Here are 1-3 brief analogies for Union Pacific (UNP):

• The rail equivalent of FedEx or UPS, but moving enormous volumes of freight and shipping containers across the country instead of parcels and packages.
• Similar to a major shipping line like Maersk, but operating an extensive network of railroads across land rather than oceans, moving bulk goods and containers.
• Essentially a massive, long-haul trucking company, but using an extensive network of private railroads and trains for efficiency and scale.

• Agricultural Products: Transportation of bulk agricultural commodities such as grain, fertilizer, and food products.
• Automotive: Freight services for finished automobiles, auto parts, and vehicle components.
• Chemicals: Movement of industrial chemicals, plastics, petroleum products, and other related goods.
• Intermodal: Haulage of shipping containers between ports and inland destinations, facilitating multi-modal logistics.
• Industrial: Transport of a wide range of goods including construction materials, metals, minerals, and forest products.
• Coal: Shipping of coal primarily for utility power generation and industrial consumption.

Union Pacific Corporation (UNP) is a Class I freight railroad operating across 23 states in the western two-thirds of the United States. As such, the company primarily sells its transportation services to other businesses rather than directly to individuals.

Union Pacific does not publicly disclose the names of its individual major customers. However, its business is highly diversified across several commodity groups, and no single customer accounts for more than 10% of its freight revenues. Its customer base consists of thousands of companies across various industries. Based on Union Pacific's financial reports, its services are broadly categorized into three main customer segments, each serving different types of companies:

1. Premium

This segment primarily serves companies involved in intermodal shipping and the automotive industry. Customers in this category rely on Union Pacific for the efficient transport of finished goods and components.

• Intermodal: These customers include large ocean carriers (e.g., Maersk, MSC) for international container traffic, and domestic intermodal providers (Intermodal Marketing Companies - IMCs) and logistics companies that manage freight for a multitude of underlying shippers.
  • Representative Public Companies:
    • J.B. Hunt Transport Services, Inc. (JBHT)
    • Schneider National, Inc. (SNDR)
• Automotive: Major automobile manufacturers and their suppliers for the transport of finished vehicles and automotive parts.
  • Representative Public Companies:
    • Ford Motor Company (F)
    • General Motors Company (GM)

2. Industrial

This segment transports a wide range of industrial products for manufacturing, construction, and resource extraction companies.

• Chemicals & Plastics: Manufacturers of various industrial chemicals, plastics, and petroleum-derived products.
  • Representative Public Companies:
    • Dow Inc. (DOW)
• Construction: Producers and distributors of aggregates, cement, asphalt, and other building materials.
  • Representative Public Companies:
    • Vulcan Materials Company (VMC)
• Metals & Minerals: Companies involved in mining, steel production, and other metal fabrication.
  • Representative Public Companies:
    • Cleveland-Cliffs Inc. (CLF)
• Forest Products: Lumber mills, paper product manufacturers, and other forest product industries.

3. Bulk

This segment handles large volumes of raw materials and agricultural commodities.

• Agricultural Products: Large agricultural processors, grain merchants, food product manufacturers, and fertilizer distributors.
  • Representative Public Companies:
    • Archer-Daniels-Midland Company (ADM)
    • Bunge Global SA (BG)
• Energy: Primarily companies involved in the production and distribution of crude oil, refined petroleum products, and frac sand for the oil and gas industry. While coal traffic has significantly declined, some utilities remain customers for coal transport.
  • Representative Public Companies:
    • U.S. Silica Holdings, Inc. (SLCA) - for frac sand transport

The companies listed as "Representative Public Companies" are examples of the types of businesses within each category that would utilize Union Pacific's freight services. Union Pacific's broad customer base across these diverse industries ensures a robust and diversified revenue stream, rather than reliance on a few single "major" customers.

• Wabtec Corporation (WAB)
• Trinity Industries, Inc. (TRN)
• The Greenbrier Companies, Inc. (GBX)

Jim Vena, Chief Executive Officer

Jim Vena leads Union Pacific with over 40 years of railroad industry experience. He began his career at Canadian National Railway (CN) as a brakeman and progressed through various roles in Engineering, Mechanical, and Operating departments, including locomotive engineer. Vena held management positions in Operations, Marketing, Strategic Planning, and Labor Relations at CN, eventually serving as Executive Vice President and Chief Operating Officer from 2013 to 2016. During his tenure as COO at CN, the company achieved the North American rail industry's best operating ratio and best safety incident ratio. He served as Union Pacific's Chief Operating Officer from 2019-2020, where he oversaw a team that achieved over $1 billion in efficiency savings and delivered the best service product in the company's history. Vena also served as Senior Advisor to the Chairman in 2021 before returning to Union Pacific as CEO in August 2023.

Jennifer Hamann, Executive Vice President and Chief Financial Officer

Jennifer Hamann was appointed Executive Vice President and Chief Financial Officer on January 1, 2020. She joined Union Pacific in 1992 as a member of the corporation's audit staff. Hamann has held various leadership positions within the company, including roles in Human Resources, Corporate Treasury as Assistant Vice President-Investor Relations, and as general auditor of the Corporate Audit staff. She also served as Vice President and General Manager-Automotive in Marketing and Sales and Vice President-Planning and Analysis before being named Senior Vice President-Finance in April 2019. Hamann is a Certified Public Accountant and holds an MBA from the University of Nebraska at Omaha.

Eric Gehringer, Executive Vice President-Operations

Eric Gehringer has served as Executive Vice President-Operations since 2021. He joined Union Pacific in 2006 as a management trainee and has held numerous positions, including Senior Vice President-Transportation, Operating's Chief Mechanical Officer, and Chief Engineer. Prior to joining Union Pacific, Gehringer held positions at Northwest Airlines and Daimler Chrysler.

Kenny Rocker, Executive Vice President-Marketing and Sales

Kenny Rocker was appointed Executive Vice President-Marketing and Sales in August 2018. He joined Union Pacific in 1994 and has held various Marketing and Sales positions, including assignments in Automotive, Chemicals, and the Market Development and Sales Center. Before his current role, Rocker served as Vice President-Industrial since August 2016.

Rahul Jalali, Executive Vice President, Chief Information Officer

Rahul Jalali serves as the Executive Vice President, Chief Information Officer for Union Pacific.

Autonomous trucking

Union Pacific Corporation (UNP) primarily operates as a freight-hauling railroad in the western two-thirds of the United States, connecting 23 states and serving as a critical link in the global supply chain, including connections with Canada's rail systems and all six major Mexico gateways. Its main products and services are categorized into Bulk, Industrial, and Premium freight.

Overall Rail Freight Market

The broader North American rail freight transportation market is a significant addressable market for Union Pacific. The market size in North America was valued at approximately USD 84.82 billion in 2024 and is projected to reach USD 128.11 billion by 2031, with a compound annual growth rate (CAGR) of 4.31% from 2024 to 2031. Another estimate places the North American railroad market at USD 94.33 billion in revenue in 2024, expected to reach USD 129.68 billion by 2030, growing at a CAGR of 5.3% from 2025 to 2030. Specifically for the United States, the rail freight transport market was valued at USD 117.23 billion in 2024 and is projected to reach USD 282.66 billion by 2034, with a CAGR of 9.20% during that period.

Addressable Markets by Product/Service:

Premium Freight

• Intermodal Freight: This segment, involving the shipment of containers and trailers that can move across multiple transport modes, is a substantial part of Union Pacific's business. The North American intermodal freight market has an estimated value of $51 billion. More specifically, the intermodal freight transportation market size in North America reached USD 27.52 billion in 2025 and is forecast to rise to USD 82.63 billion by 2030, reflecting a 13.49% CAGR. In 2024, intermodal captured 46% of the United States Rail Freight Transport market share.
• Automotive: Union Pacific transports finished automobiles and automotive parts. Rail transportation moves nearly 75% of new cars and light trucks purchased in the U.S. The United States automotive logistics industry is projected to grow at a 5.3% CAGR from 2023 to 2030, with rail constituting more than half of the revenue generated in this sector.

Industrial Freight

• Chemicals: Union Pacific ships industrial chemicals and plastics. Approximately 1 billion tons of chemical products are transported annually within the United States. The United States Chemical Logistics Market, which includes rail transportation, is estimated at USD 93.86 billion in 2025 and is expected to reach USD 105.63 billion by 2030, growing at a CAGR of 2.39% during that period.

Bulk Freight

• Agriculture: This category includes grain and grain products, fertilizer, and food and refrigerated products. Railroads play a critical role in U.S. agriculture, moving 1.6 million carloads of grain and 1.7 million carloads of food annually. They handle 24% of domestic grain movements and 39% of grain export movements in the U.S. The agricultural products sector in the United States rail freight transport market is expected to exhibit strong growth, with a CAGR of 10.4% from 2025 to 2034.
• Coal: Union Pacific transports coal. In 2018, coal accounted for 31.4% of originated tonnage and 16.1% of rail revenue for U.S. Class I railroads, with about 70% of coal consumed at U.S. power plants delivered by rail. While coal volumes have seen declines, it remains a significant commodity for U.S. freight railroads.

1. Core Pricing Gains: Union Pacific anticipates continued growth through core pricing strategies, with pricing dollars expected to be accretive to its operating ratio. This focus on pricing is consistently highlighted as a key component of the company's revenue growth strategy.
2. Growth in Intermodal Traffic and Capacity Expansion: The company is making significant investments in its intermodal services, including expanding terminal capacity with new facilities in locations such as Phoenix, Kansas City, and the Inland Empire in Southern California. These investments aim to boost lift capacity, enhance service levels, and convert truck freight to rail by offering more efficient and reliable transportation options, including new truck-competitive domestic intermodal services.
3. Increased Demand in Key Industrial Segments: Union Pacific expects continued growth in specific industrial markets, including petrochemicals, construction materials, and metals shipments. This growth is supported by targeted investments, particularly in the Gulf Coast region, and business development efforts in Mexico. Additionally, the increasing production of biofuels is anticipated to drive a rise in related shipments.
4. Strategic Merger with Norfolk Southern: The pending merger with Norfolk Southern Corporation is viewed by Union Pacific's CEO, Jim Vena, as a "historic opportunity" to establish the first transcontinental railroad in America. This strategic consolidation is projected to unlock approximately $2.75 billion in annualized cost savings and generate new revenue streams.
5. Growth in Grain and Grain Products: Despite potential market uncertainties, Union Pacific is actively pursuing business development in grain and grain products within its Bulk segment. The construction of numerous new grain terminals along its rail lines in recent years indicates an expectation of continued growth in this commodity sector.

Share Repurchases

• Union Pacific approved a new share repurchase authorization on February 3, 2022, allowing the company to buy up to 100 million common shares by March 31, 2025.
• In February 2025, Union Pacific initiated accelerated share repurchase agreements to buy back $1.5 billion of its common stock.
• Annual share repurchases were approximately $6.282 billion in 2022, $705 million in 2023, and $1.505 billion in 2024.

Share Issuance

• Union Pacific has consistently reduced its outstanding shares over the last few years, indicating net repurchases rather than issuances.
• Shares outstanding declined from 642.88 million in 2021 to 606.26 million in 2024.
• As of June 30, 2025, shares outstanding were 595 million, representing a 2.54% decline year-over-year.

Inbound Investments

• No information available.

Outbound Investments

• Union Pacific announced plans to acquire railroad operator Norfolk Southern in a deal valued at approximately $71.5 billion (later reported as $85 billion) on July 29, 2025.

Capital Expenditures

• Union Pacific's capital expenditures were $3.62 billion in 2022, $3.7 billion in 2023, and $3.4 billion in 2024.
• The company plans to invest $3.453 billion in capital expenditures in 2025.
• Primary focus areas for capital expenditures include upgrading and replacing infrastructure (such as rail, ties, and ballast), modernizing the locomotive fleet, acquiring freight cars, and investing in capacity and technology projects like siding extensions and expanding intermodal footprints.