Total volumes increased 3% versus 2023, driven by strength in international intermodal and agricultural products. This highlights the company's ability to capitalize on specific market opportunities.

The company invested $3.4 billion in capital to harden infrastructure, grow the business, provide better service, and embed new technologies. This demonstrates a commitment to long-term growth and efficiency.

The company expects its 2025 capital plan to be approximately $3.4 billion, consistent with 2024. This signals a continued commitment to infrastructure and technology investments.

The company achieved a 23% improvement in personal injury rate and a 20% improvement in derailment incident rate. This reflects successful investments in safety programs, training, infrastructure, and technology.

Workforce productivity improved by 6% and locomotive productivity by 5% in 2024. This shows management's focus on efficient asset utilization and resource management.

Freight car velocity improved by 2%, and intermodal and manifest service performance indices (SPI) improved by 2 and 4 points, respectively. This indicates better service delivery to customers.

The company acknowledges the increasing sophistication of cyber-attacks and the potential for material adverse impacts on operations, financial condition, and liquidity. The company is a component of critical U.S. infrastructure and may be exposed to increased cybersecurity risk.

The company notes that fuel costs constitute a significant portion of transportation expenses and that significant price increases could have a material adverse effect on operating results. While fuel surcharges help, they may not fully mitigate the impact.

The company recognizes that climate change and market or regulatory responses could have a material adverse effect on operations, financial condition, and liquidity. Restrictions on emissions could increase operating costs, and changes in customer preferences could alter traffic patterns.

The company faces competition from other railroads (particularly BNSF), motor carriers, ships, barges, and pipelines. This competition affects pricing, transit times, and service quality.

Significant reductions or shifts in demand for rail services can lead to increased costs or service challenges. The company must effectively manage network capacity and resource allocation to meet customer needs.

A significant portion of revenues involves transportation of commodities to and from international markets. Interruptions of trade with Mexico, Canada, or Southeast Asia, including international armed conflicts, could have a material adverse effect.

The company highlights improvements in network fluidity, as reflected in faster freight car velocity and record terminal dwell times. This indicates more efficient use of assets and infrastructure.

The company utilizes over 7,000 wayside detectors and autonomous geometry car fleets to inspect track and proactively prevent derailments. This demonstrates a commitment to using technology to enhance operational safety and efficiency.

Operating expenses decreased by $500 million, or 3%, driven by lower fuel prices, productivity improvements, and a gain on the sale of intermodal equipment. This reflects effective cost management.

The company has more than 7,000 wayside detectors that monitor freight cars and locomotives in real time, generating 16 million data points daily to proactively identify and mitigate risks.

The company is building safer trains with its proprietary Physics Train Builder technology, which allows it to evaluate train and route characteristics to enable proactive intervention by its Operating Practices Command Center to prevent derailments.

The company utilizes its autonomous geometry car fleet to inspect 500,000 miles of track annually. This technology and the data it provides enable the company to direct investments and resources in the right place, helping to significantly reduce track-caused derailments over the last 10 years.

The company's capital plan for 2024 and expected plan for 2025 are both approximately $3.4 billion, indicating a steady commitment to investments in the rail network, equipment, and technology.

The company repurchased 6.467 million shares of its common stock during 2024 at an average price of $240.51. This demonstrates management's belief that the company's shares are undervalued.

Effective April 1, 2022, the Board of Directors authorized the repurchase of up to 100 million shares of common stock by March 31, 2025. On February 6, 2025, the Board of Directors approved a new share repurchase authorization, enabling the Company to buy up to 100 million shares of its common stock by March 31, 2028.

The company emphasizes its commitment to environmental stewardship, reducing greenhouse gas emissions, and supporting the transition to a more sustainable future. Freight rail is one of the most fuel-efficient means of transportation.

The company emphasizes safety as a core value and is committed to continuously finding new ways to enhance safety. It is focusing on four pillars - Injury Prevention, Leverage Technology, Situational Awareness Testing, and Peer-to-Peer Engagement.

Union Pacific intends to maintain its standards of hiring and promoting based on merit, while aspiring to reach 40% people of color and double our female representation to 11% in our workforce by 2030.

The company notes that macroeconomic uncertainties remain in 2025 that could have a material impact on its financial and operating results. This includes factors like tariffs, monetary policy, natural gas prices, and weather conditions.

International, political, and economic factors, events and conditions, including international armed conflicts such as the Russia-Ukraine and Israel-Hamas wars, and other geopolitical tensions in the Middle East, affect the volatility of fuel prices and supplies.

The company is subject to significant governmental regulation and changes in tax rates could have a material impact on its financial condition, results of operations, or liquidity.