Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

Our common stock is traded on the NYSE under the symbol “UNP”.

At January 30, 2026, there were 593,391,460 shares of common stock outstanding and 25,761 common shareholders of record. On that date, the closing price of the common stock on the NYSE was $235.10. We paid dividends to our common shareholders during each of the past 126 years.

Comparison over one- and three-year periods – The following table presents the cumulative total shareholder returns, assuming reinvestment of dividends, over one- and three-year periods for the Corporation (UNP), a peer group index (comprised of CSX Corporation and Norfolk Southern Corporation), the Dow Jones Transportation Index (DJ Trans), and the Standard & Poor’s 500 Stock Index (S&P 500).

Five-year performance comparison – The following graph provides an indicator of cumulative total shareholder returns for the Corporation as compared to the peer group index (described above), the DJ Trans, and the S&P 500. The graph assumes that $100 was invested in the common stock of Union Pacific Corporation and each index on December 31, 2020, and that all dividends were reinvested. The information below is historical in nature and is not necessarily indicative of future performance.

Purchases of equity securities – During 2025, we repurchased 11,951,818 shares of our common stock at an average price of $234.15. The following table presents common stock repurchases during each month for the fourth quarter of 2025:

*[a]*Total number of shares purchased during the quarter includes approximately 731 shares delivered or attested to UPC by employees to pay stock option exercise prices and satisfy tax withholding obligations for stock option exercises or vesting of retention awards.

*[b]*As part of the pending acquisition of Norfolk Southern described in Note 20 to the Financial Statements and Supplementary Data, Item 8, we paused our share repurchase program.

*[c]*Effective April 1, 2025, our Board of Directors authorized the repurchase of up to 100 million shares of our common stock by March 31, 2028. These repurchases may be made on the open market or through other transactions. Our management has sole discretion with respect to determining the timing and amount of these transactions.