Union Pacific (UNP.N): UNP Q2Q6: Another solid beat-and-raise quarter; UNP approaching fair value, but hard to argue with macro tailwinds

Research evidence excerpt

Union Pacific (UNP.N): UNP Q2Q6: Another solid beat-and-raise quarter; UNP approaching fair value, but hard to argue with macro tailwinds

Union Pacific (UNP.N)

23 July 2026 Citi Research

Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking

services from Union Pacific in the past 12 months.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, securities-related: Union Pacific.

services provided were non-investment-banking, non-securities-related: Union Pacific.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Union Pacific. (For an

explanation of the determination of significant financial interest, please refer to the policy for managing conflicts of interest

which can be found at www.citiVelocity.com.)

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon

activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).

Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and

principal trading revenues. One factor in equity research analyst compensation is arranging corporate access events between

institutional clients and the management teams of covered companies. Typically, company management is more likely to

participate when the analyst has a positive view of the company.