聯合太平洋集團 (UNP) 2025 Q2 法說會逐字稿

Greetings, and welcome to Union Pacific's Second Quarter 2025 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded, and the slides for today's presentation are available on Union Pacific's website.

您好，歡迎參加聯合太平洋 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄製，今天演示的幻燈片可以在聯合太平洋的網站上找到。

It is now my pleasure to introduce your host, Mr. Jim Vena, Chief Executive Officer for Union Pacific. Thank you. Mr. Vena, you may now begin your presentation.

現在我很高興介紹您的主持人，聯合太平洋鐵路首席執行官吉姆·維納先生。謝謝。維納先生，您現在可以開始您的演講了。

Thanks, Rob, and thanks, everyone, for joining us this morning. Another beautiful day in Omaha. Little bit of thunderstorms last night, but the skies are clear this morning, and a wonderful day to be railroading.

謝謝羅布，也謝謝大家今天早上加入我們。奧馬哈又是美好的一天。昨晚有一點雷暴，但今天早上天空晴朗，是鐵路運輸的好日子。

So good morning, everyone, and thank you for joining us today for Union Pacific's second quarter 2025 earnings call. I'm joined in Omaha by our Chief Financial Officer, Jennifer Hamann; our Executive Vice President of Marketing and Sales, Kenny Rocker; and our Executive Vice President, Operations, Eric Gehringer. As you'll hear from the team this morning, we are delivering on our strategy, and our results demonstrate our commitment to leading the industry as we set new standards for safety, service and operational excellence.

大家早安，感謝大家今天參加聯合太平洋鐵路 2025 年第二季財報電話會議。與我一同來到奧馬哈的還有我們的財務長珍妮佛哈曼 (Jennifer Hamann)、我們的行銷和銷售執行副總裁肯尼·羅克 (Kenny Rocker) 以及我們的營運執行副總裁 Eric Gehringer。正如您今天早上從團隊那裡聽到的那樣，我們正在實施我們的策略，我們的成果證明了我們致力於引領行業，因為我們為安全、服務和卓越營運設立了新的標準。

Now if we turn over to Slide 3. This morning, Union Pacific reported 2025 second quarter earnings per share of $3.15. We had two unusual and offsetting items in the second quarter: a deferred tax benefit and a labor expense for a crew ratification agreement, both of which Jennifer will discuss in more detail. Excluding those items, our adjusted earnings per share is $3.03, up 12% versus last year's adjusted results. Volume growth, core pricing gains and productivity improvements drove the solid results in the quarter.

現在我們翻到幻燈片 3。今天上午，聯合太平洋公司公佈了2025年第二季每股收益3.15美元。第二季度我們有兩個不同尋常且相互抵銷的項目：遞延稅項收益和一項機組人員批准協議的人工費用，Jennifer將對這兩項進行更詳細的討論。除這些項目外，我們的調整後每股收益為 3.03 美元，比去年的調整後結果增加 12%。銷售成長、核心價格上漲和生產力提高推動了本季的穩健業績。

Our adjusted second quarter operating ratio was 58.1%, improving 230 basis points versus last year's adjusted results.

我們調整後的第二季營業比率為 58.1%，比去年調整後的結果提高了 230 個基點。

Freight revenue, excluding fuel surcharge, grew 6% in the second quarter, setting best ever quarterly and year-to-date records in 2025. In addition, we set quarterly records in both quarters for workforce productivity with second quarter ranking as the best ever. Importantly, we efficiently handled the first half volume growth while also improving our safety and service performance.

不包括燃油附加費的貨運收入在第二季度增長了 6%，創下了 2025 年季度和年初至今的最佳記錄。此外，我們在兩個季度都創下了勞動力生產力的季度記錄，其中第二季的排名是有史以來最好的。重要的是，我們有效地處理了上半年的銷售成長，同時提高了我們的安全和服務表現。

I'm very comfortable with where we are and pleased with the level of execution I see across the company. Next, the team will walk you through the quarter in more detail, and then I'll come back and wrap it up before we go to Q&A.

我對我們現在的狀況感到非常滿意，並且對整個公司的執行水準感到滿意。接下來，團隊將向您更詳細地介紹本季度的情況，然後我會回來總結一下，然後再進行問答。

With that, Jennifer, second quarter results.

珍妮佛，這就是第二季的業績。

All right. Thank you, Jim, and good morning, everyone. I'll start with a walk down of our second quarter income statement on Slide 5, with operating revenue of $6.2 billion, improved 2% versus last year, while freight revenue of $5.8 billion set a second quarter record and increased 4%.

好的。謝謝你，吉姆，大家早安。我先從投影片 5 上的第二季損益表開始介紹，其中營業收入為 62 億美元，比去年同期成長 2%，而貨運收入為 58 億美元，創下第二季紀錄，成長了 4%。

Breaking down the drivers of freight revenue, volume growth in the quarter added 375 basis points. Fuel surcharge revenue of $569 million declined $100 million or 225 basis points as lower year-over-year fuel prices reduced our freight revenues. Price combined with mix for a 200 basis point benefit to freight revenue versus last year as strong core pricing dollars more than offset the continued business mix impact. We are disciplined in our pricing, supported by a strong service product, and, for the third consecutive quarter, yielded price dollars net of inflation that were accretive to our operating ratio.

分析貨運收入的驅動因素，本季貨運量成長了 375 個基點。燃油附加費收入為 5.69 億美元，下降了 1 億美元或 225 個基點，因為燃油價格比去年同期下降減少了我們的貨運收入。價格與業務組合相結合，使貨運收入比去年同期增加了 200 個基點，因為強勁的核心定價美元足以抵消持續的業務組合影響。我們在定價方面非常嚴格，並以強大的服務產品為支撐，連續第三個季度實現了扣除通膨因素的價格收益，從而提高了我們的營業比率。

Wrapping up the top line, other revenue declined 16% to $311 million. Included in the year-over-year change are the items that we've discussed previously: last year's intermodal equipment sale and the metro transfer. Also impacting other revenue in the quarter were lower accessorial and subsidiary revenues.

總體而言，其他收入下降 16% 至 3.11 億美元。與去年同期相比的變化包括我們之前討論過的項目：去年的多式聯運設備銷售和地鐵換乘。本季度其他收入也受到附加收入和附屬收入下降的影響。

Switching to expenses. Our appendix slides provide some more detail, but I'll walk through the highlights as operating expense increased only 1% to $3.6 billion against a 4% increase in quarterly volume. Looking closer at the expense lines, compensation and benefits increased 5%, driven by the brake person buyout agreement of $55 million. This is the third and final brake person agreement, further enabling more efficient car handling. When you adjust for the break person agreement, quarterly compensation and benefits expense increased 1%, while our cost per employee increased 3.5%.

轉為開支。我們的附錄投影片提供了更多細節，但我將介紹重點，因為營運費用僅增加 1% 至 36 億美元，而季度交易量增加了 4%。仔細查看費用項目，薪資和福利增加了 5%，這得益於 5500 萬美元的煞車人員買斷協議。這是第三次也是最後一次煞車人員協議，進一步提高了車輛的操控效率。當您根據員工解除協議進行調整時，季度薪資和福利費用增加了 1%，而我們的每位員工成本增加了 3.5%。

These results demonstrate how a 3% lower workforce level and strong productivity almost entirely offset the impact of voyage inflation. We would expect a similar level of increase in compensation per employee for the full year as we continue to leverage process improvements and technology to offset wage increases.

這些結果表明，3%的較低勞動力水準和強勁的生產力幾乎完全抵消了航次通膨的影響。由於我們繼續利用流程改善和技術來抵消薪資成長，我們預計全年每位員工的薪資將維持類似的成長水準。

Additionally, in the quarter, we transferred close to 250 employees to Metro, completing the majority of the transfers we began in the second quarter of 2024.

此外，本季度，我們向 Metro 調動了近 250 名員工，完成了 2024 年第二季度開始的大部分調動工作。

Fuel expense declined 8% on an 11% decrease in fuel prices from $2.73 to $2.42 per gallon. Our fuel consumption rate improved 2% and set a second quarter record. Ongoing benefits from our fuel and locomotive initiatives, coupled with running a more fuel-efficient business mix, drove the improvement.

燃料價格從每加侖 2.73 美元下降至 2.42 美元，下降了 11%，燃料費用也下降了 8%。我們的燃料消耗率改善了2%，創下了第二季的最高紀錄。我們的燃料和機車計畫帶來的持續利益，加上更節能的業務組合，推動了這項改善。

Equipment and other rents increased 5%, driven by lower equity income and our business mix. Finally, other expense improved 5% versus last year. Lower casualty, including environmental costs, more than offset last year's $46 million gain from the intermodal equipment sales.

由於股權收益下降和業務組合的影響，設備和其他租金上漲了 5%。最後，其他支出比去年同期改善了 5%。包括環境成本在內的傷亡損失減少，足以抵銷去年聯運設備銷售帶來的 4,600 萬美元收益。

Our reported operating income grew to $2.5 billion, a second quarter record. Income tax expense improved 14% as the state tax legislation change provided a onetime deferred tax benefit of $115 million, more than offsetting the tax increase from higher income.

我們的報告營業收入成長至 25 億美元，創下第二季的最高紀錄。由於州稅法變化提供了 1.15 億美元的一次性遞延稅項收益，所得稅支出改善了 14%，足以抵消收入增加帶來的稅收增加。

Our reported net income totaled $1.9 billion and earnings per share was $3.15. Excluding those unusual items in the quarter, adjusted earnings per share was $3.03. Our adjusted operating ratio came in at 58.1%, reflecting the 90 basis point impact of the brake person agreement.

我們的報告淨利潤總計19億美元，每股收益為3.15美元。扣除本季的非經常性項目，調整後每股收益為3.03美元。我們的調整後營業比率為58.1%，反映了「煞車人協議」90個基點的影響。

Overall, a very strong quarterly performance by the team executing on all elements of our strategy and demonstrating what's possible from the Union Pacific franchise.

總體而言，團隊在本季度的業績表現非常強勁，全面執行了我們策略的所有要素，並展示了聯合太平洋特許經營的潛力。

Turning to shareholder returns on the balance sheet on Slide 6. Our second quarter cash from operations totaled $4.5 billion, up more than $500 million versus last year. Through the second quarter, we've returned $4.3 billion to our shareholders through a combination of share repurchases and dividends. And in keeping with our Investor Day commitments, we announced a 3% dividend increase last week. This marks the 19th consecutive year of annual increases.

轉向投影片 6 上的資產負債表上的股東回報。我們第二季的經營現金總額為 45 億美元，比去年同期增加了 5 億多美元。截至第二季度，我們透過股票回購和股利等方式向股東返還了 43 億美元。為了履行投資者日的承諾，我們上週宣布將股息提高 3%。這是連續第19年實現年度成長。

Our adjusted debt-to-EBITDA ratio finished the quarter at 2.8 times, and we remain A-rated by our 3 credit rating agencies.

本季度，我們調整後的債務與 EBITDA 比率達到 2.8 倍，並且仍然獲得 3 家信用評級機構的 A 級評級。

Looking out to the remainder of 2025 on Slide 7, we expect third quarter other revenue to be in line with our second quarter results due to continued softness in the autos market and lower accessorials. Additionally, other income will look more like first quarter results as a result of lower expected real estate gains.

展望第 7 張投影片上的 2025 年剩餘時間，我們預計第三季的其他營收將與第二季的業績保持一致，原因是汽車市場持續疲軟且配件價格下降。此外，由於預期房地產收益較低，其他收入將更像第一季的結果。

For volume, everyone recalls the benefit that we experienced in the second half of 2024 from the surging international intermodal flows through the West Coast ports. Month-to-date in July, we are seeing the impact of the tariff pause as reflected in the current volume surge. Similar to last year, we're seamlessly handling this volume, although we do expect volume to moderate to the point of sequential declines through the quarter.

就貨運量而言，每個人都記得我們在 2024 年下半年從西海岸港口激增的國際聯運流量中獲得的好處。從七月至今，我們看到了關稅暫停的影響，這反映在當前的交易量激增上。與去年類似，我們正在無縫處理這一數量，儘管我們預計本季數量將下降至連續下降的程度。

On the flip side, our diverse franchise is providing numerous growth opportunities, which Kenny will discuss a bit later.

另一方面，我們多元化的特許經營權提供了許多成長機會，肯尼稍後會討論這一點。

Operationally, we plan to stay the course and keep driving improvement, working safely, controlling our costs, providing good service and seeking out price opportunities that reflect the value of that service product. Our second quarter results support our conviction in the three-year targets introduced last September. Specific to 2025, EPS growth will be consistent with attaining our three-year EPS CAGR view of high single to low double-digit growth. Further, we reaffirm our view on accretive pricing, industry-leading operating ratio and ROIC. And of course, our capital deployment strategy is unchanged.

在營運方面，我們計劃堅持下去，繼續推動改進，安全工作，控製成本，提供良好的服務，並尋找反映服務產品價值的價格機會。我們第二季的業績支持了我們對去年九月提出的三年目標的信心。具體到 2025 年，每股盈餘成長將與我們三年每股盈餘複合年增長率的觀點一致，即從高個位數到低兩位數的成長。此外，我們重申對增值定價、業界領先的營業比率和 ROIC 的看法。當然，我們的資本配置策略並沒有改變。

The team is confident, energized and ready to deliver value for our stakeholders. With that, I'm going to turn it over to Kenny to provide more details on the business.

團隊充滿信心、充滿活力並準備好為我們的利害關係人創造價值。接下來，我將把話題交給肯尼 (Kenny)，讓他提供有關該業務的更多細節。

Thank you, Jennifer, and good morning. We delivered a solid second quarter. Freight revenues totaled $5.8 billion, which was up 6% excluding fuel surcharges, driven by strong core pricing gains and increased volume. Confident in the strength of our service product, the team remains bullish on our pricing strategy, and this approach continues to deliver positive results. Let's jump right in and talk about the key drivers for each of these business groups.

謝謝你，詹妮弗，早安。我們第二季業績表現穩健。貨運收入總計 58 億美元，扣除燃油附加費後成長 6%，這得益於核心價格的強勁上漲和貨運量的增加。我們的團隊對我們服務產品的實力充滿信心，對我們的定價策略保持樂觀，而這種方法繼續帶來積極的成果。讓我們直接開始討論每個業務組的關鍵驅動因素。

Starting with our Bulk segment. Revenue for the quarter was up 10% compared to last year, with an 11% increase in volume, while lower fuel surcharge and business mix resulted in a slight decrease in average revenue per car. Strength in coal was driven by strong customer demand due to favorable natural gas pricing and the start of Lower Colorado River Authority shipments. Softer domestic grain demand was more than offset by strength in export shipments to the Gulf and Mexico, resulting in double-digit growth. Grain products volume was also up for the quarter, which continues to be driven by new soybean crushed production in Nebraska and Kansas.

從我們的批量部分開始。本季營收較去年同期成長 10%，銷量成長 11%，但燃油附加費降低及業務組合導致每輛車平均收入略有下降。煤炭價格走強是由於天然氣價格優惠以及科羅拉多河下游管理局開始出貨導致客戶需求強勁。國內糧食需求疲軟被墨西哥灣和墨西哥出口量的強勁成長所抵消，導致糧食需求出現兩位數成長。本季穀物產品產量也有所增加，這繼續受到內布拉斯加州和堪薩斯州新大豆壓榨產量的推動。

Turning to Industrial. Revenue was up 4% for the quarter on a 3% increase in volume and a 2% increase in average revenue per carload. Strong core pricing gains were partially offset by business mix and lower fuel surcharges. Rock shipments remained solid this quarter, driven by strong customer demand and favorable weather conditions compared to last year. And increased shipments of industrial chemicals were partially offset by continued softness in our forest products market.

轉向工業。本季營收成長 4%，運輸量成長 3%，每車平均營收成長 2%。核心價格的強勁成長被業務組合和較低的燃油附加費部分抵消。受強勁的客戶需求和與去年相比有利的天氣條件的推動，本季岩石出貨量保持穩定。工業化學品出貨量的增加被林產品市場的持續疲軟部分抵銷。

Premium revenue for the quarter was down 4% on a 1% increase in volume and a 4% decrease in average revenue per car, reflecting the mix impact of increased international intermodal shipments and lower fuel surcharges. Intermodal volumes continued to show year-over-year growth as our business development efforts offset market uncertainty and slower consumer spending. Automotive volumes were down based on reduced OEM production.

本季保費收入下降 4%，因為保費增加了 1%，而每輛車的平均收入下降了 4%，這反映了國際聯運量增加和燃油附加費降低的綜合影響。由於我們的業務發展努力抵消了市場不確定性和消費者支出放緩的影響，多式聯運量繼續呈現同比增長。由於原始設備製造商 (OEM) 產量減少，汽車產量也出現下降。

Turning to Slide 10. Despite the challenging market outlook, our (inaudible) mindset and continued focus on business development gives us the edge to outperform.

翻到幻燈片 10。儘管市場前景充滿挑戰，但我們的（聽不清楚）心態和對業務發展的持續關注使我們獲得了超越的優勢。

Starting with Bulk, we expect coal volumes to significantly exceed last year's levels. driven by current forecast for natural gas prices through the remainder of 2025 and the new volume with LCRA. Grain had a strong first half of the year. And while we are still a couple of months from fall harvest, the 2025 crop looks favorable, and we are working to finalize customer demand. We're evaluating competitive risk to the fourth quarter exports.

從散裝開始，我們預計煤炭產量將大幅超過去年的水平。這受到目前對 2025 年剩餘時間的天然氣價格預測以及 LCRA 的新產量的推動。今年上半年穀物表現強勁。雖然距離秋收還有幾個月的時間，但 2025 年的收成看起來不錯，我們正在努力滿足客戶的需求。我們正在評估第四季出口的競爭風險。

As it relates to grain products, our intense business development focus will offset policy-related uncertainty in renewable fuels and associated feedstocks.

就穀物產品而言，我們對業務發展的重點將抵消再生燃料和相關原料的政策不確定性。

Moving to Industrial. Our strong investments in our Gulf Coast franchise continue to help us win in the petrochemical market. For example, we are proud to serve out new expansions in Freeport, Texas, which began operations last month. We anticipate stable performance in the metals and minerals markets. Tariff activity continues to impact metal shipments, but this is balanced by continued strength in construction, specifically in the South.

轉向工業。我們對墨西哥灣沿岸特許經營權的大力投資繼續幫助我們在石化市場中獲勝。例如，我們很榮幸能夠為上個月開始營運的德州自由港新擴建計畫提供服務。我們預計金屬和礦產市場將表現穩定。關稅活動繼續影響金屬出貨量，但這與建築業（特別是在南方）的持續強勁成長相抵消。

With our exceptional service, we're well positioned to capture that demand.

憑藉我們卓越的服務，我們完全有能力滿足這項需求。

Additionally, we anticipate petroleum volumes to remain challenged due to business shifts and our commitment to balance volume at the right margins.

此外，由於業務變化以及我們致力於在適當的利潤範圍內平衡產量，我們預計石油產量仍將面臨挑戰。

Wrapping up with Premium, as Jennifer indicated, strong comparisons and port shifts will challenge international and domestic intermodal volumes. We saw an uptick in automotive volumes at the end of the second quarter and we recently converted new auto parts volume originating from Mexico. That said, softer vehicle sales are a concern.

正如 Jennifer 所指出的，Premium 的強勁比較和港口轉移將對國際和國內聯運量提出挑戰。我們在第二季末看到汽車銷量有所上升，最近我們轉換了來自墨西哥的新汽車零件銷售。儘管如此，汽車銷售疲軟仍令人擔憂。

While we remain mindful of external pressures, including potential tariff implications that could influence consumer behavior, we're focused on the [shifts] shrink within our control, and I am confident we'll win in the marketplace.

雖然我們仍然關注外部壓力，包括可能影響消費者行為的潛在關稅影響，但我們專注於我們控制範圍內的[轉變]收縮，我相信我們將在市場上獲勝。

That confidence is reinforced by the investments we're making to expand our capabilities and our footprint. Just last week, we opened our new Kansas City intermodal terminal, our fourth new intermodal terminal in the past few years. Since 2020, we've invested over $1.4 billion to support growth and expansion in our intermodal business.

我們為擴大能力和影響力而進行的投資增強了這種信心。就在上週，我們啟用了新的堪薩斯城多式聯運碼頭，這是我們過去幾年內第四個新的多式聯運碼頭。自 2020 年以來，我們已投資超過 14 億美元來支持我們的多式聯運業務的成長和擴張。

But our focus extends beyond Premium. The industrial development team is actively driving carload growth, managing nearly 400 projects that are opening new doors for us.

但我們的重點不僅限於 Premium。工業發展團隊正在積極推動車載成長，管理近 400 個項目，為我們打開了新的大門。

So as we move into the second half of the year, I'm encouraged by our dynamic service and adaptability of our team. What truly sets us apart is our relentless ability to rise to any challenge. From unexpected international intermodal volume to surges in coal, we've proven we will deliver. Our commercial and operations teams are working together to unlock growth in unexpected areas. We don't wait for opportunity, we create them, turning momentum and to impact and driving results that matter.

因此，當我們進入下半年時，我們團隊的動態服務和適應能力令我感到鼓舞。真正讓我們與眾不同的是，我們擁有迎接任何挑戰的不懈能力。從意想不到的國際聯運量到煤炭需求的激增，我們已經證明我們能夠實現目標。我們的商業和營運團隊正在共同努力，以釋放意想不到領域的成長潛力。我們不會等待機會，我們會創造機會，轉化動力並產生影響，推動重要的成果。

And with that, I'll turn it over to Eric to review our operational performance.

接下來，我將把任務交給 Eric 來檢視我們的營運績效。

Thank you, Kenny, and good morning. The team delivered another strong operating performance in the second quarter, demonstrating exceptional results behind our strategy of safety, service and operational excellence. Our agility was once again on full display as we effectively handled a 30% surge in coal and renewable shipments, all while providing the service we sold to our customers. . Ultimately, it's another proof statement highlighting our robust and reliable service product, which is imperative as we strive to grow with our existing customers and unlock new markets.

謝謝你，肯尼，早安。該團隊在第二季度再次取得了強勁的營運業績，證明了我們安全、服務和卓越營運策略所取得的卓越成果。我們的敏捷性再次得到充分展示，我們有效地處理了煤炭和再生能源出貨量激增 30% 的情況，同時也為客戶提供了我們銷售的服務。。最終，這是另一個證明，強調了我們強大而可靠的服務產品，這對於我們努力與現有客戶一起成長並開拓新市場至關重要。

Moving to key performance metrics on Slide 12. Safety remains our top priority at Union Pacific, and our goal is to be the safest railroad in North America. Importantly, we are making continued progress towards that goal with improvements in both personal injury and derailment rates versus their three-year rolling average. We won't stop until each and every employee goes home safe every day.

前往投影片 12 上的關鍵績效指標。安全仍然是聯合太平洋鐵路的首要任務，我們的目標是成為北美最安全的鐵路。重要的是，我們正在朝著這一目標不斷前進，人身傷害率和脫軌率與三年滾動平均值相比都有所改善。我們會一直努力，直到每位員工每天都能安全回家。

Freight car velocity, the best measure of fluidity on the railroad, improved 10% to 221 miles per day. Driving the performance was both reduced terminal dwell as well as increased train speed, which improved 7% and 3%, respectively. We continue to leverage new technology to enhance terminal processes and adjust transportation plans, eliminating touch points while simultaneously improving cycle times.

貨車速度是衡量鐵路流動性的最佳指標，提高了 10%，達到每天 221 英里。推動這一業績成長的因素包括終點站停留時間的減少以及列車速度的提高，前者分別提高了 7% 和 3%。我們繼續利用新技術來增強終端流程並調整運輸計劃，消除接觸點，同時縮短週期時間。

Importantly, we are turning our customers' assets faster, enabling growth through efficiency. Also key is how that translates into our service for our customers. And in the second quarter, both intermodal and manifest service performance improved year-over-year to 99% and 97%, respectively. Our buffer of resources, coupled with further improvements in line of road variability, terminal run through dwell and first-mile last-mile performance, is generating a very high level of service for our customers. It's great work by the team as we deliver on our service commitments.

重要的是，我們正在更快地轉變客戶的資產，透過效率實現成長。同樣關鍵的是，如何將其轉化為我們為客戶提供的服務。第二季度，多式聯運和艙單服務績效較去年同期分別提高至 99% 和 97%。我們的資源緩衝，加上道路變化、終端運行停留和第一英里最後一英里性能的進一步改善，為我們的客戶提供了非常高水準的服務。我們團隊出色地履行了我們的服務承諾。

Now let's review our key efficiency metrics on Slide 13. As I mentioned before, fluidity is king, and the results on this slide are a byproduct of the exceptional results throughout the quarter. It's the team pushing the limits of what's possible to drive continuous improvements across our railroad.

現在讓我們回顧一下投影片 13 上的關鍵效率指標。正如我之前提到的，流動性為王，這張投影片上的結果是整個季度出色業績的副產品。這個團隊不斷突破極限，推動鐵路的持續改善。

Locomotive productivity improved 5% versus last year, a second quarter record, as we efficiently handle the heavier business mix while also improving dwell times across the network. Workforce productivity, which includes all employees, improved 9% and marked an all-time quarterly record. Similar to first quarter, our active train engine and yard workforce decreased 1%, again demonstrating excellent operating leverage against the 4% volume growth. We are confident there is more opportunity in front of us as we leverage technology to make our workforce safer and more efficient.

由於我們有效地處理了更繁重的業務組合，同時也縮短了整個網路的停留時間，機車生產率較去年同期提高了 5%，創下了第二季度的最高紀錄。包括所有員工在內的勞動力生產力提高了 9%，創下了季度歷史新高。與第一季類似，我們的活躍火車引擎和場站員工減少了 1%，再次證明了在 4% 的運量成長下出色的營運槓桿。我們相信，隨著我們利用科技使我們的員工更安全、更有效率，我們將面臨更多的機會。

Train length in the quarter grew both sequentially and year-over-year. In fact, the second quarter set an all-time record at nearly 9,700 feet. It continues to be an ongoing source of productivity as we look to reduce crew starts, improve asset utilizations and build capacity on our network.

本季列車長度較上季和年成長。事實上，第二季度創下了近 9,700 英尺的歷史最高紀錄。當我們尋求減少機組人員啟動、提高資產利用率和擴大網路容量時，它將繼續成為持續的生產力來源。

Wrapping up, we have tremendous operational momentum, momentum that is enabling growth across our railroad. Our footprint is unparalleled and built to handle that growth. It's on us to execute in an efficient, service-focused manner. We will continue to work hand-in-hand with Kenny's team, remaining agile with our customers to quickly adapt to changes in demand and traffic flows.

總而言之，我們擁有巨大的營運勢頭，這種勢頭推動著我們整個鐵路的發展。我們的足跡無與倫比，旨在應對這種增長。我們要以有效率、以服務為中心的方式執行。我們將繼續與 Kenny 的團隊攜手合作，與客戶保持靈活，快速適應需求和交通流量的變化。

Jim?

吉姆？

Eric, thank you very much and the entire team. But before we get to your questions, I'd like to quickly summarize what you've heard from all of us.

艾瑞克，非常感謝你和整個團隊。但在回答你們的問題之前，我想先快速總結一下你們從我們大家那裡聽到的內容。

First, as you heard from Jennifer, the team is delivering on our strategy. We're generating carload growth and price by delivering the service we sold to our customers while driving continued productivity into the network.

首先，正如珍妮佛所說，團隊正在實施我們的策略。我們透過向客戶提供我們銷售的服務來促進車輛裝載量的成長和價格的上漲，同時不斷提高網路的生產力。

We are controlling what we can control. We produced quarterly records in freight revenue and operating income and a best-ever record in freight revenue, excluding fuel. And I'm confident our 58.1% adjusted operating ratio will be industry-leading.

我們正在控制我們能夠控制的事情。我們在貨運收入和營業收入方面創下了季度記錄，並且在貨運收入（不包括燃料）方面創下了歷史最佳記錄。我相信我們 58.1% 的調整後營業比率將處於業界領先地位。

Kenny summarized second quarter volume and revenue drivers and discussed his thoughts for the second half of 2025. unknowns remain, but we are focused on outperforming our markets and pricing to the value we're providing our customers. The second quarter surge in coal and our ability to seamlessly handle it demonstrates the value our buffer of resources provides as we compete and win business.

肯尼總結了第二季度的銷售和收入驅動因素，並討論了他對 2025 年下半年的想法。未知數仍然存在，但我們專注於超越市場並根據我們為客戶提供的價值進行定價。第二季煤炭需求的激增以及我們無縫處理煤炭需求的能力證明了我們的資源緩衝在我們競爭和贏得業務時所提供的價值。

Next, Eric reviewed our strong operating results. Safety metrics continue to show great improvement as we strive to lead the industry and bring our employees home safe. Operationally, the network is running at a very high level, delivering on our service and operating plans. We will remain agile and ready to handle whatever comes our way.

接下來，艾瑞克回顧了我們強勁的經營業績。隨著我們努力引領業界並讓員工安全回家，安全指標繼續大幅改善。從營運角度來看，網路運作水準非常高，能夠實現我們的服務和營運計畫。我們將保持敏捷並隨時準備好應對遇到的任何問題。

Wrapping up, we remain committed to the long-term guidance that we laid out at our Investor Day last September. You see that in our results and in last week's dividend increase. We are confident we will remain the industry leader as we drive value for our shareholders. The foundation is built, we are growing with our customers, and we have strong momentum as we continue to maximize the value of this great franchise.

總而言之，我們仍然致力於去年 9 月投資者日上製定的長期指導方針。您可以在我們的業績和上週的股息成長中看到這一點。我們有信心，在為股東創造價值的同時，我們將繼續保持行業領先地位。基礎已經建立，我們正在與客戶一起成長，我們擁有強勁的發展勢頭，將繼續最大化這一偉大特許經營的價值。

In addition to today's earnings release, we also just announced that Union Pacific and Norfolk Southern are engaged in advanced discussions regarding a potential business combination. There are no assurances that we'll reach an agreement, but we are talking. We will not comment any further until there's something to disclose, and we will not take any questions relating to this topic during the Q&A.

除了今天的收益報告外，我們剛剛宣布聯合太平洋鐵路公司和諾福克南方鐵路公司正在就潛在的業務合併進行深入討論。我們無法保證一定能達成協議，但我們正在進行談判。除非有消息需要披露，否則我們不會進一步發表評論，也不會在問答環節回答任何與此主題相關的問題。

With that, Rob, we're ready to start the Q&A. Thank you.

羅布，我們準備開始問答環節了。謝謝。

Thank you, Mr. Vena. We'll now be conducting the question-and-answer session.

謝謝你，維納先生。我們現在將進行問答環節。

(Operator Instructions)

（操作員指示）

Jon Chappell, Evercore ISI.

喬恩‧查佩爾 (Jon Chappell)，Evercore ISI。

Good morning.

早安.

Thank you. Good morning, Jim. That's quite a curve ball with the press release and not taking any questions about the thing everyone is going to ask you about. So let me phrase it this way, and you can answer it how you so choose. Everything you just laid out before the mention of the press release is everything you said you're going to do and you're going to join. The momentum is amazing. The OR is best in business, pricing, balance sheet.

謝謝。早安，吉姆。新聞稿的措辭相當曲折，而且沒有回答大家想問的任何問題。所以讓我這樣說吧，你可以按照自己的選擇來回答。您在新聞稿中提到的所有內容都是您說過的您將要做的和將要參加的。氣勢十分驚人。OR 在業務、定價、資產負債表方面表現最佳。

Everything is working the way it's supposed to and you're doing this in a very tough freight environment. So why now to potentially think on a multiyear distraction that could potentially sidetrack the organic momentum that you're already building?

一切都按預期進行，而且你是在非常艱苦的貨運環境中完成這項工作的。那麼為什麼現在要考慮一個可能持續多年的干擾，而這可能會破壞你已經建立的有機動力呢？

So why don't we back up a little bit in time? Because I think you have to think about things in time and place. So I've been involved with Union Pacific with a short little time when I was on sabbatical as I described it since 2019. And since 2019, it was a journey to be able to have a team, which I'm very proud of, the team that's sitting here with me and everybody that works at Union Pacific, to fundamentally drive the efficiency, drive the productivity, drive that customer focus, drive the capability to deliver and sell and be able to move products at a high level for our customers in an efficient manner.

那我們為什麼不及時後退一點呢？因為我認為你必須根據時間和地點來思考問題。因此，自 2019 年以來，我在休假期間曾短暫參與聯合太平洋鐵路公司的工作。自 2019 年以來，我經歷了一段旅程，終於能夠擁有一支令我感到非常自豪的團隊，這支團隊和我以及聯合太平洋鐵路公司的所有員工一起，從根本上提高效率、提高生產力、推動以客戶為中心、提高交付和銷售能力，並能夠以高效的方式為我們的客戶提供高水平的產品。

If we look forward, truly as we look at what's possible and what's better, and that's what this is all about, is everything else in the world is moving ahead, technology-wise and fundamentally going to change. So I've been railroading for maybe way too long and I remember when there was five people on trains, and there was a four and three. I also remember when locomotives couldn't communicate and we could not run in train power. If you stand still, you get left behind.

如果我們向前看，真正地看看什麼是可能的，什麼是更好的，這就是這一切的意義所在，世界上的一切都在向前發展，技術方面將從根本上發生變化。所以我從事鐵路工作的時間可能太長了，我記得以前火車上只能坐五個人，現在只能坐四個人和三個人。我還記得當時機車無法通信，我們無法使用火車動力運行。如果你停滯不前，你就會落後。

So I love where we are because if you fundamentally have a railroad that's operating the way we operate and the way we can react, then you can do things to help the nation, help our customers win. And that's what it's all about. So sorry for the long answer, but I thought I'd frame it for you.

所以我熱愛我們現在的處境，因為如果你的鐵路從根本上按照我們的方式運營，按照我們的反應方式運行，那麼你就可以做一些事情來幫助國家，幫助我們的客戶獲勝。這就是它的全部意義。很抱歉我的回答這麼長，但我想為您構思一下。

I appreciate it. Thanks, Jim.

我很感激。謝謝，吉姆。

You're welcome.

不客氣。

Brian Ossenbeck, JPMorgan.

摩根大通的 Brian Ossenbeck。

Hey, good morning, Jim morning team. Thanks for taking the question.

嘿，早上好，吉姆早安團隊。感謝您回答這個問題。

So if I could just ask more of a philosophical one for you, Jim. We've seen efforts to give shippers options like reciprocal switching over the past quarter. Obviously, just remanded that back to the STB. But what's your view on just conceptually the reciprocal switching, open access, giving shippers more options, maybe in exchange for the news you just announced?

所以如果我可以向您問一個更哲學的問題，吉姆。在過去的一個季度，我們看到了為托運人提供互惠轉換等選擇的努力。顯然，只是將其發回 STB。但是，從概念上來說，您對相互轉換、開放獲取、為托運人提供更多選擇有何看法，也許是為了換取您剛剛宣布的消息？

And you've also talked about the rail industry hasn't done a great job for intermodal growth in the past, making some tough decisions. I want to see if you had some further comments on that, maybe a direct to shipper offering at some point. So I know that's a lot of theoretical stuff, but I appreciate your thoughts on that, Jim. Thank you.

您也談到，鐵路業過去在多式聯運發展方面做得併不好，做出了一些艱難的決定。我想看看您對此是否有進一步的評論，也許在某個時候直接向托運人提供。所以我知道這有很多理論性的東西，但我很欣賞你對此的想法，吉姆。謝謝。

So who are we at Union Pacific, okay? I can't talk about the industry in general. People, I think, have very similar goals. We want -- we know that if we provide service at a high level -- and the service is what we sold to customer. We have a range of customers that need different types of service.

那我們聯合太平洋公司是誰呢？我無法談論整個行業。我認為人們有著非常相似的目標。我們希望——我們知道如果我們提供高水準的服務——那麼這項服務就是我們賣給客戶的。我們擁有一系列需要不同類型服務的客戶。

Some need speed, some need consistency. Some need storage. Some need additional. But everything that we do, from the technology we put in place to make it easier to enter faster into our intermodal facilities, faster in being able to trace cars, being able to tell where all their equipment is, working on innovative solutions, is that's how we win.

有些需要速度，有些需要一致性。有些需要儲存。有些需要額外的。但我們所做的一切，從我們實施的技術，到讓我們能夠更輕鬆、更快速地進入我們的多式聯運設施，再到能夠更快速地追踪車輛，能夠知道所有設備的位置，致力於創新解決方案，都是我們取勝的方式。

And nothing changes. It doesn't matter whether it was two weeks ago or today, nothing changes in what we think we need to do to continue to grow this and absolutely help the country. The more we can move off of highways onto our railroad, the more we allow our customers to be able to win in the marketplace by giving them -- tie in with them and have that service and product where it should be, is a win.

什麼也沒有改變。無論是兩週前還是今天，我們認為我們需要做的事情都沒有改變，以繼續發展並絕對幫助國家。我們越能從高速公路轉向鐵路，我們就越能為客戶提供在市場上獲勝的機會——與他們緊密結合，讓他們獲得應有的服務和產品，這是一種勝利。

So that's the way I look at it, Brian. Hopefully, you can see the philosophy that we all have here.

這就是我的看法，布萊恩。希望您能明白我們所有人的哲學。

Yeah, I appreciate it, Jim. Good luck.

是的，我很感激，吉姆。祝你好運。

Thank you.

謝謝。

Chris Wetherbee, Wells Fargo.

富國銀行的克里斯‧韋瑟比。

Morning, Chris.

早上好，克里斯。

Hey morning, Jim. Thanks for taking the question.I guess about a month or so ago, I think, in a public forum, you noted that you'd only do things that you thought were possible. And I guess just maybe big picture as you're thinking about the industry moving forward here, I think your comments were interesting about not standing still. I guess when you think about what's possible, is this the landscape that would allow changes to occur, whether it be from a shipper perspective, from a technology perspective, from a regulatory perspective? I guess we're just trying to get a sense of how you see sort of the receptivity of the other stakeholders in the industry as you think about what Union Pacific is trying to accomplish over the next several years.

嘿，早上好，吉姆。感謝您回答這個問題。我想大約一個月前，在一個公開論壇上，您曾說過，您只會做那些您認為可能的事情。我想也許當您思考這個行業在這裡向前發展時，從大局來看，我認為您關於不停滯不前的評論很有趣。我想，當您思考什麼是可能的時，這是否是一個允許變化的局面，無論是從托運人的角度、從技術的角度，還是從監管的角度？我想我們只是想了解一下，當您思考聯合太平洋鐵路公司未來幾年要實現的目標時，您如何看待該行業其他利益相關者的接受程度。

I think it's a great question. And I do talk about what's possible, and that's the way we think here at Union Pacific is. And if you take a look at what we've done, we don't look at -- and we never have. But we're very, very diligent in going through any decisions that we make. And I can go back in my time here and I could go back to my time to the other great railroad that I worked for, Canadian National Railways, okay, great company, great franchise.

我認為這是一個很好的問題。我確實談論了什麼是可能的，這就是我們聯合太平洋公司的想法。如果你看看我們所做的事情，你會發現我們沒有——而且我們也從來沒有這樣做過。但我們非常認真地審查我們所做的任何決定。我可以回到我在這裡的時光，也可以回到我曾經工作過的另一家偉大的鐵路公司——加拿大國家鐵路公司的時光，好吧，那是一家偉大的公司，偉大的特許經營權。

And when I came here, and the team, we decided that what we wanted to be able to do is make sure that we make smart decisions how we move ahead, how we operate, how we sell. And Kenny does that and his team every day. And Jennifer keeps us grounded. She's -- some of the discussions you would find very interesting on making sure that we are driving to the best decision possible.

當我來到這裡時，以及我們的團隊，我們想要做的就是確保我們能夠做出明智的決定，決定我們如何前進，如何運營，如何銷售。肯尼和他的團隊每天都這樣做。珍妮佛讓我們腳踏實地。她——你會發現一些討論非常有趣，以確保我們能夠做出最好的決定。

But that's who we are, is if we can fundamentally operate a railroad in a safe, provide great service and be operationally excellent, then we can look at what's possible and decide what we want to do next. We never take decisions lightly. We do not flippantly wake up one morning and say we're going to do something like we just announced that we're in discussion and we thought about it yesterday. We've done a lot of homework to get us to this place.

但這就是我們，如果我們能夠從根本上安全地運營鐵路，提供優質的服務，並在運營上表現出色，那麼我們就可以看看什麼是可能的，並決定下一步要做什麼。我們從不輕易做出決定。我們不會在某天早上醒來時輕率地說我們要做某事，就像我們剛剛宣布我們正在討論並且昨天就考慮過這件事一樣。為了到達這個地方，我們做了很多功課。

And I'm not going to comment. Nobody would expect me to. Only a fool would expect me in the middle of when we're having discussions to start getting into any details. And none of you are fools, I've met you all, you guys are smart people.

我不會對此發表評論。沒人會指望我會這麼做。只有傻瓜才會指望我在討論過程中開始談論任何細節。你們都不是傻子，我見過你們所有人，你們都是聰明人。

So at the end of the day, I'm very comfortable where we are. We're diligent on the decision-making. We thought it was prudent for us where we were and to be fully -- tell our shareholders and everybody exactly what we're -- where we're at this morning after the quarter that we had, and we're moving ahead. So thanks for the question.

所以，總而言之，我對我們現在的狀況感到非常滿意。我們在做決策時非常謹慎。我們認為，在經歷了這個季度之後，我們應該謹慎地向我們的股東和所有人全面地說明我們的處境，並繼續向前邁進。感謝您的提問。

Thanks Jane appreciate it.

謝謝 Jane 的讚賞。

Stephanie Moore, Jefferies.

史蒂芬妮摩爾，傑富瑞集團。

Good morning.

早安.

Hi, good morning. Thank you. Can you hear me?

嗨，早安。謝謝。你聽得到我嗎？

I can hear you clear. How are you this morning?

我能清楚地聽到你的聲音。你今天早上好嗎？

Great. I'm doing very well. Well --

偉大的。我很好。出色地--

I figure if I ask you a question, you won't ask me a question. Go ahead.

我想如果我問你一個問題，你就不會問我問題。前進。

You're more than welcome to ask me whatever questions you'd like. Maybe I'll jump away from the topic de jure real quick here. I wanted to talk a little bit about the rail itself. I mean you've made tremendous progress. The network is working about as swell as it has.

非常歡迎您向我提問任何您想問的問題。也許我會很快離開這個法律話題。我想談談鐵路本身。我的意思是你已經取得了巨大的進步。這個網路的運作情況與以前一樣良好。

So as you think about the back half of the year and you talk about really the cost performance as we go from Q2 to 3Q, if you wanted to share any puts and takes about anything that might not continue from the second quarter into the third quarter. At the same time, how we should think about maybe some potential benefits as we look to the back half of the year and ultimately hitting that full year target? Thank you.

因此，當您考慮下半年並談論從第二季度到第三季度的實際成本表現時，如果您想分享一些可能不會從第二季度延續到第三季度的因素。同時，當我們展望下半年並最終實現全年目標時，我們應該如何考慮一些潛在的利益？謝謝。

You know what, you guys are probably getting second tired of listening to me already. So I've got a couple of people here that can give you a real wholesome view on it, and all three of you please jump in. But Eric, why don't you start about what you see in second half, what you're thinking about operationally what's possible? And Jennifer and Kenny, you guys want to jump in the way we go, okay?

你知道嗎，你們可能已經聽我說話聽膩了。因此，我這裡有幾個人可以給你們一個真正全面的看法，你們三個都請參與其中。但是艾瑞克，為什麼不開始談談你在下半場看到的情況，以及你在操作上認為什麼是可能的呢？珍妮佛和肯尼，你們想加入我們的行列，好嗎？

Yes. So two quarters in, and certainly in this quarter, we're already demonstrating a very high level of productivity and certainly a very high level of service to our customers. When you think about the second half and as we think about how we're going to execute that, the game plan really isn't different. We've got a great team executing against some very challenging goals and they're delivering on those goals.

是的。因此，兩個季度以來，當然包括本季度，我們已經展示了非常高的生產力水平，並且無疑為客戶提供了非常高水平的服務。當你考慮下半場以及我們該如何執行時，比賽計劃其實並沒有什麼不同。我們擁有一支出色的團隊，致力於實現一些極具挑戰性的目標，並且他們正在實現這些目標。

Now we're looking for opportunities always. It never ends. That perpetual dissatisfaction that I've spoken about before, that's our mindset, seeing what's possible. So I still see opportunities in how we think about improving service from a dwell perspective. which also has the benefit of driving efficiency to make Kenny even more competitive in the market with this team.

現在我們一直在尋找機會。它永遠不會結束。我之前談到的那種永久的不滿，就是我們的心態，看看什麼是可能的。因此，我仍然看到我們如何從停留角度考慮改善服務的機會。這也有利於提高效率，使 Kenny 和這支團隊在市場上更具競爭力。

I still see opportunities in the locomotive dwell side. We set a second-best record ever in the second quarter at 15.4 hours. There's no reason that can't be below 15, and the teams up against that. Even outside of the core transportation team, it's about how we think about automation within engineering and mechanical.

我仍然看到機車停泊方面的機會。我們在第二季度創下了 15.4 小時的第二好紀錄。沒有理由不能低於 15，球隊也能與之抗衡。即使在核心運輸團隊之外，我們也在思考如何實現工程和機械領域的自動化。

So the plan isn't different. It's to continue to be safe. It's to continue to give good service. And it's continued to find new and inventive ways to be efficient.

所以計劃沒有什麼不同。這是為了繼續保持安全。就是繼續提供良好的服務。而它不斷尋找新的、有創意的方法來提高效率。

Yes. So I'll go through a few things I mentioned in my script. Certainly, we expect for our coal business to be up significantly. We're looking at grain. We've got a great harvest out there.

是的。因此我將回顧我在腳本中提到的一些事情。當然，我們預計我們的煤炭業務將大幅成長。我們正在看穀物。我們在那裡獲得了豐收。

We'll see where demand takes us. I like the fact that our network and Eric has a network that we can move wherever the grain attractive flows take us.

我們將看看需求會把我們帶到何處。我喜歡我們的網絡，埃里克也擁有一個網絡，我們可以隨著穀物吸引流的流動而移動。

On the Industrial side, I'm excited and pumped up about the wins that we have in the marketplace. We're winning as our customers are expanding on us, and they are aligned with investments that we've made in the Gulf Coast.

在工業方面，我對我們在市場上的勝利感到興奮和激動。隨著我們的客戶不斷擴大業務，並且他們與我們在墨西哥灣沿岸的投資保持一致，我們也獲得了成功。

On the Premium side, the fight will be on international intermodal. And bottom line is we've got to backfill that volume. And some of the ways we do that is on the domestic side. And I'll tell you, when you have a strong service product like we have, we're going to introduce new products, we're going to introduce a seven-day a week service from Tacoma into Chicago. We're going to introduce a seven-day a week service from Memphis to Dallas.

在高端領域，競爭將在國際聯運上展開。底線是我們必須填補這一空白。我們採取的一些做法是在國內進行的。我會告訴你，當你擁有像我們一樣強大的服務產品時，我們就會推出新產品，我們將推出從塔科馬到芝加哥的每週七天服務。我們將推出從孟菲斯到達拉斯的每週七天航班服務。

We're going to introduce the Kansas City Intermodal Terminal. That's the fourth one in the last few years. So when you got a strong service product and you're introducing what we're doing, I feel really good about where we expect to be.

我們將介紹堪薩斯城多式聯運碼頭。這是過去幾年的第四次。因此，當您獲得強大的服務產品並介紹我們正在做的事情時，我對我們的預期感到非常滿意。

Yes. So Stephanie, Eric and Kenny both hit great points in terms of the railroad is running really well. Kenny and his team are out there executing. We called out the one-timer that we have relative to the expense line with the labor agreement. Certainly, that's not going to repeat itself as you're thinking sequentially second quarter to third quarter.

是的。因此，史蒂芬妮、艾瑞克和肯尼都對鐵路運行狀況給予了高度評價。肯尼和他的團隊正在執行任務。我們列出了與勞動協議中的費用線相關的一次性費用。當然，這種情況不會重演，因為你正在按順序思考第二季到第三季的情況。

So all really good progress and feel really good about those things.

所以一切都進展順利，對這些事情感覺非常好。

The only thing I'll remind you of, and we've talked about this before, is that this is going to be a little bit of an unusual year for us when you think about the volume cadence. Usually, you have your stronger volumes in your third and fourth quarter. Because of the strong comp that we have with the international intermodal and how we see that trending, that's likely not going to happen. In fact, we're expecting some sequential declines through the back half. But set that aside, the team is executing at a very high level, and we'll continue to do that.

我唯一要提醒你的是，我們之前也討論過這個問題，當你考慮到音量節奏時，今年對我們來說將是一個有點不尋常的一年。通常，第三季和第四季的銷售量會比較強勁。由於我們與國際多式聯運有著強大的競爭力，而且我們看到了這種趨勢，所以這種情況可能不會發生。事實上，我們預計下半年會出現連續下降。但撇開這一點不談，團隊的執行力非常高，我們將繼續這樣做。

Thank you very much.

非常感謝。

Tom Wadewitz, UBS.

瑞銀的湯姆·韋德維茨（Tom Wadewitz）。

Question. Morning, Tom.

問題。早上好，湯姆。

Yeah, hey Jim. So I want to see you -- since you had the [train] (inaudible) article back in May, you really had a dramatic impact on the discussion on consolidation. There's been enough time, I would imagine, some of your good contacts and buddies in the customer and shipper side have reached out to you and probably give you some feedback. Can you offer any thoughts on kind of what the flavor of that feedback is? Are shippers greatly concerned? Are they -- the mechanical shippers, are they excited about -- maybe intermodal shippers (inaudible) about a transcon railroad?

是的，嘿，吉姆。所以我想看看你——自從你在五月發表了[火車]（聽不清楚）文章以來，你確實對合併討論產生了巨大影響。我想，已經有足夠的時間了，客戶和托運人方面的一些好聯絡人和朋友已經與您聯繫，並可能會給您一些回饋。您能否就該回饋的內容提出任何看法？托運人是否非常擔心？他們是機械托運人，他們是否對跨大陸鐵路感到興奮——也許是多式聯運托運人（聽不清楚）？

Is there anything high level you can give us and just kind of initial shipper response over the last couple of months? Thank you.

您能給我們一些高層資訊嗎？以及過去幾個月托運人的初步反應？謝謝。

So Tom, we deal with our unions and our employees all the time. And we decided this round to have direct negotiations, and we've signed up close to about 36% now of our employees are signed up or have a tentative agreement. And that's the way our relationship is with our employees.

所以湯姆，我們一直在與工會和員工打交道。這一輪我們決定進行直接談判，目前我們已經簽約了近 36% 的員工，或者已經達成了初步協議。這就是我們與員工的關係。

We want our employees to come to work deliver. We need them to work and be very efficient. We give them everything we can to make sure that they work in a safe manner, and all the training necessary using technology. So that's how I look at the labor and Union Pacific. It's a real positive place, and we're moving ahead just like we want to under all the agreements that we have.

我們希望我們的員工能夠來上班並完成工作。我們需要他們有效率地工作。我們竭盡全力確保他們以安全的方式運作，並提供所有必要的技術培訓。這就是我對勞工和聯合太平洋鐵路的看法。這是一個真正積極的地方，我們正在按照我們所達成的所有協議向前邁進。

Appreciate the question.

感謝你的提問。

Yes. I think -- I was really asking more about shipper feedback on potential transcontinental?

是的。我認為——我實際上想詢問更多關於托運人對潛在跨大陸運輸的反饋？

Yes. Tom, I said it from the start is it's pretty clear. You never negotiate publicly. I think we came out and we're very specific in what we said this morning. And that's about all I'm going to say.

是的。湯姆，我從一開始就說得很清楚。你永遠不會公開談判。我認為我們今天早上說的話非常具體。這就是我要說的全部。

I'm not going to get into any other detail when you're in the middle of a negotiation. I don't know about you guys, but last time I looked when I went and bought a home, and I've only moved like 19 times, I don't go tell everybody on the street what I'm thinking and where I am and what I'm going to pay or anything else. You're in negotiations.

當你正在談判時，我不會談論任何其他細節。我不知道你們怎麼想，但上次我去買房子時，我只搬了 19 次家，我不會告訴街上的每個人我在想什麼、我在哪裡、我要付多少錢或其他任何事情。你正在談判。

So it's advanced negotiations, which is good. But that's it, so as far as I'm going to say, Tom, okay?

所以這是高級談判，這很好。但就是這樣，所以就我要說的而言，湯姆，好嗎？

Fair enough. Thank you.

很公平。謝謝。

Bascome Majors, Susquehanna.

巴斯科姆梅傑斯，薩斯奎漢納。

Bascome.

巴斯科姆。

As you look out long term, UP has been pretty committed to the modification approach to refreshing your locomotive fleet over the last three years. As that agreement, which I believe predated your arrival, Jim, comes to an end here in the next couple of quarters, how do you feel about the fleet today? What are your intentions and desire to continue refreshing it longer term? And does a combination make that a little more complicated than it would have been otherwise? Thank you.

從長遠來看，北方鐵路在過去三年中一直致力於採用改進方法來更新機車車隊。吉姆，我相信這項協議是在你上任之前就已簽署的，而且該協議將在未來幾個季度內到期，你對目前的艦隊有何看法？您長期持續更新它的意圖和願望是什麼？那麼，這些組合是否會使情況變得比原本更複雜一些呢？謝謝。

So let's start with reminding ourselves that it takes five critical assets, five critical resources to run this railroad, and locomotives is one of them. So what you always want to make sure you're doing and we do it every single day is to ensure that, to your point, we're making the proper investments in our locomotive fleet. And to be clear, we are.

因此，我們首先要提醒自己，營運這條鐵路需要五種關鍵資產、五種關鍵資源，而機車就是其中之一。因此，您始終要確保自己在做的事情，而且我們每天都在做的事情，就是確保我們對我們的機車車隊進行了適當的投資。明確地說，我們確實如此。

As we look at the modernization program, that's one part of it. It's a very important part of it. It's what allows us to continue to improve reliability, renew the fleet, deliver fuel improvements, as well as greenhouse gas emission reductions. But we also have our overhaul program, which is another way to keep our fleet in a specific operational order that runs efficiently, runs reliably. We also have investments that we make every single day in our shops when we do modifications to the locomotive.

當我們看現代化計劃時，這只是其中的一部分。這是其中非常重要的一部分。這使我們能夠繼續提高可靠性、更新車隊、改進燃料並減少溫室氣體排放。但我們也有大修計劃，這是讓我們的車隊保持特定運作狀態、有效率、可靠運作的另一種方式。當我們對機車進行改裝時，我們每天也會在車間進行投資。

So as I look out, all three are going to remain very important. Now the distribution of where we spend in those three buckets may change based on the condition of the fleet or the mix of traffic, but all three are critical components for us to deliver a consistent and reliable service product to our customers.

因此，在我看來，這三者仍將非常重要。現在，我們在這三個方面的支出分配可能會根據車隊狀況或交通組合而變化，但這三個方面都是我們向客戶提供一致、可靠的服務產品的關鍵組成部分。

Thank you. Thanks.

謝謝。謝謝。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Good morning, Ken.

早安，肯。

Hey, good morning, Jim and team, certainly a loud announcement this morning. So I want to ask about the operating potential, right? You're at a 58.1%. Maybe can you talk about where you think you can still take this railroad in terms of operating ratio efficiency?

嘿，早上好，吉姆和團隊，今天早上肯定有一個響亮的公告。所以我想問營運潛力，對嗎？您的成功率為 58.1%。您能否談談，您認為這條鐵路在營運效率方面還能取得哪些進展？

And Jen, you talked about the ability to hit the upper single digit, low double-digit target. I think you were kind of saying specifically to this year, right? I just want to clarify that, where it hadn't been, I don't think, that specific before.

詹，您談到了達到較高個位數和較低兩位數目標的能力。我想您是專門針對今年說的，對嗎？我只是想澄清一下，我認為以前沒有這麼具體。

And Jim, just can you clarify just using words, right? You mentioned it's in advance. Is there different stages of discussions that -- like we should be taking away with the advanced comment? Thanks.

吉姆，你能用語言來解釋清楚嗎？您提到這是提前的。是否有不同的討論階段——例如我們應該採取哪些先進的評論？謝謝。

Well, that was pretty good, Ken, three questions. Jennifer, why don't you reiterate what our (inaudible) going to deliver going forward, our guidance?

嗯，肯，這個問題問得非常好，有三個問題。詹妮弗，你為什麼不重申一下我們（聽不清楚）未來將要提供什麼指導呢？

Yes. Thanks, Ken. I don't -- we have not said anything different on that EPS piece than what we've been saying all year. We're reiterating our three-year target. We're confident in our ability to hit that.

是的。謝謝，肯。我不認為——我們對 EPS 的評價與我們全年一直在說的話並沒有什麼不同。我們重申我們的三年目標。我們有信心實現這個目標。

We said that this year's performance will be consistent with hitting that. So I really -- there's been no change there.

我們說過，今年的表現將會與此目標一致。所以我真的——那裡沒有任何變化。

And obviously, the world has changed a little bit since last September. We weren't expecting tariffs, we weren't expecting some of the things in the economy. Conversely, we're running as well as we ever have. So lots of puts and takes. All in, we're still very confident in our ability to hit those targets.

顯然，自去年九月以來，世界發生了一些變化。我們沒有預料到關稅，也沒有預料到經濟中會發生一些事情。相反，我們的運行情況和以前一樣好。因此有許多投入和收穫。總而言之，我們仍然對實現這些目標的能力非常有信心。

You bet. And on the second pieces of operational efficiency, Ken, you know me, you and I have talked -- if we haven't talked 100 times, I'd be surprised, is I'm very consistent on that. I don't get out and tell people and put a number out and say this is what we're going to deliver, because there's so many puts and takes in operating the railroad.

當然。關於第二點營運效率，肯，你知道我，你和我已經談過了——如果我們沒有談過 100 次，我會感到驚訝，因為我在這一點上非常一致。我不會直接告訴人們我們將要實現的目標，因為營運鐵路需要做很多事情。

But bottom line is, our goal is to be the most efficient. That would mean driving the operating ratio the lowest in what the business and the mix that we have can deliver. And that's what it's all about for us. And we're real happy in the last few quarters, I think we've been in the position that we're leading the industry in that, and we want to continue to do that.

但最重要的是，我們的目標是最有效率。這意味著將我們的業務和組合所能提供的營運比率降至最低。這對我們來說就是全部意義。在過去的幾個季度裡，我們真的很高興，我認為我們一直處於行業領先地位，我們希望繼續這樣做。

What it looks like down the road, I don't know. If Kenny could go get a whole bunch more price, it would really help us on the operating ratio. So maybe I'll have to push him a little harder. Ken, I know you've told me a few times that I push Kenny a little too hard. So I just thought I'd remind you about that.

我不知道這條路的前景如何。如果肯尼 (Kenny) 能夠獲得更高的價格，這將真正有助於我們提高營運比率。所以也許我得對他再加把勁兒。肯，我知道你曾多次告訴我，我對肯尼的要求有點太嚴格了。所以我只是想提醒你這一點。

Did I miss any of your questions? Because you had three or four.

我是否遺漏了您的任何問題？因為你有三、四個。

Just the advanced comment. I just want to understand, is there a signal there or what it means? I don't know what you're trying to spend with that comment.

只是高級評論。我只是想了解一下，那裡有信號嗎或它意味著什麼？我不知道你發表這篇評論的目的是什麼。

There's nothing there. Just read it and think about what it says. That's it. It's as simple as that. And you're a smart guy, okay?

那裡什麼也沒有。只要閱讀它並思考它所說的內容即可。就是這樣。就這麼簡單。你是個聰明人，好嗎？

Appreciate it, Jim. Thank you very much.

非常感謝，吉姆。非常感謝。

Daniel Imbro, Stephens.

丹尼爾·伊姆布羅，史蒂芬斯。

Good morning, Daniel.

早上好，丹尼爾。

Hey, good morning. Thanks for taking the question, Jim. Maybe a different question on regulation here, and to follow up on part of Chris's question earlier. Just with the new administration and maybe lower regulatory backdrop, are we seeing any progress on things like (inaudible) to 0, 1-man crew? I mean you mentioned when it was a five-man crew, four-man crew. I mean, any progress on that push towards automation, or are any closer to a more efficient future with the new administration?

嘿，早安。謝謝你回答這個問題，吉姆。這裡可能有一個關於監管的不同問題，並跟進克里斯之前提出的部分問題。僅在新政府和可能更低的監管背景下，我們是否看到在（聽不清楚）0、1 名機組人員等方面取得任何進展？我的意思是，您提到當時有五人小組、四人小組。我的意思是，在推動自動化方面有任何進展嗎？或者在新政府的領導下，我們更接近實現更有效率的未來？

Yes. Eric has really been leading a lot of that discussion with the FRA, and so I'll let him speak. Go ahead, Eric.

是的。埃里克確實一直在主導與 FRA 的大量討論，所以我會讓他發言。繼續吧，埃里克。

Daniel, we're definitely seeing momentum. We've always appreciated our partnership with the FRA as an example. Right now, those engagements, they've been very effective. They've been prompt. We're trying to move as quickly as possible, both as a railroad and the FRA, but also in the industry.

丹尼爾，我們確實看到了勢頭。我們一直非常重視與 FRA 的合作。目前，這些措施非常有效。他們很及時。我們正在努力盡快採取行動，不僅作為鐵路公司和聯邦鐵路局，而且作為整個產業。

Now you pointed out some of the technologies, and certainly, those are parts of our discussions, but it's broader than that. As we look at technologies even outside of what's related to crew, number of people in the cabin of the locomotive, there's a lot of opportunity for us to continue to improve safety by being allowed to implement technologies, some of which have been around for a while, some of which that are just new and some of which that we're developing.

現在您指出了一些技術，當然，這些都是我們討論的一部分，但範圍比這更廣泛。當我們研究與機組人員、機車駕駛室人數無關的技術時，我們有很多機會透過實施技術來繼續提高安全性，其中一些技術已經存在了一段時間，一些技術剛剛出現，還有一些是我們正在開發的技術。

So I'm very happy with where we are with all of them. I think the way to measure us against that is the speed at which we can get through those conversations and get it on not just our railroad, but many other railroads, because the net benefit is a safer railroad industry.

所以我對我們和他們現在的處境感到非常滿意。我認為衡量我們水平的標準是我們完成這些對話的速度，並且不只是在我們的鐵路上，而且在許多其他鐵路上也進行這些對話，因為淨收益是鐵路行業更加安全。

Great, appreciate the answer.

太好了，感謝您的回答。

Thank you very much.

非常感謝。

Jason Seidl, TD Cowen.

傑森·塞德爾（Jason Seidl），TD Cowen。

Yeah, thanks, operator. Good morning. I guess, with your line of questioning or how limited you could be, I could ask about if you guys had up too much money in Bouchard (inaudible) season, but I'm going to try anyway. There's been a lot of talk about opening up some of this watershed traffic or accessing it. So can you talk about sort of the market that's out there for the rail industry in terms of how much business you think is available to access, whether it be through a deal or through railroads working together more closely?

是的，謝謝，接線生。早安.我想，根據你的提問方式或你的能力有限，我可以問一下你們在布沙爾（聽不清楚）賽季是否投入了太多錢，但我還是會嘗試一下。關於開放部分分水嶺交通或進入該分水嶺的討論很多。那麼，您能否談談鐵路行業的市場情況，您認為有多少業務可以透過交易或透過鐵路更緊密的合作獲得？

Well, let me talk real quick about the business and the way we look at it, okay? Because that's what's important, is if you build the fundamentals and have a very efficient railroad, you could open up markets that you can handle within the physical plant that you have. And that's real important for us. Delivering at a high level, to deliver what we sold and what we agreed to with the customer and they know we're consistent and not just for a short period of time, is real important for us to open up opportunity. And that's what's really important.

好吧，讓我快速談談業務以及我們看待業務的方式，好嗎？因為重要的是，如果你建立了基礎並擁有一條非常有效率的鐵路，你就可以開拓你可以在現有實體工廠內處理的市場。這對我們來說真的很重要。高水準地交付，交付我們所銷售的產品和我們與客戶達成的協議，並且他們知道我們是始終如一的，而不僅僅是在短時間內，這對我們開拓機會非常重要。這才是真正重要的。

And you know what, I have a little fun with Kenny every so often, but Kenny is real close to the customers, what we're doing and how we're looking at it and how we want to build together to win. So Kenny, why don't you fill in some of the gaps?

你知道嗎，我時不時會和肯尼開點小玩笑，但肯尼非常了解客戶，了解我們在做什麼、我們如何看待它以及我們如何共同努力取得勝利。那麼肯尼，為什麼不填補一些空白呢？

Yes. I will just say, through our [Interline alliances], we've always looked at which markets we can open up. When you have a strong efficient network and service products that we have today, obviously, that allows us to look at new opportunities and allows our customers to look at new opportunities. So we're going to keep with that mindset and see if we can grow the business.

是的。我只想說，透過我們的[聯運聯盟]，我們一直在尋找可以開拓的市場。當你擁有我們今天所擁有的強大而高效的網路和服務產品時，顯然，這使我們能夠看到新的機遇，並使我們的客戶能夠看到新的機會。因此，我們將保持這種心態，看看我們是否可以發展業務。

Perfect. Thank you very much. Thanks for the question..

完美的。非常感謝。謝謝你的提問。

Thanks.

謝謝。

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Good morning, Scott.

早安，史考特。

Hey, thanks. Good morning. I'll just stick to some of the fundamentals for now. Jennifer, any thoughts on second half operating ratio, second half price/mix as you sort of think about the business? And then, Kenny, that's just huge strength in coal, putting aside the contract win, like what's the sense from customers about the sustainability of this? Do we need to just think about -- do we need to start thinking about coal a little bit differently just given everything going up with the power markets?

嘿，謝謝。早安.我現在只會堅持一些基本原則。詹妮弗，您對下半年的營業比率、下半年的價格/組合有何看法？肯尼，煤炭產業的巨大優勢就在於此，拋開合約的勝利不談，客戶對於這種永續性有何看法？我們是否需要思考一下——考慮到電力市場的一切都在上漲，我們是否需要開始以不同的方式看待煤炭？

Okay, Scott, I think that was about a three-part question, but I'm going to give you extra credit because you asked about the fundamentals of the business. So in terms of how we think about OR, obviously, Jim has talked about that, that's an outcome of all the efforts that we're putting forward.

好的，斯科特，我認為這是一個由三個部分組成的問題，但我要給你額外的分數，因為你詢問了業務的基本面。因此，就我們如何看待 OR 而言，顯然，Jim 已經談到了這一點，這是我們所做的所有努力的結果。

But our challenge in our task as a management team is to make continuous improvement. And so we feel very confident in our ability to continue to drive improvement as we move through the back half of the year.

但作為管理團隊，我們面臨的挑戰是不斷改進。因此，我們對自己在今年下半年持續推動改善的能力充滿信心。

And you mentioned price/mix, yes, as we look at the back half of the year, we do actually think, assuming our belief is correct, which I think it is in terms of what's going to happen with international intermodal as a part of our business mix, we should see that mix piece turn more positive as we move through the second half. So that is an expectation that we have in there, Scott. I think you're spot on with that.

您提到了價格/組合，是的，當我們展望下半年時，我們確實認為，假設我們的信念是正確的，我認為就國際聯運作為我們業務組合的一部分將會發生什麼而言，隨著下半年的到來，我們應該看到組合部分變得更加積極。這就是我們的期望，史考特。我認為你的說法完全正確。

Even though -- one last comment and then I'll let Kenny talk to coal. But just as a reminder, on the coal piece, while it is -- has a higher arc than our international intermodal, it is still below the system average. So Kenny?

儘管如此——最後一條評論，然後我會讓肯尼談論煤炭。但需要提醒的是，就煤炭而言，雖然它的弧度比我們的國際聯運要高，但仍低於系統平均值。那麼肯尼？

Okay. So yes, and I talked about the natural gas prices, that's certainly playing a role. But more importantly, the service product that Eric and his team is providing us, being able to pull ahead more tons and deliver more trains, especially in a time where they need it when natural gas prices are where they are, we benefited from that. Obviously, we've talked about the win, which is also uplift for us with LCRA.

好的。是的，我談到了天然氣價格，它肯定發揮了一定作用。但更重要的是，艾瑞克和他的團隊為我們提供的服務產品能夠提前運送更多的貨物和列車，特別是在天然氣價格如此高的時候，我們從中受益匪淺。顯然，我們已經談論了勝利，這對我們 LCRA 來說也是一種鼓舞。

And I think you had a question about the future. And we'll see what happens. I mean we're looking closely at the impact of data centers out there and cloud computing. Will it have an impact on coal overall? And maybe we'll see some retirement get pushed out.

我認為你對未來有一個疑問。我們將拭目以待。我的意思是我們正在密切關注資料中心和雲端運算的影響。這會對煤炭整體產生影響嗎？我們或許會看到一些人的退休被推遲。

But right now, we're really being opportunistic with the service and capturing what we can.

但目前，我們確實在利用這項服務尋找機會，並盡我們所能。

It's been a great opportunity for us to reinforce the buffer resources, that they're there. Kenny brings the business to the railroad. We're not waiting weeks and months. We're finding that we have the locomotives, they're prepositioned, we have the crews and we get the volume on the rail. Build in America.

這對我們來說是一個加強緩衝資源的好機會。肯尼 (Kenny) 為鐵路帶來了生意。我們不會等待數週或數月。我們發現，我們擁有機車，它們已預先部署，我們有乘務員，並且我們獲得了鐵路上的運量。在美國建造。

Yes, you bet. Scott, thank you very much. Appreciate it.

是的，沒錯。斯科特，非常感謝。非常感謝。

(Operator Instructions)

（操作員指示）

Richa Harnain, Deutsche Bank.

德意志銀行的 Richa Harnain。

Good morning. So maybe you can talk a little bit about how you see your intermodal channel partners, the IMCs fitting into the equation of driving more domestic intermodal and enabling more conversions. It seems like you're doing more transloading services through your own subsidiaries. Do you think that's sustainable or you can grow it?

早安.因此，也許您可以稍微談談您如何看待您的多式聯運通路合作夥伴，IMC 如何融入推動更多國內多式聯運和實現更多轉換的方程式。看起來您正在透過自己的子公司提供更多的轉運服務。您認為這是可持續的嗎或您可以發展它嗎？

Kenny, you talked about the new products you're introducing on the domestic side, seven days a week in various markets. Are your IMC partners able to keep up?

肯尼，您談到了你們在國內市場每週七天推出的新產品。您的 IMC 合作夥伴能夠跟上嗎？

And then I know just a bonus one, if you throw me a bone given it's on the core business. Kenny, you also talked about, I think, over 400 projects and you have a line of sight winning those. And maybe you can talk about like customer feedback on turning those on if those conversations are being accelerated by the new tax plan. Anything on the long-term outlook for the revenue growth would be helpful. Thank you.

然後我知道還有一個額外的好處，如果你能給我一點好處的話，因為它與核心業務有關。肯尼，我想你也談到了超過 400 個項目，而且你有望贏得這些項目。如果新稅收計畫加速了這些對話，也許您可以談談客戶對這些對話的回饋。任何有關收入成長長期前景的資訊都會有所幫助。謝謝。

Yes. I'll just talk high level about intermodal. And I'll tell you, we're excited about the framework we have with our portfolio of private asset customers and our own rail box. When we talk to BCOs, they like the fact that they've got a choice of IMCs and private asset owners to look at. Our rail box is very competitive, and we've seen it compete very favorably in the marketplace.

是的。我只想從高層次談論多式聯運。我要告訴你們，我們對我們的私人資產客戶組合和我們自己的鐵路箱的框架感到非常興奮。當我們與 BCO 交談時，他們很高興能夠選擇 IMC 和私人資產所有者。我們的軌道箱非常具有競爭力，而且我們已經看到它在市場上的競爭非常激烈。

The second part of your question is around industrial development. And yes, the team is out there hustling to bring on more traffic engage. We've had some really strong wins already this year. We look at those as 40-year assets that will be around for a while. We've seen the cadence there, a slight uptick in run rate from what we've seen in the previous year.

你問題的第二部分是關於工業發展。是的，團隊正在努力吸引更多的流量。今年我們已經取得了一些非常重大的勝利。我們將其視為將存在一段時間的 40 年期資產。我們已經看到了那裡的節奏，與前一年相比，運行率略有上升。

It's hard to pinpoint down. That's because of the administration or some policy change. But we're encouraged about -- in the future of how those projects will shake out. Thank you.

很難確定。這是因為管理或某些政策改變了。但我們對這些項目未來的發展感到鼓舞。謝謝。

Great, have a good day. Thank you.

太好了，祝你有美好的一天。謝謝。

Brandon Oglenski, Barclays.

巴克萊銀行的布蘭登‧奧格倫斯基。

Good morning, Jim, and I guess I want to ask one on the historical perspective of the industry just given your career, like how has the interchange process for customers evolved? I mean, we always used to talk about Chicago as being a real pain point and so I guess can you talk to where that is today, some of the challenges that you still see with your shippers, and maybe some of the inherent limitations on dealing with that given today's structure.

早安，吉姆，考慮到你的職業生涯，我想問一個關於這個行業的歷史觀點，例如客戶的交換流程是如何演變的？我的意思是，我們過去總是說芝加哥是一個真正的痛點，所以我想您能否談談現在的情況，您在托運人身上仍然看到的一些挑戰，以及在當今結構下處理這些問題的一些固有限制。

I think you always have to look at how you simplify the movement of products, and we do that internally in how we use our network. And it's a great example of how we operate. So you can come out of the LA basin with a number of different products, not just Intermolo, and decide how you're going to move it to the different markets and how, what you've sold to the customer on speed and what. The more you can do that, so you remove touch points, and we do that all the time. Eric, we spend a lot of time looking at ways that we don't have to process cars in multiple hump yards or multiple switching facilities. And that's one of the, here I am talking about our secret sauce. We spend a lot of time worried about and have technology that helps us be able to examine it. So for us that's real important. That's the way we operate and if you can have a much more fluid, less touching railroad, and that's what we've driven. It helps us being able to provide a higher level of service because you remove some of that noise that happens when you hand off. So if it gets to the hump yard in Inglewood and you hump it there and then you want to go all the way to Minneapolis and you're trying to figure out that, we used to touch those cars 2 or 3 times. Every time you touch something could go wrong, but if you do it in a much more seamless manner the way we have and also in a cost efficient manner.

我認為你必須始終考慮如何簡化產品的運輸，我們在內部利用網路來實現這一點。這是我們運作方式的一個很好的例子。因此，您可以從洛杉磯盆地推出多種不同的產品，而不僅僅是 Intermolo，並決定如何將其轉移到不同的市場，以及如何快速向客戶銷售什麼產品。你越能做到這一點，你就越能消除接觸點，我們一直都是這樣做的。艾瑞克，我們花了很多時間尋找不必在多個駝峰場或多個調車場處理汽車的方法。這就是其中之一，我在這裡談論我們的秘密武器。我們花了很多時間擔心這個問題，現在有了技術可以幫助我們檢查它。所以對我們來說這真的很重要。這就是我們的運作方式，如果你能擁有一條更流暢、更少接觸的鐵路，這就是我們所推動的。它幫助我們提供更高水準的服務，因為您可以消除交接時產生的一些噪音。因此，如果它到達了英格爾伍德的駝峰場，你把它抬到那裡，然後你想一路開到明尼阿波利斯，你想弄清楚，我們過去常常碰這些車 2 到 3 次。每次觸碰都可能出錯，但如果您像我們一樣以更無縫的方式進行操作，並且以經濟高效的方式進行操作。

It's a win-win. Sorry for getting into the detail, but that's just the way my mind works, and I think Eric does as good a job or maybe even better than me at looking at that stuff, so I give the team a lot of credit, and Kenny loves it because we remove some of the noise on how we move the traffic and make it less expensive for us to move. So that's that's the way I look at it.

這是一個雙贏的局面。抱歉我說得太詳細了，但我的思維方式就是這樣，而且我認為 Eric 在處理這些事情方面做得和我一樣好，甚至比我更好，所以我對這個團隊給予了很高的評價，Kenny 也很喜歡，因為我們消除了影響交通流動的一些噪音，降低了移動成本。這就是我的看法。

Thanks for the question.

謝謝你的提問。

Thank you.

謝謝。

Walter Spracklin, RBC.

沃爾特·斯普拉克林（Walter Spracklin），RBC。

Morning, Walter. How are you?

早上好，沃特。你好嗎？

Good.

好的。

My Oilers didn't make it again. I remember that last time we were talking. Son of a gun. Back to railroad.

我的油人隊又沒能成功。我記得上次我們談話的時候。槍的兒子。回到鐵路。

Absolutely. So I'm going to put -- if we put aside merger talk, Jim, you and I, we have talked in the past about US-bound traffic making its way up through Canadian ports, and that's been a target for you in terms of repatriating that. I was wondering, have you ever quantified that as a total addressable market as to how much you could repatriate? And if you -- even if we were to go after that, is the port a big bottleneck at all in terms of you getting that volume? Or is it forget that volume, if we get more East-West fluidity, it's really domestic that you're going to focus on, not international intermodal?

絕對地。所以我要說的是——如果我們把合併討論放在一邊，吉姆，你和我，我們過去曾討論過通過加拿大港口運輸前往美國的貨物，而這一直是你在遣返這些貨物方面的目標。我想知道，您是否曾經將其量化為一個總可尋址市場，以至您可以匯回多少資金？而且，即使我們實現了這個目標，港口對於我們獲得如此多的貨物來說，會不會是一個很大的瓶頸？或者說，忘記了數量，如果我們獲得更多的東西方流動性，那麼你真正要關注的是國內，而不是國際聯運？

Well, I think as a railroad, we look at all ways to be able to grow our business and win in the marketplace. And that, it's the entire supply chain, is the only way you win. You can have the most efficient one piece of it that will not, Walter, allow you to win that business. But if you can deliver it -- and listen, the Canadians, and I was there with CN, they've done CN, and I don't know CP quite as well, but I'm absolutely sure that keeps all over it big time. He's a smart guy.

嗯，我認為作為一條鐵路，我們會想辦法發展業務並在市場上獲勝。而整個供應鏈才是你獲勝的唯一途徑。沃特，你可以擁有其中最有效的部分，但這不會讓你贏得那筆生意。但如果你能做到這一點——聽著，加拿大人，我和加拿大國家鐵路公司在一起，他們已經完成了加拿大國家鐵路公司，我對加拿大鐵路公司不太了解，但我絕對相信，這在各方面都會有很大的幫助。他是個聰明人。

Same thing with Tracy, very smart person.

特蕾西也是一樣，非常聰明的人。

So at the end of the day, they're working hard to make their supply chain better. My job, and all of us here, is to have a competitive product that we can win. We are competing as railroads every day. So I'll be honest, if I could figure out a way to drop about three trains a day coming out of Canada going into Chicago and win in that marketplace, I think that's my job and that's my responsibility and I would do it. Kenny, anything you want to add?

所以最終，他們正在努力改善他們的供應鏈。我的工作，以及我們所有人的工作，是擁有一款我們能夠贏得的具有競爭力的產品。我們每天都在像鐵路一樣競爭。所以說實話，如果我能想出辦法，每天從加拿大開往芝加哥的火車有三列，並在這個市場上獲勝，我想這就是我的工作，我的責任，我會去做的。肯尼，你還有什麼要補充的嗎？

Yes, just to reiterate, very strong service product. You heard me talk about ways that we can penetrate those markets. How do you get a service product that we've created from Tacoma into the Chicago market? That's one way. Another way is creating a new ramp at Twin City.

是的，重申一下，服務產品非常強大。您聽到我談論了我們打入這些市場的方法。如何將我們在塔科馬創造的服務產品推向芝加哥市場？這是一種方法。另一種方法是在 Twin City 建造一個新的坡道。

So we are on offense when it comes to trying to go out there and grab new business.

因此，當我們試圖開拓新業務時，我們就會採取進攻姿態。

Walter, thank you very much. I appreciate it.

沃爾特，非常感謝你。我很感激。

Thank you, Jim.

謝謝你，吉姆。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

Just curiosity question. Simultaneous with the discussions you're having with Norfolk Southern, do you actually pre-discuss or engage in like premerger chats with the Surface Transportation Board around this? Thank you.

只是好奇的問題。在與諾福克南方鐵路公司進行討論的同時，您是否實際上與地面運輸委員會就此事進行過預先討論或參與合併前的會談？謝謝。

Yes. Listen, I appreciate the question. But like I said, we've given all the information, that one -- those two lines that we put out, and that's where we are right now. I think that's a lot of information we handed out today. So for us, that's where we are, and we'll see what happens next.

是的。聽著，我很感謝你提出這個問題。但就像我說過的，我們已經提供了所有信息，那一條——我們發布的那兩條信息，這就是我們現在的情況。我認為我們今天發布的信息已經很多了。所以對我們來說，這就是我們所處的位置，我們將看看接下來會發生什麼。

But I appreciate the question. Thank you.

但我很感謝你提出這個問題。謝謝。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

Hey guys. And Jim, thanks for disproving the thesis that (inaudible) in this quarter. Kenny, as you're looking at the tariff impacts on some of the grain export risk, I guess it occurred to me that the export side of the equation is going to be a negative. But as you're looking across the business, whether it's metal or some of the more domestic movements, are you seeing any positives as freight roads kind of being redirected or tariffs are incentivizing additional production inside of the US? Can you talk a little bit about how that balances out from an overall impact on the book of business? Thanks.

嘿，大家好。吉姆，謝謝你在本季反駁了（聽不清楚）的論點。肯尼，當你看到關稅對部分糧食出口風險的影響時，我想到出口方面的影響將是負面的。但是，當您縱觀整個行業時，無論是金屬還是一些更國內的運輸，您是否看到了一些積極的跡象，例如貨運道路被重新定向或關稅正在激勵美國境內增加生產？您能否稍微談談這對業務的整體影響如何平衡？謝謝。

Yes. David, first, I want to say the biggest positive is the service product that we have out there to handle the stops and starts that come with tariffs that we've seen over the last, call it, seven to nine months, the also traffic flows have changed. And so when you have a prepared service network and strong service, that's the positive for us. Taking a step back, if you look at it externally, we are starting to see a few green shoots out there. I met with the customer a couple of months ago that said that they were shifting some of their production from Asia into Mexico, and we've got a strong service product coming out of Mexico.

是的。大衛，首先，我想說最大的正面因素是我們提供的服務產品可以處理過去七到九個月裡出現的關稅帶來的停停停停，交通流量也發生了變化。因此，當您擁有準備好的服務網絡和強大的服務時，這對我們來說是積極的。退一步來看，如果從外部來看，我們開始看到一些復甦的跡象。幾個月前我遇到一位客戶，他說他們正在將部分生產從亞洲轉移到墨西哥，而且我們在墨西哥擁有強大的服務產品。

I mentioned our industrial development pipeline. We're keeping an eye on that to see if we see a little bit more growth on the metal side. Over the long term, we think that that will be a positive for us even if it doesn't happen today or next week. So encouraged by that.

我提到了我們的工業發展管道。我們正在密切關注這一點，看看金屬方面是否會出現更多的成長。從長遠來看，我們認為即使今天或下週沒有發生，這對我們也是有利的。我因此深受鼓舞。

Thank you very much. I appreciate it.

非常感謝。我很感激。

Ari Rosa, Credit Suisse.

瑞士信貸的阿里·羅莎（Ari Rosa）。

Ari, good morning.

阿里，早安。

Hey, good morning, Jim. Congrats on a nice quarter here. Jim, you talked about evolving to the changing business environment. It's not really M&A specific. But I was hoping you could talk about what constraints you think UP has from kind of a structural network perspective that inhibit its growth. And kind of what prevents you from taking more share off the highway, especially with the service levels as strong as they are today?

嘿，早上好，吉姆。恭喜本季取得良好成績。吉姆，您談到如何適應不斷變化的商業環境。這其實並不是針對併購的。但我希望您能從結構網絡的角度談談您認為 UP 存在哪些阻礙其發展的限制因素。那麼，是什麼阻礙了你們從高速公路上獲得更多的份額，特別是在今天的服務水平如此之高的情況下？

Okay. You know what, I've answered that sort of type of question a lot, and I'd like to push my team a little bit. So Jennifer, it's yours.

好的。你知道嗎，我已經回答過很多次這類問題了，我想給我的團隊一點動力。那麼詹妮弗，這是你的。

Thank you, Jim. So I'm going to channel my inner Kenny Rocker on this. But I think -- first of all, it does start with the fundamentals of how we approach our customers and how we can be flexible with them and how we can provide a great service product.

謝謝你，吉姆。因此，我要在此激發我內心的肯尼·羅克 (Kenny Rocker) 熱情。但我認為——首先，它確實始於我們如何對待客戶、如何靈活地對待客戶以及如何提供優質的服務產品等基本要素。

So one of the things we really haven't talked about maybe, and should talk about more, is Eric and his team are very much partnered with Kenny's team to say, what does this customer need? We're deep into those conversations. Not just saying, "Here's our service product, do you like it?" It's more what service product do you need and how can we introduce that? How can we serve you better to meet those needs?

因此，我們可能還沒有談論過但應該多談論的一件事是，艾瑞克和他的團隊與肯尼的團隊緊密合作，討論這個客戶需要什麼？我們正在深入討論這些主題。不僅僅是說“這是我們的服務產品，你喜歡嗎？”更重要的是您需要什麼服務產品以及我們如何推出它？我們如何才能更好地為您服務以滿足這些需求？

Kenny referenced earlier, we're introducing a couple of new intermodal service products. I know we've got lots of examples too on the manifest side where, in those customer discussions, they've told us they need either more frequent day a week service, maybe changing time of day, et cetera. And Eric and his team have worked with that, and that's picked up incremental carloads.

肯尼之前提到，我們正在推出幾種新的多式聯運服務產品。我知道我們在艙單方面也有很多例子，在那些客戶討論中，他們告訴我們他們需要每週更頻繁的服務，也許需要改變一天的時間等等。埃里克和他的團隊一直致力於此，並增加了貨車裝載量。

And then I'd also take you back to something that Jim brought when he first got here, and I know you've heard us talk about this, is speed of decision making, speed of market, supporting those customers. When they come to us with a business opportunity, they're not talking to us about something they want to do sometimes in two years to three years, sometimes it is, but sometimes it's in the next 30 days, in the next 60 days. This is the opportunity we have.

然後我還要帶你們回顧吉姆第一次來這裡時帶來的東西，我知道你們已經聽過我們談論過這個，那就是決策速度、市場速度、支持那些客戶的速度。當他們向我們提出商業機會時，他們並不是在談論他們想在兩年或三年內做的事情，有時是，但有時是在接下來的 30 天或接下來的 60 天內。這就是我們的機會。

And so by being much more nimble, we've delayered the organization, that's allowing us to jump in there and attack that as well. And with the strong service product, we're saving money for our customers by taking days out of their transit time. That's real money for our customers in terms of inventory and in terms of their equipment assets. So it's all of UP kind of effort, and it's winning. And Kenny just raised his hand.

因此，透過變得更加靈活，我們減少了組織的層級，這使我們能夠介入並解決這個問題。憑藉強大的服務產品，我們可以縮短客戶的運輸時間，從而為他們節省成本。對於我們的客戶來說，就庫存和設備資產而言，這是真金白銀。所以這全是 UP 的努力，而且它正在取得勝利。肯尼剛剛舉起了手。

So I think he wants to add something.

所以我認為他想補充一些內容。

Jennifer, you got A-plus for that. That was good. But one thing I'll add that Jim and Eric brought to us is around car supply and equipment supply -- nearing 100% in that order fulfillment number, we're really excited about that. And customers are excited. It gives us an opportunity to get one or two more cars out of that facility.

詹妮弗，你獲得了 A+。那很好。但我要補充一點，吉姆和艾瑞克為我們帶來的是汽車供應和設備供應——訂單履行率接近 100%，我們對此感到非常興奮。顧客們也非常興奮。這使我們有機會從該工廠生產一兩輛汽車。

So that's another win for us.

這對我們來說是另一場勝利。

All right, thank you very much.

好的，非常感謝。

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維·尚克（Ravi Shanker）。

Great, thanks. Thanks for all the discussion today. Jim, maybe just a follow-up to a previous question. Obviously, you've had many, many, many customer conversations over the years. To what extent have you been effectively asked by your shipper customers to see if you can put together something like a transcon railroad because they want a service like that and they want to take trucks off the road? And to what extent has this been precipitated by customer conversations?

太好了，謝謝。感謝今天的所有討論。吉姆，也許這只是對先前問題的後續回答。顯然，這些年來您已經與許多許多客戶進行過對話。您的托運客戶在多大程度上有效地要求您看看是否可以組建一條類似跨大陸鐵路的服務，因為他們需要這樣的服務並且希望減少卡車上路？這在多大程度上是由客戶對話引發的？

Customers tell us this. They've been very consistent with me in my entire career. What's my service? How do I move to the markets? What are my options?

顧客告訴我們這一點。在我的整個職業生涯中，他們對我始終如一。我的服務是什麼？我怎樣才能進入市場？我有哪些選擇？

And then it comes down to, what do you charge me for it? So if we can win on the service, we could win on that, customers are happy. And you can see that.

那麼問題來了，你要向我收取多少費用？因此，如果我們能在服務上取勝，我們就能在那方面取勝，客戶就會滿意。你們也看到了這一點。

Like fundamentally, this quarter, and I think sometimes we get caught up in other noise, but if you look at fundamentally this quarter, we were able to grow our business. Okay? We were able to increase our revenue. We were able to show how efficient we could be when our total compensation was up at 1% above with all the inflationary. That's who we are, that's what we sell to our customers.

從根本上來說，這個季度，我認為有時我們會陷入其他噪音之中，但如果你從根本上看這個季度，我們的業務是能夠成長的。好的？我們能夠增加收入。當我們的總薪酬在通貨膨脹的情況下上漲 1% 時，我們就能證明我們的效率有多高。這就是我們，這就是我們賣給客戶的產品。

And if we do that, our customers are aligned with us. They want to be with Union Pacific. They want to be with this railroad. They want to win and they want to be with the railroad that opens opportunity for them. It's as simple as that, that's all I have to say. Thank you very much.

如果我們這樣做，我們的客戶就會與我們保持一致。他們想與聯合太平洋公司合作。他們想參與這條鐵路建設。他們想要勝利，他們想要與能為他們帶來機會的鐵路公司合作。就這麼簡單，這就是我要說的。非常感謝。

Jeff Kaufman, Vertical Research.

傑夫·考夫曼，垂直研究。

Jeff. Thank you.

傑夫。謝謝。

Hey. Good morning. Congratulations. Terrific quarter. Jen, have you looked at the One Big Beautiful Bill and assessed how that might impact the opportunities and cash flow at the company?

嘿。早安.恭喜。非常棒的一個季度。Jen，你是否看過《美麗大法案》並評估過它會對公司的機會和現金流產生什麼影響？

Yes, we have looked at that. And so going back and restoring 100% bonus appreciation, obviously, is a benefit. We think for us, it's probably cash, $250 million to $300 million incremental on an annual basis.

是的，我們已經看過了。因此，恢復 100% 的獎金增值顯然是有好處的。我們認為，對我們來說，這可能是現金，每年增量為 2.5 億至 3 億美元。

Okay. And that's the primary impact. Are there others?

好的。這就是主要的影響。還有其他嗎？

That's the primary impact. We do make some investment tax credit purchases. Those are still available through the bill. R&D credits. Yes.

這是主要的影響。我們確實進行了一些投資稅收抵免購買。這些仍可透過該法案獲得。研發積分。是的。

So I think that's all there.

所以我認為就這些了。

Yes. So there's lots. Jennifer, the only thing I would add is the administration talking about deregulation, making sure that the businesses have the opportunity to win, because we do compete against everybody else in the world, it's really important to us, and I liked some of those things that weren't specifically in the Big Beautiful Bill, but help us to compete better and be able to move our products within the US and internationally.

是的。所以有很多。珍妮佛，我唯一想補充的是政府正在談論放鬆管制，確保企業有機會獲勝，因為我們確實在與世界上其他所有人競爭，這對我們來說真的很重要，我喜歡《大美麗法案》中沒有明確提到的一些內容，但這些內容幫助我們更好地競爭，並能夠在美國國內和國際上銷售我們的產品。

So thank you for the question. And I guess, operator, that's the last question. So if I can just tie it up. So I apologize for the curve ball that we set out, but we thought it was prudent to put that out.

謝謝你的提問。接線員，我想這是最後一個問題了。所以如果我能把它綁起來的話。因此，對於我們提出的這個難題，我深感抱歉，但我們認為這樣做是明智之舉。

But fundamentally, what is more important to myself and the entire team and all 30,000 of us that work at Union Pacific is to move this company forward. We like where we are. Do we have more work to do? Eric says it well. We are never satisfied.

但從根本上來說，對我本人、整個團隊以及聯合太平洋鐵路公司所有 30,000 名員工來說，更重要的是推動公司向前發展。我們喜歡我們所在的地方。我們還有更多的工作要做嗎？埃里克說得很好。我們永不滿足。

I never wake up in the morning and say, "My god, what am I going to do today?" It's who can I push and what can I do to deliver better operations and better value to our customers.

我從來不會在早上醒來時問自己：“天哪，我今天要做什麼？”關鍵在於我可以推動誰以及我可以做什麼來為我們的客戶提供更好的營運和更好的價值。

So we're excited. We had a great quarter. We've got to build on this for the third quarter. And we're looking forward to having a discussion with all of you, for sure, when we report after the third quarter. Have a great day.

所以我們很興奮。我們度過了一個美好的季度。我們必須在第三季繼續努力。當然，我們期待在第三季報告發布後與大家進行討論。祝你有美好的一天。

Thank you very much for listening in and taking the time. Thank you.

非常感謝您收聽並抽出時間。謝謝。

Ladies and gentlemen, this concludes today's conference. You may now disconnect your lines at this time, and have a wonderful day.

女士們、先生們，今天的會議到此結束。現在您可以斷開線路，享受美好的一天。