2025: A Historic Year Driven by Best-Ever Performance

We achieved the best full‑year safety performance in our history and positioned Union Pacific to end the year as the industry leader in employee safety. We also delivered best-ever operating performance and service levels, setting full-year records for freight car velocity, locomotive productivity and terminal dwell. Importantly, we achieved these records while maintaining a buffer of resources as we safely delivered for our customers. Finally, our financial performance in 2025 was best in class.

Our first priority is continuing to run a great railroad. This means building on our safety performance and staying in the lead as the best, with everyone returning home from work in the same condition they left. In service, we delivered what we promised our customers, and we will not lose our focus or strength when it comes to staying fluid and deploying our buffer when needed. Our marketing team is focused on using our great service product to continue growing and winning new business – and we must all do our part by controlling costs and being mindful of unnecessary expenditures. The best way we position ourselves for the future is by delivering exceptional results today.

Our second priority is working through the regulatory process to create America’s first transcontinental railroad. We are responding to the Surface Transportation Board’s (STB) request for additional information. This is a normal procedural step we have seen in previous acquisitions that were ultimately approved. The STB’s request is focused on three key areas requiring clarification, and our team is already working to prepare that information and refile our application in the coming weeks. We view this as a short-term blip and do not expect a significant change to the timeline; we still target closing in the first half of 2027. We are following the process and doing our part to minimize unnecessary bureaucracy and move with speed.

This team has done the work to put us in the position of strength we need to become America’s first transcontinental railroad. As you all know, at Union Pacific we like looking at things from a factual point of view instead of a personal point of view. Our customers will see an enhanced service offering that is faster to market and connects the entire United States. This means more opportunity, less costs tied to inventory and assets, and the capability to move more containers off of interstates and city roads and onto our network.

As you know, New York Dock protection has been imposed in major transactions by the STB before, and we expect them to mandate that as a condition. New York Dock protection is limited by time and maxes out protection in a few years. We have enhanced protection so that every unionized employee working on the day the deal closes will have a job for life. That commitment does not change.

I am proud of what we accomplished last year. As we work toward combining with Norfolk Southern, we are delivering at the highest levels and aligned on what it takes to win: driving safety, service and operating improvements to support growth – which we did by moving an additional 113,000 carloads compared to 2024.

Thank you,

Jim Vena