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Union Pacific

NYSE: UNP · USD

Union Pacific (UNP) Economic Moat Analysis—

Competitive advantages, dated evidence and erosion risks.

Uncertain economic moat

Union Pacific demonstrates recurring core pricing gains, demand across multiple commodity groups, and improving service and productivity. Its integrated 32,889-route-mile network supports a plausible scale advantage, but the passages do not establish route-level competitive concentration, replication barriers, customer captivity, or superior costs versus rivals. A durable moat therefore remains unestablished. Pricing resilience is demonstrated, although second-quarter 2026 fuel inflation reduced operating margin. The pending Norfolk Southern acquisition remains potential rather than a current advantage.

Changes since the previous analysis

  • Retain the previous uncertain verdict: the broader network disclosures establish operating scale but still do not establish a durable competitive advantage.
  • Recognize core pricing gains across 2023–2025 and second-quarter 2026, alongside realized second-quarter 2026 operating ratio deterioration.
  • Add evidence-based management assessments using actual proxy disclosures, incentive vesting, operating achievements and financing outcomes.

Evidence limitations

  • All evidence comes from issuer filings. Reported operating outcomes support numerical assessments, but management descriptions of leadership and competitive superiority are not independently demonstrated.
  • The competition passages identify generic transportation categories without naming individual competitors. Canadian National, Canadian Pacific Kansas City and CSX appear as compensation peers; that disclosure alone does not establish competitive overlap or relative performance.
  • Network size and infrastructure spending do not establish economic barriers to replication or efficient scale. Supplier entry barriers disclosed elsewhere concern suppliers, not Union Pacific's own moat.
  • Customer-level repeat shipments, renewal rates, switching costs, exclusive access, contract duration and repricing clauses are absent. Aggregate demand provides only indirect retention evidence.
  • Core pricing gains are disclosed without their magnitude. Revenue per car and total revenue also reflect fuel surcharges and traffic mix.
  • The scale hypothesis would be undermined by sustained traffic diversion to alternatives, persistent congestion despite investment, or inability to recover infrastructure costs. The pricing resilience thesis would be invalidated by repeated core pricing declines accompanied by customer losses or persistent cost under-recovery. These are monitoring conditions, not disclosed realized outcomes.
  • Capacity constraints and technological substitution are prospective risks; they do not negate demonstrated service improvements. Fuel-related operating ratio deterioration in second-quarter 2026 is a realized limitation.
  • Ownership guidelines are disclosed, but actual executive ownership and compliance are not established by these passages. Board nominee statistics describe the March 2026 proxy population, not subsequently verified election results.
  • The Norfolk Southern transaction remains conditional in the latest supplied filing; its expected benefits cannot support a current moat.
  • Source dates are filing dates, retaining dateKind filed. The latest supplied operating period ends June 30, 2026; no later transaction or operating developments are established.

Financial indicators to test against the thesis

Calculated from annual filings. Missing data remains unavailable. Detailed financial charts remain in the other topics.

Financial indicators to test against the thesis
PeriodGross marginOperating marginROICFCF margin
2021—42.8%16.8%28.0%
2022—39.9%17.4%23.1%
2023—37.7%15.5%19.8%
2024—40.1%16.0%24.3%
2025—40.2%16.0%22.4%

Pricing power56

  • Pricing outcomes

    Core pricing gains are reported in 2023, 2024, 2025 and second-quarter 2026 across differing volume conditions. This supports strong realized pricing evidence, although price increases are not quantified and revenue growth includes other drivers.

  • Customer demand

    Volume growth in 2024, 2025 and second-quarter 2026 alongside pricing gains supports continuing demand indirectly. Commodity-level declines and gains show mixed demand; aggregate volumes cannot identify customer retention or switching.

  • Margin resilience

    2025 pricing and productivity accompanied modest operating ratio improvement. Second-quarter 2026 operating income grew 9%, but the operating ratio deteriorated 0.7 points primarily from fuel prices. Fuel recovery mechanisms help, with a disclosed lag limiting protection.

  • Pricing freedom

    Realized core pricing gains and fuel surcharges demonstrate practical pricing latitude. Customer contracts and STB jurisdiction over certain rates establish constraints; contract-level repricing rights and the regulated share of traffic are missing.

Management75

  • Capital discipline

    First-half 2026 operating cash of $5.516 billion funded $1.810 billion of capital investment, $1.640 billion of dividends and $1.506 billion of debt repayments without debt issuance. Repurchases were paused for the acquisition. These are strong demonstrated financing choices, although tax-related cash movements aided cash generation and acquisition returns remain unproven, with a contingent $2.5 billion termination fee.

  • Incentive alignment

    Actual 2025 grants combined performance units and options; performance units linked rewards to three-year ROIC and relative operating income growth. The 2023–2025 units vested at 86% of target, demonstrating differentiated outcomes. Annual bonuses paid 138%, with a discretionary scorecard component. Ownership guidelines add alignment, but actual holdings and compliance are not supplied.

  • Execution

    Reported 2025 safety, velocity, dwell and productivity improvements continued into second-quarter 2026 through higher velocity and asset productivity. This supports strong execution from operating evidence. It does not establish superior performance versus named competitors, and recent fuel pressure weakened margin conversion.

  • Governance

    Disclosed practices include an independent chairman, independent standing committees and annual director elections. Actual meeting attendance and a conducted 2025 board evaluation support implementation. These establish strong governance arrangements, without proving exceptional oversight effectiveness or subsequent election outcomes.

Sources and methodology

Current publication · Updated 18/10/2026 · Version 4

AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.

Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 18/10/2026

Moat—

Insufficient evidence for every rubric criterion; no category score is inferred.

structural advantage · — · The integrated network and route mileage establish substantial infrastructure, but neither replication economics nor route-level competitive protection is disclosed.

durability · — · Recurring pricing gains demonstrate commercial resilience, but the passages cannot establish the duration of an underlying structural advantage.

customer dependency · — · Customer contracts and volume incentives do not establish captivity, material switching friction or dependence on particular routes.

erosion resilience · — · Operational improvements are demonstrated, but resilience of a structural moat cannot be established without evidence of that moat or competitive substitution outcomes.

Pricing power56

Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.

realized pricing · 3/4 · Core pricing gains are reported in 2023, 2024, 2025 and second-quarter 2026 across differing volume conditions. This supports strong realized pricing evidence, although price increases are not quantified and revenue growth includes other drivers.

retention · 2/4 · Volume growth in 2024, 2025 and second-quarter 2026 alongside pricing gains supports continuing demand indirectly. Commodity-level declines and gains show mixed demand; aggregate volumes cannot identify customer retention or switching.

margin resilience · 2/4 · 2025 pricing and productivity accompanied modest operating ratio improvement. Second-quarter 2026 operating income grew 9%, but the operating ratio deteriorated 0.7 points primarily from fuel prices. Fuel recovery mechanisms help, with a disclosed lag limiting protection.

contractual freedom · 2/4 · Realized core pricing gains and fuel surcharges demonstrate practical pricing latitude. Customer contracts and STB jurisdiction over certain rates establish constraints; contract-level repricing rights and the regulated share of traffic are missing.

Predictability93

Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.

Nondeclining revenue years (%)
75.00
Revenue growth volatility (pp)
6.50
Positive FCF years (%)
100.00
FCF margin volatility (pp)
2.67

Financial strength35

Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.

debtFcfGrade
31.64
netDebtEbitGrade
37.95
interestCoverageGrade
59.29
currentRatioGrade
12.68
Debt / FCF (x)
5.79
Net debt / operating income (x)
3.10
Interest coverage (x)
7.52
Current ratio (x)
0.91

Capital allocation90

Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.

3-year pre-tax operating return (%)
20.42
3-year average dilution (%)
-1.50
3-year average SBC / revenue (%)
0.50
cashConversionGrade
79.78

Management75

Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.

capital discipline · 3/4 · First-half 2026 operating cash of $5.516 billion funded $1.810 billion of capital investment, $1.640 billion of dividends and $1.506 billion of debt repayments without debt issuance. Repurchases were paused for the acquisition. These are strong demonstrated financing choices, although tax-related cash movements aided cash generation and acquisition returns remain unproven, with a contingent $2.5 billion termination fee.

incentive alignment · 3/4 · Actual 2025 grants combined performance units and options; performance units linked rewards to three-year ROIC and relative operating income growth. The 2023–2025 units vested at 86% of target, demonstrating differentiated outcomes. Annual bonuses paid 138%, with a discretionary scorecard component. Ownership guidelines add alignment, but actual holdings and compliance are not supplied.

execution · 3/4 · Reported 2025 safety, velocity, dwell and productivity improvements continued into second-quarter 2026 through higher velocity and asset productivity. This supports strong execution from operating evidence. It does not establish superior performance versus named competitors, and recent fuel pressure weakened margin conversion.

governance · 3/4 · Disclosed practices include an independent chairman, independent standing committees and annual director elections. Actual meeting attendance and a conducted 2025 board evaluation support implementation. These establish strong governance arrangements, without proving exceptional oversight effectiveness or subsequent election outcomes.

Evidence

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.

Business / integrated rail network · Filed 06/02/2026

We have 32,889 route miles, connecting Pacific Coast and Gulf Coast ports with the Midwest and Eastern U.S.

Business / operations and route miles · Filed 06/02/2026

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.

Competition / infrastructure obligations versus alternative modes · Filed 06/02/2026

In addition to price competition, we face competition with respect to transit times, quality, and reliability of service from motor carriers and other railroads.

Competition / price, transit times, quality and reliability · Filed 06/02/2026

Motor carriers in particular generally have an advantage over railroads with respect to transit times and timeliness of service.

Competition / motor carrier service advantages · Filed 06/02/2026

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.

2023 MD&A / freight revenues and core pricing gains · Filed 09/02/2024

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).

2024 MD&A / freight revenues, volume and core pricing gains · Filed 07/02/2025

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.

2025 MD&A / freight revenues, volume and core pricing gains · Filed 06/02/2026

Freight revenues increased 12% in the second quarter of 2026 compared to the same period in 2025 as higher fuel surcharge revenues, 2% volume growth, and core pricing gains more than offset the impact of unfavorable business mix (from higher domestic intermodal carloads).

Second-quarter 2026 MD&A / freight revenue drivers · Filed 23/07/2026

Second quarter of 2026 volume growth was attributable to a 19% increase in domestic intermodal combined with higher grain and grain products and plastics carloads, offsetting the impact of lower international intermodal carloads and coal carloads, which declined 14% and 17%, respectively, compared to the second quarter of 2025.

Second-quarter 2026 MD&A / commodity-level volume changes · Filed 23/07/2026

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.

Second-quarter 2026 MD&A / operating income and operating ratio deterioration · Filed 23/07/2026

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.

Financial risks / current fuel cost recovery · Filed 06/02/2026

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.

Financial risks / fuel surcharge recovery lag · Filed 06/02/2026

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.

Regulation / STB jurisdiction over certain rates and services · Filed 09/02/2024

Revenue recognition – Freight revenues are derived from contracts with customers.

Accounting policies / freight customer contracts · Filed 06/02/2026

Customer incentives, which are primarily provided for shipping to/from specific locations or based on cumulative volume, are recorded as a reduction to operating revenues.

MD&A / location-based and cumulative-volume customer incentives · Filed 23/07/2026

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%.

Proxy summary / realized 2025 safety improvements · Filed 25/03/2026

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.

Proxy summary / 2025 operating and financial results · Filed 25/03/2026

Freight car velocity increased 5% and terminal dwell improved 7%.

Second-quarter 2026 MD&A / velocity and terminal dwell improvements · Filed 23/07/2026

Workforce productivity improved 5% and locomotive productivity improved 1%, demonstrating efficient asset utilization in a strengthening demand environment.

Second-quarter 2026 MD&A / workforce and locomotive productivity · Filed 23/07/2026

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.

First-half 2026 cash flow statement / operating cash, investment, dividends and financing · Filed 23/07/2026

[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.

Equity purchases / repurchase pause for pending acquisition · Filed 23/07/2026

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.

Acquisition note / contingent termination fee · Filed 23/07/2026

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.

Compensation summary / granted incentives and actual payouts and vesting · Filed 25/03/2026

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.

Governance summary / independent leadership, committees and ownership guidelines · Filed 25/03/2026

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.

Board meetings / actual director attendance · Filed 25/03/2026

During 2025, the evaluation process involved the distribution of a self-assessment questionnaire to all Board members inviting a review and written comments on all aspects of the Board and each committee’s role and responsibilities, including Board dynamics.

Board evaluation / process conducted during 2025 · Filed 25/03/2026

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.

Acquisition note / conditional expected completion in 2027 · Filed 23/07/2026

If there is significant demand for our services that exceeds the designed capacity of our network or shifts in traffic flow that are contrary to the designed capacity of our network, we can experience challenges, including congestion and reduced velocity, that could compromise the level of service we provide to our customers.

Risk factors / capacity and congestion · Filed 06/02/2026

Any of the following could also affect the competitiveness of our transportation services for some or all of our commodities, which could have a material adverse effect on our results of operations, financial condition, and liquidity: (a) improvements or expenditures materially increasing the quality or reducing the costs of these alternative modes of transportation, such as autonomous or more fuel efficient trucks, (b) legislation that eliminates or significantly increases the existing size or weight limitations applied to motor carriers, or (c) legislation or regulatory changes that impose operating restrictions or requirements on railroads or that adversely affect the profitability of some or all railroad traffic.

Competition / potential improvements in alternative transportation · Filed 06/02/2026

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.

Compensation discussion / named compensation peers · Filed 25/03/2026

Full Year 2025 Annual Incentive Plan Results Threshold 25% Payout Target 100% Payout Maximum 200% Payout 2025 Plan Results Performance Achieved Weighted Average Payout Company Performance (Formulaic 80%) Operating Income – 35% $8,500 $9,800 $10,700 $9,918 (1) 40% Operating Ratio – 35% 62.5 % 59.7 % 58.5 % 59.6 % (1) 38% Reportable Personal Injury Rate – 5% 0.92 0.87 0.81 0.68 10% Reportable Derailment Rate – 5% 2.25 2.12 2.00 1.75 10% Strategic Scorecard (Non-Formulaic 20%) Strategic Scorecard – 20% 25 % 100 % 200 % 200 % 40% Total Payout % 138% (1)The 2025 Annual Incentive Plan design provides for an adjustment to Operating Ratio for the reported fuel expense and fuel revenue from the actual price to the price assumed in the Board-approved financial plan.

Annual incentive results / formulaic and discretionary components · Filed 25/03/2026

Publication history

Publication history
VersionUpdatedCompetitive advantage
418/10/2026uncertain
318/10/2026uncertain
218/10/2026uncertain
118/10/2026Unavailable

Sources

Research methodology and limitations · What is an economic moat?