联合太平洋 2026年季度报告

FORM 10-Q (Mark One) ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026OR Commission File Number 1-6075 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements for the past 90 days.☑Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files).☑Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “acceleratedfiler,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer☑Accelerated Filer☐Non-Accelerated Filer☐Smaller Reporting Company☐Emerging Growth Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐Yes☑No As of April17, 2026, there were 593,713,213 shares of the Registrant's Common Stock outstanding. TABLE OF CONTENTSUNION PACIFIC CORPORATIONAND SUBSIDIARY COMPANIES PART I. FINANCIAL INFORMATION Item 1.Condensed Consolidated Financial Statements:CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)For the three months ended March 31, 2026 and 20253CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)For the three months ended March 31, 2026 and 20253CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited)At March 31, 2026, and December 31, 20254CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)For the three months ended March 31, 2026 and 20255CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN COMMON SHAREHOLDERS’EQUITY (Unaudited)For the three months ended March 31, 2026 and 20256NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)7Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations19Item 3.Quantitative and Qualitative Disclosures About Market Risk30Item 4.Controls and Procedures30PART II. OTHER INFORMATIONItem 1.Legal Proceedings31Item 1A.Risk Factors31Item 2.Unregistered Sales of Equity Securities and Use of Proceeds31Item 3.Defaults Upon Senior Securities31Item 4.Mine Safety Disclosures32Item 5.Other Information32Item 6.Exhibits32Signatures33Certifications34 Table of Contents PART I. FINANCIAL INFORMATION Condensed Consolidated Statements of Income (Unaudited)Union Pacific Corporation and Subsidiary Companies Table of Contents UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) For purposes of this report, unless the context otherwise requires, all references herein to "Union Pacific", “Corporation”,“Company”, “UPC”, “we”, “us”, and “our” mean Union Pacific Corporation and its subsidiaries, including Union PacificRailroad Company, which will be separately referred to herein as “UPRR” or the “Railroad”. 1. Basis of Presentation Our Condensed Consolidated Financial Statements are unaudited and reflect all adjustments (consisting of normal andrecurring adjustments) that are, in the opinion of management, necessary for their fair presentation in conformity withaccounting principles generally accepted in the United States of America (GAAP). Pursuant to the rules and regulations ofthe Securities and Exchange Commission (SEC), certain information and note disclosures normally included in financialstatements prepared in accordance with GAAP have been condensed or omitted. Accordingly, this Quarterly Report onForm 10-Q should be read in conjunction with our Consolidated Financial Statements and notes thereto contained in our2025 Annual Report on Form 10-K. Our Consolidated Statement of Financial Position at December31, 2025, is derivedfrom audited financial statements. The results of operations for the three months ended March31, 2026, are notnecessarily indicative of the results for the entire year ending December31, 2026. The Condensed Consolidated Financial Statements are presented in accordance with GAAP as codified in the FinancialAccounting Standards Board (FASB) Accounting Standards Codification (ASC). 2. Accounti