Union Pacific (UNP) official guidance

•Capital plan of $3.5 billion.

- Capital plan of $3.3 billion.

- Capital plan of $3.3 billion.

In 2026, we are targeting a capital spending of roughly $3.3 billion.

Capital plan of $3.3 billion.

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

Looking ahead, we are affirming our 2026 outlook. This includes our expectations for reported earnings per share of mid-single-digit growth and operating ratio improvement.

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

We are planning $3.3 billion for 2026 capital improvements, and we will continue to deliver value to our shareholders with consistent annual dividend increases. Importantly, we fully expect to improve our operating ratio versus 2025 and remain the industry leader in operating ratio and return on invested capital.

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

•Continued strong cash generation.

◦Continued strong cash generation.

Continued strong cash generation.

- Consistent annual dividend increases.

- Consistent annual dividend increases.

We are planning $3.3 billion for 2026 capital improvements, and we will continue to deliver value to our shareholders with consistent annual dividend increases.

Consistent annual dividend increases.

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.

•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.

Looking ahead, we are affirming our 2026 outlook. This includes our expectations for reported earnings per share of mid-single-digit growth and operating ratio improvement.

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

Specific to 2026, our earnings outlook is in the mid-single-digit range as we continue to face volume and cost headwinds.

Earnings per share growth of mid-single digit; consistent with attaining 3-year CAGR target of high-single digit to low-double digit through 2027.

•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.

Beyond 2026, we remain committed to attaining our three-year CAGR target of high single digit to low double-digit EPS growth throughout 2027.

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

Despite this different backdrop, we remain committed to attaining our three-year CAGR of high single- to low double-digit EPS growth through 2027.

Earnings per share growth of mid-single digit; consistent with attaining 3-year CAGR target of high-single digit to low-double digit through 2027.

•Pricing dollars in excess of inflation dollars.

We continue to expect full year compensation per employee to increase between 4%-5% as we will work to offset cost inflation with process and technology improvements.

For 2026, we expect our all-in compensation per employee to be up around 4%-5% as we continue to identify opportunities to offset increasing wage and benefit inflation with process improvements, technology, and investments.

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

Importantly, we fully expect to improve our operating ratio versus 2025 and remain the industry leader in operating ratio and return on invested capital.

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