Status of the Railroad - A Message from Kenny Rocker, EVP, Marketing & Sales

To Our Customers, 

2025 was a strong year for Union Pacific. We delivered our best-ever full-year results across safety, service and operating performance, including personal injury, derailment rates, freight car velocity and terminal dwell, most of which led the industry. The team is consistently delivering at the highest levels and I am confident that’s what we’ll continue to do.  

Our Metrics 
For the week ending January 23, 2026, our performance continues to demonstrate the team’s commitment to delivering the service we sold you: 

• Freight Car Velocity – 241 miles per day
• Train Velocity – 21.5 miles per hour 
• Terminal Dwell – 19.5 hours 

Despite significant weather over the weekend, the network remains in good shape. Aside from a few communities still without power, we expect service to return to normal by the end of the week. In those areas, we continue to use generators to power our signaling systems. Maintaining this level of performance through widespread winter conditions underscores the resilience of our team and the strength of our service product.  

Surface Transportation Board (STB) Merger Application
On January 16, the STB ruled Union Pacific’s application to merge with the Norfolk Southern was incomplete without prejudice. A ‘without prejudice’ ruling means that once complete the STB can evaluate the merits of the case without the initial, incomplete determination affecting the outcome.   

The Board’s request is narrow and focused, identifying three areas for clarification:  

• Full system impact analyses, including market share projections for the combined entity.  
• Entire merger agreement, including related instruments. 
• Additional detail on the related application involving the Terminal Railroad Association of St. Louis (TRRA).  

Union Pacific and Norfolk Southern are preparing the requested materials and will resubmit with the additional detail to ensure a complete, accurate and transparent filing. The merger process remains very much alive and we will continue to keep you informed.  

Thank You for Your Business  
As the new year gets underway, I’m excited about the service we’re delivering and the possibilities ahead. In 2026, our focus remains on delivering the service we sold you, every day. We look forward to supporting your business and exploring new ways to grow together.  

Sincerely,

Kenny Rocker 
Executive Vice President, Marketing & Sales