Item 7.01 Regulation FD Disclosure.
On September 10, 2025, V. James Vena, Chief Executive Officer of Union Pacific Corporation (the Company), and Jennifer L. Hamann, Executive Vice President and Chief Financial Officer of the Company, addressed the Morgan Stanley 13th Annual Laguna Conference. Ms. Hamann provided the following third quarter 2025 commentary:
•Continued network fluidity is expected to drive strong productivity.
•Mix is anticipated to improve sequentially, however, volume trends will continue to be monitored.
•Merger-related fees and expenses totaling about $50 million are expected.
•Share repurchases have been paused per the terms of the Agreement and Plan of Merger by and among the Company, Norfolk Southern Corporation, Ruby Merger Sub 1 Corporation, and Ruby Merger Sub 2 LLC.
This Form 8-K disclosure contains forward-looking statements that are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Important factors, including risk factors, regarding forward-looking information and these risks and uncertainties are discussed in the Company's filings with the Securities and Exchange Commission.