First quarter earnings per diluted share of $2.69, up 1%
First quarter operating income up 3%
First quarter net income up 1%

Union Pacific Corporation (NYSE:UNP) today reported 2024 first quarter net income of $1.6 billion, or $2.69 per diluted share. This compares to 2023 first quarter net income of $1.6 billion, or $2.67 per diluted share.

"Our team delivered strong financial results in the first quarter as we navigated a challenging freight market and normal winter conditions," said Jim Vena, Union Pacific Chief Executive Officer. "These results build on the momentum we established as we exited 2023 and provide further proof of what's possible as we strive to be the best in safety, service, and operational excellence. This is a great start to the year, but we understand there's work to be done to achieve our goals and meet our stakeholders' expectations."

First Quarter Summary: 2024 vs. 2023

Financial Results: Improved Operational Efficiency and Core Pricing Gains Drive Increase in Operating Income; First Quarter Records for Operating Income and Net Income

Operating revenue of $6.0 billion was flat driven by core pricing gains and business mix offset by reduced fuel surcharge revenue and lower volume.
Freight revenue excluding fuel surcharge revenue grew 4% as revenue carloads declined 1%.
Operating ratio was 60.7%, an improvement of 140 basis points. Lower fuel prices during the quarter negatively impacted the operating ratio 60 basis points.
Operating income of $2.4 billion was up 3%.

Operating Performance: Improvement Across Safety, Service, and Operational Excellence; First Quarter Record for Fuel Consumption Rate

Union Pacific's reportable personal injury and reportable derailment rates both improved.
Quarterly freight car velocity was 203 daily miles per car, a 4% improvement.
Quarterly locomotive productivity was 135 gross ton-miles (GTMs) per horsepower day, a 10% improvement.
Average maximum train length was 9,287 feet, a 1% increase.
Quarterly workforce productivity improved 1% to 1,000 car miles per employee.
Fuel consumption rate of 1.115, measured in gallons of fuel per thousand GTMs, improved 1%.

2024 Outlook

Updated

Profitability outlook gaining momentum with strong service product, improving network efficiency, and solid pricing
Restarting share repurchases in second quarter

Affirmed

Volume outlook muted by international intermodal business loss, lower coal demand, and soft economic conditions
Pricing dollars in excess of inflation dollars
No change to long-term capital allocation strategy
- Capital plan of $3.4 billion

First Quarter 2024 Earnings Conference Call

Union Pacific will webcast its first quarter 2024 earnings release presentation live at www.up.com/investor and via teleconference on Thursday, April 25, 2024, at 8:45 a.m. Eastern Time. Participants may join the conference call by dialing 877-407-8293 (or for international participants, 201-689-8349).

ABOUT UNION PACIFIC

Union Pacific (NYSE:UNP) delivers the goods families and businesses use every day with safe, reliable, and efficient service. Operating in 23 western states, the company connects its customers and communities to the global economy. Trains are the most environmentally responsible way to move freight, helping Union Pacific protect future generations. More information about Union Pacific is available at www.up.com.

Supplemental financial information is attached.

This news release and related materials contain statements about the Company's future that are not statements of historical fact, including specifically the statements regarding the potential impacts of public health crises, including pandemics, epidemics and the outbreak of other contagious diseases, such as the coronavirus and its variant strains (COVID); the Russia-Ukraine and Israel-Hamas wars and other geopolitical tensions in the middle east, and any impacts on our business operations, financial results, liquidity, and financial position, and on the world economy (including customers, employees, and supply chains), including as a result of fluctuations in volume and carloadings; expectations as to general macroeconomic conditions, including slowdowns and recessions, domestically or internationally, and volatility in interest rates and fuel prices; closing of customer manufacturing, distribution, or production facilities; expectations as to operational or service improvements; expectations as to hiring challenges; availability of employees; expectations regarding the effectiveness of steps taken or to be taken to improve operations, service, infrastructure improvements, and transportation plan modifications; expectations as to cost savings, revenue growth, and earnings; the time by which goals, targets, or objectives will be achieved; projections, predictions, expectations, estimates, or forecasts as to business, financial, and operational results, future economic performance, and general economic conditions; proposed new products and services; estimates of costs relating to environmental remediation and restoration; estimates and expectations regarding tax matters; expectations that claims, litigation, environmental costs, commitments, contingent liabilities, labor negotiations or agreements, cyberattacks or other matters. These statements are, or will be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements also generally include, without limitation, information, or statements regarding: projections, predictions, expectations, estimates, or forecasts as to the Company's and its subsidiaries' business, financial, and operational results, and future economic performance; and management's beliefs, expectations, goals, and objectives and other similar expressions concerning matters that are not historical facts.

Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times that, or by which, such performance or results will be achieved. Forward-looking information, including expectations regarding operational and financial improvements and the Company's future performance or results are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statement. Important factors, including risk factors, could affect the Company's and its subsidiaries' future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements. Information regarding risk factors and other cautionary information are available in the Company's Annual Report on Form 10-K for 2023, which was filed with the SEC on February 9, 2024. The Company updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q and its subsequent Annual Reports on Form 10-K (or such other reports that may be filed with the SEC).

Forward-looking statements speak only as of, and are based only upon information available on, the date the statements were made. The Company assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References to the Company's website are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein.

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES Condensed Consolidated Statements of Income (unaudited)

Millions, Except Per Share Amounts and
Percentages, For the Periods Ended March 31,	*2024*			2023				%
*Operating Revenues*
Freight revenues	$	5,616		$	5,656		(1	)%
Other revenues		415			400		4
Total operating revenues		6,031			6,056		-
*Operating Expenses*
Compensation and benefits		1,223			1,179		4
Fuel		658			766		(14	)
Purchased services and materials		613			653		(6	)
Depreciation		594			572		4
Equipment and other rents		216			235		(8	)
Other		355			357		(1	)
Total operating expenses		3,659			3,762		(3	)
*Operating Income*		2,372			2,294		3
Other income, net		92			184		(50	)
Interest expense		(324	)		(336	)	(4	)
Income before income taxes		2,140			2,142		-
Income tax expense		(499	)		(512	)	(3	)
*Net Income*	$	1,641		$	1,630		1	%

*Share and Per Share*
Earnings per share - basic	$	2.69		$	2.67		1	%
Earnings per share - diluted	$	2.69		$	2.67		1
Weighted average number of shares - basic		609.2			610.6		-
Weighted average number of shares - diluted		610.2			611.5		-
Dividends declared per share	$	1.30		$	1.30		-

*Operating Ratio*		60.7	%		62.1	%	(1.4	) pts
*Effective Tax Rate*		23.3	%		23.9	%	(0.6	) pts

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES Freight Revenues Statistics (unaudited)

For the Periods Ended March 31,	*2024*		2023			%
*Freight Revenues (Millions)*
Grain & grain products	$	943	$	943	-	%
Fertilizer		201		186	8
Food & refrigerated		285		263	8
Coal & renewables		388		505	(23	)
Bulk		1,817		1,897	(4	)
Industrial chemicals & plastics		572		536	7
Metals & minerals		515		536	(4	)
Forest products		338		332	2
Energy & specialized markets		679		613	11
Industrial		2,104		2,017	4
Automotive		611		587	4
Intermodal		1,084		1,155	(6	)
Premium		1,695		1,742	(3	)
Total	$	5,616	$	5,656	(1	)%
*Revenue Carloads (Thousands)*
Grain & grain products		210		202	4	%
Fertilizer		47		45	4
Food & refrigerated		46		44	5
Coal & renewables		177		216	(18	)
Bulk		480		507	(5	)
Industrial chemicals & plastics		164		157	4
Metals & minerals		170		188	(10	)
Forest products		53		52	2
Energy & specialized markets		154		139	11
Industrial		541		536	1
Automotive		207		200	4
Intermodal [a]		739		734	1
Premium		946		934	1
Total		1,967		1,977	(1	)%
*Average Revenue per Car*
Grain & grain products	$	4,494	$	4,668	(4	)%
Fertilizer		4,271		4,135	3
Food & refrigerated		6,231		5,963	4
Coal & renewables		2,189		2,341	(6	)
Bulk		3,787		3,743	1
Industrial chemicals & plastics		3,486		3,402	2
Metals & minerals		3,030		2,853	6
Forest products		6,297		6,384	(1	)
Energy & specialized markets		4,416		4,408	-
Industrial		3,886		3,760	3
Automotive		2,947		2,944	-
Intermodal [a]		1,468		1,573	(7	)
Premium		1,792		1,866	(4	)
Average	$	2,855	$	2,861	-	%

[a]	For intermodal shipments each container or trailer equals one carload.

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES Condensed Consolidated Statements of Financial Position (unaudited)
	*Mar. 31,*			Dec. 31,
Millions, Except Percentages		*2024*			2023
*Assets*
Cash and cash equivalents		$	925		$	1,055
Short-term investments			20			16
Other current assets			3,249			3,077
Investments			2,651			2,605
Properties, net			57,590			57,398
Operating lease assets			1,453			1,643
Other assets			1,378			1,338
Total assets		$	67,266		$	67,132

*Liabilities and Common Shareholders' Equity*
Debt due within one year		$	733		$	1,423
Other current liabilities			3,801			3,683
Debt due after one year			31,195			31,156
Operating lease liabilities			1,016			1,245
Deferred income taxes			13,146			13,123
Other long-term liabilities			1,710			1,714
Total liabilities			51,601			52,344
Total common shareholders' equity			15,665			14,788
Total liabilities and common shareholders' equity		$	67,266		$	67,132

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES Condensed Consolidated Statements of Cash Flows (unaudited)

Millions, for the Periods Ended March 31,	*2024*			2023
*Operating Activities*
Net income	$	1,641		$	1,630
Depreciation		594			572
Deferred and other income taxes		23			52
Other - net		(136	)		(414	)
Cash provided by operating activities		2,122			1,840
*Investing Activities*
Capital investments*		(797	)		(772	)
Other - net		(5	)		(33	)
Cash used in investing activities		(802	)		(805	)
*Financing Activities*
Debt repaid		(1,358	)		(647	)
Dividends paid		(795	)		(795	)
Debt issued		400			1,199
Share repurchase programs		-			(575	)
Other - net		302			(109	)
Cash used in financing activities		(1,451	)		(927	)
Net change in cash, cash equivalents, and restricted cash		(131	)		108
Cash, cash equivalents, and restricted cash at beginning of year		1,074			987
Cash, cash equivalents, and restricted cash at end of period	$	943		$	1,095
Free Cash Flow**
Cash provided by operating activities	$	2,122		$	1,840
Cash used in investing activities		(802	)		(805	)
Dividends paid		(795	)		(795	)
Free cash flow	$	525		$	240

*	Capital investments include locomotive and freight car early lease buyouts of $96 million in 2024 and $8 million in 2023.

**	Free cash flow is a non-GAAP measure; however, we believe this measure is important to management and investors in evaluating our financial performance and measures our ability to generate cash without additional external financing.

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES Operating and Performance Statistics (unaudited)

For the Periods Ended March 31,	*2024*		2023			%
*Operating/Performance Statistics*
Freight car velocity (daily miles per car)*		203		196	4	%
Average train speed (miles per hour)*		24.1		24.1	-
Average terminal dwell time (hours)*		23.5		24.0	(2	)
Locomotive productivity (GTMs per horsepower day)		135		123	10
Gross ton-miles (GTMs) (millions)		206,029		206,648	-
Train length (feet)		9,287		9,159	1
Intermodal service performance index (%)		95		81	14		pts
Manifest/Automotive service performance index (%)		87		80	7		pts
Intermodal car trip plan compliance (%)**		85		72	13		pts
Manifest/Automotive car trip plan compliance (%)**		66		61	5		pts
Workforce productivity (car miles per employee)		1,000		989	1
Total employees (average)		31,052		31,532	(2	)

*Locomotive Fuel Statistics*
Average fuel price per gallon consumed	$	2.81	$	3.22	(13	)%
Fuel consumed in gallons (millions)		230		232	(1	)
Fuel consumption rate***		1.115		1.123	(1	)

*Revenue Ton-Miles (Millions)*
Grain & grain products	20,649	20,044	3	%
Fertilizer	3,287	3,136	5
Food & refrigerated	4,917	4,543	8
Coal & renewables	18,883	22,497	(16	)
Bulk	47,736	50,220	(5	)
Industrial chemicals & plastics	7,427	7,091	5
Metals & minerals	8,065	8,947	(10	)
Forest products	5,580	5,549	1
Energy & specialized markets	10,586	9,499	11
Industrial	31,658	31,086	2
Automotive	4,536	4,400	3
Intermodal	17,335	18,120	(4	)
Premium	21,871	22,520	(3	)
Total	101,265	103,826	(2	)%

*	Surface Transportation Board (STB) reported performance measures.

**	Methodology used to report is not comparable with the reporting to the STB under docket number EP 770.

***	Fuel consumption is computed as follows: gallons of fuel consumed divided by gross ton-miles in thousands.

UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES Non-GAAP Measures Reconciliation to GAAP (unaudited)

*Debt / Net Income*
Millions, Except Ratios	*Mar. 31,*		Dec. 31,
for the Trailing Twelve Months Ended [a]	*2024*		2023
Debt	$	31,928	$	32,579
Net income		6,390		6,379
Debt / net income		5.0		5.1

Adjusted Debt / Adjusted EBITDA*
Millions, Except Ratios	*Mar. 31,*			Dec. 31,
for the Trailing Twelve Months Ended [a]	*2024*			2023
Net income	$	6,390		$	6,379
Add:
Income tax expense		1,841			1,854
Depreciation		2,340			2,318
Interest expense		1,328			1,340
EBITDA	$	11,899		$	11,891
Adjustments:
Other income, net		(399	)		(491	)
Interest on operating lease liabilities [b]		48			58
Adjusted EBITDA	$	11,548		$	11,458
Debt	$	31,928		$	32,579
Operating lease liabilities		1,338			1,600
Adjusted debt	$	33,266		$	34,179
Adjusted debt / adjusted EBITDA		2.9			3.0

[a]	The trailing twelve months income statement information ended March 31, 2024, is recalculated by taking the twelve months ended December 31, 2023, subtracting the three months ended March 31, 2023, and adding the three months ended March 31, 2024.

[b]	Represents the hypothetical interest expense we would incur (using the incremental borrowing rate) if the property under our operating leases were owned or accounted for as finance leases.

*	Adjusted debt (total debt plus operating lease liabilities plus after-tax unfunded pension and OPEB (other post retirement benefit) obligations) to adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and adjustments for other income and interest on present value of operating leases) is considered a non-GAAP financial measure by SEC Regulation G and Item 10 of SEC Regulation S-K and may not be defined and calculated by other companies in the same manner. We believe this measure is important to management and investors in evaluating the Company's ability to sustain given debt levels (including leases) with the cash generated from operations. In addition, a comparable measure is used by rating agencies when reviewing the Company's credit rating. Adjusted debt to adjusted EBITDA should be considered in addition to, rather than as a substitute for, other information provided in accordance with GAAP. The most comparable GAAP measure is debt to net income ratio. The tables above provide reconciliations from net income to adjusted EBITDA, debt to adjusted debt, and debt to net income to adjusted debt to adjusted EBITDA. At both March 31, 2024, and December 31, 2023, the incremental borrowing rate on operating leases was 3.6%. Pension and OPEB were funded at March 31, 2024, and December 31, 2023.

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Union Pacific Reports First Quarter 2024 Results