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Union Pacific Corporation officer reports small stock purchase under employee plan
A Union Pacific Corporation vice president and controller, Carrie J. Powers, reported acquiring 6.477 shares of Union Pacific common stock on 12/10/2025. The shares were purchased at a price of $235.46 per share and were obtained pursuant to the company’s 2021 Employee Stock Purchase Plan.
Following this transaction, Powers beneficially owns 7,413.596 Union Pacific shares held directly and an additional 952.394 shares held indirectly through a managed account. The filing reflects a routine update of equity ownership by a company officer rather than a major change in holdings.
Union Pacific Corporation executive Kenyatta G. Rocker, EVP Marketing & Sales, reported a small purchase of company stock. On 12/10/2025, an indirect purchase of 3.045 shares of common stock at $235.46 per share was made, noted as a purchase pursuant to the 2021 Employee Stock Purchase Plan.
After this transaction, Rocker reports 1,284.9951 shares held indirectly by spouse, 52,157.1007 shares held directly, 350 shares held through a deferral account, and 2,034.4439 shares held in a managed account, reflecting total reported beneficial ownership across multiple accounts.
Union Pacific Corporation executive vice president and chief financial officer Jennifer L. Hamann reported a charitable stock gift in a Form 4 filing. On 12/04/2025, she donated 300 shares of Union Pacific common stock, recorded with a transaction code G (gift) at a price of $0.0 per share, reflecting that it was not a sale for value. After this transaction, she beneficially owned 108,841.8976 shares directly and 5,621.328 shares indirectly through a deferral account. The filing notes that the contribution was made to a non-affiliated entity, indicating it was an external charitable organization.
Union Pacific Corporation reported the results of a special shareholder meeting held on November 14, 2025 to consider proposals related to its planned merger with Norfolk Southern Corporation. Shareholders approved the issuance of Union Pacific common stock required under the Agreement and Plan of Merger with Norfolk Southern and two Union Pacific merger subsidiaries. As of the October 6, 2025 record date, 593,127,035 shares were outstanding, and about 79% of those shares were represented at the meeting, constituting a quorum.
The share issuance proposal passed with 465,888,036 votes for, 2,214,119 against, and 786,729 abstentions. Shareholders also approved an adjournment proposal, though no adjournment was ultimately needed. Completion of the two-step merger structure remains subject to various conditions, including receipt of certain regulatory approvals. Union Pacific issued a press release on November 14, 2025 announcing these voting results.
Union Pacific (UNP) Form 4: EVP Marketing & Sales Kenyatta G. Rocker reported an open market acquisition tied to the company plan on 11/10/2025. The filing shows an acquisition of 3.203 shares of common stock at $223.88, noted as “Purchase pursuant to the 2021 Employee Stock Purchase Plan.” The acquired shares are held indirectly by spouse, bringing that indirect position to 1,281.5992 shares.
Following the transaction, reported holdings include 52,157.1007 shares held directly, 350 shares held indirectly by a deferral account, and 2,035.4572 shares held indirectly by a managed account.
Union Pacific Corporation (UNP) executive Carrie J. Powers, VP & Controller, filed a Form 4 reporting an open market acquisition on 11/10/2025. She acquired 6.811 shares of common stock at a price of $223.88.
Following the transaction, Powers beneficially owns 7,407.119 shares directly and 952.868 shares indirectly through a managed account. The filing notes the purchase was made pursuant to the 2021 Employee Stock Purchase Plan.
Union Pacific (UNP): EVP Chief Legal Officer Christina B. Conlin reported a routine share purchase under the 2021 Employee Stock Purchase Plan. On 11/10/2025, she acquired 7.705 shares of common stock at $223.88 per share. Following this transaction, her directly held beneficial ownership stands at 5,226.297 shares.
Union Pacific Corporation reported supplemental disclosures tied to its pending merger with Norfolk Southern and noted three New York lawsuits and shareholder demand letters alleging disclosure deficiencies. The companies dispute the claims but are providing additional details to moot them. Special shareholder meetings are set for November 14, 2025.
The added disclosures outline key valuation inputs used by advisors. BofA’s pro forma analysis assumes approximately 27.5% ownership for Norfolk Southern holders based on 225.152 million Union Pacific shares to be issued, $88.82 per-share cash consideration, and incremental transaction net debt of $20.4 billion. Morgan Stanley’s discounted equity analyses applied AV/NTM Adjusted EBITDA ratios of 11.5x–13.5x for Norfolk Southern (NTM EBITDA $6,663 million, net debt $13.8 billion) and 12.5x–14.5x for Union Pacific (NTM EBITDA $13,664 million, net debt $34.4 billion). Analyst price targets cited ranged from $174–$300 for Norfolk Southern and $202–$275 for Union Pacific.
Union Pacific (UNP): EVP Marketing & Sales Kenyatta G. Rocker reported a charitable gift of 23 shares of common stock (Transaction Code G) on 11/04/2025 at a stated price of $0.0. Following the transaction, the executive directly owns 52,157.1007 shares.
Reported indirect holdings include 350 shares by a Deferral Account, 2,035.2976 shares by a Managed Account, and 1,278.0453 shares by spouse. The filing notes the contribution was made to a non‑affiliated entity.
Union Pacific (UNP) reported Q3 2025 results with total operating revenues of $6.244 billion, net income of $1.788 billion, diluted EPS of $3.01, and an operating ratio of 59.2% (improved 1.1 points year over year). Freight revenues rose 3% to $5.927 billion as core pricing and mix offset lower fuel surcharges, with strength in Bulk and Industrial and softer Premium due to a 17% decline in international intermodal.
Year to date, operating cash flow reached $7.065 billion, funding $2.792 billion of capital investments, $2.679 billion of share repurchases, and $2.418 billion of dividends. The company issued $2.0 billion of unsecured notes (5.100% due 2035 and 5.600% due 2054) under a $20.0 billion shelf authorization and ended the quarter with $68.647 billion in assets and $17.304 billion of equity. As of October 17, 2025, 593,160,889 common shares were outstanding.
Strategic update: UNP agreed to acquire Norfolk Southern, with each NSC share to receive one UNP share plus $88.82 in cash; approximately 224.8 million UNP shares and about $20 billion cash are expected, subject to shareholder approvals and Surface Transportation Board clearance. Special meetings are set for November 14, 2025, and share repurchases are paused pending the transaction.