UNION PACIFIC CORP
For the period ended Dec 31, 2025. Filed Feb 6, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Table of Contents
Documents Incorporated by Reference –Portions of the registrant’s definitive Proxy Statement for the Annual Meeting of Shareholders to be held on May 14, 2026, are incorporated by reference into Part III of this report. The registrant’s Proxy Statement will be filed with the Securities and Exchange Commission (SEC) within 120 days after the end of the fiscal year that this report relates pursuant to Regulation 14A.
UNION PACIFIC CORPORATION
TABLE OF CONTENTS
| CEO’s Letter | 3 | |
| Directors and Senior Management | 4 | |
| PART I | ||
|---|---|---|
| Item 1. | Business | 5 |
| Item 1A. | Risk Factors | 10 |
| Item 1B. | Unresolved Staff Comments | 20 |
| Item 1C. | Cybersecurity | 20 |
| Item 2. | Properties | 22 |
| Item 3. | Legal Proceedings | 24 |
| Item 4. | Mine Safety Disclosures | 25 |
| Executive Officers of the Registrant and Principal Executive Officers of Subsidiaries | 26 | |
| PART II | ||
| Item 5. | Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities | 27 |
| Item 6. | [Reserved] | 28 |
| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 28 |
| Critical Accounting Estimates | 40 | |
| Cautionary Information | 42 | |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 42 |
| Item 8. | Financial Statements and Supplementary Data | 43 |
| Report of Independent Registered Public Accounting Firm | 44 | |
| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 75 |
| Item 9A. | Controls and Procedures | 75 |
| Report of Independent Registered Public Accounting Firm | 77 | |
| Item 9B. | Other Information | 78 |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 78 |
| PART III | ||
| Item 10. | Directors, Executive Officers, and Corporate Governance | 78 |
| Item 11. | Executive Compensation | 78 |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 79 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence | 79 |
| Item 14. | Principal Accountant Fees and Services | 79 |
| PART IV | ||
| Item 15. | Exhibit and Financial Statement Schedules | 79 |
| Signatures | 84 | |
| Certifications | 85 | |
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