Union Pacific Railroad Company, the principal operating company of Union Pacific Corporation, is a Class I freight railroad connecting 23 states in the western two-thirds of the United States. Founded in 1862, it plays a crucial role in the global supply chain, linking Pacific and Gulf Coast ports with the Midwest and Eastern gateways, and providing corridors to key Mexican and Canadian gateways. The company's diversified business mix caters to Bulk (grain, fertilizer, food, refrigerated goods, coal, renewables), Industrial (construction materials, chemicals, plastics, forest products, metals, petroleum), and Premium (finished automobiles, automotive parts, merchandise) freight. Union Pacific serves around 10,000 customers, prioritizing safe, reliable, fuel-efficient, and environmentally responsible delivery. Its main competitor is Burlington Northern Santa Fe LLC.

• Employees: 32,973 (as of December 31, 2023)
• Geographic Footprint: 23 states in the western two-thirds of the U.S.
• Headquarters: Omaha, Nebraska
• Founded: 1862
• Number of locations/facilities: Multiple terminals, yards, and other facilities across its network.
• Revenue: $22.6 billion (FY2023)
• Market Capitalization: $123.0 billion (As of June 30, 2023)
• Key Subsidiaries/Brands: Union Pacific Railroad Company, Loup

• CEO: V. James Vena
• CFO: Jennifer L. Hamann
• Board Chair: Michael R. McCarthy
• Other Key Executives: Elizabeth F. Whited (President), Eric J. Gehringer (Executive Vice President - Operations), Rahul Jalali (Executive Vice President and Chief Information Officer), Craig V. Richardson (Executive Vice President, Chief Legal Officer, and Corporate Secretary), Kenny G. Rocker (Executive Vice President - Marketing and Sales), Todd M. Rynaski (Senior Vice President and Chief Accounting, Risk, and Compliance Officer)

• Annual Revenue: $24.1 billion (FY2023)
• Net Income: $6.4 billion (FY2023)
• Market Cap: $123.0 billion (as of June 30, 2023)
• Total Assets: $67.1 billion (FY2023)
• Key Financial Highlights: 7% decrease in earnings per diluted share versus 2022, operating ratio of 62.3%

Union Pacific provides freight transportation services across three main product categories:

• Bulk: This segment includes grain and grain products, fertilizer, food and refrigerated goods, coal, and renewables. It generated 33% of freight revenue in 2023.
• Industrial: This segment comprises construction materials, industrial chemicals, plastics, forest products, specialized products, metals and ores, petroleum, liquid petroleum gases (LPG), soda ash, and sand. It accounted for 36% of freight revenue in 2023.
• Premium: This segment includes finished automobiles, automotive parts, and merchandise in intermodal containers, both domestic and international. It contributed 31% of freight revenue in 2023.

Union Pacific operates as a single reportable business segment, encompassing its subsidiaries and rail affiliates. While the company analyzes revenue by commodity groups (Bulk, Industrial, and Premium), its integrated rail network functions as a unified segment.

Union Pacific's core strategy revolves around "Safety + Service & Operational Excellence = Growth." Safety is prioritized to ensure the well-being of employees. Service focuses on delivering customer commitments with excellence. Operational Excellence aims for efficient and productive operations with a buffer for handling fluctuations. This strategy is supported by investments in technology like Precision Train Builder for optimizing train handling and preventing derailments, as well as strategic hiring to address operational challenges and enhance service.

Union Pacific operates within the Class I freight railroad industry in the United States. It faces competition from other railroads (primarily Burlington Northern Santa Fe LLC), motor carriers, barges, and pipelines. Competition exists across all commodity groups, with varying advantages for each mode of transport depending on factors like transit times, cost, and reliability. The industry is also influenced by government regulations, particularly from the Surface Transportation Board (STB), which oversees rates, service, and infrastructure changes.

• Fluctuating Demand and Network Capacity: Changes in demand for rail services, particularly significant reductions or surges exceeding network capacity, can impact operational efficiency and financial performance.
• Hazardous Materials Transportation: Transporting hazardous materials poses inherent risks of release or combustion, potentially leading to substantial costs and claims exceeding insurance coverage.
• Technology Dependence: Reliance on information technology systems, both internally operated and third-party controlled, exposes the company to cybersecurity risks and potential service disruptions if systems are not adequately maintained or upgraded.
• Cybersecurity Risks: Increasingly sophisticated cyberattacks pose a threat to the company's systems and data, potentially causing service interruptions, data breaches, financial losses, and reputational damage.
• Severe Weather: The company's vast network is vulnerable to severe weather conditions and natural phenomena, which can cause significant business interruptions, damage to infrastructure, and negatively impact revenues and costs.