{"schemaVersion":1,"research":true,"symbol":"unp","name":"Union Pacific","topic":"moat","path":"/stock/unp/moat","status":"stale","version":7,"updatedAt":"2026-10-19T10:36:01.945Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Union Pacific's integrated rail franchise, distinctive gateway coverage and recurring realized core pricing gains support a narrow moat based on efficient scale. The advantage is geographic reach rather than demonstrated customer captivity or superior costs versus rivals. Truck and barge competition, capital requirements and regulated pricing constrain its strength. Fuel inflation caused realized margin erosion in second-quarter 2026 despite higher operating income. The Norfolk Southern acquisition remains potential, not a current advantage.","advantages":[{"mechanism":"efficient_scale","claim":"The existing 32,889-route-mile integrated network connects major ports and inland markets, with access to all six major Mexico gateways that the issuer identifies as unique among railroads. This established geographic coverage, supported by recurring core pricing gains, provides evidence of a current franchise advantage. Efficient scale is an analytical inference from the network and its commercial results; route-level monopoly economics are not established.","durability":"The distinctive gateway coverage appears in both 2023 and 2025 disclosures, while core pricing gains continued from 2023 through second-quarter 2026. Maintaining comparable rail infrastructure requires substantial capital. These facts support persistence, but do not demonstrate exceptional durability or quantify replication barriers.","risks":"Motor carriers compete across every commodity group and have transit-time advantages; barges compete in selected bulk markets. Alternative sourcing and commodity substitution can bypass the network. Infrastructure spending, service disruption and rate regulation constrain monetization. Second-quarter 2026 fuel inflation demonstrated incomplete short-term margin protection.","invalidation":"Reassess the advantage if comparable alternative routes eliminate the disclosed gateway distinction, or if sustained core price concessions accompany traffic losses to competing modes despite stable underlying customer demand. Persistent service deterioration and loss of business despite continued infrastructure investment would also undermine the franchise thesis.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1, Operations: integrated rail network","excerpt":"Although we provide and analyze revenues by commodity group, we treat the financial results of the Railroad as one segment due to the integrated nature of our rail network."},{"id":"e2","sourceId":"filing-1","location":"Item 1, Operations: route miles","excerpt":"We have 32,889 route miles, connecting Pacific Coast and Gulf Coast ports with the Midwest and Eastern U.S."},{"id":"e3","sourceId":"filing-1","location":"Item 1, General: ports and unique Mexico gateway coverage","excerpt":"population centers, operates from all major West Coast and Gulf Coast ports to Eastern gateways, connects with Canada's rail systems, and is the only railroad serving all six major Mexico gateways."},{"id":"e4","sourceId":"filing-5","location":"Item 1, General: 2023 gateway coverage","excerpt":"population centers, operates from all major West Coast and Gulf Coast ports to Eastern gateways, connects with Canada's rail systems, and is the only railroad serving all six major Mexico gateways."},{"id":"e5","sourceId":"filing-5","location":"MD&A: 2023 freight revenue, volume and core pricing","excerpt":"Freight revenues decreased 3% year-over-year to $22.6 billion driven by lower fuel surcharge revenues, negative mix of traffic (decreased lumber shipments and increased short haul rock shipments), and a 1% decrease in volume, partially offset by core pricing gains."},{"id":"e6","sourceId":"filing-4","location":"MD&A: 2024 freight revenue, volume and core pricing","excerpt":"Freight revenues increased 1% year-over-year to $22.8 billion driven by a 3% increase in volumes and core pricing gains, partially offset by lower fuel surcharge revenues and negative mix of traffic (for example, a relative increase in international intermodal shipments, which have a lower ARC)."},{"id":"e7","sourceId":"filing-1","location":"MD&A: 2025 freight revenue, volume and core pricing","excerpt":"Freight revenues of $23.2 billion increased 2% from 2024 driven by core pricing gains and a 1% increase in volumes, partially offset by traffic mix (for example, a relative increase in coal and rock shipments, which have a lower ARC, combined with a decline in lumber shipments, which have a higher ARC) and lower fuel surcharge revenues."},{"id":"e8","sourceId":"filing-2","location":"MD&A: second-quarter 2026 freight revenue, volume and core pricing","excerpt":"Freight revenues increased 12% in the second quarter of 2026 compared to the same period in 2025 driven by higher fuel surcharge revenues, 2% carload growth, and core pricing gains, which offset a slightly unfavorable business mix (from an increase in shipments with lower ARC, such as domestic intermodal)."},{"id":"e9","sourceId":"filing-1","location":"Competition: motor carriers across all commodity groups","excerpt":"Motor carrier competition exists in all three of our commodity groups."},{"id":"e10","sourceId":"filing-1","location":"Competition: barge alternatives","excerpt":"Because of the proximity of our routes to major inland and Gulf Coast waterways, barges can be particularly competitive, especially for grain and bulk commodities in certain areas where we operate."},{"id":"e11","sourceId":"filing-1","location":"Competition: motor carrier transit-time advantages","excerpt":"Motor carriers in particular generally have an advantage over railroads with respect to transit times and timeliness of service."},{"id":"e12","sourceId":"filing-1","location":"Competition: private rail infrastructure versus public rights-of-way","excerpt":"Additionally, we must build or acquire and maintain our rail system, while trucks, barges, and maritime operators are able to use public rights-of-way maintained by public entities."},{"id":"e13","sourceId":"filing-1","location":"Competition: product and geographic substitution","excerpt":"Many movements face product or geographic competition where our customers can use different products (e.g., natural gas instead of coal, sorghum instead of corn) or commodities from different locations (e.g., grain from states or countries that we do not serve, crude oil from different regions)."},{"id":"e14","sourceId":"filing-2","location":"MD&A: operating income growth and fuel-driven operating-ratio deterioration","excerpt":"Operating income increased 9% to $2.8 billion reflecting top-line growth, while the operating ratio of 59.7% deteriorated 0.7 points primarily resulting from the impact of higher fuel prices compared to the second quarter of 2025."},{"id":"e15","sourceId":"filing-1","location":"Financial risks: current fuel surcharge recovery and its limits","excerpt":"Although we currently are able to recover a significant amount of our fuel expenses from our customers through revenues from fuel surcharges, we cannot be certain that we will always be able to mitigate rising or elevated fuel costs through our fuel surcharges."},{"id":"e16","sourceId":"filing-1","location":"Financial risks: fuel surcharge timing lag","excerpt":"As fuel prices fluctuate, our fuel surcharge programs trail such fluctuations in fuel prices by approximately two months and are from time-to-time a significant source of quarter-over-quarter and year-over-year volatility, particularly in periods of rapidly changing prices."},{"id":"e17","sourceId":"filing-5","location":"Regulation: STB jurisdiction over certain rates and rail services","excerpt":"The STB has jurisdiction over rates charged on certain regulated rail traffic; common carrier service of regulated traffic; freight car compensation; transfer, extension, or abandonment of rail lines; and acquisition of control of rail common carriers."},{"id":"e18","sourceId":"filing-3","location":"2025 Business Highlights: pricing and productivity offsetting inflation and other costs","excerpt":"•Financial results – Core pricing gains, strong productivity, and 1% volume growth positively impacted our financial results and offset the impact of inflation, negative business mix, and acquisition-related costs."},{"id":"e19","sourceId":"filing-3","location":"Proxy Summary: realized 2025 injury and derailment improvements","excerpt":"Compared to 2024, our personal injury rate (the number of reportable injuries for every 200,000 employee-hours worked) of 0.68 improved 24% and our derailment incident rate (the number of reportable derailment incidents per million train miles) of 1.75 improved 19%."},{"id":"e20","sourceId":"filing-3","location":"Proxy Summary: 2025 financial, productivity and service results","excerpt":"Highlights of the Company's full year 2025 financial and operational performance include: Reported net income: $7.1 B or $11.98 per diluted share compared to 2024 net income of $6.7 billion or $11.09 per diluted share Adjusted net income*: $6.9 B or $11.66 per diluted share* compared to 2024 adjusted net income* of $6.8 billion or $11.11 per diluted share* Operating revenue: $24.5 B was up 1% driven by core pricing gains and higher volume, partially offset by business mix, reduced fuel surcharge revenue, and lower other revenue Reported operating income: $9.8 B increased 1% from 2024 Adjusted operating income*: $10.0 B increased 2% from adjusted 2024* Reported operating ratio: 59.8% improved 0.1 points from 2024 Adjusted operating ratio*: 59.3% improved 0.6 points from adjusted 2024* Reportable personal injury rate: 0.68 per 200,000 employee-hours improved 24% from 2024 Reportable derailment incident rate: 1.75 improved 19% from 2024 Freight car velocity improved 8% compared to 2024 Average terminal dwell declined 8% compared to 2024 Locomotive productivity improved 3% compared to 2024 driven by improved network fluidity and asset utilization Workforce productivity improved 7% as average daily car miles increased 3% while employees decreased 3% compared to 2024 Service Performance Index (SPI) IMPROVED compared to 2024."},{"id":"e21","sourceId":"filing-2","location":"MD&A: second-quarter 2026 velocity and terminal dwell","excerpt":"Freight car velocity increased 5% and terminal dwell improved 7%."},{"id":"e22","sourceId":"filing-2","location":"MD&A: second-quarter 2026 workforce and locomotive productivity","excerpt":"Workforce productivity improved 5% and locomotive productivity improved 1%, demonstrating efficient asset utilization in a strengthening demand environment."},{"id":"e23","sourceId":"filing-2","location":"Condensed Consolidated Statements of Cash Flows: first-half 2026 spending, financing and cash generation","excerpt":"5 Table of Contents Condensed Consolidated Statements of Cash Flows (Unaudited) Union Pacific Corporation and Subsidiary Companies Millions, for the six months ended June 30, 2026 2025 Operating activities Net income $ 3,694 $ 3,502 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 1,271 1,223 Deferred and other income taxes 93 (123) Other operating activities, net 6 (43) Changes in current assets and liabilities: Accounts receivable, net (270) (21) Materials and supplies (132) (5) Other current assets (26) (49) Accounts payable and other current liabilities 52 (203) Income and other taxes 828 262 Cash provided by operating activities 5,516 4,543 Investing activities Capital investments (1,810) (1,842) Other investing activities, net (254) 3 Cash used in investing activities (2,064) (1,839) Financing activities Dividends paid (1,640) (1,599) Debt repaid (1,506) (409) Share repurchase programs (Note 16) (26) (2,679) Debt issued (Note 14) - 1,995 Other financing activities, net 63 43 Cash used in financing activities (3,109) (2,649) Net change in cash, cash equivalents, and restricted cash 343 55 Cash, cash equivalents, and restricted cash at beginning of year 1,280 1,028 Cash, cash equivalents, and restricted cash at end of period $ 1,623 $ 1,083 Supplemental cash flow information Non-cash investing and financing activities: Capital investments accrued but not yet paid $ 140 $ 157 Cash paid during the period for: Income taxes, net of refunds $ (236) $ (785) Interest, net of amounts capitalized (638) (610) Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Statement of Financial Position: Cash and cash equivalents $ 1,614 $ 1,060 Restricted cash equivalents in other current assets 2 18 Restricted cash equivalents in other assets 7 5 Total cash, cash equivalents, and restricted cash equivalents per above $ 1,623 $ 1,083 The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements."},{"id":"e24","sourceId":"filing-2","location":"Equity repurchases: suspension for pending acquisition","excerpt":"[b]As part of the pending acquisition of Norfolk Southern described in Note 18 to the Condensed Consolidated Financial Statements, Item 1, we paused our share repurchases."},{"id":"e25","sourceId":"filing-3","location":"Compensation highlights: actual grants, incentive payments and performance-unit vesting","excerpt":"Vena and sixty-seven percent (67%) of the target compensation opportunity provided to the other Named Executive Officers (NEOs) was in the form of long-term incentive (LTI) equity awards ▪2025 LTI awards granted in February consisted of sixty percent (60%) performance stock units and forty percent (40%) stock options •Performance stock unit awards granted in 2025 were based: •two-thirds (2/3) on the average annual return on invested capital (ROIC) for a three-year performance period (Performance Period); and •one-third (1/3) on the Company’s operating income growth (OIG) over the Performance Period as compared to the OIG of the companies in the S&P 100 Industrials Index and the Class I Railroads ▪In 2025, our formula-based annual incentive plan was based: •seventy percent (70%) on the attainment of specified Company financial performance goals (equally weighted between operating income and operating ratio); •twenty percent (20%) on the Company’s performance against pre-established strategic business objectives; •five percent (5%) on the attainment of specified reportable personal injury rate goals; and •five percent (5%) on the attainment of specified reportable derailment rate goals ▪Under our formula-based annual incentive plan, performance for 2025 resulted in a payment of 138% of target for each of the NEOs as a result of achieving above target operating income and operating ratio performance, exceptional safety performance as reflected by both our reportable personal injury rate and reportable derailment rate, as well as meeting or exceeding all strategic scorecard objectives ▪Based on our three-year average ROIC of 15.9% and our relative OIG at the 52nd percentile, performance stock units for the three-year performance period (2023-2025) ending in 2025 vested at 86% of target ▪The Compensation and Talent Committee reviewed and approved changes to our Peer Group in May 2025."},{"id":"e26","sourceId":"filing-3","location":"Governance highlights: independent leadership, committees and ownership policies","excerpt":"2025 Governance Highlights Include: Board Composition ▪Board Nominees are 91% Independent (10 of 11 Board Nominees) ▪Six (6) Diverse Board members/Nominees for Election (55%) Board Refreshment ▪Commitment to Board Refreshment (Seven Director Nominees with tenure of less than 5 years, 64% of Board composition) ▪Board Nominees have average Board Tenure of 5.3 years ▪W Anthony Will was elected to the Board effective January 5, 2026 Board Leadership and Board Committees ▪Independent Board Chairman ▪Four Board Committees - Audit Committee, Compensation and Talent Committee, Corporate Governance, Nominating and Sustainability Committee, and Finance Committee - composed solely of independent directors ▪Transition of Safety and Service Quality Committee responsibilities - safety oversight to the full Board and oversight of service performance to the Finance Committee ▪Executive Sessions of Independent Directors at each Board and Committee Meeting ▪Annual Evaluation of Board and Committee performance Governance Practices and Oversight ▪Annual Election of Directors with Majority Voting Standard ▪“Proxy Access” Right ▪Board Strategic Oversight and Review of Enterprise Risk Management ▪Regular Succession Planning for the CEO and executive management levels ▪Stringent Director (5x cash portion of Annual Retainer within 5 years of joining Board) and Executive Officer (7x Annual Salary for CEO and 4x Salary for other Named Executive Officers) Stock Ownership Guidelines ▪Policy against Pledging and Hedging Company common stock Note: These statistics reflect the tenure and independence of the eleven (11) director nominees."},{"id":"e27","sourceId":"filing-3","location":"Board meetings: actual 2025 meeting count","excerpt":"During 2025, the Board met 12 times."},{"id":"e28","sourceId":"filing-3","location":"Board meetings: actual director attendance","excerpt":"None of the directors attended fewer than 75% of the aggregate number of meetings of the Board and the Committees on which he or she served."},{"id":"e29","sourceId":"filing-3","location":"Annual Incentive Plan: exclusion of merger-related costs","excerpt":"Reported operating income of $9,846 and operating ratio of 59.8% are adjusted to exclude $72 million of merger related costs."},{"id":"e30","sourceId":"filing-2","location":"Acquisition note: contingent termination fee","excerpt":"Both Union Pacific and Norfolk Southern may be required to pay the other a termination fee of $2.5 billion if the merger agreement is terminated under certain circumstances described in the merger agreement."},{"id":"e31","sourceId":"filing-2","location":"Acquisition note: conditional expected completion in 2027","excerpt":"Subject to completion of the mergers, the acquisition is expected to be accounted for as a business combination using the acquisition method of accounting and is currently expected to be completed in 2027."},{"id":"e32","sourceId":"filing-3","location":"Compensation discussion: named compensation peers","excerpt":"In determining 2025 target pay opportunities for the NEOs, the Committee considered competitive market information gathered in 2024 from the following Peer Group, which comprised the same 15 companies reviewed in the prior year: Canadian National Canadian Pacific Kansas City CSX Deere & Co."},{"id":"e33","sourceId":"filing-2","location":"Stock-based compensation: options lack performance-based vesting conditions","excerpt":"At June 30, 2026, outstanding stock options are not subject to performance or market-based vesting conditions."},{"id":"e34","sourceId":"filing-3","location":"Strategic scorecard: net promoter score relative to internal goal","excerpt":"•Net promoter score exceeded the Company’s set goal by 16 points."}],"changes":["Changed the previous uncertain verdict to narrow after weighing the specifically disclosed, persistent gateway distinction together with the integrated network and realized pricing across multiple reporting periods. This is a revised interpretation of supplied evidence, not a claim that route-level competitive concentration has been established.","Added numerical pricing and management assessments supported by operating results, cash flows and actual proxy disclosures, including realized incentive vesting and board activity."],"limitations":["All evidence is issuer-supplied. Geographic uniqueness is an issuer business disclosure; superior costs, route-level concentration, replacement costs and customer switching costs are not quantified.","Competitive passages identify generic transport categories without naming competing companies. Canadian National, Canadian Pacific Kansas City and CSX appear as compensation peers, which does not establish their competitive overlap. Norfolk Southern is identified as the pending acquisition target. Competitor arrays therefore remain empty.","Core pricing gains are disclosed repeatedly, but their precise contribution, customer-level concessions, contract duration and repricing rights are not supplied. Average revenue per car also reflects fuel and mix.","Customer retention is assessed indirectly from recurring shipment demand, aggregate volumes and service evidence. These passages do not establish customer cohort retention, captivity or a renewal rate.","The proxy supplies governance and compensation evidence, but actual executive beneficial holdings and compliance with ownership guidelines are not established by the selected passages. Nominee statistics and annual-meeting proposals do not prove subsequent election or voting outcomes.","The latest supplied operating period ends June 30, 2026. Source dates are filing dates, retaining dateKind filed; they are not retrieval dates or evidence of later developments."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"The integrated network and distinctive coverage of all six major Mexico gateways demonstrate a substantial existing geographic franchise. Recurring core pricing supports commercial relevance. Efficient-scale economics are inferred; route-level exclusivity and rival cost comparisons are missing.","evidenceIds":["e1","e2","e3","e7","e8"]},{"criterion":"durability","grade":2,"rationale":"Gateway coverage persists across 2023 and 2025 disclosures, with core pricing gains across subsequent periods. Infrastructure obligations support persistence but also impose continuing costs. The evidence does not establish exceptional long-term protection from alternative transport.","evidenceIds":["e3","e4","e5","e6","e7","e8","e12"]},{"criterion":"customer_dependency","grade":2,"rationale":"Repeated shipment demand and distinctive gateway access indicate customer utility indirectly. Motor carriers, barges and alternative products or origins provide disclosed substitutes; customer captivity and switching expenditures remain unproven.","evidenceIds":["e3","e6","e7","e8","e9","e10","e13"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Pricing, productivity and service improvements demonstrate adaptation. However, second-quarter 2026 fuel inflation worsened the operating ratio, while competing modes retain service advantages. Resilience is demonstrated but incomplete.","evidenceIds":["e11","e14","e18","e20","e21","e22"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Core pricing gains contributed to reported freight revenue in 2023, 2024, 2025 and second-quarter 2026, including periods of declining volume. This demonstrates recurring realized pricing, although the magnitude is not separately quantified and revenue growth includes fuel and mix.","evidenceIds":["e5","e6","e7","e8"]},{"criterion":"retention","grade":2,"rationale":"Aggregate volume increased in 2024, 2025 and second-quarter 2026 alongside core pricing gains, providing indirect evidence of continued demand. Improved service and an internally benchmarked customer-satisfaction result add support, but do not identify repeat customers or separate market demand from retention.","evidenceIds":["e6","e7","e8","e20","e34"]},{"criterion":"margin_resilience","grade":2,"rationale":"Pricing and productivity offset inflation and other pressures in 2025. In second-quarter 2026, operating income increased 9% but the operating ratio deteriorated 0.7 points primarily because of fuel. Surcharge recovery provides partial protection with a timing lag.","evidenceIds":["e14","e15","e16","e18"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Actual core pricing gains and fuel surcharge recovery demonstrate some ability to adjust charges. STB jurisdiction over certain regulated rates limits freedom. Contract lengths, unilateral repricing rights and the regulated share of traffic are not supplied.","evidenceIds":["e7","e8","e15","e17"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":3,"rationale":"First-half 2026 operating cash generation of $5.516 billion supported $1.810 billion of capital investment, $1.640 billion of dividends and $1.506 billion of debt repayment without debt issuance. Pausing repurchases demonstrates financing restraint. Acquisition returns remain unproven, and the contingent $2.5 billion termination fee is material.","evidenceIds":["e23","e24","e30"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual grants link performance units to multiyear ROIC and relative operating-income growth; the 2023–2025 units vested at 86% of target, demonstrating payout sensitivity. Ownership and anti-hedging policies support alignment. Options lack performance-based vesting, merger costs were excluded from annual incentive results, and actual ownership compliance is missing.","evidenceIds":["e25","e26","e29","e33"]},{"criterion":"execution","grade":3,"rationale":"Measured 2025 injury and derailment improvements, higher velocity and productivity, and further second-quarter 2026 operating improvements demonstrate execution. Assessment relies on issuer-reported operational outcomes rather than independently established market leadership; fuel-driven margin deterioration limits the conclusion.","evidenceIds":["e19","e20","e21","e22","e14"]},{"criterion":"governance","grade":3,"rationale":"An independent chairman, independent standing committees, executive sessions and annual evaluations provide concrete oversight structures. Twelve board meetings and disclosed attendance support actual activity. Nominee independence statistics do not establish subsequent election outcomes or exceptional oversight effectiveness.","evidenceIds":["e26","e27","e28"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-6","basisHash":"39f60a892da795c097fc75c7f9e8f41aafdb03d272868cb7734f1734d0e6b2b1","updatedAt":"2026-10-19T10:36:01.945Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/100885/000010088526000037/unp-20251231.htm","publishedAt":"2026-02-06","sha256":"cd877e1c0e49d2fc30a8421e19f1aaf756cbf264688e11eb201676720eefb6da","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/100885/000010088526000250/unp-20260630.htm","publishedAt":"2026-07-23","sha256":"99f99d094838f9b7ebdf16c3406fceb6bfb2c93d7abd7b5accf39726da56d250","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/100885/000010088526000098/unp-20260324.htm","publishedAt":"2026-03-25","sha256":"f97185d88536ba1efe598f1cec3205e2c9b427b1c6595e5654231931dad55abb","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/100885/000010088525000042/unp-20241231.htm","publishedAt":"2025-02-07","sha256":"0ed7fd78b6de1a25b72b4155b6ab4e28fdc5fb049a932f2d4f6f5ced9664d51f","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/100885/000143774924003599/unp20231231_10k.htm","publishedAt":"2024-02-09","sha256":"8cf1e05f40e67c6f2eee93f60b275c431dcab04a0c4cc6803ed64a4f1bd435ee","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/100885/000010088526000155/unp-20260331.htm","publishedAt":"2026-04-23","sha256":"2771d04a930e3850167f98ea53fc8ec95596f8a3835d623919851f030bd419b9","dateKind":"filed","citationPolicy":"numeric-lines-1"}],"model":"gpt-6.1-sol","providerId":"codex:2d4f5a6c9ee66dd8895292a84342841c0a229623fced11d70463ab752fc4fbbc","usage":{"input_tokens":101327,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3960,"reasoning_output_tokens":179}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":42.82700421940928,"roic":16.84707237068857,"fcf_margin":27.958172812328012,"sbc_revenue":0.40359567051917083},"issues":{"ev_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ebitda_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":39.867336683417086,"roic":17.37687092056778,"fcf_margin":23.083417085427136,"sbc_revenue":0.3979899497487437},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; 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