Union Pacific Team,
Note: In this letter to employees, Jim recaps Union Pacific's fourth quarter and full year 2024 results.
In my year-end letter, I shared what success looks like, what we look forward to in the coming year and what challenges we expect to face – nothing has changed. Our strategy of Safety, Service and Operational Excellence has not changed, and our vision of who we are and what we need to deliver remains. It is great to be on a winning team with all of you.
I congratulate the entire team on the quarterly and full-year results we delivered. We are proving what is possible and holding ourselves accountable. We set a goal to achieve industry-leading results, and that is exactly what we did. Our strong fourth quarter represents a great capstone to a very successful year for Union Pacific – please read about our results here.
Safety – even though we achieved double-digit improvements across most of our safety metrics, including injuries and derailments, we have more work to do. We lost employees, and for us, that is never acceptable. We have clear expectations and processes we started in 2024 that will continue in 2025. Safety always comes first and is the most important work we do.
Service is what we sold the customer. We need to continue providing the reliable service we delivered in 2024 – and not take a step back. When we deliver great service, it opens up markets, changes discussions and relationships with customers, and helps us grow our business faster than the economy. That is what winning means for Union Pacific and our customers.
Operational Excellence is who we are. We need to drive efficiency across the company – not just in Operating. Big things and little things count. Driving productivity takes every team and is embedded across everything we do. If we do that, and if we continue to perform in Safety, Service and Operational Excellence, we will win in the short term and long term with our customers and grow our business.
We had a fantastic year in 2024, but this is the last time we will look back on it. It is now about what we do in 2025 to set up this great company and franchise to win in the future. Our culture and mindset are foundational to how we respond to challenges and how we win. We have a new Administration and will face changing regulations – but that’s nothing new. We have been able to move this company forward for more than 160 years, and I feel very comfortable we will be able to respond to the challenges that come our way.
I wish you all the best and thank you for everything you have done.