0000100885-26-000155 | 10-Q | XBRL Viewer

593,675,922

1,113,400,000

Ending balance at Mar. 31, 2026

(519,700,000)

$ 19,418

$ 2,783

$ (58,844)

5,621

70,411

(553)

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

593,245,884

1,113,200,000

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

(519,900,000)

Beginning balance at Dec. 31, 2025

$ 18,467

$ 2,783

$ (58,843)

5,589

69,529

(591)

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

Net income

1,701

Other comprehensive income/(loss)

^[2]

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

^[3]

200,000

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

^[3]

$ 31

$ (1)

Share repurchase programs (Note 15) (in shares)

Share repurchase programs (Note 15)

$ 0

Dividends declared

$ (819)

(819)

593,675,922

1,113,400,000

Ending balance at Mar. 31, 2026

(519,700,000)

$ 19,418

$ 2,783

$ (58,844)

$ 5,621

$ 70,411

$ (553)

[1]	AOCI = accumulated other comprehensive income/loss (Note 8)
[2]	Net of deferred taxes of ($0.1) million and ($0.2) million during the three months ended March 31, 2026 and 2025, respectively.
[3]	ESPP = employee stock purchase plan

Pending Acquisition - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2027 USD ($) state intercharge port mi $ / shares shares	Mar. 31, 2026 USD ($)	Jul. 28, 2025 USD ($) state
Forecast
Business Combination [Line Items]
Number of states in which entity operates \| state	43
Transcontinental railroad (in miles) \| mi	50,000
Number of international interchanges \| intercharge	10
Number of ports \| port	100
Norfolk Southern
Business Combination [Line Items]
Other current assets		$ 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	225,000,000
Cash consideration	$ 20,000
Norfolk Southern
Business Combination [Line Items]
Number of states in which entity operates \| state			22

Retirement Plans - Narrative (Details) $ in Millions	3 Months Ended
Retirement Plans - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($)
Retirement Benefits [Abstract]
Expected return on plan assets, changes in fair value, period (in years)	5 years
Cash contributions for pension plans	$ 0

Retirement Plans

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

Retirement Plans

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

Expense

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

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



Millions, for the three months ended March 31,	2026		2025
Service cost	$	9	$	11
Interest cost	39		45
Expected return on plan assets	(56)		(60)
Amortization of actuarial loss	2		2
Net periodic pension (benefit)/cost	$	(6)	$	(2)

Cash contributions

For the three months ended March 31, 2026, cash contributions totaled $0 to the qualified pension plans. Any contributions made during 2026 will be based on cash generated from operations and financial market considerations. Our policy with respect to funding the qualified pension plans is to fund at least the minimum required by law and not more than the maximum amount deductible for tax purposes. At March 31, 2026, we do not have minimum cash funding requirements for 2026.

The entire disclosure for retirement benefits.

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Related Parties	3 Months Ended
Related Parties	Mar. 31, 2026
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 recognized as investments related to TTX in our Condensed Consolidated Statements of Financial Position as of both March 31, 2026, and December 31, 2025. TTX car hire expense of $105 million and $112 million for the three months ended March 31, 2026 and 2025, respectively, are included in equipment and other rents in our Condensed Consolidated Statements of Income. In addition, UPRR had accounts payable to TTX of $70 million and $72 million at March 31, 2026, and December 31, 2025, respectively.

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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Schedule of Net Periodic Pension Benefit/Cost

Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2026

Retirement Benefits [Abstract]

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



Millions, for the three months ended March 31,	2026		2025
Service cost	$	9	$	11
Interest cost	39		45
Expected return on plan assets	(56)		(60)
Amortization of actuarial loss	2		2
Net periodic pension (benefit)/cost	$	(6)	$	(2)

Stock-Based Compensation - Annual Weighted Average Assumptions (Details) - Stock options - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.70%	4.30%
Dividend yield	2.20%	2.20%
Expected life (years)	4 years 9 months 18 days	4 years 3 months 18 days
Volatility	22.30%	22.40%
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 50.32	$ 48.70

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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Schedule of Accounts Payable and Other Current Liabilities

Accounts Payable and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]


Millions	Mar. 31, 2026		Dec. 31, 2025
Accounts payable	$	940	$	804
Income and other taxes payable	845		491
Compensation-related accruals	522		642
Accrued casualty costs	303		278
Interest payable	248		375
Current operating lease liabilities	235		270
Equipment rents payable	98		102
Other	544		532
Total accounts payable and other current liabilities	$	3,735	$	3,494

Operations and Segmentation - Freight and Other Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 6,217	$ 6,027
Locomotive fuel	643	603
Depreciation	633	610
Other income, net	(91)	(78)
Interest expense	320	322
Income tax expense	528	501
Net income	1,701	1,626
Total freight revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	5,893	5,691
Reportable Segment
Disaggregation of Revenue [Line Items]
Total operating revenues	6,217	6,027
Operating	1,719	1,684
Administrative	185	193
Locomotive fuel	630	591
Acquisition-related (Note 17)	36	0
Other segment items	556	578
Depreciation	633	610
Other income, net	(91)	(78)
Interest expense	320	322
Income tax expense	528	501
Net income	1,701	1,626
Reportable Segment \| Total freight revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	5,893	5,691
Reportable Segment \| Bulk
Disaggregation of Revenue [Line Items]
Total operating revenues	2,026	1,836
Reportable Segment \| Industrial
Disaggregation of Revenue [Line Items]
Total operating revenues	2,191	2,082
Reportable Segment \| Premium
Disaggregation of Revenue [Line Items]
Total operating revenues	1,676	1,773
Reportable Segment \| Other subsidiary revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	175	194
Reportable Segment \| Accessorial revenues
Disaggregation of Revenue [Line Items]
Total operating revenues	126	118
Reportable Segment \| Other
Disaggregation of Revenue [Line Items]
Total operating revenues	$ 23	$ 24

Share Repurchase Programs (Tables)

3 Months Ended

Mar. 31, 2026

Share Repurchase Program [Abstract]

Schedule of Share Repurchase Programs

The table below represents shares repurchased under repurchase programs in the three months ended March 31, 2026 and 2025:


	Number of shares purchased		Average price paid [a]
	2026	2025	2026		2025
First quarter [b]	-	5,745,601	$	-	$	250.74

[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 February 2025 under the ASRs at the average price of $251.73.

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Personal Injury Liability Activity

Our personal injury liability activity was as follows:


Millions, for the three months ended March 31,	2026		2025
Beginning balance	$	413	$	379
Current year accruals	29		26
Changes in estimates for prior years	(9)		2
Payments	(27)		(42)
Ending balance at March 31,	$	406	$	365
Current portion, ending balance at March 31,	$	95	$	117

Schedule of Environmental Liability Activity

Our environmental liability activity was as follows:


Millions, for the three months ended March 31,	2026		2025
Beginning balance	$	259	$	268
Accruals	22		17
Payments	(19)		(21)
Ending balance at March 31,	$	262	$	264
Current portion, ending balance at March 31,	$	62	$	76

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our Condensed Consolidated Financial Statements are unaudited and reflect all adjustments (consisting of normal and recurring adjustments) that are, in the opinion of management, necessary for their fair presentation in conformity with accounting principles generally accepted in the United States of America (GAAP). Pursuant to the rules and regulations of the Securities and Exchange Commission (SEC), certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, this Quarterly Report on Form 10-Q should be read in conjunction with our Consolidated Financial Statements and notes thereto contained in our 2025 Annual Report on Form 10-K. Our Consolidated Statement of Financial Position at December 31, 2025, is derived from audited financial statements. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results for the entire year ending December 31, 2026. The Condensed Consolidated Financial Statements are presented in accordance with GAAP as codified in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC).

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

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:



Millions, except per share amounts, for the three months ended March 31,	2026		2025
Net income	$	1,701	$	1,626
Weighted-average number of shares outstanding:
Basic	593.0		601.0
Dilutive effect of stock options	0.2		0.3
Dilutive effect of retention awards	0.4		0.6
Diluted	593.6		601.9
Earnings per share - basic	$	2.87	$	2.71
Earnings per share - diluted	$	2.87	$	2.70
Stock options excluded as their inclusion would be anti-dilutive	1.3		0.9

Stock-Based Compensation - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands			3 Months Ended
	Jun. 10, 2025	Jun. 09, 2025	Mar. 31, 2026	Mar. 31, 2025
Stock-based compensation, before tax:
Total stock-based compensation, before tax			$ 29,000	$ 34,000
Excess income tax benefits from equity compensation plans			9,000	7,000
ESPP employee contribution annual limit	$ 15
Stock options
Stock-based compensation, before tax:
Total stock-based compensation, before tax			5,000	6,000
Retention awards
Stock-based compensation, before tax:
Total stock-based compensation, before tax			21,000	22,000
ESPP
Stock-based compensation, before tax:
Total stock-based compensation, before tax			$ 3,000	$ 6,000
Employer contribution match (as a percent)	20.00%	40.00%
Maximum employee subscription rate (as a percent)	5.00%

Stock-Based Compensation - Changes in Retention Awards (Details) - Retention awards shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Shares
Outstanding at beginning of period (in shares) \| shares	878
Granted (in shares) \| shares	256
Vested (in shares) \| shares	(444)
Forfeited (in shares) \| shares	(5)
Outstanding at end of period (in shares) \| shares	685
Weighted-average grant-date fair value
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 232.18
Granted (in dollars per share) \| $ / shares	246.29
Vested (in dollars per share) \| $ / shares	220.88
Forfeited (in dollars per share) \| $ / shares	246.81
Outstanding at end of period (in dollars per share) \| $ / shares	$ 244.67
2022 Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	4 years
2023 Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation Expense

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



Millions, for the three months ended March 31,	2026		2025
Stock-based compensation, before tax:
Stock options	$	5	$	6
Retention awards	21		22
ESPP [a]	3		6
Total stock-based compensation, before tax	$	29	$	34
Excess income tax benefits from equity compensation plans	$	9	$	7

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

Schedule of Annual Weighted Average Assumptions

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


Weighted-average assumptions	2026		2025
Risk-free interest rate	3.7%		4.3%
Dividend yield	2.2%		2.2%
Expected life (years)	4.8		4.3
Volatility	22.3%		22.4%
Weighted-average grant-date fair value of options granted	$	50.32	$	48.70

Schedule of Stock Option Activity

A summary of stock option activity during the three months ended March 31, 2026, is presented below:


	Options (thous.)	Weighted-average exercise price		Weighted-average remaining contractual term (in yrs.)	Aggregate intrinsic value (millions)
Outstanding at January 1, 2026	2,095	$	210.29	5.6	$	58
Granted	436	251.45		N/A	N/A
Exercised	(224)	146.82		N/A	N/A
Forfeited or expired	(12)	248.62		N/A	N/A
Outstanding at March 31, 2026	2,295	$	224.10	6.4	$	49
Vested or expected to vest at March 31, 2026	2,271	$	223.87	6.4	$	49
Options exercisable at March 31, 2026	1,507	$	211.41	5.0	$	49

Schedule of Additional Information Regarding Stock Option Exercises

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



Millions, for the three months ended March 31,	2026		2025
Intrinsic value of stock options exercised	$	24	$	20
Cash received from option exercises	30		41
Treasury shares repurchased for employee payroll taxes	(6)		(6)
Income tax benefit realized from option exercises	5		2
Aggregate grant-date fair value of stock options vested	15		16

Schedule of Changes in Retention Awards

Changes in our retention awards during the three months ended March 31, 2026, were as follows:


	Shares (thous.)	Weighted-average grant-date fair value
Nonvested at January 1, 2026	878		$	232.18
Granted	256		246.29
Vested [a]	(444)		220.88
Forfeited	(5)		246.81
Nonvested at March 31, 2026	685		$	244.67

[a]Starting with the 2023 awards, the vesting period was changed from 4 years to 3 years, which results in the 2022 and 2023 awards both vesting in February of 2026.

Schedule of Changes in Performance Stock Unit Awards

Changes in our performance stock unit awards during the three months ended March 31, 2026, were as follows:


	Shares (thous.)	Weighted-average grant-date fair value
Nonvested at January 1, 2026	619		$	222.68
Granted	336		251.45
Vested	(72)		199.05
Unearned	(96)		202.81
Forfeited	(24)		248.70
Nonvested at March 31, 2026	763		$	239.26

Related Parties (Details) - USD ($) $ in Millions	3 Months Ended
Related Parties (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Equipment and other rents	$ 219	$ 241
Accounts payable, current	940		$ 804
UPRR \| Equity Method Investee
Related Party Transaction [Line Items]
Equipment and other rents	105	$ 112
Accounts payable, current	$ 70		72
UPRR \| TTX Company
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	37.03%
Equity method investments	$ 2,000		$ 2,000

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

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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Share Repurchase Programs

Share Repurchase Programs

3 Months Ended

Mar. 31, 2026

Share Repurchase Program [Abstract]

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 March 31, 2026, 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 17, we paused our share repurchases.

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

The table below represents shares repurchased under repurchase programs in the three months ended March 31, 2026 and 2025:


	Number of shares purchased		Average price paid [a]
	2026	2025	2026		2025
First quarter [b]	-	5,745,601	$	-	$	250.74

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

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.

Operations and Segmentation - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	1
Number of operating segments \| segment	1
Total operating revenues \| $	$ 6,217	$ 6,027
Mexico
Segment Reporting Information [Line Items]
Total operating revenues \| $	$ 729	$ 719

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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Pending Acquisition - Acquisition-Related Expense Associated with the Merger Agreement (Details) - Norfolk Southern $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Business Combination [Line Items]
Total acquisition-related expense	$ 36
Compensation and benefits
Business Combination [Line Items]
Total acquisition-related expense	2
Purchased services and materials
Business Combination [Line Items]
Total acquisition-related expense	31
Other
Business Combination [Line Items]
Total acquisition-related expense	$ 3

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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Accumulated Other Comprehensive Income/Loss

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

Other Income (Details) - USD ($) $ in Millions	3 Months Ended
Other Income (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Other Income and Expenses [Abstract]
Real estate income	$ 76	$ 64
Net periodic pension benefit/(costs)	15	13
Interest income	15	14
Non-operating property environmental remediation and restoration	(11)	(5)
Other	(4)	(8)
Total	$ 91	$ 78

Accumulated Other Comprehensive Income/Loss

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

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, 2026	$	(427)	$	(179)	$	15	$	(591)
Other comprehensive income/(loss) before reclassifications	(1)		39		-		38
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	-		-		-		-
Net quarter-to-date other comprehensive income/(loss), net of taxes of ($0.1) million	(1)		39		-		38
Balance at March 31, 2026	$	(428)	$	(140)	$	15	$	(553)

Balance at January 1, 2025	$	(498)	$	(241)	$	16	$	(723)
Other comprehensive income/(loss) before reclassifications	3		-		-		3
Amounts reclassified from accumulated other comprehensive income/(loss) [b]	-		-		-		-
Net quarter-to-date other comprehensive income/(loss), net of taxes of ($0.2) million	3		-		-		3
Balance at March 31, 2025	$	(495)	$	(241)	$	16	$	(720)

[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-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Options
Outstanding at beginning of period (in shares)	2,095
Granted (in shares)	436
Exercised (in shares)	(224)
Forfeited or expired (in shares)	(12)
Outstanding at end of period (in shares)	2,295	2,095
Vested or expected to vest (in shares)	2,271
Options exercisable (in shares)	1,507
Weighted-average exercise price
Outstanding at beginning of period (in dollars per share)	$ 210.29
Granted (in shares)	251.45
Exercised (in shares)	146.82
Forfeited or expired (in shares)	248.62
Outstanding, weighted average exercise price (in dollars per share)	224.10	$ 210.29
Vested or expected to vest (in dollars per share)	223.87
Options exercisable (in dollars per share)	$ 211.41
Weighted-average remaining contractual term (in yrs.)
Outstanding	6 years 4 months 24 days	5 years 7 months 6 days
Vested or expected to vest	6 years 4 months 24 days
Options exercisable	5 years
Aggregate intrinsic value
Outstanding	$ 49	$ 58
Vested or expected to vest	49
Options exercisable	$ 49

Commitments and Contingencies - Environmental Liability Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning balance	$ 259	$ 268
Accruals	22	17
Payments	(19)	(21)
Ending balance	262	264
Current portion, ending balance at March 31,	$ 62	$ 76

Properties (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Cost	$ 87,040	$ 86,404
Accumulated depreciation	27,085	26,759
Net book value	59,955	59,645
Land
Property, Plant and Equipment [Line Items]
Cost	5,475	5,471
Net book value	5,475	5,471
Total road
Property, Plant and Equipment [Line Items]
Cost	64,129	63,782
Accumulated depreciation	20,908	20,630
Net book value	43,221	43,152
Rail and other track material
Property, Plant and Equipment [Line Items]
Cost	19,831	19,747
Accumulated depreciation	8,016	7,936
Net book value	$ 11,815	$ 11,811
Estimated useful life	43 years	45 years
Ties
Property, Plant and Equipment [Line Items]
Cost	$ 12,893	$ 12,779
Accumulated depreciation	4,361	4,305
Net book value	$ 8,532	$ 8,474
Estimated useful life	34 years	34 years
Ballast
Property, Plant and Equipment [Line Items]
Cost	$ 6,686	$ 6,646
Accumulated depreciation	2,345	2,309
Net book value	$ 4,341	$ 4,337
Estimated useful life	34 years	34 years
Other roadway
Property, Plant and Equipment [Line Items]
Cost	$ 24,719	$ 24,610
Accumulated depreciation	6,186	6,080
Net book value	$ 18,533	$ 18,530
Estimated useful life	47 years	47 years
Total equipment
Property, Plant and Equipment [Line Items]
Cost	$ 14,492	$ 14,324
Accumulated depreciation	5,489	5,460
Net book value	9,003	8,864
Locomotives
Property, Plant and Equipment [Line Items]
Cost	10,059	9,926
Accumulated depreciation	3,801	3,813
Net book value	$ 6,258	$ 6,113
Estimated useful life	17 years	18 years
Freight cars
Property, Plant and Equipment [Line Items]
Cost	$ 3,090	$ 3,080
Accumulated depreciation	1,133	1,107
Net book value	$ 1,957	$ 1,973
Estimated useful life	23 years	23 years
Work equipment and other
Property, Plant and Equipment [Line Items]
Cost	$ 1,343	$ 1,318
Accumulated depreciation	555	540
Net book value	$ 788	$ 778
Estimated useful life	17 years	17 years
Technology and other
Property, Plant and Equipment [Line Items]
Cost	$ 1,430	$ 1,414
Accumulated depreciation	688	669
Net book value	$ 742	$ 745
Estimated useful life	12 years	12 years
Construction in progress
Property, Plant and Equipment [Line Items]
Cost	$ 1,514	$ 1,413
Net book value	$ 1,514	$ 1,413

Commitments and Contingencies - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($) site
Loss Contingencies [Line Items]
Sites identified	346
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 \| $	$ 406
Personal Injury \| Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss \| $	$ 523

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 460
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

Accumulated Other Comprehensive Income (Loss) [Line Items]

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

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

$ (0.1)

$ (0.2)

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

Other comprehensive income/(loss) before reclassifications

18,467.0

16,890.0

38.0

3.0

Amounts reclassified from accumulated other comprehensive income/(loss)

0.0

^[1]

38.0

3.0

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

19,418.0

16,039.0

Total

^[2]

(591.0)

(723.0)

^[2]

38.0

3.0

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

^[2]

(553.0)

(720.0)

Defined benefit plans

Other comprehensive income/(loss) before reclassifications

(427.0)

(498.0)

(1.0)

3.0

Amounts reclassified from accumulated other comprehensive income/(loss)

0.0

(1.0)

3.0

Foreign currency translation

(428.0)

(495.0)

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

Other comprehensive income/(loss) before reclassifications

(179.0)

(241.0)

39.0

0.0

Amounts reclassified from accumulated other comprehensive income/(loss)

0.0

39.0

0.0

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

(140.0)

(241.0)

Derivative instruments

Other comprehensive income/(loss) before reclassifications

15.0

16.0

0.0

Amounts reclassified from accumulated other comprehensive income/(loss)

0.0

0.0

Property, Plant and Equipment [Abstract]

$ 15.0

$ 16.0

[1]	Net of deferred taxes of ($0.1) million and ($0.2) million during the three months ended March 31, 2026 and 2025, respectively.
[2]	AOCI = accumulated other comprehensive income/loss (Note 8)

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

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



Millions, except per share amounts, for the three months ended March 31,	2026		2025
Net income	$	1,701	$	1,626
Weighted-average number of shares outstanding:
Basic	593.0		601.0
Dilutive effect of stock options	0.2		0.3
Dilutive effect of retention awards	0.4		0.6
Diluted	593.6		601.9
Earnings per share - basic	$	2.87	$	2.71
Earnings per share - diluted	$	2.87	$	2.70
Stock options excluded as their inclusion would be anti-dilutive	1.3		0.9

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 17, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	1-6075
Entity Registrant Name	UNION PACIFIC CORP
Entity Incorporation, State or Country Code	UT
Entity Tax Identification Number	13-2626465
Entity Address, Address Line One	1400 Douglas Street
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68179
City Area Code	402
Local Phone Number	544-5000
Title of 12(b) Security	Common Stock (Par Value $2.50 per share)
Trading Symbol	UNP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		593,713,213
Entity Central Index Key	0000100885
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Retirement Plans - Net Periodic Pension Benefit/Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Retirement Benefits [Abstract]
Service cost	$ 9	$ 11
Interest cost	39	45
Expected return on plan assets	(56)	(60)
Amortization of actuarial loss	2	2
Net periodic pension (benefit)/cost	$ (6)	$ (2)

Properties

3 Months Ended

Mar. 31, 2026

Properties

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


Millions, except estimated useful life As of March 31, 2026	Cost		Accumulated depreciation		Net book value		Estimated useful life
Land	$	5,475	N/A		$	5,475	N/A
Road:
Rail and other track material	19,831		8,016		11,815		43
Ties	12,893		4,361		8,532		34
Ballast	6,686		2,345		4,341		34
Other roadway [a]	24,719		6,186		18,533		47
Total road	64,129		20,908		43,221		N/A
Equipment:
Locomotives	10,059		3,801		6,258		17
Freight cars	3,090		1,133		1,957		23
Work equipment and other	1,343		555		788		17
Total equipment	14,492		5,489		9,003		N/A
Technology and other	1,430		688		742		12
Construction in progress	1,514		N/A		1,514		N/A
Total	$	87,040	$	27,085	$	59,955	N/A


Millions, except estimated useful life As of December 31, 2025	Cost		Accumulated depreciation		Net book value		Estimated useful life
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		N/A		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.

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 1,701	$ 1,626
Weighted-average number of shares outstanding:
Weighted average number of shares - basic (in shares)	593.0	601.0
Weighted average number of shares - diluted (in shares)	593.6	601.9
Earnings per share - basic (in dollars per share)	$ 2.87	$ 2.71
Earnings per share - diluted (in dollars per share)	$ 2.87	$ 2.70
Stock options excluded as their inclusion would be anti-dilutive (in shares)	1.3	0.9
Stock options
Weighted-average number of shares outstanding:
Weighted-average number of shares outstanding, dilutive effect on shares	0.2	0.3
Retention awards
Weighted-average number of shares outstanding:
Weighted-average number of shares outstanding, dilutive effect on shares	0.4	0.6

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

See Note 17 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 $406 million to $523 million. We record an accrual at the low end of the range as no amount of loss within the range is more probable than any other. Estimates can vary over time due to evolving trends in litigation.

Our personal injury liability activity was as follows:


Millions, for the three months ended March 31,	2026		2025
Beginning balance	$	413	$	379
Current year accruals	29		26
Changes in estimates for prior years	(9)		2
Payments	(27)		(42)
Ending balance at March 31,	$	406	$	365
Current portion, ending balance at March 31,	$	95	$	117

Environmental costs – We are subject to federal, state, and local environmental laws and regulations. We have identified 346 sites where we are or may be liable for remediation costs associated with alleged contamination or for violations of environmental requirements. This includes 29 sites that are the subject of actions taken by the U.S. government, including 17 that are currently on the Superfund National Priorities List. Certain federal legislation imposes joint and several liability for the remediation of identified sites; consequently, our ultimate environmental liability may include costs relating to activities of other parties, in addition to costs relating to our own activities at each site.

Our environmental liability activity was as follows:


Millions, for the three months ended March 31,	2026		2025
Beginning balance	$	259	$	268
Accruals	22		17
Payments	(19)		(21)
Ending balance at March 31,	$	262	$	264
Current portion, ending balance at March 31,	$	62	$	76

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.

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2026	Mar. 31, 2026
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award expiration period		10 years
Award vesting period		3 years
Unrecognized compensation expense		$ 27
Recognized weighted-average period		1 year 6 months
Retention awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period		3 years
Unrecognized compensation expense		$ 96
Recognized weighted-average period		1 year 9 months 18 days
Performance stock unit awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense		$ 27
Recognized weighted-average period		1 year 7 months 6 days
Share-based payment award, award requisite service period	37 months
Performance period	3 years
Performance stock unit awards \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights (percent)	66.67%
Performance stock unit awards \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights (percent)	33.33%

Stock-Based Compensation - Additional Information Regarding Stock Option Exercises (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Intrinsic value of stock options exercised	$ 24	$ 20
Cash received from option exercises	30	41
Treasury shares repurchased for employee payroll taxes	(6)	(6)
Income tax benefit realized from option exercises	5	2
Aggregate grant-date fair value of stock options vested	$ 15	$ 16

Accounts Payable and Other Current Liabilities

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accounts Payable and Other Current Liabilities


Millions	Mar. 31, 2026		Dec. 31, 2025
Accounts payable	$	940	$	804
Income and other taxes payable	845		491
Compensation-related accruals	522		642
Accrued casualty costs	303		278
Interest payable	248		375
Current operating lease liabilities	235		270
Equipment rents payable	98		102
Other	544		532
Total accounts payable and other current liabilities	$	3,735	$	3,494

Other Income (Tables)

3 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

Schedule of Other Income

Other income included the following:



Millions, for the three months ended March 31,	2026		2025
Real estate income	$	76	$	64
Net periodic pension benefit/(costs)	15		13
Interest income [a]	15		14
Non-operating property environmental remediation and restoration	(11)		(5)
Other [a]	(4)		(8)
Total	$	91	$	78

[a]Prior years have been recast to conform to the current year presentation.

Operations and Segmentation

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Operations and Segmentation

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

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

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

Although our revenues are principally derived from customers domiciled in the U.S., the ultimate points of origination or destination for some products we transport are outside the U.S. Freight revenues from each of our commodity groups, as described in the table below, includes revenues from shipments to and from Mexico, which amounted to $729 million and $719 million for the three months ended March 31, 2026 and 2025, respectively.

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, for the three months ended March 31,	2026		2025
Bulk	$	2,026	$	1,836
Industrial	2,191		2,082
Premium	1,676		1,773
Total freight revenues	$	5,893	$	5,691
Other subsidiary revenues	175		194
Accessorial revenues	126		118
Other	23		24
Total operating revenues	$	6,217	$	6,027
Operating [a]	1,719		1,684
Administrative [a]	185		193
Locomotive fuel	630		591
Acquisition-related (Note 17)	36		-
Other segment items [b]	556		578
Depreciation	633		610
Other income, net	(91)		(78)
Interest expense	320		322
Income tax expense	528		501
Net income	$	1,701	$	1,626

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

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

Operations and Segmentation

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



Millions, for the three months ended March 31,	2026		2025
Bulk	$	2,026	$	1,836
Industrial	2,191		2,082
Premium	1,676		1,773
Total freight revenues	$	5,893	$	5,691
Other subsidiary revenues	175		194
Accessorial revenues	126		118
Other	23		24
Total operating revenues	$	6,217	$	6,027
Operating [a]	1,719		1,684
Administrative [a]	185		193
Locomotive fuel	630		591
Acquisition-related (Note 17)	36		-
Other segment items [b]	556		578
Depreciation	633		610
Other income, net	(91)		(78)
Interest expense	320		322
Income tax expense	528		501
Net income	$	1,701	$	1,626

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

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

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

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Accounts Receivable (Details) - USD ($) $ in Millions		3 Months Ended
Accounts Receivable (Details) - USD ($) $ in Millions	Jul. 28, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Jul. 27, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, allowance for credit loss, current		$ 7		$ 4
Accounts receivable, allowance for credit loss, noncurrent		62		64
Receivables facility	$ 600	600			$ 800
Receivables securitization facility, period	3 years
Outstanding value of receivables securitization facility		0		0
Receivables securitization facility, issued		0
Repayments amount		0
Undivided investor held interest		1,700		$ 1,500
Interest expense		$ 320	$ 322
Asset-Backed Securities, Securitized Loans and Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, from securitization, default or dilution ratio		1.00%
Interest expense		$ 1	$ 1

Accounts Payable and Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accounts payable	$ 940	$ 804
Income and other taxes payable	845	491
Compensation-related accruals	522	642
Accrued casualty costs	303	278
Interest payable	248	375
Current operating lease liabilities	235	270
Equipment rents payable	98	102
Other	544	532
Total accounts payable and other current liabilities	$ 3,735	$ 3,494

Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 300	$ 250
Debt Instrument, fair value disclosure	25,000	26,500
Fair value of total debt less of carrying value	5,700	5,300
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	$ 300	$ 250

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

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Other Income and Expenses [Abstract]

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating revenues:
Total operating revenues	$ 6,217	$ 6,027
Operating expenses:
Compensation and benefits	1,227	1,212
Purchased services and materials	673	631
Fuel	643	603
Depreciation	633	610
Equipment and other rents	219	241
Other	364	359
Total operating expenses	3,759	3,656
Operating income	2,458	2,371
Other income, net (Note 6)	91	78
Interest expense	(320)	(322)
Income before income taxes	2,229	2,127
Income tax expense	(528)	(501)
Net income	$ 1,701	$ 1,626
Share and per share (Note 7):
Earnings per share - basic (in dollars per share)	$ 2.87	$ 2.71
Earnings per share - diluted (in dollars per share)	$ 2.87	$ 2.70
Weighted average number of shares - basic (in shares)	593.0	601.0
Weighted average number of shares - diluted (in shares)	593.6	601.9
Freight revenues
Operating revenues:
Total operating revenues	$ 5,893	$ 5,691
Other revenues
Operating revenues:
Total operating revenues	$ 324	$ 336

Commitments and Contingencies - Personal Injury Liability Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Loss Contingency Accrual [Roll Forward]
Current portion, ending balance at March 31,	$ 303		$ 278
Personal Injury
Loss Contingency Accrual [Roll Forward]
Beginning balance	413	$ 379
Current year accruals	29	26
Changes in estimates for prior years	(9)	2
Payments	(27)	(42)
Ending balance at March 31,	406	365
Current portion, ending balance at March 31,	$ 95	$ 117

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Other comprehensive income/(loss), deferred taxes	$ (0.1)	$ (0.2)

Other Income

3 Months Ended

Mar. 31, 2026

Other Income

Other income included the following:



Millions, for the three months ended March 31,	2026		2025
Real estate income	$	76	$	64
Net periodic pension benefit/(costs)	15		13
Interest income [a]	15		14
Non-operating property environmental remediation and restoration	(11)		(5)
Other [a]	(4)		(8)
Total	$	91	$	78

[a]Prior years have been recast to conform to the current year presentation.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

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

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



Millions, for the three months ended March 31,	2026		2025
Stock-based compensation, before tax:
Stock options	$	5	$	6
Retention awards	21		22
ESPP [a]	3		6
Total stock-based compensation, before tax	$	29	$	34
Excess income tax benefits from equity compensation plans	$	9	$	7

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 March 31, 2026, 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	2026		2025
Risk-free interest rate	3.7%		4.3%
Dividend yield	2.2%		2.2%
Expected life (years)	4.8		4.3
Volatility	22.3%		22.4%
Weighted-average grant-date fair value of options granted	$	50.32	$	48.70

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

A summary of stock option activity during the three months ended March 31, 2026, is presented below:


	Options (thous.)	Weighted-average exercise price		Weighted-average remaining contractual term (in yrs.)	Aggregate intrinsic value (millions)
Outstanding at January 1, 2026	2,095	$	210.29	5.6	$	58
Granted	436	251.45		N/A	N/A
Exercised	(224)	146.82		N/A	N/A
Forfeited or expired	(12)	248.62		N/A	N/A
Outstanding at March 31, 2026	2,295	$	224.10	6.4	$	49
Vested or expected to vest at March 31, 2026	2,271	$	223.87	6.4	$	49
Options exercisable at March 31, 2026	1,507	$	211.41	5.0	$	49

At March 31, 2026, there was $27 million of unrecognized compensation expense related to nonvested stock options, which is expected to be recognized over a weighted-average period of 1.5 years. Additional information regarding stock option exercises appears in the following table:



Millions, for the three months ended March 31,	2026		2025
Intrinsic value of stock options exercised	$	24	$	20
Cash received from option exercises	30		41
Treasury shares repurchased for employee payroll taxes	(6)		(6)
Income tax benefit realized from option exercises	5		2
Aggregate grant-date fair value of stock options vested	15		16

Retention awards – Retention awards are granted at no cost to the employee, vest over periods lasting up to 3 years, and have dividends and dividend equivalents paid to participants during the vesting periods.

Changes in our retention awards during the three months ended March 31, 2026, were as follows:


	Shares (thous.)	Weighted-average grant-date fair value
Nonvested at January 1, 2026	878		$	232.18
Granted	256		246.29
Vested [a]	(444)		220.88
Forfeited	(5)		246.81
Nonvested at March 31, 2026	685		$	244.67

[a]Starting with the 2023 awards, the vesting period was changed from 4 years to 3 years, which results in the 2022 and 2023 awards both vesting in February of 2026.

At March 31, 2026, there was $96 million of total unrecognized compensation expense related to nonvested retention awards, which is expected to be recognized over a weighted-average period of 1.8 years.

Performance stock unit awards – In February 2026, 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 2026 stock units are subject to continued employment for 37 months, the attainment of certain levels of ROIC, and the relative three-year OIG. We expense two-thirds of the fair value of the units that are probable of being earned based on our forecasted ROIC over the three-year performance period, and with respect to the third year of the plan, we expense the remaining one-third of the fair value subject to the relative three-year OIG. We measure the fair value of performance stock units based upon the closing price of the underlying common stock as of the date of grant. Dividend equivalents are accumulated during the service period and paid to participants only after the units are earned.

Changes in our performance stock unit awards during the three months ended March 31, 2026, were as follows:


	Shares (thous.)	Weighted-average grant-date fair value
Nonvested at January 1, 2026	619		$	222.68
Granted	336		251.45
Vested	(72)		199.05
Unearned	(96)		202.81
Forfeited	(24)		248.70
Nonvested at March 31, 2026	763		$	239.26

At March 31, 2026, there was $27 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 1.6 years. This expense is subject to achievement of the performance measures established for the performance stock unit grants.

Debt	3 Months Ended
Debt	Mar. 31, 2026
Debt Disclosure [Abstract]
Debt	Debt Credit facilities – At March 31, 2026, 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 the three months ended March 31, 2026 we issued $0 and repaid $0 through the Facility. As of March 31, 2026, 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 March 31, 2026, the Company was in compliance with the adjusted debt-to-EBITDA coverage ratio, which allows us to carry up to $48.2 billion of debt (as defined in the Facility), and we had $32.3 billion of debt (as defined in the Facility) outstanding at that date. The Facility does not include any other financial restrictions, credit rating triggers (other than rating-dependent pricing), or any other provision that could require us to post collateral. The Facility also includes a $150 million cross-default provision and a change-of-control provision. During the three months ended March 31, 2026, we issued $0 and repaid $0 of commercial paper. As of March 31, 2026, 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. 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 three months ended March 31, 2026, we did not issue any debt securities under this registration statement. At March 31, 2026, 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 March 31, 2026, and December 31, 2025, we recorded $0 of borrowings under our Receivables Facility as secured debt. (See further discussion in the "Receivables Securitization Facility" section of Note 9).

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Share Repurchase Programs - Share Repurchase Programs (Details) - $ / shares		1 Months Ended	3 Months Ended			12 Months Ended	36 Months Ended
	Feb. 18, 2025	Feb. 28, 2025	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Mar. 31, 2026	Mar. 31, 2025
Share Repurchase Program [Line Items]
Number of shares purchased (in shares)			0		5,745,601	6,100,000	31,700,000
Average price paid (in dollars per share)			$ 0		$ 250.74
2025 Accelerated Share Repurchase
Share Repurchase Program [Line Items]
Number of shares purchased (in shares)	4,815,022	4,815,022		1,795,904
Average price paid (in dollars per share)		$ 251.73			$ 229.32

Pending Acquisition (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Acquisition-Related Expense Associated with the Merger Agreement

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




Millions, for the three months ended March 31,	2026
Acquisition-related expense
Compensation and benefits	$	2
Purchased services and materials	31
Other	3
Total acquisition-related expense [a]	$	36

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

Properties (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment and Weighted Average Estimated Useful Life

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


Millions, except estimated useful life As of March 31, 2026	Cost		Accumulated depreciation		Net book value		Estimated useful life
Land	$	5,475	N/A		$	5,475	N/A
Road:
Rail and other track material	19,831		8,016		11,815		43
Ties	12,893		4,361		8,532		34
Ballast	6,686		2,345		4,341		34
Other roadway [a]	24,719		6,186		18,533		47
Total road	64,129		20,908		43,221		N/A
Equipment:
Locomotives	10,059		3,801		6,258		17
Freight cars	3,090		1,133		1,957		23
Work equipment and other	1,343		555		788		17
Total equipment	14,492		5,489		9,003		N/A
Technology and other	1,430		688		742		12
Construction in progress	1,514		N/A		1,514		N/A
Total	$	87,040	$	27,085	$	59,955	N/A


Millions, except estimated useful life As of December 31, 2025	Cost		Accumulated depreciation		Net book value		Estimated useful life
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		N/A		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.

Share Repurchase Programs - Narrative (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended			12 Months Ended	36 Months Ended
	Feb. 18, 2025	Feb. 28, 2025	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Mar. 31, 2026	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		5,745,601	6,100,000	31,700,000
Treasury stock, value, acquired			$ 0		$ 1,741
2025 Accelerated Share Repurchase
Share Repurchase Program [Line Items]
Treasury stock, shares, acquired (in shares)	4,815,022	4,815,022		1,795,904
Treasury stock, value, acquired	$ 1,500

Accounting Pronouncements	3 Months Ended
Accounting Pronouncements	Mar. 31, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Pronouncements	Accounting Pronouncements In November 2024, the FASB issued Accounting Standards Update No. (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 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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Statement of Comprehensive Income [Abstract]

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net income	$ 1,701	$ 1,626
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	633	610
Deferred and other income taxes	54	(7)
Other operating activities, net	(26)	(22)
Changes in current assets and liabilities:
Accounts receivable, net	(126)	(71)
Materials and supplies	(51)	22
Other current assets	(36)	(75)
Accounts payable and other current liabilities	(135)	(236)
Income and other taxes	426	363
Cash provided by operating activities	2,440	2,210
Investing activities
Capital investments	(937)	(906)
Other investing activities, net	(51)	(32)
Cash used in investing activities	(988)	(938)
Financing activities
Debt repaid	(1,172)	(370)
Dividends paid	(821)	(804)
Debt issued (Note 13)	0	1,996
Share repurchase programs (Note 15)	0	(1,420)
Accelerated share repurchase programs pending final settlement (Note 15)	0	(300)
Other financing activities, net	12	20
Cash used in financing activities	(1,981)	(878)
Net change in cash, cash equivalents, and restricted cash	(529)	394
Cash, cash equivalents, and restricted cash at beginning of year	1,280	1,028
Cash, cash equivalents, and restricted cash at end of period	751	1,422
Non-cash investing and financing activities:
Capital investments accrued but not yet paid	143	173
Cash paid during the period for:
Income taxes, net of refunds	(59)	(61)
Interest, net of amounts capitalized	(441)	(439)
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Statement of Financial Position:
Cash and cash equivalents	735	1,411
Restricted cash equivalents in other current assets	9	3
Restricted cash equivalents in other assets	7	8
Total cash, cash equivalents, and restricted cash equivalents per above	$ 751	$ 1,422

Condensed Consolidated Statements of Financial Position (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 2.50	$ 2.50
Common shares, authorized (in shares)	1,400,000,000	1,400,000,000
Common shares, issued (in shares)	1,113,365,803	1,113,161,191
Common shares, outstanding (in shares)	593,675,922	593,245,884

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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Net income

$ 1,701

$ 1,626

Other comprehensive income/(loss):

Defined benefit plans

(1)

Foreign currency translation

^[1]

Comprehensive income

$ 1,739

$ 1,629

[1]	Net of deferred taxes of ($0.1) million and ($0.2) million during the three months ended March 31, 2026 and 2025, respectively.

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

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

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Operations and Segmentation (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Segment Reporting Information, by Segment



Millions, for the three months ended March 31,	2026		2025
Bulk	$	2,026	$	1,836
Industrial	2,191		2,082
Premium	1,676		1,773
Total freight revenues	$	5,893	$	5,691
Other subsidiary revenues	175		194
Accessorial revenues	126		118
Other	23		24
Total operating revenues	$	6,217	$	6,027
Operating [a]	1,719		1,684
Administrative [a]	185		193
Locomotive fuel	630		591
Acquisition-related (Note 17)	36		-
Other segment items [b]	556		578
Depreciation	633		610
Other income, net	(91)		(78)
Interest expense	320		322
Income tax expense	528		501
Net income	$	1,701	$	1,626

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

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

Pending Acquisition

3 Months Ended

Mar. 31, 2026

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 an 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 225 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 shares 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 directed the applicants to file a letter by February 17, 2026, indicating if and when the applicants anticipate filing a revised application. On February 17, 2026, the applicants filed a letter indicating that a revised application would be filed on April 30, 2026.

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 is currently expected to be completed in 2027.

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




Millions, for the three months ended March 31,	2026
Acquisition-related expense
Compensation and benefits	$	2
Purchased services and materials	31
Other	3
Total acquisition-related expense [a]	$	36

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

As of March 31, 2026, deferred share issuance costs of $13 million were 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.

The entire disclosure for business combination.

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