Union Pacific (UNP) official guidance

Although we're confident we'll continue that productivity trend, we now expect full-year compensation per employee to increase around 6%.

Looking to the remainder of the year, we are raising our 2026 outlook to reported EPS growth in the high single-digit range as we continue to efficiently move increased volume on our network.

We also expect to continue delivering operating ratio improvement and maintain our position of industry leadership, even against ongoing margin pressure from fuel.

International intermodal will fully lap last year's tariff volatility in August, and we expect volume to be positive in the second half.

- Capital plan of $3.3 billion.

•Continued strong cash generation.

- Consistent annual dividend increases.

•Reported earnings per share growth increased to high-single digit; consistent with attaining 3-year CAGR target of high-single to low-double digit through 2027.

•Operating ratio improvement; industry-leading operating ratio and return on invested capital.

•Pricing dollars in excess of inflation dollars.

•Operating ratio improvement; industry-leading operating ratio and return on invested capital.

That further translates into affirming our long-term guidance of high single digit to low double digit CAGR through 2027, with best-in-class operating ratio and return on invested capital.

That further translates into affirming our long-term guidance of high single digit to low double digit CAGR through 2027, with best-in-class operating ratio and return on invested capital.

In 2026, we expect our cash balances to steadily grow as we first prioritize paying off the $1.5 billion of long-term debt that comes due in the first half of the year, and then conserve cash in anticipation of the merger closing.

As we close out 2025, we expect our cash balance to steadily grow with our strong cash generation.

Compensation per employee increased 2.5% versus last year, and we expect full-year compensation per employee to end up around 3%, which is consistent with the increase we've seen year to date.

Automotive is expected to continue facing challenges, driven by reduced auto parts production and OEM quality holds.

On the other hand, our energy and specialized markets are expected to remain challenged, primarily driven by fewer petroleum shipments as we continue to balance volume at the right margins.

We also are reaffirming our view on accretive pricing, industry-leading Operating Ratio, and return on invested capital.

We also are reaffirming our view on accretive pricing, industry-leading Operating Ratio, and return on invested capital.

Now turning to Bulk, we expect coal volumes to continue outpacing 2024, driven by current forecasts for natural gas prices throughout the remainder of 2025 and volume from our partnership with LCRA.

Wrapping up with premium, year-over-year comparisons remain tough, and we expect lower import volumes to impact international results.

For the fourth quarter, volumes are currently running down 6% as international intermodal volumes reflect the tough comparison against last year's strong growth.

- Capital plan of $3.4 billion

◦Continued strong cash generation

◦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