Unknown Attendee

Thank you for accessing Union Pacific Corporation's 2026 First Quarter Earnings Conference Call held at 8:45 a.m. Eastern Time on April 23, 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.

Operator

Greetings, and welcome to the Union Pacific's First Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded, and the slides for today's presentation are available on Union