Second quarter earnings per diluted share of $2.74, up 7%
Second quarter operating income up 9%
Second quarter net income up 7%

Union Pacific Corporation (NYSE:UNP) today reported 2024 second quarter net income of $1.7 billion, or $2.74 per diluted share. This compares to 2023 second quarter net income of $1.6 billion, or $2.57 per diluted share.

"Our second quarter performance demonstrates the team's ability to deliver strong results," said Jim Vena, Union Pacific Chief Executive Officer. "This provides further proof that our strategy to be the best in safety, service, and operational excellence will drive success. The entire Union Pacific team is energized behind this strategy and wants to win. As we build on the foundation we've laid over the past 12 months, we look forward to demonstrating what's possible for our great company."

Second Quarter Summary: 2024 vs. 2023

Financial Results: Solid Operating Income Growth Driven by Core Pricing Gains, Operating Efficiency, and Intermodal Equipment Sale

Operating revenue of $6.0 billion was up 1% driven by core pricing gains and increased volume partially offset by business mix and reduced fuel surcharge.
Freight revenue excluding fuel surcharge revenue grew 2% as revenue carloads grew slightly.
Operating ratio was 60.0%, an improvement of 300 basis points. Lower quarterly fuel prices and an existing environmental remediation compliance order negatively impacted the operating ratio 10 and 30 basis points, respectively. A sale of intermodal equipment aided the operating ratio 70 basis points.
Operating income of $2.4 billion was up 9%.

Operating Performance: Continued Improvement Across Safety and Operational Excellence as Network Challenged by Weather

Union Pacific's year-to-date reportable personal injury and reportable derailment rates both improved.
Quarterly freight car velocity of 201 daily miles per car was flat.
Quarterly locomotive productivity was 134 gross ton-miles (GTMs) per horsepower day, a 6% improvement.
Average maximum train length was 9,544 feet, a 2% increase.
Quarterly workforce productivity improved 5% to 1,031 car miles per employee.
Fuel consumption rate of 1.080, measured in gallons of fuel per thousand GTMs, improved 1%.

2024 Outlook

Updated

Second half volume outlook remains uncertain based on economic indicators and coal demand
Profitability outlook continues positive momentum with strong service product, improving network efficiency, and solid pricing
Share repurchases of ~$1.5 billion in 2024

Affirmed

Pricing dollars in excess of inflation dollars
No change to long-term capital allocation strategy
- Capital plan of $3.4 billion

Second Quarter 2024 Earnings Conference Call

Union Pacific will webcast its second quarter 2024 earnings release presentation live at https://investor.unionpacific.com and via teleconference on Thursday, July 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	*2nd Quarter*								*Year-to-Date*
Percentages, For the Periods Ended June 30,	*2024*			2023				%	*2024*			2023				%
*Operating Revenues*
Freight revenues	$	5,638		$	5,569		1	%	$	11,254		$	11,225		-	%
Other revenues		369			394		(6	)		784			794		(1	)
Total operating revenues		6,007			5,963		1			12,038			12,019		-
*Operating Expenses*
Compensation and benefits		1,187			1,269		(6	)		2,410			2,448		(2	)
Fuel		625			664		(6	)		1,283			1,430		(10	)
Purchased services and materials		644			650		(1	)		1,257			1,303		(4	)
Depreciation		596			577		3			1,190			1,149		4
Equipment and other rents		219			248		(12	)		435			483		(10	)
Other		336			351		(4	)		691			708		(2	)
Total operating expenses		3,607			3,759		(4	)		7,266			7,521		(3	)
*Operating Income*		2,400			2,204		9			4,772			4,498		6
Other income, net		103			93		11			195			277		(30	)
Interest expense		(319	)		(339	)	(6	)		(643	)		(675	)	(5	)
Income before income taxes		2,184			1,958		12			4,324			4,100		5
Income tax expense		(511	)		(389	)	31			(1,010	)		(901	)	12
*Net Income*	$	1,673		$	1,569		7	%	$	3,314		$	3,199		4	%

*Share and Per Share*
Earnings per share - basic	$	2.75		$	2.58		7	%	$	5.44		$	5.25		4	%
Earnings per share - diluted	$	2.74		$	2.57		7		$	5.43		$	5.24		4
Weighted average number of shares - basic		609.4			608.7		-			609.3			609.6		-
Weighted average number of shares - diluted		610.3			609.5		-			610.3			610.5		-
Dividends declared per share	$	1.30		$	1.30		-		$	2.60		$	2.60		-

*Operating Ratio*		60.0	%		63.0	%	(3.0)	pts		60.4	%		62.6	%	(2.2)	pts
*Effective Tax Rate*		23.4	%		19.9	%	3.5	pts		23.4	%		22.0	%	1.4	pts

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

	*2nd Quarter*							*Year-to-Date*
For the Periods Ended June 30,	*2024*		2023		%			*2024*		2023		%
*Freight Revenues (Millions)*
Grain & grain products	$	901	$	890		1	%	$	1,844	$	1,833		1	%
Fertilizer		203		183		11			404		369		9
Food & refrigerated		278		255		9			563		518		9
Coal & renewables		339		429		(21	)		727		934		(22	)
Bulk		1,721		1,757		(2	)		3,538		3,654		(3	)
Industrial chemicals & plastics		593		545		9			1,165		1,081		8
Metals & minerals		530		562		(6	)		1,045		1,098		(5	)
Forest products		342		347		(1	)		680		679		-
Energy & specialized markets		658		632		4			1,337		1,245		7
Industrial		2,123		2,086		2			4,227		4,103		3
Automotive		659		625		5			1,270		1,212		5
Intermodal		1,135		1,101		3			2,219		2,256		(2	)
Premium		1,794		1,726		4			3,489		3,468		1
Total	$	5,638	$	5,569		1	%	$	11,254		11,225		-	%
*Revenue Carloads (Thousands)*
Grain & grain products		200		197		2	%		410		399		3	%
Fertilizer		62		48		29			109		93		17
Food & refrigerated		46		44		5			92		88		5
Coal & renewables		158		203		(22	)		335		419		(20	)
Bulk		466		492		(5	)		946		999		(5	)
Industrial chemicals & plastics		169		164		3			333		321		4
Metals & minerals		184		210		(12	)		354		398		(11	)
Forest products		55		55		-			108		107		1
Energy & specialized markets		147		144		2			301		283		6
Industrial		555		573		(3	)		1,096		1,109		(1	)
Automotive		218		213		2			425		413		3
Intermodal [a]		798		749		7			1,537		1,483		4
Premium		1,016		962		6			1,962		1,896		3
Total		2,037		2,027		-	%		4,004		4,004		-	%
*Average Revenue per Car*
Grain & grain products	$	4,493	$	4,527		(1	)%	$	4,493	$	4,598		(2	)%
Fertilizer		3,311		3,830		(14	)		3,727		3,978		(6	)
Food & refrigerated		5,943		5,740		4			6,086		5,851		4
Coal & renewables		2,156		2,107		2			2,173		2,228		(2	)
Bulk		3,692		3,568		3			3,740		3,657		2
Industrial chemicals & plastics		3,507		3,336		5			3,497		3,368		4
Metals & minerals		2,885		2,677		8			2,955		2,760		7
Forest products		6,249		6,337		(1	)		6,272		6,360		(1	)
Energy & specialized markets		4,462		4,388		2			4,439		4,398		1
Industrial		3,825		3,646		5			3,855		3,701		4
Automotive		3,033		2,928		4			2,991		2,935		2
Intermodal [a]		1,421		1,471		(3	)		1,444		1,521		(5	)
Premium		1,766		1,794		(2	)		1,779		1,829		(3	)
Average	$	2,768	$	2,748		1	%	$	2,811	$	2,804		-	%

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


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

	*Jun. 30,*			Dec. 31,
Millions, Except Percentages		*2024*			2023
*Assets*
Cash and cash equivalents		$	1,137		$	1,055
Short-term investments			20			16
Other current assets			3,341			3,077
Investments			2,705			2,605
Properties, net			57,835			57,398
Operating lease assets			1,386			1,643
Other assets			1,393			1,338
Total assets		$	67,817		$	67,132

*Liabilities and Common Shareholders' Equity*
Debt due within one year		$	727		$	1,423
Other current liabilities			3,560			3,683
Debt due after one year			31,165			31,156
Operating lease liabilities			988			1,245
Deferred income taxes			13,166			13,123
Other long-term liabilities			1,722			1,714
Total liabilities			51,328			52,344
Total common shareholders' equity			16,489			14,788
Total liabilities and common shareholders' equity		$	67,817		$	67,132

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

	Year-to-Date
Millions, for the Periods Ended June 30,	*2024*			2023
*Operating Activities*
Net income	$	3,314		$	3,199
Depreciation		1,190			1,149
Deferred and other income taxes		43			36
Other - net		(514	)		(526	)
Cash provided by operating activities		4,033			3,858
*Investing Activities*
Capital investments*		(1,699	)		(1,607	)
Other - net		107			(67	)
Cash used in investing activities		(1,592	)		(1,674	)
*Financing Activities*
Debt repaid		(1,807	)		(1,664	)
Dividends paid		(1,588	)		(1,588	)
Debt issued		800			1,599
Net issued/(paid) of commercial paper		297			19
Share repurchase programs		(100	)		(705	)
Other - net		30			11
Cash used in financing activities		(2,368	)		(2,328	)
Net change in cash, cash equivalents, and restricted cash		73			(144	)
Cash, cash equivalents, and restricted cash at beginning of year		1,074			987
Cash, cash equivalents, and restricted cash at end of period	$	1,147		$	843
Free Cash Flow**
Cash provided by operating activities	$	4,033		$	3,858
Cash used in investing activities		(1,592	)		(1,674	)
Dividends paid		(1,588	)		(1,588	)
Free cash flow	$	853		$	596

*	Capital investments include locomotive and freight car early lease buyouts of $96 million in 2024 and $14 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)


	*2nd Quarter*							*Year-to-Date*
For the Periods Ended June 30,	*2024*		2023			%		*2024*		2023			%
*Operating/Performance Statistics*
Freight car velocity (daily miles per car)*		201		202	-	%			202		199	2	%
Average train speed (miles per hour)*		23.3		24.1	(3	)			23.7		24.1	(2	)
Average terminal dwell time (hours)*		22.7		23.3	(3	)			23.1		23.6	(2	)
Locomotive productivity (GTMs per horsepower day)		134		126	6				134		125	7
Gross ton-miles (GTMs) (millions)		206,806		207,606	-				412,835		414,254	-
Train length (feet)		9,544		9,316	2				9,415		9,238	2
Intermodal service performance index (%)		93		89	4		pts		93		85	8		pts
Manifest/Automotive service performance index (%)		84		84	-		pts		85		82	3		pts
Intermodal car trip plan compliance (%)**		83		79	4		pts		83		76	7		pts
Manifest/Automotive car trip plan compliance (%)**		64		64	-		pts		65		63	2		pts
Workforce productivity (car miles per employee)		1,031		978	5				1,015		983	3
Total employees (average)		30,556		32,243	(5	)			30,804		31,888	(3	)

Locomotive Fuel Statistics
Average fuel price per gallon consumed	$	2.73	$	2.86	(5	)%	$	2.77	$	3.04	(9	)%
Fuel consumed in gallons (millions)		223		226	(1	)		453		458	(1	)
Fuel consumption rate***		1.080		1.086	(1	)		1.097		1.105	(1	)

Revenue Ton-Miles (Millions)
Grain & grain products	19,995	18,858	6	%	40,644	38,902	4	%
Fertilizer	3,570	2,953	21		6,857	6,089	13
Food & refrigerated	4,693	4,514	4		9,610	9,057	6
Coal & renewables	16,351	20,864	(22	)	35,234	43,361	(19	)
Bulk	44,609	47,189	(5	)	92,345	97,409	(5	)
Industrial chemicals & plastics	8,069	7,214	12		15,496	14,305	8
Metals & minerals	8,301	9,209	(10	)	16,366	18,156	(10	)
Forest products	5,663	5,815	(3	)	11,243	11,364	(1	)
Energy & specialized markets	10,229	9,817	4		20,815	19,316	8
Industrial	32,262	32,055	1		63,920	63,141	1
Automotive	4,879	4,687	4		9,415	9,087	4
Intermodal	18,242	17,567	4		35,577	35,687	-
Premium	23,121	22,254	4		44,992	44,774	-
Total	99,992	101,498	(1	)%	201,257	205,324	(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 Condensed Consolidated Statements of Income (unaudited)

	*2024*
Millions, Except Per Share Amounts and Percentages,	*1st Qtr*			*2nd Qtr*			*Year-to-Date*
*Operating Revenues*
Freight revenues	$	5,616		$	5,638		$	11,254
Other revenues		415			369			784
Total operating revenues		6,031			6,007			12,038
*Operating Expenses*
Compensation and benefits		1,223			1,187			2,410
Fuel		658			625			1,283
Purchased services and materials		613			644			1,257
Depreciation		594			596			1,190
Equipment and other rents		216			219			435
Other		355			336			691
Total operating expenses		3,659			3,607			7,266
*Operating Income*		2,372			2,400			4,772
Other income, net		92			103			195
Interest expense		(324	)		(319	)		(643	)
Income before income taxes		2,140			2,184			4,324
Income tax expense		(499	)		(511	)		(1,010	)
*Net Income*	$	1,641		$	1,673		$	3,314

*Share and Per Share*
Earnings per share - basic	$	2.69		$	2.75		$	5.44
Earnings per share - diluted	$	2.69		$	2.74		$	5.43
Weighted average number of shares - basic		609.2			609.4			609.3
Weighted average number of shares - diluted		610.2			610.3			610.3
Dividends declared per share	$	1.30		$	1.30		$	2.60

*Operating Ratio*		60.7	%		60.0	%		60.4	%
*Effective Tax Rate*		23.3	%		23.4	%		23.4	%


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

	*2024*
	*1st Qtr*		*2nd Qtr*		*Year-to-Date*
*Freight Revenues (Millions)*
Grain & grain products	$	943	$	901	$	1,844
Fertilizer		201		203		404
Food & refrigerated		285		278		563
Coal & renewables		388		339		727
Bulk		1,817		1,721		3,538
Industrial chemicals & plastics		572		593		1,165
Metals & minerals		515		530		1,045
Forest products		338		342		680
Energy & specialized markets		679		658		1,337
Industrial		2,104		2,123		4,227
Automotive		611		659		1,270
Intermodal		1,084		1,135		2,219
Premium		1,695		1,794		3,489
Total	$	5,616	$	5,638	$	11,254
*Revenue Carloads (Thousands)*
Grain & grain products		210		200		410
Fertilizer		47		62		109
Food & refrigerated		46		46		92
Coal & renewables		177		158		335
Bulk		480		466		946
Industrial chemicals & plastics		164		169		333
Metals & minerals		170		184		354
Forest products		53		55		108
Energy & specialized markets		154		147		301
Industrial		541		555		1,096
Automotive		207		218		425
Intermodal [a]		739		798		1,537
Premium		946		1,016		1,962
Total		1,967		2,037		4,004
*Average Revenue per Car*
Grain & grain products	$	4,494	$	4,493	$	4,493
Fertilizer		4,271		3,311		3,727
Food & refrigerated		6,231		5,943		6,086
Coal & renewables		2,189		2,156		2,173
Bulk		3,787		3,692		3,740
Industrial chemicals & plastics		3,486		3,507		3,497
Metals & minerals		3,030		2,885		2,955
Forest products		6,297		6,249		6,272
Energy & specialized markets		4,416		4,462		4,439
Industrial		3,886		3,825		3,855
Automotive		2,947		3,033		2,991
Intermodal [a]		1,468		1,421		1,444
Premium		1,792		1,766		1,779
Average	$	2,855	$	2,768	$	2,811

[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	*Jun. 30,*		Dec. 31,
for the Trailing Twelve Months Ended [a]	*2024*		2023
Debt	$	31,892	$	32,579
Net income		6,494		6,379
Debt / net income		4.9		5.1

Adjusted Debt / Adjusted EBITDA*
Millions, Except Ratios	*Jun. 30,*			Dec. 31,
for the Trailing Twelve Months Ended [a]	*2024*			2023
Net income	$	6,494		$	6,379
Add:
Income tax expense		1,963			1,854
Depreciation		2,359			2,318
Interest expense		1,308			1,340
EBITDA	$	12,124		$	11,891
Adjustments:
Other income, net		(409	)		(491	)
Interest on operating lease liabilities [b]		48			58
Adjusted EBITDA	$	11,763		$	11,458
Debt	$	31,892		$	32,579
Operating lease liabilities		1,305			1,600
Adjusted debt	$	33,197		$	34,179
Adjusted debt / adjusted EBITDA		2.8			3.0

[a]	The trailing twelve months income statement information ended June 30, 2024, is recalculated by taking the twelve months ended December 31, 2023, subtracting the six months ended June 30, 2023, and adding the six months ended June 30, 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 June 30, 2024, and December 31, 2023, the incremental borrowing rate on operating leases was 3.7% and 3.6%, respectively. Pension and OPEB were funded at June 30, 2024, and December 31, 2023.

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Union Pacific Reports Second Quarter 2024 Results