MAAT INDEX

CLAIM #59736 · Union Pacific Corporation (UNP) · 2025Q4 earnings call · Jan 27, 2026 · due Dec 31, 2026

we do plan to outperform the markets.

Jennifer Hamann · CFO

PENDING
graded after results covering Dec 31, 2026 are reported

How to check this claim

Look at: UNP total volume growth (carloads or freight revenue growth) relative to industry/market rail volume growth for FY2026

It came true if: UNP's reported volume or freight revenue growth rate for FY2026 exceeds the comparable industry/market growth rate (e.g., AAR rail traffic data or peer railroad volume growth) for the same period

Where: Company Q4/FY2026 earnings release and call (volume commentary) compared against AAR weekly rail traffic data or peer railroads' reported volumes

In context

hopefully, I answered your question. Walter Spracklin: Yep. Appreciate the time, Jim. Kenny Rocker: Thank you. Operator: The next question is from the line of Jason Seidl with TD Cowen. Please proceed with your question. Elliot Alphron: Hey, thank you. This is Elliot Alphron for Jason Seidl. Wanted to ask about the 2026 outlook. Can you speak to the volume and pricing assumptions within your guidance? I know you're pricing in excess of that 4% inflation number, but can you speak to maybe how customers are absorbing new contracts given the muted customer demand you're seeing and kind of the expectations for the year? Jennifer Hamann: Don't want Kenny to give you the color, but let me just remind you what I said exactly. And we're not giving specific numbers as to volumes other than that we we do plan to outperform the markets. On the price side, we said that our price dollars on an absolute basis will exceed our inflation dollars. So that's an important nuance. We aren't talking about it in percentages, it's absolute dollars. So Kenny, take it away. Kenny Rocker: Yes. So last year around this time, we laid out macro macroeconomic indicators and we said at that time they were mix, and then in 2025, we put up a record year in freight revenue. So I just want to say that. So we know we can win in a difficult environment And we know we have some commodities that are going to we'll have to really go after like forest and lumber We'll see how that plays out automotive. We'll see how that plays out. But you look across the board, and construction, as the weather was good, we had a banner remarkable year. Plastics, bann

Verify independently

SEC filings for UNP · Claim quote is verbatim from the 2025Q4 earnings call.