Union Pacific
24 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Suppliers
Locomotives
depends on · two domestic suppliersnamed as a riskTherefore, if any of our two domestic suppliers of locomotives discontinues manufacturing locomotives, supplying parts, or providing maintenance for any reason, including bankruptcy or insolvency or the inability to manufacture locomotives that meet efficiency or regulatory emissions standards, we could experience significant cost increases and reduced availability of the locomotives that are necessary for our operations.Risk factors (Item 1A)
Other companies
Norfolk Southern
$2.5 billionnamed as a riskIn some circumstances, upon termination of the merger agreement in connection with an alternative proposal, we may be required to pay a termination fee of $2.5 billion to Norfolk Southern.Risk factors (Item 1A)
Also named by HCC
Competitors
BNSF Railway Company (BNSF)
competes withnamed as a riskIts primary subsidiary, BNSF Railway Company (BNSF), operates parallel routes in many of our main traffic corridors.Risk factors (Item 1A)
Also named by JBHT
Barges (inland and Gulf Coast waterways)
competes withnamed as a riskBecause of the proximity of our routes to major inland and Gulf Coast waterways, barges can be particularly competitive, especially for grain and bulk commodities in certain areas where we operate.Risk factors (Item 1A)
Places
West Coast ports
concentrated in · 30%International business consists of import and export traffic moving in 20 or 40-foot shipping containers, that mainly pass through West Coast ports, destined for one of the Company's many inland intermodal terminals.Business (Item 1)
Mexico
earns fromnamed as a riskSignificant and sustained interruptions of trade with Mexico, Canada, or countries in Southeast Asia, including China, could adversely affect customers and other entities that, directly or indirectly, purchase or rely on rail transportation services in the U.S. as part of their operations, and any such interruptions, including international armed conflicts, such as the Russia-Ukraine and Israel-Hamas wars, could have a material adverse effect on our results of operations, financial condition, and liquidity.Risk factors (Item 1A)
Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more
Canada
earns fromnamed as a riskSignificant and sustained interruptions of trade with Mexico, Canada, or countries in Southeast Asia, including China, could adversely affect customers and other entities that, directly or indirectly, purchase or rely on rail transportation services in the U.S. as part of their operations, and any such interruptions, including international armed conflicts, such as the Russia-Ukraine and Israel-Hamas wars, could have a material adverse effect on our results of operations, financial condition, and liquidity.Risk factors (Item 1A)
Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more
China
earns fromnamed as a riskSignificant and sustained interruptions of trade with Mexico, Canada, or countries in Southeast Asia, including China, could adversely affect customers and other entities that, directly or indirectly, purchase or rely on rail transportation services in the U.S. as part of their operations, and any such interruptions, including international armed conflicts, such as the Russia-Ukraine and Israel-Hamas wars, could have a material adverse effect on our results of operations, financial condition, and liquidity.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Hazards
Hazardous materials (crude oil, ethanol, chlorine)
named as a riskWe transport certain hazardous materials and other materials, including crude oil, ethanol, and toxic inhalation hazard (TIH) materials, such as chlorine, that pose certain risks in the event of a release or combustion.Risk factors (Item 1A)
Also named by CP
Commodities and inputs
Grain
earns from · 33% of our freight revenuesIn 2025, this group generated 33% of our freight revenues.Business (Item 1)
Diesel fuel
exposed to its pricenamed as a riskDiesel fuel prices can be subject to dramatic fluctuations, and significant price increases could have a material adverse effect on our operating results.Risk factors (Item 1A)
Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more
Coal
earns fromnamed as a riskAlternatively, lower fuel prices could have a negative impact on certain commodities we transport, such as coal and domestic drilling-related shipments, which could have a material adverse effect on our results of operations, financial condition, and liquidity.Risk factors (Item 1A)
Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more
Steel rail
depends onnamed as a riskAdditionally, we utilize a limited number of steel producers that meet our rail specifications.Risk factors (Item 1A)
Regulators
Surface Transportation Board (STB)
subject tonamed as a riskIn January 2026, the STB announced its finding that the major merger application filed by the Company and Norfolk Southern was incomplete, as a result of which the STB rejected the application without prejudice.Risk factors (Item 1A)
Environmental Protection Agency (EPA)
subject toThe statutes and regulations are administered and monitored by the Environmental Protection Agency (EPA) and by various state environmental agencies, such as the California Air Resources Board (CARB) and the Texas Commission on Environmental Quality (TCEQ), among others.Business (Item 1)
Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more
Transportation Security Administration (TSA)
subject toIn compliance with TSA regulations established in 2022, we designated a Cybersecurity Coordinator to oversee our cybersecurity initiatives and report required incidents to the CISA.Business (Item 1)
Also named by ALK, BKH, CHRW, CP, CSX, DAL, EXC, EXPD and 13 more
Laws and programs
Railway Labor Act (RLA)
subject to · approximately 83% of our workforceUnion Pacific works with 13 major rail unions, representing approximately 83% of our workforce.Business (Item 1)
United States-Mexico-Canada Agreement (USMCA)
subject tonamed as a riskAny one or more of the following could cause a significant and sustained interruption of trade with Mexico, Canada, or countries in Southeast Asia: (a) a deterioration of security for international trade and businesses; (b) the adverse impact of new laws, rules, and regulations or the interpretation or enforcement of laws, rules, and regulations by government entities, courts, or regulatory bodies, including the United States-Mexico-Canada Agreement (USMCA) or other international trade agreements; (c) actions of taxing authorities that affect our customers doing business in or with foreign countries; (d) any significant adverse economic developments, such as extended periods of high inflation, material disruptions in the banking sector or in the capital markets of these foreign countries, and significant changes in the valuation of the currencies of these foreign countries that could materially affect the cost or value of imports or exports; (e) shifts in patterns of international trade, including as a result of changes to international trade agreements or policies, that adversely affect import and export markets; (f) a material reduction in foreign direct investment in these countries; and (g) public health crises, including the outbreak of pandemic or contagious disease, such as the coronavirus and its variant strains (COVID).Risk factors (Item 1A)
Also named by AYI, BMI, BWA, CLF, CMI, CP, CW, DCH and 29 more
U.S. import tariffs
subject tonamed as a riskIncremental import tariffs adversely affected demand for our services and increased our costs for purchased goods and services during fiscal year 2025 and may continue to do so in 2026.Risk factors (Item 1A)
Also named by AOS, APLD, BJ, BMI, CAVA, CVLG, CVS, DKS and 18 more
Receivables Facility
depends onnamed as a riskA significant deterioration of our financial condition could result in a reduction of our credit rating to below investment grade, which could restrict us from utilizing our current receivables securitization facility (Receivables Facility).Risk factors (Item 1A)
Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA)
subject toThe primary laws affecting our operations are the Resource Conservation and Recovery Act, regulating the management and disposal of solid and hazardous wastes; the Comprehensive Environmental Response, Compensation, and Liability Act, regulating the cleanup of contaminated properties; the Clean Air Act, regulating air emissions; and the Clean Water Act, regulating wastewater discharges.Business (Item 1)
Also named by ALSN, AME, BRK/B, BWA, CLH, CMI, DD, GIS and 10 more
Technology
Positive Train Control (PTC)
depends onnamed as a riskIf we do not have sufficient capital or do not deploy sufficient capital in a timely manner to acquire, develop, or implement new technology or maintain or upgrade current systems, such as Positive Train Control (PTC), NetControl, or the latest version of our transportation control systems, we may suffer a rail service outage or competitive disadvantage within the rail industry and with companies providing other modes of transportation service, which could have a material adverse effect on our results of operations, financial condition, and liquidity.Risk factors (Item 1A)
Also named by WAB