UNION PACIFIC CORP
For the period ended May 14, 2026. Filed Mar 25, 2026.
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May 14, 2026 · Filed Mar 25, 2026
Contents
APPENDIX AAppendix A
APPENDIX A
UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES
Reconciliation of Non-GAAP Financial Measures
| Financial performance* | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Millions, except per share amounts and percentages, for the year ended December 31, 2025 · Reported results (GAAP) · Acquisition-related expense · Industrial park land sales · Deferred tax adjustment · Crew staffing agreement · Adjusted results (non-GAAP) | |||||||||||
| Operating expense | $14,664 | $(72) | $ | - | $ | - | $(55) | $14,537 | |||
| Operating income | 9,846 | 72 | - | - | 55 | 9,973 | |||||
| Other income, net | 629 | - | (250) | - | - | 379 | |||||
| Income tax expense [a] | (2,028) | - | 60 | (115) | (13) | (2,096) | |||||
| Net income | 7,138 | 72 | (190) | (115) | 42 | 6,947 | |||||
| Earnings per share - diluted | $11.98 | $0.12 | $(0.32) | $(0.19) | $0.07 | $11.66 | |||||
| Operating ratio | 59.8% | (0.3) | pts | - | pts | - | pts | (0.2) | pts | 59.3% | |
| Millions, except per share amounts and percentages, for the year ended December 31, 2024 · Reported results(GAAP) · Crew staffing agreement · Gain on sale of intermodal equipment · Environmentalremediation · Adjusted results(non-GAAP) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Operating expenses | $14,537 | $(40) | $46 | $(23) | $14,520 | |||
| Operating income | 9,713 | 40 | (46) | 23 | 9,730 | |||
| Income tax expense | (2,047) | (9) | 11 | (6) | (2,051) | |||
| Net income | 6,747 | 31 | (35) | 17 | 6,760 | |||
| Earnings per share - diluted | $11.09 | $0.05 | $(0.06) | $0.03 | $11.11 | |||
| Operating ratio | 59.9% | (0.1) | pts | 0.2 | pts | (0.1) | pts | 59.9% |
[a]Certain acquisition-related costs are non-deductible for income tax purposes.
*The above tables reconcile our results for the years ended December 31, 2025 and 2024, to adjust results that exclude the impact of certain items identified as affecting comparability. We use adjusted operating expenses, adjusted operating income, adjusted other income, adjusted income tax expense, adjusted net income, adjusted diluted earnings per share (EPS), and adjusted operating ratio as applicable, among other measures, to evaluate our actual operating performance. The measures listed in the above tables are considered non-GAAP by SEC Regulation G and Item 10 of SEC Regulation S-K. We believe these non-GAAP financial measures provide valuable information regarding earnings and business trends by excluding specific items that we believe are not indicative of our ongoing operating results of our business, providing a useful way for investors to make a comparison of our performance over time and against other companies in our industry. Since these are not measures of performance calculated in accordance with GAAP, they should be considered in addition to, rather than as a substitute for, operating expenses, operating income, other income, income tax expense, net income, diluted EPS, and operating ratio as indicators of operating performance.
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