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Union Pacific (UNP) investor relations material
Union Pacific M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary19 Dec, 2025
Deal rationale and strategic fit
Creates the first true transcontinental railroad in the U.S., connecting coast to coast and enhancing national competitiveness, supply chain efficiency, and domestic manufacturing.
Enables seamless single-line service, transforming 10,000 lanes, reducing handoffs, and supporting reindustrialization and underserved markets.
Aims to reverse rail's market share loss to trucking by shifting over 2 million annual truckloads to rail, reducing congestion and emissions.
Provides direct access to over 100 ports and 10 international gateways, supporting global trade and new service options.
Supported by over 2,000 stakeholders, including shippers, public officials, and industry groups.
Financial terms and conditions
Up to $2 billion in net revenue and EBITDA synergies by year three, with $1 billion in cost synergies and $133 million in annual capital synergies.
$2.1 billion in incremental capital investment over three years, including $1 billion for capacity and $1.1 billion for technology and integration.
Combined 2025 capital investment of $5.6 billion, with $2.1 billion planned for integration.
Annual free cash flow projected to exceed $12 billion by year three, with share repurchases resuming in year two and growing to $10 billion+ annually by year three.
Merger agreement signed July 29, 2025; application filed with the STB on December 19, 2025.
Synergies and expected cost savings
Streamlined network to eliminate 2,400 daily handlings and save 60,000 car miles per day, with almost 900,000 fewer annual handlings and 1.7 million fewer train miles.
Intermodal growth of ~1.4 million annual loads and manifest/bulk growth of ~425,000 annual carloads.
Improved asset utilization, rationalized SG&A costs, and reduced equipment costs for customers.
Streamlined pricing and unified digital experience to drive operational efficiencies.
Capital synergies of $133 million annually by year three.
Explain Committed Gateway Pricing's competitive role.
Clarify capital investment vs. annual synergies.
What new service is planned for Watershed region?
Explain the $750M concession removal impact?
How will $1B capital unlock watershed market growth?
How does CGP address rail competition concerns?
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Next Union Pacific earnings date
Q4 202523 Jan, 2026
Next Union Pacific earnings date
Q4 202523 Jan, 2026
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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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