1、FIRST QUARTER 2025 EARNINGSFIRST QUARTER 2025 EARNINGSAPRIL 24,2025APRIL 24,2025UNION PACIFIC CORPORATIONUNION PACIFIC CORPORATION2Jim VenaJim VenaChief Executive OfficerChief Executive OfficerEXECUTIVE SUMMARYFIRST QUARTER 2025Highlights$2.70 Earnings per Share$2.4B Operating Income$1.6B Net Income

2、60.7%Operating RatioFreight Car Velocity up 6%Workforce Productivity up 9%3First Quarter Highlights&Executive SummarySAFETY+SERVICE&OPERATIONAL EXCELLENCE Quarterly results demonstrate success of strategic focus Record First Quarter Freight Revenue supported by strong volume growth and core pricing

3、gains despite mix,fuel,and leap year headwinds Service and business development support demand for Intermodal,Coal,and Industrial Chemicals Record First Quarter operating performance delivered by running a fluid and efficient networkExecutive Summary4FINANCIAL REVIEWFIRST QUARTER 2025Jennifer Hamann

4、Jennifer HamannExecutive Vice President&Chief Financial OfficerExecutive Vice President&Chief Financial Officer5First Quarter Income StatementVolume 6.50%Fuel Surcharge(2.75%)Price/Mix(2.50%)Freight Revenue Drivers:ProductivityLower Fuel PricesVolume-Related CostsInflationary PressureHigher Deprecia

5、tionOperating Expense Drivers:202420254)$4,951)$5,126)Freight Revenue Ex.Fuel(15)665)565)Fuel Surcharge1)5,616)5,691)Freight Revenue(19)415)336)Other Revenue(-)6,031)6,027)Operating Revenue(-)3,659)3,656)Operating Expenses-)$2,372)$2,371)Operating Income(15)92)78)Other Income(1)(324)(322)Interest Ex

6、pense(-)(499)(501)Income Taxes(1)$1,641)$1,626)Net Income(1)610.2)601.9)Weight Average Diluted Shares-)$2.69)$2.70)Diluted EPS(-)60.7%60.7%Operating RatioVariance%pts6Delivering Strong Cash Returns to ShareholdersCash From Operations($in millions)Cash Flow Conversion*Cash Returns to Shareholders($in