Union Pacific at Bank of America’s Conference: M&A Hints and Growth Insights

Union Pacific Corporation (NYSE:UNP) shared strategic insights during Bank of America’s Conference Call Series on Tuesday, 24 June 2025. The call highlighted potential mergers, carload growth, and financial performance, while also addressing regulatory challenges and market dynamics. The company remains committed to operational excellence and shareholder returns.

Key Takeaways

• Union Pacific is exploring a potential transcontinental merger, considering regulatory hurdles.
• Carload growth is driven by coal, grain, and industrial segments, with a 4% increase quarter-to-date.
• The company maintains a strong pricing strategy aimed at surpassing inflation.
• Union Pacific targets $4 billion to $4.5 billion in share buybacks.
• Service levels face temporary disruptions due to natural events, but the network remains fluid.

Financial Results

• Carload growth has increased by 4% quarter-to-date.
• Coal volumes surged 31%, driven by a new customer and high natural gas prices.
• Grain volumes rose 9%, supported by a strong harvest and export demand.
• Industrial chemicals and plastics are up 3%, while metals and minerals increased 4%.
• Forest products declined by 4% due to high interest rates and housing prices.
• International intermodal volumes showed mixed results: up 20% year-over-year in April, but down 3% in May and 10% month-to-date in June.
• Cross-border business has expanded since the CPKC merger, with a slight increase in market share.
• Union Pacific aims for pricing above inflation and expects operating ratio improvements.
• The company is confident in achieving high single-digit to low double-digit EPS growth.

Operational Updates

• Coal volumes are rising due to efficient network operations and coal car cycling.
• Grain growth is attributed to business development and partnerships.
• Tough comparisons are anticipated for international intermodal volumes in the latter half of 2025.
• Service levels have been impacted by fires in Oregon and flooding in Texas, but the network remains fluid.
• Car velocity decreased to 217 miles per day, and train velocity dropped to 19.4 miles per hour.

Future Outlook

• Union Pacific focuses on expanding the carload base through transloads and short line acquisitions.
• The company aims to maintain its leadership in operating ratio efficiency.
• Efforts are underway to enhance service reliability through union agreement modifications.

Q&A Highlights

• Jim’s comments on potential M&A activity and its implications were addressed.
• The impact of the CPKC merger on cross-border volumes was discussed.
• Insights were provided on carload growth components and pricing strategies.
• Updates on union negotiations and their potential to improve service levels were shared.

For a detailed account, readers are encouraged to refer to the full transcript.

Full transcript - Bank of America’s Conference Call Series:

Operator: Ladies and gentlemen, the program is about to begin. A reminder that this webcast presentation is for Bank of America and Union Pacific clients only. If you are a member or representative of the press or media, please disconnect now. At this time, it is my pleasure to turn the program over to your host from Bank of America, Ken Hoexter.

Ken Hoexter, Analyst, Bank of America (BofA): Great. Good morning. Thanks, Paul. I am Ken Hoexter, BofA’s air freight and surface transportation and shipping analyst here with my teammates, Adam Ruskowski and Tim Chang. We welcome you to our sixth annual twenty minute transport and shipping conference call series.

Today’s call is with Union Pacific, part of a dozen twenty minute calls we’ve got scheduled for midyear updates. We aim to use the twenty minutes to give you quick updates on the state of the market. Just a quick commercial if we’ve been helpful over the past year. Xcel or II voting is in its final week this week. We’re out if please vote for us for the two categories we’re eligible, air freight and surface transportation and shipping, if we’ve been helpful.

Today, we’re hosting Union Pacific CFO, Jen Hayman, and investor relations, Diana Pronner. Good morning to you both. And with that, since we work hard to keep these to around twenty minutes, let me just jump in. Jen, I’m gonna ask kind of the topic of the day, and we kinda touched upon this at the conference a month ago. But Jim kind of stirred the pot with the trains.com article that came out on Monday back in mid May, right before we launched into our conference a month ago.

He kind of opened up Pandora’s box of what if questions. So let’s just set the table with M and A. The TransCon acquisition leads to improved service given the inefficient interchanges, it reasons that rails would become more competitive with truck and boost The U. S. Ability to compete.

So I guess, me start out. Why the comments now? Was this to test the waters, ruffle some feathers, and see the fallout? What should we take away from the commentary?

Jen Hayman, CFO, Union Pacific: Yeah. I mean, I don’t know that I would take away more than what was said, but I should go back for just a second, you know, give you our disclaimer to say, check our website, SEC filings, because I am gonna make some forward looking statements today. And I was feeling special until you said you had a dozen of these lined up post, at the end of the quarter, so I’ll I’ll try to get over that. But, you know

Ken Hoexter, Analyst, Bank of America (BofA): Only railroads.

Jen Hayman, CFO, Union Pacific: In terms of of Jim’s comments, I mean, he was asked a question. It was kind of part of the normal, post earnings, conversations that happen. And you know Jim, pretty well, think, Ken. You know, if he gets asked a question, he’s gonna be transparent in terms of his thoughts about it and and answer it. And, you know, who knew that several weeks later, we’d still be sitting here talking about the the comments from that article, but, you know, so be it.

You know, and and you laid it out yourself. A transcontinental merger would, we think, be good for for customers, etcetera. But to to really get much further on that, I don’t know that there’s anything I can truly add to to that conversation. They also have the regulatory backdrop, that has to be considered with that. And, obviously, that’s why since the new rules were put into place, 02/2001, 02/2002, there has not been activity against those new rules.

Ken Hoexter, Analyst, Bank of America (BofA): So let me just ask on that one. Since it it’s been twenty five years since the rules were set after the BNSF and CN tried to merge. Does competition mandate relative to increased competition, is that only relative to increased rail to rail competition? Do they consider trucking as competition, consider if peers also made moves to merge? How is there any concept of how they would think about that?

Jen Hayman, CFO, Union Pacific: I mean, that’s really a question probably for the STB, Ken, in terms of what do they mean or how do they define enhancing competition.

Ken Hoexter, Analyst, Bank of America (BofA): Yes. Jim made comments about a book being prepared and ready to move. What would make UP be the first mover to be preemptive as opposed to waiting to have the book to see if others were to make a move?

Jen Hayman, CFO, Union Pacific: You know, that’d be pure speculation. I mean, I I think the point Jim’s trying to make when he says that is we’re always looking at what can we do to grow our carload base. And you’ve seen us do a lot of different things. You’ve seen us buy transloads. You’ve seen us actually short line one of our terminals because we thought that was an opportunity to to improve the service that we’re providing to customers in that area and grow the business.

So it’s really just within that whole scope of what are all the different things that we can do to grow the railroad and keeping all of those things front and center as a management team.

Ken Hoexter, Analyst, Bank of America (BofA): Yeah. All right. Last one on this. Just what’s been the feedback since the floating of the idea? Is there regulators, government officials, customers kind of have you I mean, obviously, this clearly stirred the pot because I know we’ve had to deal with it from the analytics side.

What’s been the feedback you’ve gotten that you can talk about, I guess, from some of those in the market?

Jen Hayman, CFO, Union Pacific: Again, I think you’ve probably gotten more of that feedback than than I have, Ken. I mean, you all have different sell siders have have talked to regulators, had regulators at conferences, etcetera. You know, I don’t meet with customers, so really don’t have any feedback there.

Ken Hoexter, Analyst, Bank of America (BofA): Got it. Alright. So let’s get into the meat of the stuff. So carload growth up 4% quarter to date with about a week to go, but mix looks very much in your favor. We talked a bit about this at the conference after you ran up with international volumes last year.

So let me start off with the first one. Coal is up 31% given the new Colorado customer and strength in utility demand. Should we expect sequential growth continuing to the third quarter in absolute volumes given seasonality? Is is there a pull forward here? Just trying to understand on the coal side, given the strength here, do we do we expect that to continue?

Jen Hayman, CFO, Union Pacific: Yes. So certainly here in the second quarter, the new customer that we have, which is LCRA, which is actually in San Antonio, Texas, That’s been a strength for us. It’s added about a train a day. Natural gas prices have stayed high. That makes our coal customers more competitive in the grid.

And we’re running the network very well. We’re cycling the coal cars. And and so that’s giving our customers more opportunities for loads. And the mines are performing well. We’re performing well, and and the customers are processing the cars that they’re in.

So that’s all been a a very positive dynamic. I think looking forward, it’s kind of almost back to the old days of coal, Ken, in terms of what’s gonna be the driver. It’s gonna be, what’s happening in terms of the electricity burn. And a lot of that’s gonna go to the summer and and the cooling season. And then the assumption that natural gas prices stay high.

They continue to stay at current levels. I think that’s a positive dynamic and would be a good setup for us at least into the third quarter. And then you hit the shoulder season and we’ll see where things are at. But it doesn’t necessarily feel like you mentioned pull forward. I think stockpiles are normalized, but I’m not reading anything or seeing anything that would say that they’re elevated at this level.

Ken Hoexter, Analyst, Bank of America (BofA): Excellent. So given coal is no longer a baseload, can we still think of this as as margin accretive business on on the coal side like the old days, or has it changed given the mix?

Jen Hayman, CFO, Union Pacific: Yeah. Coal has changed some. That that’s for sure. But, probably the best way to talk about that is relative to the average revenue per car. And coal does still have an average revenue per car that’s below our system average.

And so it is better than international intermodal when you you start talking about that mix. And certainly, it’s unit train business. We we run it well. And as I mentioned, the the network is running well, and so that helps us. But I wouldn’t necessarily think about this as what was the old days of coal.

Ken Hoexter, Analyst, Bank of America (BofA): Yes. So moving on to grain, up 9% quarter to date. That actually accelerated from our discussion in mid May. Is again, just a strong crop? Is it because of tariffs?

What are your thoughts on the grain side, just given the profitability of grain?

Jen Hayman, CFO, Union Pacific: Yeah. So, had a good harvest last year and so continuing to draw for those stocks. We continue to see strong pull into Mexico in terms of export grain. And then I would also say some of our business development that you’ve heard us talk about in terms of expansions on our network from the renewables and feedstocks. I think one of the examples we might have used at your conferences with Norfolk Crush.

It’s a soybean crush facility in the Northeastern Part of Nebraska. We worked with that customer to cite them on our lines, give them both unit train service and manifest. So we’re flexible with them and really driving some good growth there.

Ken Hoexter, Analyst, Bank of America (BofA): And then industrial, right up about a point and a half, a few basis points above our target, staying steady as she goes. Any economic signs you look for within the category as far as signals that say, hey, we’re starting to see something build?

Jen Hayman, CFO, Union Pacific: Yeah, I would say it’s mixed and continues to be mixed. So on the bright side, continues to be some of the industrial chemicals and plastic business. Those are up, think, call it 3% or so quarter to date. And that really ties into a couple of things. Certainly, it’s continued investment that our customers are making in the Texas Gulf Coast region, as well as our success in winning incremental business within that sector of the business.

That’s really the heartbeat of our network, great footprint, great facilities, and we’re running it well. We’re also seeing some strength in metals and minerals. That’s up about 4% quarter to date. Some of that, though, is easier comps in 2025 versus 2024, where Texas was having a lot of wet weather, and and that was pretty weak last year. Flip side, you know, the housing housing side of the world, forest products still down 4%.

So, would like to see some relief come there, but probably as interest rates stay at current levels, you’re probably not going to see much activity and housing prices are still high as well. So a bit more of a mixed bag, I would say in the industrial side of the world.

Ken Hoexter, Analyst, Bank of America (BofA): Perfect. I think Powell is literally testifying right now about rates. So intermodal, we talked about tougher comps coming in coming up given the pause in shipments that hit our shores. Are are we now done with that pause? And and, I guess now it’s just tough comps coming down in the back half year over year.

Is that what we look for in the second half?

Jen Hayman, CFO, Union Pacific: Well, certainly, to your latter point there, we are at the point where we have tough comps as we finish out the second quarter and move into the third quarter where last year in the second half, our international intermodal volumes were up over 30%. So that’s what we’ve been kind of talking about messaging as we’ve been going through 2025. We are certainly seeing what I’ll call a little bit of a comeback in terms of the absolute volumes. But just to kind of give you some perspective from an international intermodal space, if you looked at our April volumes, those volumes were still up not quite 20% year over year, I think about 18%. Then May, when you hit the air pocket, so to speak, they were down 3% year over year.

And right now, June month to date, they’re down about 10%. So that gives you some you know, idea of of how that trajectory is trending.

Ken Hoexter, Analyst, Bank of America (BofA): And so it sounds like from this point, you’ve got those tough comps so that continues, right?

Jen Hayman, CFO, Union Pacific: Yes. Yes.

Ken Hoexter, Analyst, Bank of America (BofA): Yeah. So when you think about

Jen Hayman, CFO, Union Pacific: look that different, but certainly on a year over year comparison, you’re going to see some pressure.

Ken Hoexter, Analyst, Bank of America (BofA): So on an absolute basis, should we expect seasonal improvements in absolute carloads 2Q to 3Q or does the international outweigh that and drag it down sequentially?

Jen Hayman, CFO, Union Pacific: Yes. So that’s something we’ve talked a little bit about too. I think this could be a very unusual year for us from a standpoint of potentially having some of our strongest car loadings of the year in the first quarter. Second quarter is probably going to end up being pretty close, But then when you get into those year over year comps in the third and fourth quarter, I think that could look different from a seasonality perspective than what you’re used to seeing from us.

Ken Hoexter, Analyst, Bank of America (BofA): Yes. So your latest comments what are your latest comments then annual carload growth for ’25?

Jen Hayman, CFO, Union Pacific: I don’t believe we’ve given a target for 2025. Yeah.

Ken Hoexter, Analyst, Bank of America (BofA): That I was looking for it. Didn’t think I could put one out there for full year. Sorry. No. No.

That’s that that I guess that makes sense because you’re given the seasonality and the unsurety of what’s coming in the second half. So your concern or the concern post the CPKC from at least from my perspective for a UP point of view was that business was going to move on to their consolidated network that UP would lose some cross border volumes. Can you just give us a sense on how has that developed? CP’s growth continues to outpace the industry as do you, but they’re it looks like they’re taking share. But are they taking share at the border?

Or is it just converting truck growing on their own from your point of view, from a UP point of view?

Jen Hayman, CFO, Union Pacific: Well, the only thing I can really speak to there, Ken, is what we’re seeing. And I would say the data shows that we have actually grown our cross border business since the CPKC merger and that our market share is up a couple points since then. So we feel very good about the fact that we are continuing to compete as Kenny and team are selling the broad and diverse network that UP has to offer.

Ken Hoexter, Analyst, Bank of America (BofA): Okay. So on yields, you noted pricing dollars above inflation was the best in a decade and that it was in a market of flat truck prices, spot pricing and scaling international intermodal, which impacted mix. So maybe just talk about that. Coal looking at coal, does that come in at a similar revenue per car now that you’ve got this new contract? Or will that impact the base level at about $22.5 per car?

Jen Hayman, CFO, Union Pacific: Yes. I mean, obviously, I’m not going to give you anything specific. But talking just about the LCRA contract, you’re talking about a move that’s going to go from the Powder River Basin down into Texas. And so that is good length of haul for us.

Ken Hoexter, Analyst, Bank of America (BofA): Yes. Same thing with intermodal. Revenue per car has been stable the last two, three quarters, about $13.78 dollars per car. Is there any shift we should expect given the mix of international domestic, right, as international starts to decline? Does that favor the the the yield per car?

Jen Hayman, CFO, Union Pacific: Yeah. I mean, you’ve heard us talk about the fact that international intermodal arc is about 40 to 45% of our system arc. And the domestic ARC, to your point, is is better than that. So as that mix between international and domestic moves and that that has an opportunity to improve ARC as well.

Ken Hoexter, Analyst, Bank of America (BofA): Okay. And then so given the commentary about the best pricing in a decade or however you want to phrase that, should we expect ARC to be up sequentially? I guess I’m just trying to think of the mix benefits you’ve walked us through and then maybe offset by fuel?

Jen Hayman, CFO, Union Pacific: Yeah, I mean, like the first and second, or it’s not first and second quarter, fourth quarter and first quarter, we continue to have very strong conviction in our pricing and that that’s gonna continue to be accretive to our ratios. And as we’ve been talking, we do expect and are seeing the mix improve in the second quarter. I’m not going say that we’re going to get to mix positive in the second quarter, but certainly we are seeing it improve. Okay.

Ken Hoexter, Analyst, Bank of America (BofA): Jen, I think in our conference, you mentioned 1Q to 2Q historical average operating ratio improvement is about two seventy basis points, again, from 1Q to 2Q. Do I have that right? And then I think you suggested 2Q should exceed normal performance given unfavorable fuel and weather in the first quarter and strong carloads in second quarter. Just want to, I guess, wrap that up and make sure I understand your commentary.

Jen Hayman, CFO, Union Pacific: Yes. I actually think the $270,000,000 is your number, Ken. But if you look back historically, I take your word for it. Again, I think our position really isn’t changing there. For us, the operating ratio is gonna be the outcome of all the good activities that we’re doing to run the railroad well, deliver strong service for our customers, be fluid, do it as efficiently as possible and grow the business, which we are doing on a carload basis and then you’ve got that pricing on top of that.

So we certainly believe we’re going to maintain the position that we’ve had the last several quarters to be the industry leader. And we would expect good operating ratio improvement in the second quarter, whether you’re talking about it sequentially or year over year. So no real change in how we’re thinking about it.

Ken Hoexter, Analyst, Bank of America (BofA): Okay. So if I think more on an annual basis instead of short term then, you posted a 60% last year. Is there an average annual gain you target in your kind of upper single digit, low double digit EPS gain? Is it to get that 150 basis point long term per year? Is there a number you’ve given with pricing above inflation and the service improvement or a range of how we should think about that?

Jen Hayman, CFO, Union Pacific: No. I mean, I think we’ve not given a number there. But we have laid out the target that our goal is to be industry leading. And with that, we’re gonna deal with a few different things. Obviously, we can control our service product.

We can control how we’re putting pricing into the marketplace. We can’t, unfortunately, control what all is happening in the market. And certainly, when we talked last September and gave this guidance, we weren’t anticipating tariffs and some of the disruptions with that. I also wasn’t anticipating coal was gonna be up 31% in the second quarter. So there’s there’s puts and takes in all of those things.

And really, it’s it’s why we have felt confident and continue to be confident to say that we’re still on track, granted only a couple quarters in, but still on track to meet the goals that we set out last September for the three year pager.

Ken Hoexter, Analyst, Bank of America (BofA): Yeah. Great stuff. Two real quick questions on expenses. One, labor was up sequentially in the first quarter. I’m talking employee counts, given the winter shifts or increasing carloads went up to 30,000 from 29,000 and change.

Should we expect flat levels of headcount? Or does it climb just less than the 5% carload growth or 4% that you’re seeing?

Jen Hayman, CFO, Union Pacific: Well, we’re absolutely going to be more than volume variable in terms of what our headcount does relative to carloads. And you guys see the STB reports that come out 2Q, we’re seeing FTEs that are flattish to down a little bit from first quarter. So good workforce

Ken Hoexter, Analyst, Bank of America (BofA): It’s great. Your cost per employee at $40,000 I think it is say that should hold until you get to third quarter, second half when the labor rate kicks in? Or was there anything that compressed first quarter?

Jen Hayman, CFO, Union Pacific: Yes. So our all in guide for for 2025 is that we expect our cost per employee to be up 4%. We had a really good start in the first quarter with cost per employee up only 2%, but we are still setting aside kind of what I’ll call the normal labor negotiations. We are still anticipating moving into the work rest agreement with our smart TD craft. We’ve been implementing that on the engineering side, have not started that yet on the conductor side.

And so that’s part of what we have baked in in terms of thinking about that all in cost for 2025.

Ken Hoexter, Analyst, Bank of America (BofA): I just got a couple more. I know we’re coming up almost on twenty minutes. But you’ve noted your target EPS growth consistent with UP’s three year target of high single digits to low double digit growth in 2025. So at the low end, that would suggest ’25 earnings of about 11.85, just guessing at 7% growth from last year. That would place you well above the Street.

Is there a disbelief from the Street that you can hit your low target? Cause I think Jen, you’ve said even you’d hit it this year, right? So just trying to understand what the Street may be missing in your commentary versus your spoken comments.

Jen Hayman, CFO, Union Pacific: Yeah, no, I mean, so I think we’ve been, again, pretty consistent with that three year target, high single digit, low double digit, really not been as specific about 2025 just because of all that’s been happening, tariffs, no tariffs kind of thing. And obviously there’s a number of different pathways that you can get there. And first quarter, you could say we had a slow start, flat EPS. This quarter, 5% volume growth, feeling better about how the network’s running. So I’m not gonna put a finer point on 2025, but again, still feel very confident that we are doing the things that we need to do as a company and can do in this company to meet the targets that we laid out for our investors.

Ken Hoexter, Analyst, Bank of America (BofA): Okay. Just a few more on that, right? So your buyback, you’ve targeted 4 to 4,500,000,000.0 at 2.8 times leverage and very robust free cash flow. Is there anything we should think about what gets you to the top end of that $4,500,000,000 versus the $4,000,000,000 Is there anything you’d highlight within that target?

Jen Hayman, CFO, Union Pacific: No, I mean, know, and I think we talked about this some at your conference. We started off very solidly in 2025. You know, we did the debt issuance in February, did an ASR. And then we’ve also seen that our shares we think are pretty undervalued right now. So we’ve been opportunistic with that.

We’re a buy on UP. And so as cash flows come in, we’ll look at that. But I think the 4 and 4 and a half billion is is very doable for us.

Ken Hoexter, Analyst, Bank of America (BofA): Okay. I guess that’s good. We have a buy too, Jen. So we’re aligned.

Jen Hayman, CFO, Union Pacific: Good. We’re aligned. Any any

Ken Hoexter, Analyst, Bank of America (BofA): I I just I’m going to squeeze two more in as we hit the twenty minute mark. Any update on union negotiations? I know you had the the NCFO done in March and been relatively quiet unless I missed anything. Base wages are set. Is it just dealing with work rule changes?

Is there something you’d highlight territory interoperability or anything other? Kind of any operating leverage we should expect out of the agreements?

Jen Hayman, CFO, Union Pacific: No, I mean, we continue to have, I would say, very constructive dialogues with other unions moving forward, I think making some good progress. We don’t have anything new to update in terms of any new ratifications, but feel very good about that conversation. I think, our workforce understands what we’re trying to accomplish, what the strategy of the company is and how, being able to have maybe a little bit more flexibility in some of those work rules can help us be just that much more reliable for our customers. And so it’s just working through some of those details, but feel very confident in our ability to reach agreements.

Ken Hoexter, Analyst, Bank of America (BofA): Okay. Last one for me is thoughts on service levels. So car velocity is at two seventeen miles per day, actually down a bit from two twenty six at our conference a month ago, train velocity down a touch to 19.4 from 20.5. Is while dwell, by the way, is really strong at low points. Is that a product mix?

Is there anything else? I don’t know, maybe some weather that crept in or anything else here recently or just seasonal moves?

Jen Hayman, CFO, Union Pacific: Yeah. I mean, you maybe have a little bit of mix impact there with intermodal coming down a bit and coal rising. I would say the bigger really issue though has been we have had a couple just episodic things that happened on the railroad. We had some fires out in Oregon that slowed things down for a little bit. We’ve had some flooding down in Texas.

In fact, we’re washed out in a couple of places in Texas right now. Nothing significant. The team is doing a great job of recovering, bouncing back from those things, communicating with the customers. And so overall, I would continue to say that the network is extremely fluid. Eric and team are doing a great job there and putting a very solid service product forward for our customers.

Ken Hoexter, Analyst, Bank of America (BofA): Okay. So Jen, we’ve hit just about 20. Really appreciate you taking the time to join us. So if I were to try and sum up, I know real fast, but I think about kind of on the M and A side, Jim was looking, trying to make the point as to how do I grow the railroad and whether it’s through M and A. But I don’t know, it seems like there was a lot more feedback and continuity, but it seemed to open a can of worms that I think as expected, just given all the discussion and what that opens after twenty five years, really.

And it makes sense, right? It’s something that truly makes sense, but who knows where we go from here. Carloads really staying on track here, 4% up, but really the mix is the pleasant surprise, right, given the coal and the grain and what that can mean in terms of the mix. The seasonality, you might have some tough upcoming absolute numbers in the second half. Mix can work in your favorite offset that we’ll see.

On yields, again, solid core pricing, but too early to talk about kind of the overall impact. And then I’m sorry, just given the mix change. And then the operating ratio, you were aligned with our two seventy basis point being historical average as you took our word for it, but you’re saying that the OR just should continue to improve and sequentially year over year maintain the position to be the industry leader. Nothing on a full year target, but near term it’s tough, just really volume dependent and that should help you out. I’m trying to sum up real quick.

Is there anything else and and good strong buyback. Is there anything you’d you’d wanna make sure we’re we’re taking away real quick?

Jen Hayman, CFO, Union Pacific: No. I I think the key point, Ken, is, you know, we’re almost up on the two year anniversary of of when Jim came back from sabbatical. I think the team is doing a great job on executing on the vision of safety, service, operational excellence, leading to growth. You know, we’re probably gonna be the fourth or fifth quarter here that we’ve had volume growth, revenue growth. That’s a dynamic that is great for us, great for our industry, and we feel very good about the future of Union Pacific.

Ken Hoexter, Analyst, Bank of America (BofA): Thank you so much, Jen. Truly appreciate it, Diana. Appreciate you sending this up. Thank you very much for your time and thoughts. Thanks.

Jen Hayman, CFO, Union Pacific: Have a

Ken Hoexter, Analyst, Bank of America (BofA): great afternoon, everybody.

Jen Hayman, CFO, Union Pacific: Have a good one. Bye.

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