1、SECOND QUARTER 2025 EARNINGSSECOND QUARTER 2025 EARNINGSJULY 24,2025JULY 24,2025UNION PACIFIC CORPORATIONUNION PACIFIC CORPORATION2Jim VenaJim VenaChief Executive OfficerChief Executive OfficerEXECUTIVE SUMMARYSECOND QUARTER 20253Second Quarter Highlights&Executive SummarySAFETY+SERVICE&OPERATIONAL

2、EXCELLENCE Adjusted Earnings Per Share*of$3.03,up 12%Adjusted Operating Ratio*of 58.1%,an improvement of 230 basis points Record Second Quarter financial results driven by core pricing gains,4%volume growth,and productivity Business development and robust service supports growth in Coal,Intermodal,G

3、rain&Grain Products,and Industrial Chemicals Improved network fluidity generates solid efficiency gains and enhanced service product while handling continued volume growth YoY%2QReported:15%$3.15Earnings per Share5%$2.5BOperating Income12%$1.9BNet Income(1.0)59.0%Operating Ratio10%221Freight Car Vel

4、ocity9%1,124Workforce ProductivitySecond Quarter Executive Summary:*See Union Pacific website under Investors for a reconciliation to GAAP.4FINANCIAL REVIEWSECOND QUARTER 2025Jennifer HamannJennifer HamannExecutive Vice President&Chief Financial OfficerExecutive Vice President&Chief Financial Office

5、r5Second Quarter Income StatementVolume 3.75%Price/Mix 2.00%Fuel Surcharge(2.25%)Freight Revenue Drivers:Volume-Related CostsInflationary PressureCrew Staffing Ratification ChargeProductivityLower Fuel PricesOperating Expense Drivers:202420256)$4,969)$5,274)Freight Revenue Ex.Fuel(15)669)569)Fuel Su

6、rcharge4)5,638)5,843)Freight Revenue(16)369)311)Other Revenue(2)6,007)6,154)Operating Revenue(1)3,607)3,629)Operating Expenses5)$2,400)$2,525)Operating Income19)103)123)Other Income5)(319)(335)Interest Expense(14)(511)(437)Income Taxes12)$1,673)$1,876)Net Income(3)610.3)594.8)Weight Average Diluted