[Part I. Financial Information](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Provides unaudited condensed consolidated financial statements for Q1 2024 and 2023, including income, financial position, cash flows, and related notes [Condensed Consolidated Statements of Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Q1 2024 net income slightly increased to $1.641 billion, with flat revenues, decreased operating expenses, and improved EPS Q1 2024 vs Q1 2023 Income Statement Highlights (Millions, Except Per Share) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | **Total operating revenues** | $6,031 | $6,056 | -0.4% | | **Total operating expenses** | $3,659 | $3,762 | -2.7% | | **Operating income** | $2,372 | $2,294 | +3.4% | | **Net income** | $1,641 | $1,630 | +0.7% | | **Earnings per share - diluted** | $2.69 | $2.67 | +0.7% | [Condensed Consolidated Statements of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Position) Total assets slightly increased to $67.27 billion, liabilities decreased to $51.60 billion, and shareholders' equity rose to $15.67 billion Financial Position Highlights (Millions) | Metric | Mar 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total current assets** | $4,194 | $4,148 | | **Total assets** | $67,266 | $67,132 | | **Total current liabilities** | $4,534 | $5,106 | | **Total liabilities** | $51,601 | $52,344 | | **Total common shareholders' equity** | $15,665 | $14,788 | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased to $2.12 billion, investing cash flow remained stable, while financing cash flow increased to $1.45 billion Q1 2024 vs Q1 2023 Cash Flow Highlights (Millions) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Cash provided by operating activities** | $2,122 | $1,840 | | **Cash used in investing activities** | ($802) | ($805) | | **Cash used in financing activities** | ($1,451) | ($927) | | **Net change in cash** | ($131) | $108 | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Details financial statement presentation, accounting policies, disaggregated freight revenues, credit facilities, and contingent liabilities Freight Revenue by Commodity (Millions) | Commodity Group | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Bulk | $1,817 | $1,897 | | Industrial | $2,104 | $2,017 | | Premium | $1,695 | $1,742 | | **Total freight revenues** | **$5,616** | **$5,656** | - Revenues from Mexico business increased to **$790 million** in Q1 2024 from $712 million in Q1 2023[26](index=26&type=chunk) - The company has a **$2.0 billion** revolving credit facility expiring in May 2027 and an **$800 million** receivables securitization facility maturing in July 2025. As of March 31, 2024, **$400 million** was drawn on the receivables facility[46](index=46&type=chunk)[55](index=55&type=chunk)[60](index=60&type=chunk) - The company estimates potential future costs for personal injury claims to range from **$376 million** to **$487 million**, with the low end of the range accrued[64](index=64&type=chunk) - No share repurchases were made in Q1 2024. In Q1 2023, **2.9 million shares** were repurchased for **$591 million**. The current authorization allows for the repurchase of up to **80.4 million** more shares by March 31, 2025[16](index=16&type=chunk)[70](index=70&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 performance, highlighting improved operating ratio, network fluidity, and liquidity, despite slight revenue and volume declines [Results of Operations](index=17&type=section&id=Results%20of%20Operations) Q1 2024 operating ratio improved to 60.7% due to decreased expenses and enhanced network fluidity, despite a slight revenue dip Q1 2024 Key Performance Summary | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Net Income (billions) | $1.6 | $1.6 | 0% | | Diluted EPS | $2.69 | $2.67 | +0.7% | | Operating Ratio | 60.7% | 62.1% | -1.4 pts | | Freight Revenue (billions) | $5.6 | $5.7 | -1% | - Network fluidity improvements were supported by ample train crew and locomotive resources, leading to a **10% improvement** in locomotive productivity and a reduction of approximately **500 active locomotives** compared to 2023[81](index=81&type=chunk) - Workforce productivity improved **1%** despite a **4% increase** in train, engine, and yard employees, who were added to support new sick leave and work/rest agreements[81](index=81&type=chunk) [Operating Revenues Analysis](index=18&type=section&id=Operating%20Revenues%20Analysis) Total operating revenues remained flat at $6.0 billion, with freight revenues declining 1% due to volume and fuel surcharges, partially offset by pricing gains - Freight revenues from fuel surcharge programs decreased to **$665 million** in Q1 2024 from $883 million in Q1 2023 due to lower fuel prices[86](index=86&type=chunk) Q1 2024 vs Q1 2023 Freight Revenue by Commodity (Millions) | Commodity Group | Q1 2024 Revenue | Q1 2023 Revenue | % Change | | :--- | :--- | :--- | :--- | | Bulk | $1,817 | $1,897 | (4)% | | Industrial | $2,104 | $2,017 | 4% | | Premium | $1,695 | $1,742 | (3)% | | **Total** | **$5,616** | **$5,656** | **(1)%** | - Revenues from Mexico business grew **11%** to **$790 million**, driven by a **7% increase** in volume, particularly in grain and automotive shipments[93](index=93&type=chunk) [Operating Expenses Analysis](index=20&type=section&id=Operating%20Expenses%20Analysis) Operating expenses decreased 3% to $3.7 billion, primarily due to lower fuel costs and purchased services, partially offset by higher compensation and depreciation Q1 2024 vs Q1 2023 Operating Expenses (Millions) | Expense Category | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Compensation and benefits | $1,223 | $1,179 | 4% | | Fuel | $658 | $766 | (14)% | | Purchased services and materials | $613 | $653 | (6)% | | Depreciation | $594 | $572 | 4% | | Equipment and other rents | $216 | $235 | (8)% | | **Total** | **$3,659** | **$3,762** | **(3)%** | - Locomotive diesel fuel prices averaged **$2.81 per gallon** in Q1 2024, down from $3.22 per gallon in Q1 2023[96](index=96&type=chunk) [Operating and Performance Statistics](index=21&type=section&id=Operating%20and%20Performance%20Statistics) Q1 2024 saw significant operational improvements, including increased locomotive productivity, freight car velocity, and enhanced service performance indices Q1 2024 vs Q1 2023 Key Operating Metrics | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Freight car velocity (daily miles per car) | 203 | 196 | 4% | | Average terminal dwell time (hours) | 23.5 | 24.0 | (2)% | | Locomotive productivity (GTMs/hp day) | 135 | 123 | 10% | | Train length (feet) | 9,287 | 9,159 | 1% | | Intermodal service performance index (%) | 95 | 81 | +14 pts | | Manifest/Automotive service index (%) | 87 | 80 | +7 pts | [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) The company generated strong operating cash flow and free cash flow in Q1 2024, maintaining robust liquidity with a $3.4 billion capital plan - The 2024 capital plan is expected to be approximately **$3.4 billion**, down **8%** from 2023[122](index=122&type=chunk) Free Cash Flow Reconciliation (Millions) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Cash provided by operating activities | $2,122 | $1,840 | | Cash used in investing activities | ($802) | ($805) | | Dividends paid | ($795) | ($795) | | **Free cash flow** | **$525** | **$240** | - As of March 31, 2024, the company had total material contractual obligations of **$64.1 billion**, with the majority being long-term debt[131](index=131&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes occurred in the quantitative and qualitative disclosures about market risk from the 2023 Form 10-K - There were no material changes to market risk disclosures from the 2023 Annual Report on Form 10-K[142](index=142&type=chunk) [Item 4. Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the Corporation's disclosure controls and procedures were effective as of the end of the reporting period[143](index=143&type=chunk) - No changes to the Corporation's internal control over financial reporting occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, these controls[144](index=144&type=chunk) [Part II. Other Information](index=27&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=27&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including environmental matters with potential remediation liabilities at numerous sites - The company is involved in ongoing legal proceedings and claims, including environmental matters where it may be liable for remediation costs at various sites[146](index=146&type=chunk)[147](index=147&type=chunk) [Item 1A. Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) Refers investors to the 2023 Annual Report on Form 10-K for a comprehensive discussion of potential risks and uncertainties - For a discussion of potential risks and uncertainties, the report refers to the risk factors disclosed in the Form 10-K for the year ended December 31, 2023[149](index=149&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased under the public program in Q1 2024, though shares were acquired for employee tax obligations and option exercises - No shares were repurchased as part of the publicly announced plan in Q1 2024. **117,178 shares** were acquired from employees for tax withholding and option exercise purposes[150](index=150&type=chunk) - The current share repurchase program, authorized on April 1, 2022, allows for the repurchase of up to **100 million shares** by March 31, 2025[151](index=151&type=chunk) [Item 5. Other Information](index=29&type=section&id=Item%205.%20Other%20Information) Executive Vice President Kenny G. Rocker adopted a Rule 10b5-1 trading plan to sell up to 27,387 shares of common stock - Executive Vice President Kenny G. Rocker adopted a Rule 10b5-1 trading plan to sell up to **27,387 shares** of common stock[155](index=155&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and iXBRL financial data - Lists filed exhibits, including Sarbanes-Oxley certifications and iXBRL data files[158](index=158&type=chunk)

The railroad is growing more efficient during a period of soft demand.Union Pacific (UNP 4.71%) managed to grow net income in a flat revenue environment, and investors are taking notice. Shares of the railroad company are up 5% as of 2:45 p.m. ET after Union Pacific topped earnings expectations.Progress in a "challenging" marketUnion Pacific earned $2.69 per share in the first quarter on revenue of $6.03 billion, ahead of Wall Street's $2.52 per share on sales of $5.98 billion guidance. Operating income was ...

Union Pacific Corporation’s (UNP) first-quarter 2024 earnings of $2.69 per share beat the Zacks Consensus Estimate of $2.50 per share. The bottom line improved 0.75% on a year-over-year basis. Results were aided by strong operational efficiency and favorable pricing.Operating revenues of $6.03 billion marginally beat the Zacks Consensus Estimate of $6 billion. The top line declined 0.41% on a year-over-year basis due to core pricing gains and business mix, offset by reduced fuel surcharge revenues and lower ...

Union Pacific Corporation (NYSE:UNP) Q1 2024 Results Conference Call April 25, 2024 8:45 AM ET Company Participants Jim Vena - Chief Executive Officer Jennifer Hamann - Chief Financial Officer Kenny Rocker - Executive Vice President of Marketing and Sales Eric Gehringer - Executive Vice President of Operations Conference Call Participants David Vernon - Bernstein Justin Long - Stephens Amit Mehrotra - Deutsche Bank Jon Chappell - Evercore ISI Ken Hoexter - Bank of America Ravi Shanker - Morgan Stanley Brian ...

Union Pacific (UNP) came out with quarterly earnings of $2.69 per share, beating the Zacks Consensus Estimate of $2.50 per share. This compares to earnings of $2.67 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.60%. A quarter ago, it was expected that this railroad would post earnings of $2.56 per share when it actually produced earnings of $2.71, delivering a surprise of 5.86%.Over the last four quarters, the company has ...

Financial Results: Improved Operational Efficiency and Core Pricing Gains Drive Increase in Operating Income; First Quarter Records for Operating Income and Net Income Operating Performance: Improvement Across Safety, Service, and Operational Excellence; First Quarter Record for Fuel Consumption Rate -more- ● First quarter earnings per diluted share of $2.69, up 1% ● First quarter operating income up 3% ● First quarter net income up1% Exhibit 99.1 Union Pacific Reports First Quarter 2024 Results Omaha, Neb. ...

Wall Street analysts forecast that Union Pacific (UNP) will report quarterly earnings of $2.53 per share in its upcoming release, pointing to a year-over-year decline of 5.2%. It is anticipated that revenues will amount to $6.06 billion, exhibiting an increase of 0.1% compared to the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 1.2% to its current level. This demonstrates the covering analysts' collective reassessment of their initial project ...

Union Pacific Corporation (UNP) is scheduled to report first-quarter 2024 results on Apr 25 before market open.The Zacks Consensus Estimate for first-quarter 2024 earnings has improved 0.80% over the past 60 days. UNP has an impressive earnings surprise history, having surpassed the Zacks Consensus Estimate in three of the preceding four quarters and missing once, the average beat being 1.41%.Given this backdrop, Let’s see how things have shaped up for UNP this earnings season.We expect Union Pacific’s perf ...

CHICAGO, April 17, 2024 /PRNewswire/ -- STG Logistics, a leading provider of transportation and logistics solutions, is pleased to announced an extended, long-term partnership with Union Pacific Railroad. The agreement builds upon three decades of STG and Union Pacific working together to deliver goods and products to consumers, while ensuring continuity and excellence within the nation's supply chain. "We are extremely excited about this partnership," said Tyler Holtgreven, Senior Vice President of Operati ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Union Pacific (UNP) , which belongs to the Zacks Transportation - Rail industry, could be a great candidate to consider.This railroad has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 4.15%.For the last reported quarter, Union Pacific came out wi ...