Fourth quarter earnings per diluted share of $2.91, up 7%
Fourth quarter operating ratio of 58.7%
Full year earnings per diluted share of $11.09, up 6%
Full year operating ratio of 59.9%
Full year return on invested capital of 15.8%

Union Pacific Corporation (NYSE:UNP) today reported 2024 fourth quarter net income of $1.8 billion, or $2.91 per diluted share. These results include $40 million of labor expense related to the ratification of a crew staffing agreement. This compares to 2023 fourth quarter net income of $1.7 billion, or $2.71 per diluted share.

Reported net income for full year 2024 was $6.7 billion, or $11.09 per diluted share. These full year results compare to full year 2023 net income of $6.4 billion, or $10.45 per diluted share.

"Our strong fourth quarter results represent a great capstone to a very successful year for Union Pacific," said Jim Vena, Union Pacific Chief Executive Officer. "The team has fully embraced our strategy to lead the industry in safety, service, and operational excellence. That commitment has produced industry leading financial results in 2024, punctuated by our strong finish to the year. We will carry this momentum into 2025 as we seek to unlock the full potential of the UP franchise."

Fourth Quarter Summary: 2024 vs. 2023

Financial Results: Strong Service and Efficient Performance Enabled Volume Growth; Fourth Quarter Records for Operating Income and Net Income

Operating revenue of $6.1 billion was down 1% driven by lower fuel surcharge revenue, unfavorable business mix, and lower other revenue, partially offset by increased volume and core pricing gains.
Revenue carloads were up 5%.
Operating ratio was 58.7%, an improvement of 220 basis points. This includes an unfavorable 70 basis point impact from the ratification of a crew staffing agreement.
Operating income of $2.5 billion was up 5%.

Operating Performance: Improved Network Fluidity Amid Volume Growth; Fourth Quarter Record for Workforce Productivity

Quarterly freight car velocity improved 1% to 219 daily miles per car.
Quarterly locomotive productivity declined 3% to 136 gross ton-miles (GTMs) per horsepower day.
Quarterly workforce productivity increased 6% to 1,118 car miles per employee.
Fuel consumption rate improved 1% to 1.078, measured in gallons of fuel per thousand GTMs.

Full Year Summary: 2024 vs. 2023

Financial Results: Higher Operating Revenue Driven by Volume and Core Pricing Gains

Operating revenue of $24.3 billion was up 1% driven by increased volume and core pricing gains, partially offset by lower fuel surcharge revenue, unfavorable business mix, and lower other revenue.
Revenue carloads increased 3%.
Operating ratio of 59.9% improved 240 basis points.
Operating Income of $9.7 billion was up 7%.
Union Pacific's 2024 capital program totaled $3.4 billion.
The company repurchased 6.3 million shares in 2024 at an aggregate cost of $1.5 billion.

Operating Performance: Strong Improvement Across Safety, Service, and Operational Excellence; Full Year Record for Workforce Productivity

Union Pacific's reportable personal injury and reportable derailment rates both improved.
Freight car velocity improved 2% to 208 daily miles per car.
Locomotive productivity improved 5% to 135 GTMs per horsepower day.
Workforce productivity improved 6% to 1,062 car miles per employee.
Fuel consumption rate improved 1% to 1.082, measured in gallons of fuel per thousand GTMs.

2025 Outlook: On Track with Investor Day Targets

Volume impacted by mixed economic backdrop, coal demand, and challenging year-over-year international intermodal comparisons
Pricing dollars accretive to operating ratio
Earnings per share growth consistent with attaining the 3-year CAGR target of high-single to low-double digit
Industry-leading operating ratio and return on invested capital
No change to long-term capital allocation strategy
- Capital plan of $3.4 billion
- Share repurchases of $4.0 to $4.5 billion

Fourth Quarter 2024 Earnings Conference Call

Union Pacific will provide a webcast for its fourth quarter 2024 earnings release presentation live at https://investor.unionpacific.com and via teleconference on Thursday, January 23, 2025, 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 future 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 (including those in response to increased traffic); 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 planned capital investments ; proposed new products and services; estimates of costs relating to environmental remediation and restoration; estimates and expectations regarding tax matters; estimates and expectations regarding potential tariffs; 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 December 31,	*4th Quarter*								*Full Year*
		*2024*			2023		%			*2024*			2023		%
Operating Revenues
Freight revenues	$	5,789		$	5,801		-	%	$	22,811		$	22,571		1	%
Other revenues		332			358		(7	)		1,439			1,548		(7	)
Total operating revenues		6,121			6,159		(1	)		24,250			24,119		1
Operating Expenses
Compensation and benefits		1,261			1,169		8			4,899			4,818		2
Purchased services and materials		619			645		(4	)		2,520			2,616		(4	)
Fuel		581			759		(23	)		2,474			2,891		(14	)
Depreciation		606			589		3			2,398			2,318		3
Equipment and other rents		248			229		8			920			947		(3	)
Other		281			361		(22	)		1,326			1,447		(8	)
Total operating expenses		3,596			3,752		(4	)		14,537			15,037		(3	)
Operating Income		2,525			2,407		5			9,713			9,082		7
Other income, net		68			108		(37	)		350			491		(29	)
Interest expense		(312	)		(331	)	(6	)		(1,269	)		(1,340	)	(5	)
Income before income taxes		2,281			2,184		4			8,794			8,233		7
Income tax expense		(519	)		(532	)	(2	)		(2,047	)		(1,854	)	10
Net Income	$	1,762		$	1,652		7	%	$	6,747		$	6,379		6	%

Share and Per Share
Earnings per share - basic	$	2.92		$	2.71		8	%	$	11.10		$	10.47		6	%
Earnings per share - diluted	$	2.91		$	2.71		7		$	11.09		$	10.45		6
Weighted average number of shares - basic		604.2			608.9		(1	)		607.6			609.2		-
Weighted average number of shares - diluted		605.2			609.9		(1	)		608.6			610.2		-
Dividends declared per share	$	1.34		$	1.30		3		$	5.28		$	5.20		2

Operating Ratio		58.7	%		60.9	%	(2.2) pts			59.9	%		62.3	%	(2.4) pts
Effective Tax Rate		22.8	%		24.4	%	(1.6) pts			23.3	%		22.5	%	0.8 pts

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

For the Periods Ended December 31,	*4th Quarter*						*Full Year*
For the Periods Ended December 31,		*2024*		2023	%			*2024*		2023	%
Freight Revenues (Millions)
Grain & grain products	$	1,061	$	986	8	%	$	3,828	$	3,644	5	%
Fertilizer		199		194	3			811		757	7
Food & refrigerated		253		264	(4	)		1,085		1,041	4
Coal & renewables		351		494	(29	)		1,483		1,916	(23	)
Bulk		1,864		1,938	(4	)		7,207		7,358	(2	)
Industrial chemicals & plastics		582		538	8			2,345		2,176	8
Metals & minerals		507		540	(6	)		2,081		2,194	(5	)
Forest products		324		335	(3	)		1,326		1,347	(2	)
Energy & specialized markets		679		665	2			2,688		2,521	7
Industrial		2,092		2,078	1			8,440		8,238	2
Automotive		581		600	(3	)		2,452		2,421	1
Intermodal		1,252		1,185	6			4,712		4,554	3
Premium		1,833		1,785	3			7,164		6,975	3
Total	$	5,789	$	5,801	-	%	$	22,811	$	22,571	1	%
Revenue Carloads (Thousands)
Grain & grain products		234		216	8	%		850		798	7	%
Fertilizer		51		47	9			213		191	12
Food & refrigerated		40		42	(5	)		177		175	1
Coal & renewables		175		217	(19	)		702		867	(19	)
Bulk		500		522	(4	)		1,942		2,031	(4	)
Industrial chemicals & plastics		170		161	6			672		645	4
Metals & minerals		179		189	(5	)		719		793	(9	)
Forest products		52		52	-			213		213	-
Energy & specialized markets		154		153	1			607		582	4
Industrial		555		555	-			2,211		2,233	(1	)
Automotive		197		197	-			824		820	-
Intermodal [a]		911		782	16			3,357		3,028	11
Premium		1,108		979	13			4,181		3,848	9
Total		2,163		2,056	5	%		8,334		8,112	3	%
Average Revenue per Car
Grain & grain products	$	4,532	$	4,580	(1	)%	$	4,505	$	4,567	(1	)%
Fertilizer		3,918		4,085	(4	)		3,809		3,962	(4	)
Food & refrigerated		6,152		6,174	-			6,104		5,929	3
Coal & renewables		2,012		2,281	(12	)		2,113		2,211	(4	)
Bulk		3,723		3,712	-			3,710		3,623	2
Industrial chemicals & plastics		3,445		3,353	3			3,493		3,374	4
Metals & minerals		2,820		2,860	(1	)		2,893		2,765	5
Forest products		6,210		6,326	(2	)		6,229		6,310	(1	)
Energy & specialized markets		4,412		4,347	1			4,426		4,335	2
Industrial		3,771		3,742	1			3,818		3,689	3
Automotive		2,952		3,061	(4	)		2,976		2,955	1
Intermodal [a]		1,376		1,515	(9	)		1,404		1,504	(7	)
Premium		1,656		1,824	(9	)		1,714		1,813	(5	)
Average	$	2,677	$	2,822	(5	)%	$	2,737	$	2,782	(2	)%

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

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

Millions, Except Percentages	*Dec. 31,* *2024*		Dec. 31, 2023
Assets
Cash and cash equivalents	$	1,016	$	1,055
Short-term investments		20		16
Other current assets		2,985		3,077
Investments		2,664		2,605
Properties, net		58,343		57,398
Operating lease assets		1,297		1,643
Other assets		1,390		1,338
Total assets	$	67,715	$	67,132

Liabilities and Common Shareholders' Equity
Debt due within one year	$	1,425	$	1,423
Other current liabilities		3,829		3,683
Debt due after one year		29,767		31,156
Operating lease liabilities		925		1,245
Deferred income taxes		13,151		13,123
Other long-term liabilities		1,728		1,714
Total liabilities		50,825		52,344
Total common shareholders' equity		16,890		14,788
Total liabilities and common shareholders' equity	$	67,715	$	67,132

Return on Average Common Shareholders' Equity	42.6 %	47.3 %
Return on Invested Capital as Adjusted (ROIC)*	15.8 %	15.5 %

* ROIC is a non-GAAP measure; however, management believes that it is an important measure in evaluating efficiency and effectiveness of our long-term capital investments. See page 9 for a reconciliation to GAAP.

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

	*Full Year*
Millions, for the Periods Ended December 31,		*2024*			2023
Operating Activities
Net income	$	6,747		$	6,379
Depreciation		2,398			2,318
Deferred and other income taxes		28			117
Other - net		173			(435	)
Cash provided by operating activities		9,346			8,379
Investing Activities
Capital investments*		(3,452	)		(3,606	)
Other - net		127			(61	)
Cash used in investing activities		(3,325	)		(3,667	)
Financing Activities
Dividends paid		(3,213	)		(3,173	)
Debt repaid		(2,226	)		(2,190	)
Share repurchase programs		(1,505	)		(705	)
Debt Issued		800			1,599
Other - net		77			(156	)
Cash used in financing activities		(6,067	)		(4,625	)
Net change in cash, cash equivalents, and restricted cash		(46	)		87
Cash, cash equivalents, and restricted cash at beginning of year		1,074			987
Cash, cash equivalents, and restricted cash at end of period	$	1,028		$	1,074
Free Cash Flow**
Cash provided by operating activities	$	9,346		$	8,379
Cash used in investing activities		(3,325	)		(3,667	)
Dividends paid		(3,213	)		(3,173	)
Free cash flow	$	2,808		$	1,539

* Capital investments include locomotive and freight car early lease buyouts of $143 million in 2024 and $57 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 December 31,	*4th Quarter*						*Full Year*
For the Periods Ended December 31,		*2024*		2023	%			*2024*		2023	%
Operating/Performance Statistics
Freight car velocity (daily miles per car)*		219		217	1	%		208		204	2	%
Average train speed (miles per hour)*		23.9		24.9	(4	)		23.6		24.2	(2	)
Average terminal dwell time (hours)*		21.8		22.7	(4	)		22.6		23.4	(3	)
Locomotive productivity (GTMs per horsepower day)		136		140	(3	)		135		129	5
Gross ton-miles (GTMs) (millions)		218,558		214,570	2			847,386		837,502	1
Train length (feet)		9,462		9,413	1			9,469		9,356	1
Intermodal service performance index (%)		89		96	(7) pts			90		88	2 pts
Manifest service performance index (%)		96		91	5 pts			89		85	4 pts
Intermodal car trip plan compliance (%)**		79		85	(6) pts			80		78	2 pts
Manifest car trip plan compliance (%)**		73		70	3 pts			68		65	3 pts
Workforce productivity (car miles per employee)		1,118		1,051	6			1,062		1,000	6
Total employees (average)		29,789		30,559	(3	)		30,336		31,490	(4	)

Locomotive Fuel Statistics
Average fuel price per gallon consumed	$	2.41	$	3.16	(24	)%	$	2.64	$	3.09	(15	)%
Fuel consumed in gallons (millions)		236		234	1			917		911	1
Fuel consumption rate***		1.078		1.091	(1	)		1.082		1.088	(1	)

Revenue Ton-Miles (Millions)
Grain & grain products		23,207		21,166	10	%		84,302		77,717	8	%
Fertilizer		3,291		2,960	11			13,204		12,031	10
Food & refrigerated		4,313		4,586	(6	)		18,547		18,286	1
Coal & renewables		17,126		21,876	(22	)		72,106		88,604	(19	)
Bulk		47,937		50,588	(5	)		188,159		196,638	(4	)
Industrial chemicals & plastics		7,457		7,040	6			30,436		28,837	6
Metals & minerals		8,013		8,712	(8	)		32,793		36,121	(9	)
Forest products		5,369		5,447	(1	)		21,967		22,447	(2	)
Energy & specialized markets		10,690		10,349	3			41,925		39,286	7
Industrial		31,529		31,548	-			127,121		126,691	-
Automotive		4,452		4,369	2			18,425		18,080	2
Intermodal		20,506		18,438	11			76,011		71,890	6
Premium		24,958		22,807	9			94,436		89,970	5
Total		104,424		104,943	-	%		409,716		413,299	(1	)%

* 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 Condensed Consolidated Statements of Income (unaudited)

Millions, Except Per Share Amounts and Percentages,	*2024*
Millions, Except Per Share Amounts and Percentages,	*1st Qtr*			*2nd Qtr*			*3rd Qtr*			*4th Qtr*			*Full Year*
Operating Revenues
Freight revenues	$	5,616		$	5,638		$	5,768		$	5,789		$	22,811
Other revenues		415			369			323			332			1,439
Total operating revenues		6,031			6,007			6,091			6,121			24,250
Operating Expenses
Compensation and benefits		1,223			1,187			1,228			1,261			4,899
Purchased services and materials		613			644			644			619			2,520
Fuel		658			625			610			581			2,474
Depreciation		594			596			602			606			2,398
Equipment and other rents		216			219			237			248			920
Other		355			336			354			281			1,326
Total operating expenses		3,659			3,607			3,675			3,596			14,537
Operating Income		2,372			2,400			2,416			2,525			9,713
Other income, net		92			103			87			68			350
Interest expense		(324	)		(319	)		(314	)		(312	)		(1,269	)
Income before income taxes		2,140			2,184			2,189			2,281			8,794
Income tax expense		(499	)		(511	)		(518	)		(519	)		(2,047	)
Net Income	$	1,641		$	1,673		$	1,671		$	1,762		$	6,747

Share and Per Share
Earnings per share - basic	$	2.69		$	2.75		$	2.75		$	2.92		$	11.10
Earnings per share - diluted	$	2.69		$	2.74		$	2.75		$	2.91		$	11.09
Weighted average number of shares - basic		609.2			609.4			607.6			604.2			607.6
Weighted average number of shares - diluted		610.2			610.3			608.6			605.2			608.6
Dividends declared per share	$	1.30		$	1.30		$	1.34		$	1.34		$	5.28

Operating Ratio		60.7	%		60.0	%		60.3	%		58.7	%		59.9	%
Effective Tax Rate		23.3	%		23.4	%		23.7	%		22.8	%		23.3	%

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

	*2024*
	*1st Qtr*		*2nd Qtr*		*3rd Qtr*		*4th Qtr*		*Full Year*
Freight Revenues (Millions)
Grain & grain products	$	943	$	901	$	923	$	1,061	$	3,828
Fertilizer		201		203		208		199		811
Food & refrigerated		285		278		269		253		1,085
Coal & renewables		388		339		405		351		1,483
Bulk		1,817		1,721		1,805		1,864		7,207
Industrial chemicals & plastics		572		593		598		582		2,345
Metals & minerals		515		530		529		507		2,081
Forest products		338		342		322		324		1,326
Energy & specialized markets		679		658		672		679		2,688
Industrial		2,104		2,123		2,121		2,092		8,440
Automotive		611		659		601		581		2,452
Intermodal		1,084		1,135		1,241		1,252		4,712
Premium		1,695		1,794		1,842		1,833		7,164
Total	$	5,616	$	5,638	$	5,768	$	5,789	$	22,811
Revenue Carloads (Thousands)
Grain & grain products		210		200		206		234		850
Fertilizer		47		62		53		51		213
Food & refrigerated		46		46		45		40		177
Coal & renewables		177		158		192		175		702
Bulk		480		466		496		500		1,942
Industrial chemicals & plastics		164		169		169		170		672
Metals & minerals		170		184		186		179		719
Forest products		53		55		53		52		213
Energy & specialized markets		154		147		152		154		607
Industrial		541		555		560		555		2,211
Automotive		207		218		202		197		824
Intermodal [a]		739		798		909		911		3,357
Premium		946		1,016		1,111		1,108		4,181
Total		1,967		2,037		2,167		2,163		8,334
Average Revenue per Car
Grain & grain products	$	4,494	$	4,493	$	4,498	$	4,532	$	4,505
Fertilizer		4,271		3,311		3,872		3,918		3,809
Food & refrigerated		6,231		5,943		6,099		6,152		6,104
Coal & renewables		2,189		2,156		2,101		2,012		2,113
Bulk		3,787		3,692		3,641		3,723		3,710
Industrial chemicals & plastics		3,486		3,507		3,534		3,445		3,493
Metals & minerals		3,030		2,885		2,847		2,820		2,893
Forest products		6,297		6,249		6,157		6,210		6,229
Energy & specialized markets		4,416		4,462		4,415		4,412		4,426
Industrial		3,886		3,825		3,791		3,771		3,818
Automotive		2,947		3,033		2,968		2,952		2,976
Intermodal [a]		1,468		1,421		1,365		1,376		1,404
Premium		1,792		1,766		1,657		1,656		1,714
Average	$	2,855	$	2,768	$	2,662	$	2,677	$	2,737

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

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

Debt / Net Income
Millions, Except Ratios		*2024*		2023
Debt	$	31,192	$	32,579
Net income		6,747		6,379
Debt / net income		4.6		5.1

Adjusted Debt / Adjusted EBITDA*
Millions, Except Ratios		*2024*			2023
Net income	$	6,747		$	6,379
Add:
Income tax expense		2,047			1,854
Depreciation		2,398			2,318
Interest expense		1,269			1,340
EBITDA	$	12,461		$	11,891
Adjustments:
Other income, net		(350	)		(491	)
Interest on operating lease liabilities**		48			58
Adjusted EBITDA (a)	$	12,159		$	11,458
Debt	$	31,192		$	32,579
Operating lease liabilities		1,271			1,600
Adjusted debt (b)	$	32,463		$	34,179
Adjusted debt / adjusted EBITDA (b/a)		2.7			3.0

* 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 December 31, 2024 and 2023, the incremental borrowing rate on operating leases was 3.8% and 3.6%, respectively. Pension and OPEB were funded at December 31, 2024 and 2023. ** 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.

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

Return on Average Common Shareholders' Equity
Millions, Except Percentages		*2024*			2023
Net income	$	6,747		$	6,379
Average equity	$	15,839		$	13,476
Return on average common shareholders' equity		42.6	%		47.3	%

Return on Invested Capital as Adjusted (ROIC)
Millions, Except Percentages		*2024*			2023
Net income	$	6,747		$	6,379
Interest expense		1,269			1,340
Interest on average operating lease liabilities		55			58
Taxes on interest		(308	)		(315	)
Net operating profit after taxes as adjusted	$	7,763		$	7,462
Average equity	$	15,839		$	13,476
Average debt		31,886			32,953
Average operating lease liabilities		1,436			1,616
Average invested capital as adjusted	$	49,161		$	48,045
Return on invested capital as adjusted		15.8	%		15.5	%

* ROIC 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 efficiency and effectiveness of our long-term capital investments. In addition, we currently use ROIC as a performance criterion in determining certain elements of equity compensation for our executives. ROIC 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 return on average common shareholders' equity. The tables above provide reconciliations from return on average common shareholders' equity to ROIC. At December 31, 2024 and 2023, the incremental borrowing rate on operating lease liabilities was 3.8% and 3.6%, respectively.

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Union Pacific Investor contact: Diana Prauner at 402-544-4227 or dprauner@up.com

Union Pacific Media contact: Clarissa Beyah at 402-957-4793 or cbeyah@up.com