Union Pacific Corporation

Core pricing trends remain positive, with management highlighting pricing dollars accretive to the operating ratio and freight revenue excluding fuel surcharge up mid‑single digits. Rails traditionally pass through inflation and maintain real price increases in favorable lanes.

That said, exposure to commodity cycles and competitive truckload pressures cap absolute pricing power, and regulatory scrutiny can constrain rate actions. We see latent pricing opportunity from service improvements and network reliability, but we temper the score given potential STB conditions tied to the NSC deal.