UNION PACIFIC $UNP Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $7.20B (Est. $7.11B) 🟢; +15% YoY 🔹 Adj. EPS: $3.53 (Est. $3.47) 🟢; +15% YoY 🔹 Adj. Oper Income: $2.97B (Est. $2.92B) 🟢 🔹 Adj. Net Income: $2.10B (Est. $2.06B) 🟢 🔹 Adj. Operating Ratio: 58.8% FY26 Guide: 🔹 Reported EPS Growth: High-single digit 🔹 Capital Plan: $3.5B Freight Revenue by Group: 🔹 Bulk: $2.12B; +10% YoY 🔹 Industrial: $2.51B; +14% YoY 🔹 Premium: $2.19B; +21% YoY Other Q3 Metrics: 🔹 Operating Ratio: 59.1% 🔹 Freight Revenue: $6.81B; +15% YoY 🔹 Freight Revenue ex Fuel Surcharge: +6% YoY 🔹 Revenue Carloads: +6% YoY Key Updates: 🔹 GAAP EPS: $3.49; adj. EPS of $3.53 excludes $0.04 of acquisition-related expense 🔹 Acquisition-related expense: $22M; excluded from adjusted results 🔹 Revenue Drivers: higher fuel surcharge, 6% volume growth, core pricing gains and increased other revenue partially offset by business mix Comments: 🔸 “Union Pacific's third quarter results demonstrate our ability to safely deliver the service we sold to our customers while efficiently handling six percent volume growth.” 🔸 “We look forward to the upcoming steps of the Surface Transportation Board's merger review process and to delivering the benefits of America's first transcontinental railroad for our customers.”