Union Pacific Corporation

Template:Short description Template:Infobox company The Union Pacific Corporation is a publicly traded railroad holding company serving as the holding company for the Union Pacific Railroad.<ref name="UP 2024 10-K" />

Incorporated in 1969 in Utah, it is headquartered in Omaha, Nebraska along with its Union Pacific Railroad subsidiary. Along with BNSF Railway, owned by Berkshire Hathaway, the companies have a near-duopoly on freight railroad transportation west of the Mississippi River.<ref>Template:Cite news</ref>

Notable companies acquired by Union Pacific and merged into Union Pacific Railroad include Missouri Pacific Railroad which included the Missouri–Kansas–Texas Railroad, the Chicago and North Western Transportation Company, the Western Pacific Railroad, the Denver and Rio Grande Western Railroad, the St. Louis Southwestern Railway, the SPCSL Corporation, and the Southern Pacific Transportation Company.

Union Pacific has announced plans to acquire the Norfolk Southern in a deal worth $85 billion. If approved by regulators, it would create the first transcontinental railroad network in the United States.

History

Pre-history

On July 1, 1862, after the passage of the Pacific Railway Acts, an entity called Union Pacific Railroad was incorporated. The act was approved by President Abraham Lincoln, and it provided for the construction of railroads from the Missouri River to the Pacific as a war measure for the preservation of the Union.<ref name=enc>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref><ref>Template:Cite web</ref> The railroad was constructed westward from Council Bluffs, Iowa to meet the Central Pacific Railroad line, which was constructed eastward from San Francisco Bay.<ref name=enc/> The railroads were united with the "Golden spike" in May 1869.<ref name=enc/> The combined Union Pacific-Central Pacific line became known as the First transcontinental railroad and the train route that operated on it was called the Overland Route.<ref name=enc/>

Union Pacific was entangled in the Crédit Mobilier scandal, a fraud involving the company, which hurriedly constructed the railroad, and Crédit Mobilier of America, which was formed to finance the construction, from 1864 to 1867 and exposed in 1872.<ref name=enc/> The company was significantly overbilled, with executives and financiers, led by Thomas C. Durant, Oakes Ames, and Oliver Ames, embezzling large sums of money.<ref name=enc/> The company faced financial difficulty during the Panic of 1873.<ref name=enc/>

In the 1870s, under the ownership of Jay Gould, the company expanded its rail network noticeably.<ref name=enc/> On January 24, 1880, Union Pacific Railroad was consolidated with Kansas Pacific Railway and Denver Pacific Railway under a new holding company called Union Pacific Railway. Jay Gould controlled all three railroads but, after leveraging the company and paying large dividends, Gould sold a large stake that year.<ref name=enc/>

The Union Pacific Railway declared bankruptcy during the Panic of 1893, in part due to losses from the fraud and new competition, and went into government receivership.<ref name=enc/> In 1898, under a bankruptcy plan sponsored by Kuhn, Loeb & Co., it emerged from the receivership under a new similarly named entity controlled by E. H. Harriman.<ref name=enc/><ref>Template:Cite book</ref>

In 1901, the company acquired a 46% interest in Southern Pacific Railroad; however, the government forced the company to sell the stake in 1913 due to antitrust concerns.<ref name=enc/>

20th century

The Union Pacific Corporation was established in 1969 with its incorporation in Utah as a holding company for the Union Pacific Railroad and other subsidiaries.<ref name=enc/>

In 1982, Union Pacific Corporation acquired Missouri Pacific Railroad, which included the Missouri–Kansas–Texas Railroad, and the Western Pacific Railroad.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> The Missouri Pacific Railroad continued operations until January 1, 1997 when it was legally merged into Union Pacific Railroad.<ref>Template:Cite web</ref>

In 1986, the company acquired Overnite Transportation Company (now TForce Freight) for $1.2 billion.<ref>Template:Cite news</ref> At the time, it was the fifth largest trucking company in the United States and represented the expansion of Union Pacific east of the Mississippi River. It also created the first transcontinental transportation system in the United States.<ref>Template:Cite news</ref> However, the companies did not integrate well, exacerbated by issues with labor unions.<ref>Template:Cite news</ref> In 2001, the division acquired Motor Cargo Industries for $580 million.<ref>Template:Cite news</ref> In 2003, Union Pacific completed a corporate spin-off and initial public offering of Overnite. In 2005, the company was acquired by United Parcel Service for $1.3 billion.<ref>Template:Cite news</ref>

Union Pacific completed the corporate spin-off of Union Pacific Resources, its hydrocarbon exploration subsidiary, in 1996.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> Anadarko Petroleum acquired Union Pacific Resources in 2000 for $4.4 billion in stock.<ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref>

In June 1995, the company acquired the 70% of Chicago and North Western Transportation Company that it did not already own for $1.1 billion.<ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>Template:Cite news</ref>

In 1996, Union Pacific Corporation acquired the Southern Pacific Rail Corporation, which included the Southern Pacific Transportation Company, the Denver and Rio Grande Western Railroad, the St. Louis Southwestern Railway and the SPCSL Corporation, for $5.4 billion. It was led by Philip Anschutz.<ref>Template:Cite news</ref>

In 1997, the company sold 220 miles of track in northern Wisconsin and Michigan to Wisconsin Central Ltd. for $85 million.<ref>Template:Cite news</ref>

21st century

In 2000, due to a slowdown in business activity during the early 2000s recession, the company cut 2,000 jobs.<ref>Template:Cite news</ref>

In 2005, James R. Young was named CEO of the company.<ref>Template:Cite news</ref>

In 2015, Union Pacific Corporation legally merged the Southern Pacific Rail Corporation into Union Pacific Railroad.<ref>Template:Cite web</ref>

In March 2024 Union Pacific layoffs caused concern at the Federal Railroad Administration to the extent that the FRA, in a letter to UP's CEO, said "safety of railroad operations is paramount ... decisions that comprise that fundamental ... are unacceptable. You must ensure that highly trained and experienced personnel perform critical inspections and repairs .... Your railroad (layoffs) are far outpacing any of your Class 1 peers."<ref>Template:Cite web</ref>

On July 29, 2025, Union Pacific and Norfolk Southern announced an $85 billion agreement to create a transcontinental railroad. The boards of both companies unanimously approved the transaction, which remains subject to review by the Surface Transportation Board. If approved, the combined network would encompass more than 50,000 route miles across 43 states and connect approximately 100 ports in the United States.<ref>Template:Cite news</ref>

Headquarters history

The Union Pacific Corporation was headquartered in New York City at the time of its in 1969.<ref name=enc/>

In 1998, CEO Drew Lewis relocated the corporate headquarters to Bethlehem, Pennsylvania.<ref>Template:Cite news</ref> In 1997, the headquarters was shifted to Dallas, Texas.<ref>Template:Cite news</ref>

In 2004, the corporate headquarters was relocated to Omaha to join the Union Pacific Railroad headquarters.<ref>Template:Cite news</ref>

Finances

Year	Revenue in million US$	Net income in million US$	Total Assets in million US$	Price per Share in US$	Employees
2000<ref>Template:Cite web</ref>	10,765	842	30,917	7.56	50,500
2001<ref name="2005 Annual Report" />	10,830	966	31,552	9.80	48,700
2002<ref name="2005 Annual Report" />	11,159	1,341	32,772	11.09	47,300
2003<ref name="2005 Annual Report" />	11,551	1,585	33,496	11.23	46,400
2004<ref name="2005 Annual Report" />	12,215	604	34,596	11.58	48,300
2005<ref name="2005 Annual Report">Template:Cite web</ref>	13,578	1,026	35,620	13.17	49,700
2006<ref>Template:Cite web</ref>	15,578	1,606	36,515	17.52	50,700
2007<ref>Template:Cite web</ref>	16,283	1,855	38,033	22.78	50,100
2008<ref>Template:Cite web</ref>	17,970	2,335	39,722	26.95	48,200
2009<ref>Template:Cite web</ref>	14,143	1,890	42,184	22.10	43,500
2010<ref>Template:Cite web</ref>	16,965	2,780	43,088	32.35	42,900
2011<ref>Template:Cite web</ref>	19,557	3,292	45,096	41.68	44,900
2012<ref>Template:Cite web</ref>	20,926	3,943	47,153	51.26	45,900
2013<ref>Template:Cite web</ref>	21,963	4,388	49,731	67.61	46,445
2014<ref>Template:Cite web</ref>	23,988	5,180	52,372	92.50	47,201
2015<ref>Template:Cite web</ref>	21,813	4,772	54,600	92.58	47,457
2016<ref>Template:Cite web</ref>	19,941	4,233	55,718	84.65	42,919
2017<ref>Template:Cite web</ref>	21,240	10,712	57,806	108.51	41,992
2018<ref>Template:Cite web</ref>	22,832	5,966	59,147	138.23	41,967
2019<ref>Template:Cite web</ref>	21,708	5,919	61,673	180.79<ref name="UNP Stock Chart">Template:Cite web</ref>	37,483
2020<ref>Template:Cite web</ref>	19,533	5,349	62,398	208.22<ref name="UNP Stock Chart" />	30,960
2021<ref>Template:Cite web</ref>	21,804	6,523	63,525	251.93<ref name="UNP Stock Chart" />	29,905
2022<ref name="UP 2022 10-K">Template:Cite web</ref>	24,875	6,998	65,449		30,717
2023<ref name="UP 2023 10-K">Template:Cite web</ref>	24,119	6,379	67,132		31,490
2024<ref name="UP 2024 10-K">Template:Cite web</ref>	24,250	6,747	67,715		32,439

See also

• Economy of Omaha, Nebraska

External links

• Template:Official website

• System map
• Photographs of the Construction of the Union Pacific Railroad, 1868–69 at the Beinecke Rare Book and Manuscript Library at Yale University