Union Pacific Corporation

Thank you for accessing Union Pacific Corporation's 2026 First Quarter Earnings Conference Call held at 845 a.m. Eastern Time on April 23rd, 2026 in Omaha, Nebraska. This presentation and the accompanying materials include statements that contain estimates, projections, or expectations regarding the company's financial results and operations and future economic conditions. These statements are forward-looking statements as defined by federal securities laws. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. The materials accompanying this presentation include more detailed information regarding forward-looking information and these risks and uncertainties. In addition, please refer to the company's website and SEC filings for additional information about our risk factors. Thank you.

Greetings and welcome to the Union Pacific's first quarter 2026 earnings conference call. At this time, all participants will be in listen-only mode. A brief question and answer session will follow the formal presentation. If anyone this morning should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded and slides for today's presentation are available on Union Pacific's website. It is now my pleasure to introduce your host, Mr. Jim Venna, Chief Executive Officer for Union Pacific. Thank you, Mr. Venner. You may now begin.

Well, good morning, everyone. Thanks for joining us. You know, it's a wonderful morning here in Omaha for Railroad and a little bit of rain coming down, but nothing that wouldn't stop the men and women of Union Pacific from going out there and delivering. So real excited to be here and excited to review our first quarter and then take your questions. So, of course, I'm joined here by the regular crew. We have the Chief Financial Officer with me, Jennifer Heyman. Got Eric. Eric Railroad looks pretty good this morning. So excellent job, our Executive Vice President of Operations. And of course, Executive Vice President of Marketing and Sales, Kenny Rocker. Why don't we just go through the highlights real quick before I turn it over to Jennifer. If we go over to slide four, 2026 started strong as we delivered record first quarter results. Again, we showed who we are executing on new opportunities and raising the bar on what's possible for ourselves and the industry. And it's real important that we see that strength reflected on our bottom line as we reported first quarter records in operating income and net income. For the quarter, reported net income of $1.7 billion grew 5%. Earnings per share of $2.87 increased 6%. And we improved our operating ratio. Excluding merger costs, our adjusted net income was up 7%. EPS of $2.93 increased 9%. and our operating ratio improved 80 basis points to 59.9. These are strong results that reflect what's possible when the team consistently executes at a high level. Now, I'll let the team walk you through the quarter in more detail and then come back and wrap it up before we go to Q&A. Jennifer, why don't we do the first quarter financials, please?