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Union Pacific (UNP) investor relations material
Union Pacific Morgan Stanley’s 13th Annual Laguna Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Morgan Stanley’s 13th Annual Laguna Conference summary10 Sep, 2025
Strategic vision and merger rationale
The merger aims to create a true transcontinental railroad, improving efficiency, customer service, and national competitiveness, with access to ports on both coasts and the Gulf, reducing transit times and enhancing competition for domestic and international freight.
Emphasized the importance of safety, service, and operational excellence as the foundation for growth and the proposed merger, with positive regulatory and government feedback.
Guaranteed job security for unionized employees and highlighted opportunities for employees and labor, positioning the deal as a growth initiative.
Operational and financial performance
Achieved best-ever freight car velocity, averaging 224 miles per day in Q3, with improved terminal dwell times under 21 hours and strong intermodal and manifest service performance.
Bulk business led growth, with coal and renewables up 15% and grain products up 4% in the quarter, and third quarter AAR volumes showed year-over-year growth in bulk and industrial segments.
On track for a sixth consecutive quarter of revenue growth, despite headwinds in international intermodal and automotive segments.
Network fluidity is expected to drive strong productivity, with sequential improvement in business mix.
Merger process and timeline
Merger application expected to be submitted well within the 3-6 month window, with a comprehensive 4,000+ page filing, and a Surface Transportation Board review that could take up to a year, with optimism for approval by mid-2025.
Merger costs of about $50 billion to be reported in Q3; share repurchase program paused to conserve cash for a $20 billion capital call.
Merger-related fees and expenses totaled $50 million, and share repurchases have been paused per the merger agreement.
Plan to quickly pay down merger-related debt and resume share repurchases in year two post-merger.
Merger approval timeline expectations
Competitor synergy claims via partnership
Sustaining ops performance despite mix shift
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Next Union Pacific earnings date
Q3 202523 Oct, 2025
Next Union Pacific earnings date
Q3 202523 Oct, 2025
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Frequently asked questions
American Railroad Giant
Union Pacific Corporation is one of the largest railroad companies in the United States. The company plays a crucial role in the nation's freight transportation sector and primarily operates in the western two-thirds of the country. Its rail network spans approximately 32,000 miles, facilitating the movement of a diverse range of commodities including agricultural products, automotive goods, and energy resources. Union Pacific is headquartered in Omaha, Nebraska, and its shares are listed on the NYSE.
Pacific Railway Act
Union Pacific was established in 1862 under the Pacific Railway Act signed by President Abraham Lincoln, primarily to build part of the first transcontinental railroad. This ambitious project aimed to connect the eastern and western parts of the country, fostering economic growth and expansion. Over the years, Union Pacific expanded through the acquisition of various smaller railroads, consolidating its presence in the American transportation sector. Today, Union Pacific remains a key player in North American freight transportation and is one of the largest American companies in the sector together with Canadian National, CSX Corporation, and Norfolk Southern.
A Key Player Within Transportation
Union Pacific Railroad stands as a giant in the North American transportation industry, both in terms of operational scale and financial magnitude. It covers a vast network, stretching over approximately 32,000 miles of track across 23 states. The company employs thousands and owns a large number of locomotives, freight cars, and technology infrastructure. This combination of extensive physical infrastructure and financial strength positions Union Pacific as a key player in the North American transportation sector.
Enabling Commerce
Union Pacific Railroad plays a crucial role in transporting a diverse array of commodities essential to the economy. Its freight includes agricultural products like grain and produce, automotive components and finished vehicles, as well as things such as coal and chemicals. Additionally, it handles industrial products and intermodal containers, which carry a variety of goods for consumer and business markets.
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