$	1,297
Finance leases	Properties, net [a]	185		172
Total leased assets		$	1,221	$	1,469
Liabilities
Current
Operating	Accounts payable and other current liabilities	$	270	$	346
Finance	Debt due within one year	39		37
Noncurrent
Operating	Operating lease liabilities	738		925
Finance	Debt due after one year	66		72
Total lease liabilities		$	1,113	$	1,380

[a]Finance lease assets are recorded net of accumulated amortization of $456 million and $472 million as of December 31, 2025 and 2024, respectively.

Schedule of Lease, Cost

The following table presents the classification of lease cost components for the year-ended December 31:


Millions	2025		2024
Operating lease cost [a]	$	305	$	340
Short-term lease cost	23		24
Variable lease cost	39		37
Finance lease cost
Amortization of leased assets [b]	28		31
Interest on lease liabilities [c]	5		5
Net lease cost	$	400	$	437

[a]Operating lease cost is primarily reported in equipment and other rents in our Consolidated Statements of Income.

[b]Amortization of leased assets is reported in depreciation in our Consolidated Statements of Income.

[c]Interest on lease liabilities is reported in interest expense in our Consolidated Statements of Income.

The following table presents other information related to our operating and finance leases for the years ended December 31:


Millions	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	310	$	319
Investing cash flows from operating leases	32		32
Operating cash flows from finance leases	4		6
Financing cash flows from finance leases	36		47

Leased assets obtained in exchange for operating lease liabilities	$	198	$	119

Schedule of Aggregate Operating Lease Maturities

The following table presents aggregate lease maturities as of December 31, 2025:


Millions	Operating leases		Finance leases		Total
2026	$	276	$	42	$	318
2027	238		37		275
2028	191		14		205
2029	123		21		144
2030	121		-		121
After 2030	176		-		176
Total lease payments	$	1,125	$	114	$	1,239
Less: Interest	117		9		126
Present value of lease liabilities	$	1,008	$	105	$	1,113

Schedule of Aggregate Finance Lease Maturities

The following table presents aggregate lease maturities as of December 31, 2025:


Millions	Operating leases		Finance leases		Total
2026	$	276	$	42	$	318
2027	238		37		275
2028	191		14		205
2029	123		21		144
2030	121		-		121
After 2030	176		-		176
Total lease payments	$	1,125	$	114	$	1,239
Less: Interest	117		9		126
Present value of lease liabilities	$	1,008	$	105	$	1,113

Schedule of Weighted Average Lease Term and Discount Rate

The following table presents the weighted average remaining lease term and discount rate as of December 31:


			2025
Weighted-average remaining lease term (years)
Operating leases			5.4
Finance leases			2.6
Weighted-average discount rate (%)
Operating leases			4.0
Finance leases			4.5

Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

Principles of consolidation – The Consolidated Financial Statements include the accounts of Union Pacific Corporation and all of its subsidiaries. Investments in affiliated companies (20% to 50% owned) are accounted for using the equity method of accounting. All intercompany transactions are eliminated. We currently have no less than majority-owned investments that require consolidation under variable interest entity requirements.

Cash, cash equivalents, and restricted cash – Cash equivalents consist of investments with original maturities of three months or less. Amounts included in restricted cash represent those required to be set aside by contractual agreement.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Consolidated Statements of Financial Position that sum to the total of the same such amounts shown on the Consolidated Statements of Cash Flows:


Millions	2025		2024		2023
Cash and cash equivalents	$	1,266	$	1,016	$	1,055
Restricted cash equivalents in other current assets	9		4		10
Restricted cash equivalents in other assets	5		8		9
Total cash, cash equivalents, and restricted cash equivalents	$	1,280	$	1,028	$	1,074

Accounts receivable – Accounts receivable includes receivables reduced by an allowance for doubtful accounts. The allowance is based upon historical losses, credit worthiness of customers, and current economic conditions. Receivables not expected to be collected in one year and the associated allowances are classified as other assets in our Consolidated Statements of Financial Position.

Investments – Investments represent our investments in affiliated companies (20% to 50% owned) that are accounted for under the equity method of accounting, and investments in companies (less than 20% owned) accounted for at fair value when there is a readily determined fair value or at cost minus impairment when there are not readily determinable fair values. Our portion of income/loss on equity method investments that are integral to our operations are recorded in operating expenses. Realized and unrealized gains and losses on investments that are not integral to our operations are recorded in other income.

Materials and supplies – Materials and supplies are carried at the lower of average cost or net realizable value.

Property and depreciation – Properties and equipment are carried at cost and are depreciated on a straight-line basis over their estimated service lives, which are measured in years, except for rail in high-density traffic corridors (i.e., all rail lines except for those lines subject to abandonment, yard tracks, and switching tracks), where lives are measured in millions of gross tons per mile of track. We use the group method of depreciation where all items with similar characteristics, use, and expected lives are grouped together in asset classes and are depreciated using composite depreciation rates. The group method of depreciation treats each asset class as a pool of resources, not as singular items. We determine the estimated service lives of depreciable railroad assets by means of depreciation studies. Under the group method of depreciation, no gain or loss is recognized when depreciable property is retired or replaced in the ordinary course of business.

Impairment of long-lived assets – We review long-lived assets, including identifiable intangibles, for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the long-lived assets, the carrying value is reduced to the estimated fair value.

Revenue recognition – Freight revenues are derived from contracts with customers. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. Our contracts include private agreements, private rate/letter quotes, public circulars/tariffs, and interline/foreign agreements. The performance obligation in our contracts is typically delivering a specific commodity from a place of origin to a place of destination and our commitment begins with the tendering and acceptance of a freight bill of lading and is satisfied upon delivery at destination. We consider each freight shipment to be a distinct performance obligation.

We recognize freight revenues over time as freight moves from origin to destination. The allocation of revenues between reporting periods is based on the relative transit time in each reporting period with expenses recognized as incurred. Outstanding performance obligations related to freight moves in transit totaled $157 million at December 31, 2025, and $159 million at December 31, 2024, and are expected to be recognized in the following quarter as we satisfy our remaining performance obligations and deliver freight to destination. The transaction price is generally specified in a contract and may be dependent on the commodity, origin/destination, and route. Customer incentives, which are primarily provided for shipping to/from specific locations or based on cumulative volumes, are recorded as a reduction to operating revenues. Customer incentives that include variable consideration based on cumulative volumes are estimated using the expected value method, which is based on available historical, current, and forecasted volumes, and recognized as the related performance obligation is satisfied.

Under typical payment terms, our customers pay us after each performance obligation is satisfied and there are no material contract assets or liabilities associated with our freight revenues. Outstanding freight receivables are presented in our Consolidated Statements of Financial Position as accounts receivable, net.

Freight revenues related to interline transportation services that involve other railroads are reported on a net basis. The portion of the gross amount billed to customers that is remitted by the Company to another party is not reflected as freight revenues.

Other revenues consist primarily of revenues earned by our other subsidiaries (primarily logistics and commuter rail operations) and accessorial revenues. Other subsidiary revenues are generally recognized over time as shipments move from origin to destination. The allocation of revenues between reporting periods is based on the relative transit time in each reporting period with expenses recognized as incurred. Accessorial revenues are recognized at a point in time as performance obligations are satisfied.

Translation of foreign currency – Our portion of the assets and liabilities related to foreign investments are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenues and expenses are translated at the average rates of exchange prevailing during the year. Unrealized gains or losses are reflected within common shareholders’ equity as accumulated other comprehensive income or loss.

Fair value measurements – We use a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. These levels include:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

We have applied fair value measurements to our short-term investments, certain equity investments, pension plan assets, and short- and long-term debt.

Stock-based compensation – We issue treasury shares to cover stock option exercises, stock unit vestings, and ESPP shares, while new shares are issued when retention shares are granted.

We measure and recognize compensation expense for all stock-based awards made to employees, including stock options and ESPP awards. Compensation expense is based on the fair value of the awards as measured at the grant date and is expensed ratably over the service period of the awards (generally the vesting period). The fair value of retention awards is the closing stock price on the date of grant, the fair value of stock options is determined by using the Black-Scholes option pricing model, and the fair value of ESPP awards is based on the Company contribution match.

Earnings per share – Basic earnings per share are calculated on the weighted-average number of common shares outstanding during each period. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive.

Income taxes – We account for income taxes by recording taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that are reported in different periods for financial reporting and income tax purposes. The majority of our deferred tax assets relate to expenses that already have been recorded for financial reporting purposes but not deducted for tax purposes. The majority of our deferred tax liabilities relate to differences between the tax bases and financial reporting amounts of our land and depreciable property, due to accelerated tax depreciation (including bonus depreciation), revaluation of assets in purchase accounting transactions, and differences in capitalization methods. These expected future tax consequences are measured based on current tax law; the effects of future tax legislation are not anticipated.

When appropriate, we record a valuation allowance against deferred tax assets to reflect that these tax assets may not be realized. In determining whether a valuation allowance is appropriate, we consider whether it is more likely than not that all or some portion of our deferred tax assets will not be realized, based on management’s judgments using available evidence for purposes of estimating whether future taxable income will be sufficient to realize a deferred tax asset.

We recognize tax benefits that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in our tax returns that do not meet these recognition and measurement standards.

Leases – We determine if an arrangement is or contains a lease at inception. Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. When an implicit rate is not available, we use a collateralized incremental borrowing rate for operating leases based on the information available at commencement date, including lease term, in determining the present value of future payments. The operating lease asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Operating leases are included in operating lease assets, accounts payable and other current liabilities, and operating lease liabilities on our Consolidated Statements of Financial Position. Finance leases are included in properties, net, debt due within one year, and debt due after one year on our Consolidated Statements of Financial Position. Operating lease expense is recognized on a straight-line basis over the lease term and primarily reported in equipment and other rents and financing lease expense is recorded as depreciation and interest expense in our Consolidated Statements of Income.

We have lease agreements with lease and non-lease components, and we have elected to not separate lease and non-lease components for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded on our Consolidated Statements of Financial Position. Leases with initial terms in excess of 12 months are recorded as operating or financing leases in our Consolidated Statements of Financial Position.

Pension benefits – In order to measure the expense associated with pension benefits, we must make various assumptions including discount rates used to value certain liabilities, expected return on plan assets used to fund these expenses, compensation increases, employee turnover rates, and anticipated mortality rates. The assumptions used by us are based on our historical experience as well as current facts and circumstances. We use an actuarial analysis to measure the expense and liability associated with these benefits.

Personal injury – The cost of injuries to employees and others on our property is charged to expense based on estimates of the ultimate cost and number of incidents each year. We use an actuarial analysis to measure the expense and liability, including unasserted claims. Our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments. Legal fees and incidental costs are expensed as incurred.

Environmental – When environmental issues have been identified with respect to property currently or formerly owned, leased, or otherwise used in the conduct of our business, we perform, with the assistance of our consultants, environmental assessments on such property. We expense the cost of the assessments as incurred. We accrue the cost of remediation where our obligation is probable and such costs can be reasonably estimated. We do not discount our environmental liabilities when the timing of the anticipated cash payments is not fixed or readily determinable. Legal fees and incidental costs are expensed as incurred.

Use of estimates – The preparation of our Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported assets and liabilities, the disclosure of certain contingent assets and liabilities as of the date of the Consolidated Financial Statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual future results may differ from such estimates.

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

Total

Common shares

Treasury shares

Paid-in- surplus

Retained earnings

AOCI

^[1]

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

Beginning balance (in shares)

(500,200,000)

Beginning balance (in shares) at Dec. 31, 2022

1,112,600,000

Beginning balance at Dec. 31, 2022

$ 12,163

$ 2,782

$ (54,004)

$ 5,080

$ 58,887

$ (582)

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

Net income

6,379

Other comprehensive income/(loss)

(32)

^[2]

(32)

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

300,000

500,000

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

163

$ 50

113

Share repurchase programs (Note 18) (in shares)

(3,500,000)

Share repurchase programs (Note 18)

(712)

$ (712)

Cash dividends declared

(3,173)

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

1,112,900,000

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

(503,200,000)

Ending balance at Dec. 31, 2023

14,788

$ 2,782

$ (54,666)

5,193

62,093

(614)

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

Beginning balance (in shares)

(503,200,000)

Net income

6,747

Other comprehensive income/(loss)

(109)

^[2]

(109)

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

100,000

700,000

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

$ 191

$ 1

$ 49

141

Share repurchase programs (Note 18) (in shares)

(6,303,166)

(6,300,000)

Share repurchase programs (Note 18)

$ (1,515)

Cash dividends declared

$ (3,212)

(3,212)

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

604,241,260

1,113,000,000

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

(508,800,000)

Ending balance at Dec. 31, 2024

$ 16,890

$ 2,783

$ (56,132)

5,334

65,628

(723)

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

Beginning balance (in shares)

(508,800,000)

Net income

7,138

Other comprehensive income/(loss)

132

^[2]

132

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

200,000

800,000

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

$ 238

$ 66

172

Share repurchase programs (Note 18) (in shares)

(11,857,159)

(11,900,000)

Share repurchase programs (Note 18)

$ (2,694)

$ (2,777)

Cash dividends declared

$ (3,237)

(3,237)

Ending balance (in shares) at Dec. 31, 2025

593,245,884

1,113,200,000

Ending balance (in shares) at Dec. 31, 2025

(519,900,000)

Ending balance at Dec. 31, 2025

$ 18,467

$ 2,783

$ (58,843)

$ 5,589

$ 69,529

$ (591)

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

Beginning balance (in shares)

(519,900,000)

[1]	AOCI = Accumulated Other Comprehensive Income/Loss (Note 9)
[2]	Net of deferred taxes of ($24) million, $6 million, and $31 million during 2025, 2024, and 2023, respectively.

Income Taxes - Schedule of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred income tax liabilities:
Property	$ (13,260)	$ (13,020)
Operating lease assets	(248)	(314)
Other	(639)	(581)
Total deferred income tax liabilities	(14,147)	(13,915)
Deferred income tax assets:
Operating lease liabilities	241	308
Accrued casualty costs	184	172
Accrued wages	52	51
Stock compensation	34	28
Other	215	205
Total deferred income tax assets	726	764
Net deferred income tax liability	$ (13,421)	$ (13,151)

Properties

12 Months Ended

Dec. 31, 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	Cost		Accumulated depreciation		Net book value		Estimated useful life
As of December 31, 2025
Land	$	5,471	N/A		$	5,471	N/A
Road:
Rail and other track material	19,747		$	7,936	11,811		45
Ties	12,779		4,305		8,474		34
Ballast	6,646		2,309		4,337		34
Other roadway [a]	24,610		6,080		18,530		47
Total road	63,782		20,630		43,152		N/A
Equipment:
Locomotives	9,926		3,813		6,113		18
Freight cars	3,080		1,107		1,973		23
Work equipment and other	1,318		540		778		17
Total equipment	14,324		5,460		8,864		N/A
Technology and other	1,414		669		745		12
Construction in progress	1,413		-		1,413		N/A
Total	$	86,404	$	26,759	$	59,645	N/A

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


Millions, except estimated useful life	Cost		Accumulated depreciation		Net book value		Estimated useful life
As of December 31, 2024
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		-		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.

Property and depreciation – Our railroad operations are highly capital-intensive, and our large base of homogeneous, network-type assets turns over on a continuous basis. Each year we develop a capital program for the replacement of assets and for the acquisition or construction of assets that enable us to enhance our operations or provide new service offerings to customers. We currently have more than 60 depreciable asset classes, and we may increase or decrease the number of asset classes due to changes in technology, asset strategies, or other factors.

We determine the estimated service lives of depreciable railroad assets by means of depreciation studies. We perform depreciation studies at least every 3 years for equipment and every 6 years for track assets (i.e., rail and other track material, ties, and ballast) and other road property. Our depreciation studies take into account the following factors:

•Statistical analysis of historical patterns of use and retirements of each of our asset classes,

•Evaluation of any expected changes in current operations and the outlook for continued use of the assets,

•Evaluation of technological advances and changes to maintenance practices, and

•Expected salvage to be received upon retirement.

For rail in high-density traffic corridors, we measure estimated service lives in millions of gross tons per mile of track. It has been our experience that the lives of rail in high-density traffic corridors are closely correlated to usage (i.e., the amount of weight carried over the rail). The service lives also vary based on rail weight, rail condition (e.g., new or secondhand), and rail type (e.g., straight or curve). Our depreciation studies for rail in high-density traffic corridors consider each of these factors in determining the estimated service lives. For rail in high-density traffic corridors, we calculate depreciation rates annually by dividing the number of gross ton-miles carried over the rail (i.e., the weight of loaded and empty freight cars, locomotives, and maintenance of way equipment transported over the rail) by the estimated service lives of the rail measured in millions of gross tons per mile. For all other depreciable assets, we compute depreciation based on the estimated service lives of our assets as determined from the analysis of our depreciation studies. Changes in the estimated service lives of our assets and their related depreciation rates are implemented prospectively.

Under the group method of depreciation, the historical cost (net of salvage) of depreciable property that is retired or replaced in the ordinary course of business is charged to accumulated depreciation and no gain or loss is recognized. The historical cost of certain track assets is estimated by multiplying the current replacement cost of track assets by a historical index factor derived from (a) inflation indices published by the Bureau of Labor Statistics and (b) the estimated useful lives of the assets as determined by our depreciation studies. The indices were selected because they closely correlate with the major costs of the properties comprising the applicable track asset classes. Because of the number of estimates inherent in the depreciation and retirement processes and because it is impossible to precisely estimate each of these variables until a group of property is completely retired, we continually monitor the estimated service lives of our assets and the accumulated depreciation associated with each asset class to ensure our depreciation rates are appropriate. In addition, we determine if the recorded amount of accumulated depreciation is deficient (or in excess) of the amount indicated by our depreciation studies. Any deficiency (or excess) is amortized as a component of depreciation expense over the remaining service lives of the applicable classes of assets.

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 to the asset class, and (c) varies significantly from the retirement profile identified through our depreciation studies. A gain or loss is recognized in other income when we sell land or dispose of assets that are not part of our railroad operations.

No gains or losses were recognized due to the retirement of depreciable railroad properties in 2025 or 2023. In 2024, we sold a large portion of an intermodal equipment asset class resulting in a gain recognized in other expense in our Consolidated Statements of Income.

We review construction in progress assets that have not yet been placed into service, for impairment when events or changes in circumstances indicate that the carrying amount of a long-lived asset or assets may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of construction in progress assets when grouped with other assets and liabilities at the lowest level where identifiable cash flows are largely independent, the carrying value is reduced to the estimated fair value.

When we purchase an asset, we capitalize all costs necessary to make the asset ready for its intended use. However, many of our assets are self-constructed. A large portion of our capital expenditures is for replacement of existing track assets and other road properties, which is typically performed by our employees, and for track line expansion and other capacity projects. Costs that are directly attributable to capital projects (including overhead costs) are capitalized. Direct costs that are capitalized as part of self-constructed assets include material, labor, and work equipment. Indirect costs are capitalized if they clearly relate to the construction of the asset.

Costs incurred that extend the useful life of an asset, improve the safety of our operations, or improve operating efficiency are capitalized, while normal repairs and maintenance are expensed as incurred. Total expense for repairs and maintenance incurred was approximately $2.3 billion for 2025, $2.3 billion for 2024, and $2.5 billion for 2023.

Assets held under finance leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease. Amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease.

Accounts Payable and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities


Millions	Dec. 31, 2025		Dec. 31, 2024
Accounts payable	$	804	$	847
Compensation-related accruals	642		618
Income and other taxes payable	491		605
Interest payable	375		372
Accrued casualty costs	278		319
Current operating lease liabilities (Note 16)	270		346
Equipment rents payable	102		109
Other	532		613
Total accounts payable and other current liabilities	$	3,494	$	3,829

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Personal Injury Liability Activity

Our personal injury liability activity was as follows:


Millions	2025		2024		2023
Beginning balance	$	379	$	383	$	361
Current year accruals	123		121		112
Changes in estimates for prior years	17		(14)		89
Payments	(106)		(111)		(179)
Ending balance at December 31	$	413	$	379	$	383
Current portion, ending balance at December 31	$	93	$	106	$	113

Schedule of Environmental Liability Activity

Our environmental liability activity was as follows:


Millions	2025		2024		2023
Beginning balance	$	268	$	245	$	253
Accruals	70		129		99
Payments	(79)		(106)		(107)
Ending balance at December 31	$	259	$	268	$	245
Current portion, ending balance at December 31	$	62	$	83	$	91

Other Income (Details) - USD ($) $ in Millions	12 Months Ended
Other Income (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Real estate income	$ 558	$ 263	$ 414
Interest income	56	52	52
Net periodic pension benefit/(costs)	55	55	52
Non-operating property environmental remediation and restoration	(32)	(37)	(37)
Interest from IRS refund claims	0	24	0
Other	(8)	(7)	10
Total	629	$ 350	491
Real Estate Transaction
Property, Plant and Equipment [Line Items]
Real estate income	$ 250		$ 107

Leases - Schedule of Weighted Average Lease Term and Discount Rate (Details)	Dec. 31, 2025
Leases [Abstract]
Weighted-average remaining lease term, Operating leases	5 years 4 months 24 days
Weighted-average remaining lease term, Finance leases	2 years 7 months 6 days
Weighted-average discount rate, Operating leases	4.00%
Weighted-average discount rate, Finance leases	4.50%

Consolidated Statements of Financial Position (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 2.50	$ 2.50
Common stock authorized (in shares)	1,400,000,000	1,400,000,000
Common stock issued (in shares)	1,113,161,191	1,113,018,733
Common share outstanding (in shares)	593,245,884	604,241,260

Share Repurchase Programs - Schedule of Share Repurchase Programs (Details) - $ / shares		3 Months Ended								9 Months Ended	12 Months Ended		36 Months Ended
	Feb. 18, 2025	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Mar. 31, 2025
Share Repurchase Program [Line Items]
Number of shares purchased (in shares)		0	0	6,111,558	5,745,601	2,804,785	3,006,061	492,320	0	6,100,000	11,857,159	6,303,166	31,700,000
Average price paid (in dollars per share)		$ 0	$ 0	$ 205.06	$ 250.74	$ 237.43	$ 245.44	$ 225.96	$ 0		$ 227.20	$ 240.35
Remaining number of shares that may be repurchased under current authority (in shares)		93,888,442								93,888,442	93,888,442
2025 Accelerated Share Repurchase
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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Eric G. Gehringer [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 19, 2025, Eric G. Gehringer, Executive Vice President - Operations, adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 1,999 shares of Union Pacific Corporation common stock between March 20, 2026, and December 31, 2026, subject to certain conditions.
Name	Eric G. Gehringer
Title	Executive Vice President
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 19, 2025
Expiration Date	December 31, 2026
Arrangement Duration	377 days
Aggregate Available	1,999

Retirement Plans - Schedule of Funded Status (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Projected benefit obligation
Projected benefit obligation at beginning of year	$ 3,513	$ 3,880
Service cost	41	52	$ 52
Interest cost	179	186	187
Actuarial loss/(gain)	(41)	(269)
Gross benefits paid	(417)	(336)
Projected benefit obligation at end of year	3,275	3,513	3,880
Plan assets
Fair value of plan assets at beginning of year	4,068	4,400
Actual return/(loss) on plan assets	294	(28)
Non-qualified plan benefit contributions	33	32
Gross benefits paid	(417)	(336)
Fair value of plan assets at end of year	3,978	4,068	$ 4,400
Funded status at end of year	$ 703	$ 555

Pending Acquisition - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2027 USD ($) state $ / shares shares	Dec. 31, 2025 USD ($)	Jul. 28, 2025 USD ($) state
Norfolk Southern
Business Combination [Line Items]
Number of states in which entity operates \| state			22
Forecast
Business Combination [Line Items]
Number of states in which entity operates \| state	43
Norfolk Southern
Business Combination [Line Items]
Deferred share issuance costs		$ 13
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

Stock Options and Other Stock Plans - Schedule of Additional Information Regarding Stock Option Exercises (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Intrinsic value of stock options exercised	$ 26	$ 35	$ 23
Cash received from option exercises	51	46	27
Treasury shares repurchased for employee payroll taxes	(8)	(8)	(5)
Income tax benefit realized from option exercises	4	7	5
Aggregate grant-date fair value of stock options vested	$ 16	$ 15	$ 14

Accounts Receivable	12 Months Ended
Accounts Receivable	Dec. 31, 2025
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable include freight and other receivables reduced by an allowance for doubtful accounts. At December 31, 2025 and 2024, our accounts receivable were reduced by $4 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 Consolidated Statements of Financial Position. At December 31, 2025 and 2024, receivables classified as other assets were reduced by allowances of $64 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 December 31, 2025 and 2024. During the year ended December 31, 2025, we issued $0 and repaid $0 under the Receivables Facility. The Receivables Facility was supported by $1.5 billion and $1.6 billion of accounts receivable as collateral at December 31, 2025 and 2024, respectively, which, as a retained interest, is included in accounts receivable, net in our 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 volumes, 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 $3 million, $8 million, and $9 million for 2025, 2024, and 2023, respectively.

Stock Options and Other Stock Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Options
Outstanding at beginning of period (in shares)	1,981
Granted (in shares)	423
Exercised (in shares)	(288)
Forfeited or expired (in shares)	(21)
Outstanding at end of period (in shares)	2,095	1,981
Vested or expected to vest (in shares)	2,074
Options exercisable (in shares)	1,400
Weighted-average exercise price
Outstanding at beginning of period (in dollars per share)	$ 195.81
Granted (in shares)	243.51
Exercised (in shares)	157.41
Forfeited or expired (in shares)	238.93
Outstanding at end of period (in dollars per share)	210.29	$ 195.81
Vested or expected to vest (in dollars per share)	210.03
Options exercisable (in dollars per share)	$ 196.12
Weighted-Average Remaining Contractual Term
Outstanding (in years)	5 years 7 months 6 days	5 years 9 months 18 days
Vested or expected to vest (in years)	5 years 7 months 6 days
Options exercisable (in years)	4 years 2 months 12 days
Aggregate Intrinsic Value
Outstanding	$ 58	$ 74
Vested or expected to vest	58
Options exercisable	$ 55

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

Schedule of Net Funded Status

Changes in our PBO and plan assets were as follows for the years ended December 31:


Funded status
Millions	2025		2024
Projected benefit obligation
Projected benefit obligation at beginning of year	$	3,513	$	3,880
Service cost	41		52
Interest cost	179		186
Actuarial loss/(gain)	(41)		(269)
Gross benefits paid	(417)		(336)
Projected benefit obligation at end of year	$	3,275	$	3,513
Plan assets
Fair value of plan assets at beginning of year	$	4,068	$	4,400
Actual return/(loss) on plan assets	294		(28)
Non-qualified plan benefit contributions	33		32
Gross benefits paid	(417)		(336)
Fair value of plan assets at end of year	$	3,978	$	4,068
Funded status at end of year	$	703	$	555

Schedule of Amounts Recognized in Statement of Financial Position

Amounts recognized in the statement of financial position as of December 31, 2025 and 2024, consist of:


Millions	2025		2024
Noncurrent assets	$	1,083	$	950
Current liabilities	(32)		(32)
Noncurrent liabilities	(348)		(363)
Net amounts recognized at end of year	$	703	$	555

Schedule of Pre-Tax Changes Recognized in Comprehensive Income/Loss

Pre-tax changes recognized in other comprehensive income/loss as of December 31, 2025, 2024, and 2023, were as follows:


Millions	2025		2024		2023
Net actuarial (loss)/gain	$	93	$	(11)	$	(159)
Amortization of:
Actuarial loss	8		11		9
Total	$	101	$	-	$	(150)

Schedule of Accumulated benefit Obligation in Excess of Fair Value


Underfunded accumulated benefit obligation
Millions	2025		2024
Projected benefit obligation	$	380	$	395
Accumulated benefit obligation	$	376	$	389
Fair value of plan assets	-		-
Underfunded accumulated benefit obligation	$	(376)	$	(389)

Schedule of Weighted Average Actuarial Assumptions

The weighted-average actuarial assumptions used to determine benefit obligations at December 31:


Percentages	2025		2024
Discount rate	5.53	%	5.61	%
Compensation increase	3.60	%	4.00	%

The weighted-average actuarial assumptions used to determine expense were as follows:


Percentages	2025		2024		2023
Discount rate for interest on benefit obligations	5.32	%	4.91	%	5.14	%
Discount rate for service cost	5.75	%	5.05	%	5.19	%
Discount rate for interest on service cost	5.68	%	5.02	%	5.21	%
Expected return on plan assets	5.25	%	5.25	%	5.25	%
Compensation increase	3.90	%	4.00	%	4.10	%

Schedule of Net Periodic Pension Benefit/Cost

The components of our net periodic pension benefit/cost were as follows for the years ended December 31:


Millions	2025		2024		2023
Service cost	$	41	$	52	$	52
Interest cost	179		186		187
Expected return on plan assets	(242)		(252)		(248)
Amortization of actuarial loss	8		11		9
Net periodic pension (benefit)/cost	$	(14)	$	(3)	$	-

Schedule of Cash Contributions

The following table details cash contributions, if any, for the qualified and non-qualified (supplemental) pension plans:


Millions	Qualified		Non-qualified
2025	$	-	$	33
2024	$	-	$	32

Schedule of Expected Benefit Payments

The following table details expected benefit payments for the years 2026 through 2035:


Millions
2026	$	213
2027	213
2028	214
2029	215
2030	216
Years 2031 - 2035	$	1,104

Schedule of Pension Plan Asset Allocation

Our pension plan asset allocation at December 31, 2025 and 2024, and target allocation for 2026, are as follows:


	Target allocation 2026	Percentage of plan assets December 31,
		2025		2024
Equity securities	20% to 30%	23	%	24	%
Debt securities	70% to 80%	76		75
Real estate	0% to 2%	1		1
Total		100	%	100	%

Schedule of Pension Plan Measured at Fair Value on Recurring Basis

As of December 31, 2025, the pension plan assets measured at fair value on a recurring basis were as follows:


Millions	Quoted prices in active markets for identical inputs (Level 1)		Significant other inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Plan assets at fair value:


Federal government securities	$	-	$	1,471	$	-	$	1,471
Bonds and debentures	-		1,492		-		1,492
Corporate stock	235		2		-		237
Total plan assets at fair value	$	235	$	2,965	$	-	$	3,200
Plan assets at NAV:

Venture capital and buyout partnerships							413
Real estate funds							20
Collective trust and other funds							306
Total plan assets at NAV							$	739
Other assets/(liabilities) [a]							39
Total plan assets							$	3,978

As of December 31, 2024, the pension plan assets measured at fair value on a recurring basis were as follows:


Millions	Quoted prices in active markets for identical inputs (Level 1)		Significant other inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Plan assets at fair value:


Federal government securities	$	-	$	1,448	$	-	$	1,448
Bonds and debentures	-		1,512		-		1,512
Corporate stock	220		6		-		226
Total plan assets at fair value	$	220	$	2,966	$	-	$	3,186
Plan assets at NAV:

Venture capital and buyout partnerships							446
Real estate funds							26
Collective trust and other funds							370
Total plan assets at NAV							$	842
Other assets/(liabilities) [a]							40
Total plan assets							$	4,068

[a]Includes accrued receivables, net payables, and pending broker settlements.

Retirement Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, cost		$ 29	$ 28	$ 27
Railroad retirement system contributions		681	671	711
CollectiveBargaining Arrangement, Other
Defined Benefit Plan Disclosure [Line Items]
Expensed incurred on premiums paid		$ 9	$ 12	$ 16
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate		5.53%	5.61%	5.00%
Gain (loss) on pre-tax amounts		$ (542)	$ (644)
Defined benefit pension plan		$ 3,200	$ 3,300
Expected return on plan assets, changes in fair value, period (in years)		5 years
Expected return on plan assets (as a percent)		5.25%	5.25%	5.25%
Asset allocation target, evaluation period (in years)		3 years
Weighted-average maturity of pension plan debt portfolio (in years)		21 years	22 years
Other post retirement benefits liability		$ (703)	$ (555)
Other post retirement benefits periodic (benefit)/cost		$ (14)	$ (3)	$ 0
Pension Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Expected return on plan assets (as a percent)	5.25%
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Discount rate		5.42%	5.53%
Other post retirement benefits liability		$ 84	$ 104
Other post retirement benefits periodic (benefit)/cost		$ (2)	$ (5)	$ (7)
401K Thrift Plan Before 2018
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution (as a percent)		50.00%
Compensation contributed (as a percent)		6.00%
401K Thrift Plan 2018 Beyond
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution (as a percent)		100.00%
Compensation contributed (as a percent)		6.00%
Contributing annual amount (as a percent)		3.00%

Retirement Plans - Schedule of Net Periodic Pension Benefit/Cost (Details) - Pension Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 41	$ 52	$ 52
Interest cost	179	186	187
Expected return on plan assets	(242)	(252)	(248)
Amortization of actuarial loss	8	11	9
Net periodic pension (benefit)/cost	$ (14)	$ (3)	$ 0

- 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

+ Details

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Restrictions on Cash and Cash Equivalents


Millions	2025		2024		2023
Cash and cash equivalents	$	1,266	$	1,016	$	1,055
Restricted cash equivalents in other current assets	9		4		10
Restricted cash equivalents in other assets	5		8		9
Total cash, cash equivalents, and restricted cash equivalents	$	1,280	$	1,028	$	1,074

Schedule of Cash and Cash Equivalents


Millions	2025		2024		2023
Cash and cash equivalents	$	1,266	$	1,016	$	1,055
Restricted cash equivalents in other current assets	9		4		10
Restricted cash equivalents in other assets	5		8		9
Total cash, cash equivalents, and restricted cash equivalents	$	1,280	$	1,028	$	1,074

Commitments and Contingencies - Schedule of Personal Injury Liability Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Loss Contingency Accrual [Roll Forward]
Current portion, ending balance at December 31	$ 278	$ 319
Personal Injury
Loss Contingency Accrual [Roll Forward]
Beginning balance	379	383	$ 361
Current year accruals	123	121	112
Changes in estimates for prior years	17	(14)	89
Payments	(106)	(111)	(179)
Ending balance at December 31	413	379	383
Current portion, ending balance at December 31	$ 93	$ 106	$ 113

Retirement Plans - Schedule of Pension Plan Asset Allocation (Details) - Pension Plan	Dec. 31, 2025	Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	100.00%	100.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	23.00%	24.00%
Equity securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation 2026	20.00%
Equity securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation 2026	30.00%
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	76.00%	75.00%
Debt securities \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation 2026	70.00%
Debt securities \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation 2026	80.00%
Real estate
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets	1.00%	1.00%
Real estate \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation 2026	0.00%
Real estate \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation 2026	2.00%

- 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

+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
State and local income tax, net of federal benefit (as a percent)	3.10%	3.20%	3.40%
Deferred tax assets, valuation allowance	$ 0	$ 0
Income tax examination, penalties and interest accrued liabilities	4	4
Income tax examination, penalties and interest expense (benefit)	1	1	$ (1)
Unrecognized tax benefits that would impact effective tax rate	$ 27	$ 32	$ 30

Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Revenue, remaining performance obligation, amount	$ 157	$ 159

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation – The Consolidated Financial Statements are presented in accordance with accounting principles generally accepted in the U.S. (GAAP) as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC).
Principles of consolidation	Principles of consolidation – The Consolidated Financial Statements include the accounts of Union Pacific Corporation and all of its subsidiaries. Investments in affiliated companies (20% to 50% owned) are accounted for using the equity method of accounting. All intercompany transactions are eliminated. We currently have no less than majority-owned investments that require consolidation under variable interest entity requirements.
Cash, cash equivalents, and restricted cash	Cash, cash equivalents, and restricted cash – Cash equivalents consist of investments with original maturities of three months or less. Amounts included in restricted cash represent those required to be set aside by contractual agreement.
Accounts receivable	Accounts receivable – Accounts receivable includes receivables reduced by an allowance for doubtful accounts. The allowance is based upon historical losses, credit worthiness of customers, and current economic conditions. Receivables not expected to be collected in one year and the associated allowances are classified as other assets in our Consolidated Statements of Financial Position.
Investments	Investments – Investments represent our investments in affiliated companies (20% to 50% owned) that are accounted for under the equity method of accounting, and investments in companies (less than 20% owned) accounted for at fair value when there is a readily determined fair value or at cost minus impairment when there are not readily determinable fair values. Our portion of income/loss on equity method investments that are integral to our operations are recorded in operating expenses. Realized and unrealized gains and losses on investments that are not integral to our operations are recorded in other income.
Materials and supplies	Materials and supplies – Materials and supplies are carried at the lower of average cost or net realizable value.
Property and depreciation	Property and depreciation – Properties and equipment are carried at cost and are depreciated on a straight-line basis over their estimated service lives, which are measured in years, except for rail in high-density traffic corridors (i.e., all rail lines except for those lines subject to abandonment, yard tracks, and switching tracks), where lives are measured in millions of gross tons per mile of track. We use the group method of depreciation where all items with similar characteristics, use, and expected lives are grouped together in asset classes and are depreciated using composite depreciation rates. The group method of depreciation treats each asset class as a pool of resources, not as singular items. We determine the estimated service lives of depreciable railroad assets by means of depreciation studies. Under the group method of depreciation, no gain or loss is recognized when depreciable property is retired or replaced in the ordinary course of business.
Impairment of long-lived assets	Impairment of long-lived assets – We review long-lived assets, including identifiable intangibles, for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If impairment indicators are present and the estimated future undiscounted cash flows are less than the carrying value of the long-lived assets, the carrying value is reduced to the estimated fair value.
Revenue recognition	Revenue recognition – Freight revenues are derived from contracts with customers. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. Our contracts include private agreements, private rate/letter quotes, public circulars/tariffs, and interline/foreign agreements. The performance obligation in our contracts is typically delivering a specific commodity from a place of origin to a place of destination and our commitment begins with the tendering and acceptance of a freight bill of lading and is satisfied upon delivery at destination. We consider each freight shipment to be a distinct performance obligation. We recognize freight revenues over time as freight moves from origin to destination. The allocation of revenues between reporting periods is based on the relative transit time in each reporting period with expenses recognized as incurred. Outstanding performance obligations related to freight moves in transit totaled $157 million at December 31, 2025, and $159 million at December 31, 2024, and are expected to be recognized in the following quarter as we satisfy our remaining performance obligations and deliver freight to destination. The transaction price is generally specified in a contract and may be dependent on the commodity, origin/destination, and route. Customer incentives, which are primarily provided for shipping to/from specific locations or based on cumulative volumes, are recorded as a reduction to operating revenues. Customer incentives that include variable consideration based on cumulative volumes are estimated using the expected value method, which is based on available historical, current, and forecasted volumes, and recognized as the related performance obligation is satisfied. Under typical payment terms, our customers pay us after each performance obligation is satisfied and there are no material contract assets or liabilities associated with our freight revenues. Outstanding freight receivables are presented in our Consolidated Statements of Financial Position as accounts receivable, net. Freight revenues related to interline transportation services that involve other railroads are reported on a net basis. The portion of the gross amount billed to customers that is remitted by the Company to another party is not reflected as freight revenues. Other revenues consist primarily of revenues earned by our other subsidiaries (primarily logistics and commuter rail operations) and accessorial revenues. Other subsidiary revenues are generally recognized over time as shipments move from origin to destination. The allocation of revenues between reporting periods is based on the relative transit time in each reporting period with expenses recognized as incurred. Accessorial revenues are recognized at a point in time as performance obligations are satisfied.
Translation of foreign currency	Translation of foreign currency – Our portion of the assets and liabilities related to foreign investments are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenues and expenses are translated at the average rates of exchange prevailing during the year. Unrealized gains or losses are reflected within common shareholders’ equity as accumulated other comprehensive income or loss.
Fair value measurements	Fair value measurements – We use a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. These levels include: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. We have applied fair value measurements to our short-term investments, certain equity investments, pension plan assets, and short- and long-term debt.
Stock-based compensation	Stock-based compensation – We issue treasury shares to cover stock option exercises, stock unit vestings, and ESPP shares, while new shares are issued when retention shares are granted. We measure and recognize compensation expense for all stock-based awards made to employees, including stock options and ESPP awards. Compensation expense is based on the fair value of the awards as measured at the grant date and is expensed ratably over the service period of the awards (generally the vesting period). The fair value of retention awards is the closing stock price on the date of grant, the fair value of stock options is determined by using the Black-Scholes option pricing model, and the fair value of ESPP awards is based on the Company contribution match.
Earnings per share	Earnings per share – Basic earnings per share are calculated on the weighted-average number of common shares outstanding during each period. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive.
Income taxes	Income taxes – We account for income taxes by recording taxes payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences of events that are reported in different periods for financial reporting and income tax purposes. The majority of our deferred tax assets relate to expenses that already have been recorded for financial reporting purposes but not deducted for tax purposes. The majority of our deferred tax liabilities relate to differences between the tax bases and financial reporting amounts of our land and depreciable property, due to accelerated tax depreciation (including bonus depreciation), revaluation of assets in purchase accounting transactions, and differences in capitalization methods. These expected future tax consequences are measured based on current tax law; the effects of future tax legislation are not anticipated. When appropriate, we record a valuation allowance against deferred tax assets to reflect that these tax assets may not be realized. In determining whether a valuation allowance is appropriate, we consider whether it is more likely than not that all or some portion of our deferred tax assets will not be realized, based on management’s judgments using available evidence for purposes of estimating whether future taxable income will be sufficient to realize a deferred tax asset. We recognize tax benefits that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in our tax returns that do not meet these recognition and measurement standards.
Leases	Leases – We determine if an arrangement is or contains a lease at inception. Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. When an implicit rate is not available, we use a collateralized incremental borrowing rate for operating leases based on the information available at commencement date, including lease term, in determining the present value of future payments. The operating lease asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Operating leases are included in operating lease assets, accounts payable and other current liabilities, and operating lease liabilities on our Consolidated Statements of Financial Position. Finance leases are included in properties, net, debt due within one year, and debt due after one year on our Consolidated Statements of Financial Position. Operating lease expense is recognized on a straight-line basis over the lease term and primarily reported in equipment and other rents and financing lease expense is recorded as depreciation and interest expense in our Consolidated Statements of Income. We have lease agreements with lease and non-lease components, and we have elected to not separate lease and non-lease components for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded on our Consolidated Statements of Financial Position. Leases with initial terms in excess of 12 months are recorded as operating or financing leases in our Consolidated Statements of Financial Position.
Pension benefits	Pension benefits – In order to measure the expense associated with pension benefits, we must make various assumptions including discount rates used to value certain liabilities, expected return on plan assets used to fund these expenses, compensation increases, employee turnover rates, and anticipated mortality rates. The assumptions used by us are based on our historical experience as well as current facts and circumstances. We use an actuarial analysis to measure the expense and liability associated with these benefits.
Personal injury	Personal injury – The cost of injuries to employees and others on our property is charged to expense based on estimates of the ultimate cost and number of incidents each year. We use an actuarial analysis to measure the expense and liability, including unasserted claims. Our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments. Legal fees and incidental costs are expensed as incurred.
Environmental	Environmental – When environmental issues have been identified with respect to property currently or formerly owned, leased, or otherwise used in the conduct of our business, we perform, with the assistance of our consultants, environmental assessments on such property. We expense the cost of the assessments as incurred. We accrue the cost of remediation where our obligation is probable and such costs can be reasonably estimated. We do not discount our environmental liabilities when the timing of the anticipated cash payments is not fixed or readily determinable. Legal fees and incidental costs are expensed as incurred.
Use of estimates	Use of estimates – The preparation of our Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported assets and liabilities, the disclosure of certain contingent assets and liabilities as of the date of the Consolidated Financial Statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual future results may differ from such estimates.
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 adopted this ASU on December 31, 2025, on a retrospective basis. See the Supplemental Cash Flow Information of the Consolidated Statements of Cash Flows and Note 7 Income Taxes. 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, and early adoption is 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. We elected to early adopt ASU 2025-05 on December 31, 2025, which did not have a material impact on our consolidated financial statements. 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. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides recognition, measurement, and presentation authoritative guidance for grants received by a business entity from a government. The ASU is effective for fiscal years beginning after December 15, 2028, and interim reporting periods within those fiscal years, may be adopted on a modified prospective, modified retrospective, or retrospective 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.

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

Total debt as of December 31, 2025 and 2024, is summarized below:


Millions	2025		2024
Notes and debentures, 2.3% to 7.2% due through February 14, 2072	$	32,694	$	32,044
Equipment obligations, 2.6% to 6.2% due through January 2, 2031 [a]	693		732
Finance leases, 3.1% to 6.8% due through August 21, 2029	105		109



Unamortized discount and deferred issuance costs	(1,678)		(1,693)
Total debt	31,814		31,192
Less: current portion	(1,520)		(1,425)
Total long-term debt	$	30,294	$	29,767

[a]Equipment obligations are secured by an interest in certain railroad equipment with a carrying value of approximately $0.8 billion at both December 31, 2025 and 2024.

Schedule of Maturities of Long-Term Debt

The following table presents aggregate debt maturities as of December 31, 2025, excluding market value adjustments:


Millions
2026	$	1,521
2027	1,291
2028	1,239
2029	1,276
2030	753
Thereafter	27,412
Total principal	33,492
Unamortized discount and deferred issuance costs	(1,678)
Total debt	$	31,814

Schedule of Long-Term Debt Instruments

During the year ended December 31, 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