聯合太平洋集團 (UNP) 2025 Q4 法說會逐字稿

Greetings. Welcome to the Union Pacific's fourth-quarter 2025 earnings conference 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.

問候。歡迎參加聯合太平洋鐵路公司2025年第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄製，今天演講的幻燈片可在聯合太平洋鐵路公司的網站上找到。

At this time, it is now my pleasure to introduce your host, Mr. Jim Vena, Chief Executive Officer for Union Pacific. Thank you, Mr. Vena. You may begin.

現在，我榮幸地向大家介紹我們的東道主，聯合太平洋鐵路公司執行長吉姆·維納先生。謝謝你，維納先生。你可以開始了。

Thank you, Rob. Appreciate. Let's get going this morning. But maybe let's just take a second before we get into the prepared remarks, and then I'm really looking forward to the questions and answers. So I'm sure there won't be anything on mergers. It will be all about how good Eric and the team are running the railroad. But -- thanks for joining us this morning. But I do need to call out the entire Union Pacific team.

謝謝你，羅布。欣賞。今天早上我們開始吧。不過，在正式開始發言之前，我們不妨先稍作停頓，之後我非常期待問答環節。所以我相信不會有任何關於併購的內容。一切都將取決於埃里克和他的團隊如何運營鐵路。不過——感謝您今天早上收看我們的節目。但我確實需要點名批評聯合太平洋鐵路公司的整個團隊。

We've had a significant weather event that impacted the vast majority of the United States of America from 1 end to the other. And we felt that in the Southern region that is -- that has these storms come through, but I'm telling you, it used to take us weeks to recover. And Eric and the team have done a spectacular job. I wouldn't say that we're at 100% this morning recovered. But Eric's promised me by the time I look at the metrics on Thursday morning, will be back to normal.

我們遭遇了一場影響美國絕大部分地區的重大天氣事件，從南到北都受到了波及。我們感覺在南部地區——也就是那些遭受風暴襲擊的地區——我告訴你，過去我們需要幾週才能恢復過來。埃里克和他的團隊做得非常出色。我不會說我們今天早上已經100%恢復了。但艾瑞克向我保證，到週四早上我查看各項指標時，一切都會恢復正常。

So Eric, listen, you and the team, do you want to just give a quick update on some of the big impacts, what's left to do here in the next so the customers that might be listed and can understand exactly where we are.

所以艾瑞克，聽著，你和你的團隊，你們是否想快速報告一些重大影響，以及接下來還需要做些什麼，以便讓可能被列入名單的客戶能夠確切地了解我們目前的狀況。

Yeah, to your point, Jim, the team has done a heck of a job. And it really is in that Texas and really in the Louisiana, Arkansas area. And really where we are pretty much 70% recovered, and that includes partnering with a lot of our customers who when this weather happens, they have to make adjustments to their their operations as well. We welcome that. We work with Kenny's team to be able to do that. And like you said, when we wake up Thursday morning, we should be back.

是的，吉姆，你說得對，團隊做得非常好。確實在德州，也確實在路易斯安那州和阿肯色州一帶。實際上，我們已經恢復了大約 70%，這也包括與許多客戶合作，當這種天氣發生時，他們也必須調整他們的營運。我們對此表示歡迎。我們與肯尼的團隊合作才能做到這一點。正如你所說，週四早上醒來時，我們應該就能回去了。

Listen, we're at Union Pacific and me specifically and the rest of the team with me. We like to deal with back, not how people feel. One of my favorite sayings when somebody tells me, I think this, I tell them, tell me what the facts are. And the facts are the northern part of the railroad, which usually gets impacted with real cold weather that did has recovered really well.

聽著，我們現在在聯合太平洋鐵路公司，具體來說，我和我的團隊其他成員都在這裡。我們喜歡處理背部問題，而不是關心人們的感受。我最喜歡的一句話是，當有人跟我說「我這麼想」時，我會告訴他們「告訴我事實是什麼」。事實是，鐵路的北部路段通常會受到嚴寒天氣的影響，但現在已經恢復得很好。

The western part of the railroad in L.A., late there wasn't very much of an impact. It was pretty clean and they're operating like they should. And in that central east and south part, they've done a spectacular job of recovering, where it would have taken us weeks to get us back to where we are. Nice to see that short time after a few days.

洛杉磯西部的鐵路，到後來，並沒有受到太大的影響。這裡很乾淨，他們的運作也很正常。在中東部和南部地區，他們的復原工作做得非常出色，而我們則需要數週時間才能恢復到現在的狀態。很高興幾天後就恢復正常時間了。

And that speaks to the facts of who we are and what we do with buffer of resources, making sure we add locomotives in the right place that would help. And all the assets and the people that we need, and I've got to give the employees credit for coming out and whether that was pretty tough. Now I always try to tell people I've done it before. But yes, that was a long time ago.

這說明了我們是誰，以及我們如何利用資源緩衝來確保我們在合適的地方添加機車，從而提供幫助。我們需要的所有資源和人員，我必須讚揚員工們的付出，儘管這非常艱難。現在我總是盡量告訴別人我以前做過這件事。是的，那已經是很久以前的事了。

Right now, the toughest thing I have to do is drive out of my garage and drive into another garage. So it's pretty easy. But I appreciate all the hard work by everybody. So why don't we get going?

現在，我最難做的事情就是把車從我的車庫開出來，然後再開進另一個車庫。所以這很容易。但我很感激大家的辛勤付出。那我們為什麼不開始行動呢？

So I already said, good morning, and thanks for joining us on the Union Pacific's fourth quarter and full-year 2025 results. I'm joined in Omaha by Chief Financial Officer, Jennifer Hamann; Executive President Marketing, Kenny Rocker, and of course, Eric, who has already spoken. So nice to have the team with me here this morning.

正如我剛才所說，早安，感謝各位參加聯合太平洋鐵路公司2025年第四季和全年業績發表會。在奧馬哈與我一同出席的有財務長珍妮佛‧哈曼、行銷執行總裁肯尼‧羅克，當然還有已經發言的艾瑞克。今天早上能和團隊成員們在一起真是太好了。

Let's dig into 2025. Throughout the year, we continue to build on what's possible. Quarter to quarter, we challenged ourselves on each other. The result the Union Pacific team delivered our best ever full year across safety, service and operating excellence.

讓我們深入探討一下2025年。在這一年中，我們不斷拓展各種可能性。每個季度，我們都互相挑戰。聯合太平洋團隊取得了有史以來最好的全年成績，在安全、服務和營運卓越性方面均表現出色。

As we close out the year, it's clear the team is consistently delivering at the highest levels -- and I'm confident that's what we'll continue to do. Now let's discuss the highlights further starting on slide 4. This morning, Union Pacific reported 2025 full-year reported net income of $7.1 billion, up 6% and earnings per share of $11.98 up 8%. 2025 freight revenue, excluding the impact of fuel surcharge grew 3% versus 2024 and set a best ever full year record.

隨著這一年的結束，很明顯，團隊一直在保持最高水準的表現——我相信我們將繼續做到這一點。現在讓我們從第 4 張投影片開始，進一步討論重點內容。今天上午，聯合太平洋鐵路公司公佈了2025年全年業績，淨利潤為71億美元，年增6%；每股收益為11.98美元，年增8%。剔除燃油附加費的影響，2025年貨運收入較2024年成長3%，創下公司有史以來最佳全年業績。

Strong core pricing gains, combined with an additional 113,000 railcars more than offset business mix. Our annual operating expenses after adjusting for merger costs and other one-timers were roughly flat year over year, an excellent result against business growth as well as inflationary pressures.

強勁的核心定價成長，加上新增的 113,000 節鐵路貨車，足以抵消業務組合的變化。在扣除合併成本和其他一次性費用後，我們的年度營運支出與上年基本持平，考慮到業務成長和通膨壓力，這是一個非常好的結果。

We remain disciplined setting the best ever full-year record for workforce productivity as we utilize 3% fewer employees to move 1% more volume. And we further managed our costs by operating a very efficient network, removing car touches and reducing dwell. We set best-ever records in many areas, freight car velocity, locomotive productivity, terminal dwell, train length, fuel consumption.

我們保持嚴謹的工作作風，創造了有史以來最佳的全年員工生產力記錄，我們用比以往少 3% 的員工實現了比以往多 1% 的業務量。此外，我們還透過營運高效的網路、減少車輛接觸和縮短停留時間來進一步控製成本。我們在許多方面都創造了有史以來最好的記錄，包括貨車速度、機車生產率、終端停留時間、列車長度和燃油消耗量。

I'm going to stop there. Eric would like me to have another 10, but that's it. That's enough to name a few. Importantly, we achieved these records while maintaining a buffer of resources as we safely delivered for our customers.

我就說到這裡吧。艾瑞克想讓我再吃10杯，僅此而已。僅舉幾例就足夠了。重要的是，我們在保持資源緩衝的同時，安全地為客戶提供服務，並取得了這些記錄。

Our 2025 full-year adjusted operating ratio improved 60 basis points to 59.3% in versus 2024's results. Reported net income was another best ever full year record in '25 driven by increased other income and higher operating income from revenue growth and productivity. Other income grew in part from industrial park land sales, demonstrating that we will take advantage of opportunities to monetize assets and maximize value to our shareholders.

與 2024 年的業績相比，我們 2025 年全年調整後的營業比率提高了 60 個基點，達到 59.3%。2025 年報告淨收入再次創下有史以來最佳全年紀錄，這主要得益於其他收入的增加以及收入增長和生產力提高帶來的營業收入增加。其他收入部分來自工業園區土地出售，顯示我們將抓住機會將資產變現，並為股東創造最大價值。

Jennifer, how about you dig into the fourth quarter financials, and then Kenny and Eric will quickly walk you through the marketing and operate in details. Then I'll come back for a quick wrap up before we go to Q&A. Jennifer?

珍妮弗，不如你先深入研究一下第四季度的財務數據，然後肯尼和埃里克會快速帶你了解一下行銷和營運方面的細節。然後我會回來做個簡短的總結，之後進入問答環節。珍妮佛？

Thank you, Jim, and good morning. Let's begin with our fourth-quarter income statement on slide 6, where operating revenue of $6.1 billion decreased 1% versus 2024 as freight revenue of $5.8 billion declined only 1% on 4% lower volume. Breaking down the drivers of freight revenue, the lower quarterly volume reduced freight revenue, 400 basis points. Fuel surcharge revenue of $603 million increased $15 million as higher year-over-year fuel prices added 75 basis points to freight revenue.

謝謝你，吉姆，早安。讓我們從第 6 頁的第四季損益表開始，其中營業收入為 61 億美元，比 2024 年下降了 1%，而貨運收入為 58 億美元，在貨運量下降 4% 的情況下，僅下降了 1%。影響貨運收入的因素分析顯示，季度貨運量下降導致貨運收入減少了 400 個基點。燃油附加費收入為 6.03 億美元，比去年同期增加了 1,500 萬美元，因為燃油價格年增率使貨運收入增加了 75 個基點。

Core pricing gains, combined with business mix to drive 275 basis points of improvement to freight revenue. Although still strong, quarterly pricing and mix were impacted by the competitive and global market environment, particularly in agricultural. While we remain focused on selling our valuable service product at the right margins, we have to compete.

核心定價優勢，加上業務組合的最佳化，推動貨運收入提高 275 個基點。儘管季度定價和產品組合依然強勁，但受到競爭激烈的全球市場環境的影響，尤其是在農業領域。雖然我們仍專注於以合適的利潤率銷售我們有價值的服務產品，但我們必須參與競爭。

Fortunately, our strong operating efficiency and continuous drive to improve allow us to compete and still generate strong cash returns. Fourth-quarter mix dynamic was slightly positive, although not as favorable as expected, due to lower volumes in some of our higher average revenue per car or ARC businesses such as forest products, food and refrigerated, and energy and specialized markets, and higher volume in some of our lower ARC businesses such as coal and rock.

幸運的是，我們強大的營運效率和不斷改進的動力使我們能夠保持競爭力並仍然產生強勁的現金回報。第四季產品組合動態略有好轉，但不如預期，這是由於我們一些平均每車收入（ARC）較高的業務（如林產品、食品和冷藏、能源和專業市場）銷量下降，而我們一些平均每車收入較低的業務（如煤炭和岩石）銷量上升所致。

Wrapping up the top line, other revenue declined 2% to $326 million, driven by lower revenue from the transfer of Metro operations.

綜合來看，其他收入下降了 2%，至 3.26 億美元，主要原因是地鐵營運轉移帶來的收入減少。

Switching to expenses, our appendix slides provide some more detail, but let me discuss the key drivers as total operating expense increased 2% to $3.7 billion. Reported compensation and benefits decreased 3%, driven by the favorable comparison to the $40 million crew staffing agreement we had in the fourth quarter of 2024.

接下來談談費用，我們的附錄投影片提供了更多細節，但讓我來討論一下主要驅動因素，因為總營運費用增加了 2%，達到 37 億美元。據報道，薪資和福利下降了 3%，這主要是由於與我們在 2024 年第四季度簽訂的價值 4000 萬美元的船員配備協議相比，情況較為有利。

Our continued focus on operational excellence enabled record fourth-quarter workforce productivity with workforce levels 5% lower than 2024. Fourth-quarter compensation per employee increased 5% as a result of wage inflation and higher guarantee.

我們持續專注於卓越運營，使得第四季度員工生產力創歷史新高，而員工人數比 2024 年減少了 5%。受薪資上漲和保障金提高的影響，第四季度每位員工的薪資增加了 5%。

For 2026, we expect our all-in compensation per employee to be up around 4% to 5% as we continue to identify opportunities to offset increasing wage and benefit inflation with process improvements, technology and investments.

預計到 2026 年，每位員工的綜合薪酬將增加 4% 至 5%，因為我們將繼續尋找機會，透過流程改善、技術和投資來抵消不斷上漲的薪資和福利通膨。

Reported purchase services and materials increased 8%, driven by merger-related costs, higher inflation and increased maintenance and repair cost. Fuel expense grew 2%, driven by a 3% increase in fuel prices from $2.41 to $2.49 per gallon, partially offset by improved fuel consumption. Equipment and other rents declined 8%, driven by lower operating equipment leases and improved cycle times that reflect our strong network fluidity.

報告顯示，採購服務和材料增加了 8%，主要原因是併購相關成本、通貨膨脹加劇以及維護和維修成本增加。燃油支出增加了 2%，主要原因是燃油價格上漲了 3%，從每加侖 2.41 美元漲至 2.49 美元，但燃油消耗量的增加部分抵消了這一增長。設備及其他租金下降了 8%，這主要得益於營運設備租賃減少以及週期時間縮短，從而反映了我們強大的網路流動性。

Finally, other expense increased 22% to $344 million on higher casualty costs and rising property taxes, as well as the comparison to 2024s bad debt adjustment. Against our record fourth quarter 2024, operating income declined 5% to $2.4 billion. Below the line, other income was the best ever quarter and increased $264 million, driven primarily by industrial park land sales, which Jim mentioned earlier. Reported net income totaled $1.8 billion and was a fourth quarter record with earnings per share of $3.11. Our adjusted earnings per share totaled $2.86 and adjusted operating ratio came in at 60%.

最後，由於意外損失成本增加、房產稅上漲以及與 2024 年壞帳調整的比較，其他支出增加了 22%，達到 3.44 億美元。與我們創紀錄的 2024 年第四季相比，營業收入下降了 5%，至 24 億美元。在公司業績之外，其他收入創歷史新高，成長了 2.64 億美元，主要得益於吉姆之前提到的工業園區土地銷售。報告顯示，淨利總額為18億美元，創第四季新高，每股收益為3.11美元。調整後的每股盈餘為2.86美元，經調整後的營業比率為60%。

Turning to shareholder returns and the balance sheet on slide 7. Full-year 2025 cash from operations totaled $9.3 billion, roughly flat to 2024, while our cash conversion declined 10 points as a result of higher cash capital and our significant gain on land sales at year-end.

接下來，我們來看投影片 7 的股東回報和資產負債表。2025 年全年經營活動產生的現金總額為 93 億美元，與 2024 年大致持平，而由於現金資本增加以及年底土地銷售的重大收益，我們的現金轉換率下降了 10 個百分點。

Cash returned to shareholders grew 25% versus 2024 as we rewarded our shareholders by returning $5.9 billion in 2025 through both dividends and share repurchases. Our adjusted debt-to-EBITDA ratio finished the year at 2.7 times as we maintain a strong balance sheet and continue to be A rated by our three credit agencies.

與 2024 年相比，返還給股東的現金成長了 25%，因為我們在 2025 年透過股利和股票回購向股東返還了 59 億美元。由於我們保持了強勁的資產負債表，並且繼續獲得三家信用評級機構的 A 評級，我們調整後的債務與 EBITDA 比率在年底為 2.7 倍。

Return on invested capital improved 50 basis points to 16.3%. As we've discussed, our goal is to have industry-leading operating ratio and ROIC. And I'm confident that when the dust settles after earnings season, we will remain the leader in 2025.

投資資本報酬率提高了 50 個基點，達到 16.3%。正如我們之前討論過的，我們的目標是實現業界領先的營運比率和投資回報率。我相信，在財報季塵埃落定之後，到 2025 年我們仍將保持領先。

In 2026, we expect our cash balances to steadily grow as we first prioritized paying off the $1.5 billion of long-term debt that comes due in the first half of the year and then can serve cash in anticipation of the merger closing.

預計到 2026 年，我們的現金餘額將穩定成長，因為我們首先優先償還了今年上半年到期的 15 億美元長期債務，然後可以利用現金來支付合併完成前的預期收益。

Now I'll turn it over to Kenny, and I'll come back in a little bit to discuss our outlook. Kenny?

現在我把麥克風交給肯尼，一會兒我再回來和大家討論我們的展望。肯尼？

Thank you, Jennifer, and good morning. Before I dive into the fourth-quarter results, I want to acknowledge the team's hustle and drive, which helped deliver a best ever for your record for freight revenue, excluding fuel.

謝謝你，珍妮弗，早安。在深入探討第四季度業績之前，我想表揚一下團隊的拼搏精神和積極進取的態度，正是這種精神幫助公司在不包括燃料的貨運收入方面取得了有史以來最好的成績。

Now turning to the fourth quarter on slide 9. Freight revenue was down slightly on a 4% decline in volume. Our strong service product allowed the team to offset that pressure with pricing. With fuel surcharges and business mix, we delivered a 4% increase in average revenue per car.

現在請看第 9 張投影片的第四部分。由於貨運量下降 4%，貨運收入略有下降。我們強大的服務產品使團隊能夠透過價格來抵消這種壓力。透過燃油附加費和業務組合調整，我們實現了每輛車平均收入成長 4%。

Let's talk about the key drivers for each of these business groups. Starting with our bulk segment. Revenue for the quarter was up 3% compared to last year on a 3% increase in volume. While business mix had average revenue per car flat. Strength in coal was driven by sustained demand and favorable natural gas pricing. We're seeing smaller wins build momentum and provide incremental volume in a mature market.

讓我們來談談每個業務部門的關鍵驅動因素。首先從我們的大宗商品業務開始。本季營收較去年同期成長3%，銷量也成長了3%。雖然業務組合的平均每輛車收入保持不變。煤炭價格走強主要受持續需求和有利的天然氣價格驅動。我們看到，較小的成功正在積蓄勢頭，並在成熟的市場中帶來增量銷售。

In grain, lower domestic demand and reduced soybean exports to China were partially offset by business development wins in Mexico. And as Jennifer mentioned, the competitive and global environment also impacted quarterly pricing and mix.

在糧食方面，國內需求下降和對華大豆出口減少的影響被墨西哥業務發展的成功部分抵消。正如詹妮弗所提到的那樣，競爭激烈的全球環境也影響了季度定價和產品組合。

Grain products growth in renewable fuels and associated feedstocks was tempered by uncertainty around the renewable fuel tax credit. Food and beverage volumes remain pressured with softness in Mexico beer shipments. Fertilizer and sulfur finished the quarter strong, driven by increased phosphate shipments and higher sulfur demand from the mining industry.

再生燃料及相關原料的穀物產品成長受到再生燃料稅收抵免政策不確定性的抑制。食品飲料銷量持續承壓，墨西哥啤酒出貨量疲軟。受磷酸鹽出貨量增加和採礦業對硫磺需求上升的推動，化肥和硫磺在本季度表現強勁。

Turning to Industrial. Revenue was up 1% for the quarter on a 1% increase in volume. Average revenue per car was flat as strong core pricing gains were offset by business mix. demand and business wins increased in petrochemicals and construction shipments, partially offset by decreased volume in our forest and petroleum markets. Premium revenue for the quarter declined 6% on a 10% increase in volume and a 5% increase in average revenue per car, reflecting business mix and higher fuel surcharges.

轉向工業領域。本季營收成長1%，銷量成長1%。由於核心產品定價的強勁成長被業務組合的變化所抵消，每輛車的平均收入持平。石化產品和建築材料的出貨量需求和業務成長有所增加，但部分被林業和石油市場銷售的下降所抵消。本季高級收入下降了 6%，儘管銷量增長了 10%，每輛車的平均收入增長了 5%，這反映了業務組合的變化和更高的燃油附加費。

Intermodal volumes were challenged by lower West Coast imports and customer shifts. Despite that, 2025 was the best ever year for domestic intermodal, which also delivered another record-breaking quarter, driven by exceptional service and business wins. Automotive volumes declined due to reduced OEM production driven by softer consumer demand and ongoing quality holds.

西海岸進口量下降和客戶群轉移給多式聯運帶來了挑戰。儘管如此，2025 年仍然是國內多式聯運有史以來最好的一年，在卓越的服務和業務拓展的推動下，又一個季度創下了紀錄。由於消費者需求疲軟和持續的品質控制問題，導致汽車製造商產量下降，汽車銷售也隨之下降。

Now let's focus on 2026 and the macro indicators we're watching on slide 10. Based on S&P Global's January outlook. At the start of the year, the indicators point to a softer environment. That said, it's still early in the year, and these forecasts can move as conditions evolve. We'll watch the data closely, but we'll stay focused on what we can control, delivering strong service, hustling to win and new business and partnering with our customers to grow.

現在讓我們把目光聚焦到 2026 年，以及我們在第 10 張投影片中關注的宏觀指標。根據標普全球1月的展望。年初的各項指標都顯示，市場環境較為寬鬆。話雖如此，現在還只是年初，這些預測會隨著情況的改變而改變。我們會密切關注數據，但我們會繼續專注於我們能夠控制的事情，提供優質的服務，努力贏得新業務，並與我們的客戶合作發展。

Looking ahead on slide 11. While we've been seeing volatility, we remain optimistic about coal potential with natural gas prices expected to remain favorable in the near term. grain exports, mostly to Mexico and some to China, coupled with ongoing business development should support growth.

展望第11張幻燈片。儘管市場波動，但我們仍然對煤炭的潛力持樂觀態度，預計天然氣價格在短期內將保持有利地位。糧食出口（主要出口到墨西哥，部分出口到中國）以及持續的業務發展應能支撐經濟成長。

In grain products, we expect continued strength supported by aggressive business development and expanding markets for renewable fuels and feedstocks. And as the policy for renewable fuels becomes clearer, we expect that to further support growth.

在穀物產品方面，我們預期在積極的業務拓展和再生燃料及原料市場不斷擴大的支持下，將持續保持強勁勢頭。隨著再生燃料政策的逐步明朗，我們預計這將進一步促進經濟成長。

Moving to Industrial. We're planning for a challenging backdrop. Industrial production is forecasted to be flat and housing starts are expected to decline by more than 2%. Our team is laser focused on business development and leveraging our strong service product to close gaps. We expect our petrochemicals market to remain strong driven by investments we've made in our Gulf Coast franchise and winning with new and existing customers.

轉向工業領域。我們正在為充滿挑戰的背景做準備。預計工業生產將保持平穩，房屋開工量預計將下降超過 2%。我們的團隊專注於業務拓展，並利用我們強大的服務產品來彌補市場差距。我們預計，在墨西哥灣沿岸特許經營權的投資以及贏得新舊客戶的推動下，我們的石化市場將保持強勁勢頭。

Wrapping up with premium. We expect continued softness in international intermodal volumes in the near term as imports stay below last year's level. Later in the year, comparison these, but the import environment remains fluid.

最後以高級版收尾。我們預計，由於進口量低於去年同期水平，國際多式聯運量在短期內將持續疲軟。今年晚些時候，我們將對這些進行比較，但進口環境仍然瞬息萬變。

On the domestic side, we see continued opportunity and growth from over-the-road conversions enabled by our strong service product and multiple channels to win. Softening vehicle sales will pressure automotive volumes. That said, the team continues to hustle and recent business development wins will help offset some of that softness.

在國內市場，憑藉我們強大的服務產品和多種取勝管道，我們看到公路運輸業務持續獲得機會和成長。汽車銷售疲軟將對汽車總銷量構成壓力。儘管如此，團隊仍在努力拼搏，最近在業務拓展方面的成功將有助於抵消部分疲軟的局面。

Looking ahead, we're confident in our ability to compete with a strong business development pipeline, and a service product that continues to differentiate Union Pacific, we're focused on converting opportunities through strong customer relationships, commercial intensity and consistent execution.

展望未來，我們對自身在競爭中的能力充滿信心，憑藉強大的業務發展管道和不斷使聯合太平洋鐵路公司脫穎而出的服務產品，我們專注於透過牢固的客戶關係、商業活力和持續的執行力來把握機會。

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

接下來，我將把發言權交給艾瑞克，讓他來評估我們的營運績效。

Thank you, Kenny, and good morning. Moving to slide 13, where in the fourth quarter, we extended our safety performance, delivering meaningful improvement in both personal injury and derailment rates compared to our three-year rolling average.

謝謝你，肯尼，早安。翻到第 13 張投影片，在第四季度，我們的安全表現進一步提升，與三年滾動平均值相比，在人身傷害率和脫軌率方面均取得了顯著改善。

Importantly, for the full year 2025, we achieved best-ever results in both areas, and we expect to lead the industry in employee safety. These outcomes reinforce our commitment to safety and demonstrate the effectiveness of our training programs and technology investments.

重要的是，在 2025 年全年，我們在這兩個領域都取得了有史以來最好的成績，我們預計將在員工安全方面引領業界。這些成果鞏固了我們對安全的承諾，並證明了我們的培訓計畫和技術投資的有效性。

Freight car velocity of 239 miles per day beat last year's record fourth quarter by 9% and set a best ever quarterly record. This result was driven by record quarterly terminal dwell of 19.8 hours, increased train speed and continued process and technology improvements to remove daily car touches. Truly exceptional work as we build further momentum to operate a safer railroad and drive capacity for future growth.

貨車日均行駛速度達到 239 英里，比去年第四季創下的紀錄提高了 9%，創下有史以來最佳季度紀錄。這一結果得益於季度終端停留時間創紀錄的 19.8 小時、列車速度的提高以及為減少每日車輛接觸而不斷改進的流程和技術。這項工作確實非常出色，我們正以此為契機，進一步推動鐵路安全運營，並為未來的成長提升運力。

Our service product tracked ahead of what we sold to our customers as fourth-quarter intermodal and manifest service performance both improved to finish at 100%. As a reminder, Service Performance Index will be rebased to our best monthly performance as we continue to raise the bar for success. We will remain agile and maintain our buffer of resources positioning us to respond quickly to demand.

我們的服務產品表現優於我們向客戶銷售的產品，第四季度多式聯運和艙單服務績效均提高，最終達到 100%。再次提醒大家，服務績效指數將根據我們每月最佳績效進行重新調整，因為我們將繼續提高成功標準。我們將保持靈活，並維持一定的資源儲備，以便快速回應需求。

Now let's review our key efficiency metrics on slide 14. Fourth-quarter locomotive productivity improved 4% versus 2024. Additionally, our 2025 full-year results set a record, demonstrating the team's focus on further reducing locomotive dwell to maximize asset efficiency. Workforce productivity improved 3% and set a quarterly record for the sixth consecutive quarter.

現在讓我們回顧一下第 14 頁的關鍵效率指標。第四季機車生產力比 2024 年提高了 4%。此外，我們 2025 年全年業績創下紀錄，顯示團隊致力於進一步減少機車停留時間，以最大限度地提高資產效率。員工生產力提高了3%，連續第六個季度創下季度紀錄。

We continue to enhance and automate our operations while improving the safety of how we work. Train length in the quarter improved 3% versus 2024, a strong result against the mix headwinds associated with softer international intermodal shipments, which were down roughly 30% year over year.

我們不斷改進和自動化我們的運營，同時提高我們工作方式的安全性。本季列車長度較 2024 年增長 3%，在國際多式聯運貨運量同比下降約 30% 等不利因素的影響下，這是一個強勁的成績。

All in, 2025 was a best ever year for train length averaging almost 9,700 feet as we adapted our transportation plan for the business and leverage targeted investments to generate mainline capacity.

總的來說，2025 年是列車長度有史以來最好的一年，平均長度接近 9,700 英尺，因為我們調整了業務運輸計劃，並利用有針對性的投資來提高幹線運力。

With that, let's review our capital outlook for 2026 on slide 15. Our capital plan is developed through a disciplined multiyear strategy to strengthen our infrastructure and generate strong returns. In 2026, we are targeting a capital spending of roughly $3.3 billion. As we've said before, our first capital dollars will support safe, reliable and productive operations. We are prioritizing our core infrastructure, modernizing our locomotive fleet and acquiring freight cars to support both replacement needs and future growth.

接下來，讓我們在第 15 頁回顧我們對 2026 年的資本展望。我們的資本計畫是透過嚴謹的多年策略制定的，旨在加強我們的基礎設施並產生強勁的回報。2026年，我們的目標是資本支出約33億美元。正如我們之前所說，我們的首筆資金將用於支援安全、可靠和高效的營運。我們正在優先發展核心基礎設施，對機車車隊進行現代化改造，併購置貨車，以滿足替換需求和未來的發展。

We're also investing in targeted capacity projects that align with our growth initiatives. These investments position us to capture additional volume opportunities and drive meaningful productivity improvements across the network.

我們也正在投資符合我們成長計畫的定向產能項目。這些投資使我們能夠抓住更多銷售機會，並推動整個網路生產力的顯著提升。

A few examples include the continuation of our siding construction and extension projects in the Pacific Northwest and along the Sunset route in the Southwest. We're also making terminal investments for our manifest network in and around Houston and the Gulf Coast region.

例如，我們在太平洋西北地區和西南地區的日落大道沿線繼續進行外牆建設和擴建項目。我們也在休士頓及其周邊地區和墨西哥灣沿岸地區對我們的貨運網絡進行終端投資。

On the Intermodal front, we're planning additional investments at Inland Empire and Phoenix to increase capacity and support growth in those markets. Our focus is on aligning the right resources in the right places at the right times, so we can grow with our customers and continue driving efficiencies across the network.

在多式聯運方面，我們計劃在內陸帝國和鳳凰城進行額外投資，以提高運能並支持這些市場的成長。我們的重點是在適當的時間將適當的資源配置到適當的地方，以便我們能夠與客戶共同成長，並持續提高整個網路的效率。

Before I pass it over to Jennifer, I want to express my gratitude to the UP team and their unwavering focus on safety and service. By staying disciplined on the fundamentals of railroading, we expect our team to continue this momentum in 2026 and beyond.

在將麥克風交給珍妮佛之前，我想對UP團隊及其對安全和服務的堅定不移的關注表示感謝。只要我們堅持鐵路運輸的基本原則，我們期望我們的團隊能在 2026 年及以後繼續保持這種發展勢頭。

So with that, I'll turn it back over to Jennifer to review our initial financial outlook for the year.

那麼，接下來我將把麥克風交還給詹妮弗，讓她來回顧我們今年的初步財務展望。

Thank you, Eric. Turning to slide 17. Before I give our thoughts on 2026, let me just summarize what we achieved in 2025. The strong results we reported today are on target with what we laid out last January. The path to achieving the results, however, was actually quite different.

謝謝你，埃里克。翻到第17張幻燈片。在展望 2026 年之前，讓我先總結一下我們在 2025 年所取得的成就。我們今天公佈的強勁業績與我們去年一月制定的目標一致。然而，實現這些結果的路徑實際上卻截然不同。

My point in highlighting that is pretty simple. We are executing our strategy of safety, service and operational excellence, leading to growth at a very high level. That level of execution makes us more nimble as a company and enables us to both win in the competitive freight transportation market as well as to take advantage of spot market opportunities, whether that be higher-than-expected coal demand, domestic intermodal moves, or opportunistic real estate sales. The entire Union Pacific team is collectively driving for excellence, and that's producing best-in-class industry returns.

我強調這一點的原因很簡單。我們正在執行安全、服務和卓越營運的策略，從而實現高水準的成長。這種執行力使我們公司更加靈活，使我們能夠在競爭激烈的貨運市場中取得成功，並抓住現貨市場的機會，無論是高於預期的煤炭需求、國內多式聯運，還是機會主義的房地產銷售。聯合太平洋鐵路公司的全體員工都在齊心協力追求卓越，這帶來了業界一流的回報。

As we apply that mindset to 2026, our current plans do not anticipate a significant economic upswing. We are, however, confident in our operational capabilities as our network is running better than ever. Our service product creates value for customers, and we are committed to outperforming the markets through our business development efforts.

當我們把這種想法應用到 2026 年時，我們目前的計畫預計不會有顯著的經濟好轉。然而，我們對自身的營運能力充滿信心，因為我們的網路運作狀況比以往任何時候都好。我們的服務產品為客戶創造價值，我們致力於透過業務發展努力超越市場表現。

It's also important to note that since we laid out our three-year targets in September of 2024, several things have changed. Notably, S&P Global's 2026 economic estimates in key areas such as industrial production, housing starts and auto sales have deteriorated.

值得注意的是，自從我們在 2024 年 9 月制定三年目標以來，有些情況已經改變了。值得注意的是，標普全球對 2026 年工業生產、房屋開工和汽車銷售等關鍵領域的經濟預測已經惡化。

In addition, rail inflation is ticking up again. we expect slightly over 4% inflation in 2026. Our commitment to yielding price dollars that exceed inflation dollars has not changed, but price may not be a driver of our improving margins in 2026. And of course, in September 2024, we did not anticipate the impact of merger costs and pausing our share repurchases.

此外，鐵路運輸通膨率再次上升。我們預計2026年通膨率將略高於4%。我們致力於實現高於通貨膨脹率的價格收益，這項承諾沒有改變，但價格可能不會成為 2026 年我們利潤率提高的驅動因素。當然，在 2024 年 9 月，我們並沒有預料到合併成本和暫停股票回購的影響。

Despite this different backdrop, we remain committed to attaining our three-year CAGR of high single to low double-digit EPS growth through 2027. Specific to 2026, our earnings outlook is in the mid-single-digit range as we continue to face volume and cost headwinds.

儘管背景有所不同，我們仍致力於實現 2027 年三年複合年增長率達到高個位數至低兩位數每股收益成長的目標。就 2026 年而言，由於我們持續面臨銷售和成本方面的不利因素，我們的獲利預期在個位數中段。

As 2025 demonstrated, the year ahead will likely present some ups and downs, but I am confident that we can adapt and drive financial gains. We are planning $3.3 billion for 2026 capital improvements and we will continue to deliver value to our shareholders with consistent annual dividend increases.

正如 2025 年所表明的那樣，未來一年可能會有一些起伏，但我相信我們能夠適應並取得財務收益。我們計劃在 2026 年投入 33 億美元用於資本改善，並將繼續透過持續提高年度股利為股東創造價值。

Importantly, we fully expect to improve our operating ratio versus 2025 and remain the industry leader in operating ratio and return on invested capital. The team's accomplishments in 2025 demonstrate the capabilities of our great franchise and we look forward to making further improvements in 2026 as a stand-alone company and in 2027 when we merge with the Norfolk Southern. It is truly a great time to be at Union Pacific.

重要的是，我們完全有信心在 2025 年之前改善我們的營運比率，並繼續保持營運比率和投資資本回報率的行業領先地位。團隊在 2025 年取得的成就證明了我們偉大特許經營權的實力，我們期待在 2026 年作為一家獨立公司取得進一步的進步，並在 2027 年與諾福克南方鐵路公司合併時取得更大的進步。現在正是加入聯合太平洋鐵路公司的絕佳時機。

And with that, I'll turn it back to Jim to wrap things up.

那麼，接下來就交給吉姆來總結一下。

Thank you, Jennifer. Turning now to slide 19. Before we get to your questions, I'd like to summarize what you've heard. First, Jennifer reviewed the fourth quarter financials. Car loads declined 4% in the quarter, driven by tough year-over-year international intermodal comparisons. We had strong core pricing gains and continue to drive productivity throughout our network.

謝謝你，珍妮弗。現在請看第19張投影片。在回答您的問題之前，我想先總結一下您剛才聽到的內容。首先，詹妮弗審閱了第四季的財務報表。受國際多式聯運年比數據不佳的影響，本季汽車貨運量下降了 4%。我們在核心定價方面取得了顯著進展，並持續提升整個網路的生產力。

Kenny gave an overview of fourth quarter volumes and laid out initial thoughts for 2026. We are focused on pricing to the value we provide and compete in the marketplace. It's clear our service execution over the last two years plus is helping us win with our customers. We see opportunities in several areas, including chemicals and domestic intermodal, to name a few, to leverage our franchise to further grow our business.

Kenny概述了第四季度銷量，並提出了2026年的初步想法。我們專注於根據我們提供的價值進行定價，並在市場競爭中脫穎而出。很明顯，過去兩年多來，我們高效的服務執行力幫助我們贏得了客戶的青睞。我們看到在多個領域，包括化學和國內多式聯運等領域，都有機會利用我們的特許經營權來進一步發展我們的業務。

Eric reviewed our record safety service and operational results. From a safety perspective, we made strong improvements and expect that we will end the year as the industry leader in employee safety. On the service front, we have shown our customers what consistent, reliable service looks like and how it drives value through the supply chain.

Eric審查了我們的安全服務和營運記錄。從安全角度來看，我們取得了顯著進步，預計今年年底我們將成為員工安全領域的產業領導者。在服務方面，我們已經向客戶展示了什麼是一致、可靠的服務，以及這種服務如何透過供應鏈創造價值。

On operational excellence, we more than met the challenges we set several quarterly and full year fluidity dwell and productivity records, and the team is ready to drive further improvements in 2026.

在卓越營運方面，我們超額完成了挑戰，創造了多個季度和全年的流暢停留時間和生產力記錄，團隊已準備好在 2026 年推動進一步改進。

Lastly, Jennifer discussed our outlook for the upcoming year. Similar to 2025, we are focused on building on our safety performance, winning new business and controlling our costs, all to generate improved financials. Our diverse franchise brings us challenges and opportunities every day, and our job is to maximize what's possible.

最後，珍妮佛討論了我們對來年的展望。與 2025 年類似，我們專注於提升安全績效、贏得新業務和控製成本，所有這些都是為了改善財務狀況。我們多元化的業務每天都為我們帶來挑戰和機遇，而我們的工作就是要最大限度地發揮這些可能性。

As we continue to successfully execute on our strategy, we will remain the industry leader that keeps raising the bar as we drive value for our shareholders.

隨著我們繼續成功執行我們的策略，我們將繼續保持行業領先地位，並不斷提高標準，為股東創造價值。

Before we open it up for questions, I'd like to make just a couple of comments on the merger. Job one for our team in 2026 is continuing to improve and run a great railroad. I like where we are. I like what we have planned, and I love the way we've been able to increase productivity, and we've been able to adjust depending on where the business is and also what the impact of input costs are.

在開放式提問環節之前，我想先就合併事宜談幾點看法。2026年我們團隊的首要任務是繼續改進並營運一條優秀的鐵路。我喜歡我們現在所處的位置。我喜歡我們所製定的計劃，也喜歡我們提高生產效率的方式，而且我們能夠根據業務發展情況以及投入成本的影響進行調整。

Job 2 is working through the regulatory process to merge with the Norfolk Southern. I'll be honest, myself, and we are disappointed that the STB determined we needed to provide more information after providing close to 7,000 pages. And working with them and listening to them if they needed more information. But this procedural step that we've seen in previous acquisitions, which were ultimately approved.

Job 2 正在辦理與諾福克南方鐵路公司合併的監理手續。說實話，我們很失望，STB 在我們提供了近 7000 頁資訊後，仍然決定我們需要提供更多資訊。與他們合作，如果他們需要更多信息，就傾聽他們的需求。但我們在先前的收購案中已經看到了這一程序步驟，最終這些收購案都獲得了批准。

Let's be clear. This does not reflect the value of our combined railroad will provide America and our customers. We are confident that we've demonstrated our merger enhances competition is in the best interest of the public.

讓我們把話說清楚。這並不能反映我們合併後的鐵路將為美國和我們的客戶帶來的價值。我們有信心證明，我們的合併增強了競爭，符合公眾的最大利益。

Our combined railroad will move goods faster while removing millions of trucks off to congested highways in several large cities, and customers will benefit from faster, more reliable service that unlocks new markets. The STB's request is focused on three areas requiring clarification.

我們合併後的鐵路將更快地運輸貨物，同時減少數百萬輛卡車駛入幾個大城市擁擠的高速公路，客戶將受益於更快、更可靠的服務，從而開拓新市場。STB 的請求主要集中在三個需要澄清的方面。

Our response will take a few weeks to prepare and then we will refile our application as soon as possible. We view this as a short-term blip and do not expect a significant change to the time line as we are still targeting closing in the first half of 2027.

我們需要幾週時間準備回复，然後我們會盡快重新提交申請。我們認為這只是短期波動，預計時間表不會發生重大變化，因為我們仍然計劃在 2027 年上半年完成交易。

We are following the process and doing our part to move forward with transparency and speed. We are delivering at the highest levels. So fundamentally, I like where we are and aligned on what it takes to win, driving safety, service and operational improvements to support growth as we work towards combining with Norfolk Southern.

我們正在遵循流程，盡我們所能以透明、快速的方式推進工作。我們正在以最高標準交付成果。從根本上講，我對我們目前所處的位置以及我們為取得勝利所需採取的措施感到滿意，我們致力於推動安全、服務和運營方面的改進，以支持增長，同時努力與諾福克南方鐵路公司合併。

So with that, Rob, we're ready to take questions if there's any.

那麼，羅布，我們準備好回答大家的問題了。

(Operator Instructions) Jonathan Chappell, Evercore ISI.

（操作說明）Jonathan Chappell，Evercore ISI。

I'm going to give you a break and go to Jennifer first today. Jennifer, I know there's a lot of moving parts and you got where you end up in 25 in a different manner than you expected 12 months ago. But just Help us understand a little bit. You said price may not be a driver of improving margins in '26, given the accelerated inflation. You talked about 4% on the comp per employee.

今天我先去見詹妮弗，讓你休息一下。珍妮弗，我知道這其中有很多變數，你最終走到今天這一步的方式和你12個月前預想的完全不同。請您幫我們稍微理解一下。你曾說過，鑑於通貨膨脹加速，價格可能不會成為 2026 年利潤率提高的驅動因素。你提到每位員工的薪資漲幅為 4%。

You're not expecting a macro recovery -- so how do you get to OR improvement in '26? Is this a function of headcount, productivity? And if there's any way to frame the magnitude based on what you see today and Kenny laid out from a macro standpoint, that would be helpful.

你不指望宏觀經濟復甦——那麼你如何在 2026 年實現運籌學改善？這是否與員工人數或生產效率有關？如果能根據你今天看到的情況以及肯尼從宏觀角度闡述的內容來把握問題的嚴重性，那就很有幫助了。

Yeah. Thanks for that question, Jonathan. So you heard that right in terms of -- from what we're expecting today, at least as we sit here from a price standpoint that while we absolutely believe that we will and have a plan to improve our operating ratio in 2026, we don't think that we're going to get any help from price. Of course, that's an early look.

是的。謝謝你的提問，喬納森。所以你沒聽錯——就我們目前的預期而言，至少從價格角度來看，雖然我們絕對相信並且有計劃在 2026 年改善我們的營運比率，但我們認為價格不會給我們帶來任何幫助。當然，這只是初步觀察。

And really, it's a function of a couple of things. We definitely benefited in 2025 from natural gas prices and strong coal pricing. While that may hold, we're just not going to have that as a tailwind for us in 2026. And then you still have a pretty weak domestic intermodal market. And those 2 things really are what's reflected in that pricing commentary.

實際上，這取決於幾個因素。2025年，我們肯定會從天然氣價格和強勁的煤炭價格中受益。雖然這種情況可能會持續下去，但到了 2026 年，我們就不會再有這種有利因素了。而且，國內多式聯運市場仍然相當薄弱。而這兩點也確實反映在了價格評論中。

In terms of productivity, Eric and his team did a fantastic job in 2025, driving productivity, driving efficiency, and we have more ahead of us in 2026. And so that definitely will be a continued tailwind for us as we move into 2026. And that's going to be supportive of improving our margins. And then the last thing I'll mention is the business mix. It should be a more favorable business mix for us in 2026 than in 2025.

就生產力而言，艾瑞克和他的團隊在 2025 年做得非常出色，提高了生產力，提高了效率，而我們在 2026 年還有更大的發展空間。因此，這無疑將成為我們邁入 2026 年的持續利多因素。這將有助於提高我們的利潤率。最後我要提一下的是業務組合。2026 年我們的業務組合應該比 2025 年更有利。

Now we were a little off in '25. I thought it was going to be a better mix in 2025 than it ended up being. But you still saw us make margin improvement. So that's where I think just the way that we're running and executing today. is a huge benefit for us.

我們在 1925 年有點偏差。我原以為2025年的情況會比最終的結果更好。但你們仍然看到我們的利潤率有所提高。所以我認為，我們目前的營運和執行方式對我們來說是一個巨大的優勢。

We are moving every available carload there is, and I anticipate we'll continue to do that in 2026. So that's really how we're looking at it.

我們正在盡可能地運輸每一車貨物，我預計到 2026 年我們仍將繼續這樣做。所以，我們確實是這樣看待這個問題的。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

It's Andrzej on for Jordan. I was just curious if you could dig a little more in on the $2 billion of targeted net revenue gains from the expected merger. I think about $4.2 billion of increased traffic gains are being offset by $2.2 billion of costs associated with handling that traffic. The question is how variable can that $4 billion gross traffic number be based on your planning assumptions?

安傑伊替補喬丹上場。我只是好奇您能否更深入探討預期合併帶來的 20 億美元淨收入成長目標。我認為，交通流量增加帶來的約 42 億美元收益被處理這些流量相關的 22 億美元成本所抵銷。問題是，根據您的規劃假設，這 40 億美元的總交通量數字可以有多大的變動空間？

And then could you just discuss a little more related to how you project the associated costs of taking on that new traffic, which altogether, I think it implies a pretty healthy EBITDA margin for the potential new traffic coming on board.

那麼，您能否再詳細談談您如何預測接收這些新流量的相關成本？總的來說，我認為這意味著潛在的新流量將帶來相當健康的 EBITDA 利潤率。

So if I have your question right, you're asking us when we put the merger application and we talked about growth in the number of the carload growth. And you want to know if that's conservative or not or where the market is. And you also want to understand whether -- how we're going to handle that business.

所以，如果我理解你的問題沒錯的話，你是在問我們何時提交合併申請，以及我們當時討論的貨運量增長情況。你想知道這是否保守，或者市場現狀如何。你也想了解我們將如何處理這件事。

So let's split that up in two pieces. We had experts -- we looked at it before, of course, before we decided to cross the bridge and merge with Norfolk Southern, we did our own analysis of the traffic that's available both long-haul intermodal that today, we have a lower percentage than the mid-length intermodal business just because of the handoff of what happens when you have to hand off from one railroad to the other and it just does not open the market and penetrate it as well. So we're very comfortable that, that $2 million that we put into the application is there.

所以，我們把它分成兩個部分來討論。我們聘請了專家——當然，在我們決定跨越橋樑與諾福克南方鐵路合併之前，我們就已經研究過這個問題了。我們對現有的長途多式聯運業務進行了分析，目前我們的業務佔比低於中程多式聯運業務，這僅僅是因為從一家鐵路公司移交給另一家鐵路公司時需要交接，而這並不能很好地開拓和滲透市場。因此我們非常有信心，我們投入在申請中的那 200 萬美元是有保障的。

And in fact, we are and always have been, just like when we talked about price before, we're conservative. If anybody thinks we're going to let Kenny get away with being conservative internally than DREAM ON and you don't know who I am, okay? So the same thing with this. We're very comfortable.

事實上，我們一直都是保守的，就像我們之前談到價格時一樣。如果有人認為我們會放任肯尼在內部搞保守，那你就做夢吧！而且你根本不知道我是誰，好嗎？這個也是一樣。我們感覺很舒服。

And then we had experts look at the market, and they wrote in their best guesstimate or estimate at this point on what we're going to do. Anytime you increase business, you get the added on the trains that you have and what you need to do. So it's always much more efficient than running traffic that is in a decreasing position where you have to try to figure out how to adjust your network.

然後我們請專家研究了市場，他們寫下了他們目前對我們打算採取的行動的最佳估計或預測。每當你增加業務時，你就會面臨額外的列車班次以及你需要做的事情。因此，它總是比運行流量處於下降狀態、需要費力去調整網路的流量要高效得多。

So bottom line is, I'm very comfortable that the business is out there. Now there has been some talk about this business. It's $2 million and my God, how much is that. Well, if you do the math, it's just -- it's around 38,000 carloads, you have to remember the way we -- all of us count intermodal. So you can just about cut some of that in half because there's two containers at least on a railcar. And for us, we load up our trains.

所以總而言之，我對這個產業的發展前景非常有信心。現在已經有人在談論這件事了。是200萬美元，我的天哪，那得多少錢啊！嗯，如果你算一下，那就是——大約是 38,000 車皮，你必須記住我們——我們所有人計算多式聯運的方式。所以你可以把其中一部分減半，因為一節鐵路貨車上至少有兩個貨櫃。而我們，則把火車裝滿貨物。

Also, we don't run 10,000-foot trains. We run our intermodal package because we have built the system to be able to do that somewhere between 14,000 and 18,000 feet. And we do that every day, and we've been doing it for now the last few years. So the total number of additional movements that we're going to have on the railroad, that impact what capital we need to require is not as large as people think, and we know that it's not that large.

另外，我們不運行 10,000 英尺長的列車。我們之所以選擇在 14,000 到 18,000 英尺的高度運行多式聯運包裹，是因為我們已經建立了能夠在這樣的高度運作的系統。我們每天都這樣做，而且過去幾年我們一直都在做這件事。因此，鐵路運輸將增加的總運輸量，以及由此產生的所需資金，並沒有人們想像的那麼大，我們也知道實際數量並沒有那麼多。

Let me take one more step down if you take a look at the way we operate. The way we operate is this morning, when I looked, okay, like I do every morning, we have over 2,000 movements, foreign railroad, local trains running on our network.

如果讓我們再深入探討一下我們的運作方式，那就讓我再往下走一步吧。今天早上，我像往常一樣查看了一下，發現我們網路上有超過 2000 列火車在運行，包括外國鐵路和本地列車。

So if we add 10 more trains a day or 15 or 14 more trains a day, it's a pretty small rounding error on the impact to the network. So I'm very comfortable that when the merger gets finalized, which it will, just because of the enhanced product that we're offering our customers. And just an end-to-end railroad from one end of the country to the other is enhanced all by itself. We're going to be able to provide seamless, faster service to our customers, let alone in the watershed.

所以，如果我們每天增加 10 列火車、15 列火車或 14 列火車，對網路的影響只是一個很小的四捨五入誤差。因此，我對合併最終完成充滿信心，因為合併完成後，我們將為客戶提供更優質的產品。一條從國家一端延伸到另一端的鐵路本身就能提升整個國家的品質。我們將能夠為客戶提供無縫、快速的服務，更不用說在流域範圍內了。

So Eric, do you have anything more to talk about how the network is going to handle this little bit of business that we're going to bring on that we hopefully is more than 2 million.

所以艾瑞克，關於電視台將如何處理我們即將推出的這部分業務（我們希望超過 200 萬美元），你還有什麼要說的嗎？

Okay. Let's build on that where we started. So really, we're talking about a 6% increase in our operating inventory and as the combined entity. And I want everybody to make sure you hear that 6%. So you have 3 things you do.

好的。讓我們從我們開始的地方繼續前進。所以實際上，我們討論的是合併後實體的營運庫存增加 6%。我希望每個人都能聽到這 6%。所以你有三件事要做。

Number one, you rely on the buffer of capacity we already have. right? We've talked all the time internally and externally about the fact that we keep a buffer of resources for locomotives and cars, but we also do that for terminal capacity and mainline capacity. We don't run terminals up to 100% capacity. Heck when we get to about 80%, we're already making investments.

第一，你要依靠我們現有的緩衝產能，對吧？我們一直在內部和外部討論過，我們要為機車和車廂保留一定的資源儲備，但我們也為終端容量和乾線容量保留資源儲備。我們不會讓碼頭滿載運轉。等到達到 80% 左右的時候，我們就已經開始投資了。

Second thing, when you look at the application, the base year is 2023. So we've made capacity investments. And independently, and NS has made capacity investments as well in '23, '24, '25, and those are all tailwinds for us to utilize. And then Jim hit the last one I got to be honest with you, I totally agree with Jim, when I don't remember what railroad said it, but something about 10,000 feet.

第二點，當你查看應用程式時，會發現基準年份是 2023 年。因此，我們進行了產能投資。此外，NS 在 2023 年、2024 年和 2025 年也進行了產能投資，這些都是我們可以利用的有利因素。然後吉姆說了最後一個，說實話，我完全同意吉姆的說法，我不記得是哪個鐵路公司說的了，但好像大約 10,000 英尺。

And I had a hard time computing that because we don't run trains at 10,000 feet. Here at Union Pacific, we've invested in our people and the technology that allows us to safely and reliably operate those trains that link Jim mentioned. So very comfortable with it. We're working through the integration process, and it will be the most thoroughly planned and executed integration of two railroads.

我很難計算出這一點，因為我們不會在 10,000 英尺的高空運行火車。在聯合太平洋鐵路公司，我們對員工和技術進行了投資，使我們能夠安全可靠地運營吉姆提到的那些列車。感覺非常舒適。我們正在推進整合進程，這將是迄今為止計劃最周密、執行最徹底的兩條鐵路的整合。

Listen, sorry for the long answer. We'll try to be shorter. So this thing doesn't go too long, but great question. Thank you very much.

抱歉回答這麼長。我們會盡量簡短一點。所以這件事不會持續太久，但這個問題問得很好。非常感謝。

Ken Hoexter, Bank of America.

Ken Hoexter，美國銀行。

Great job on the ops. I guess just a quick one, just to clarify, the base rate for your mid-single-digit growth, is that the $11.98 reported? Or is it the normalized? I'm just kind of a lot of questions on that. And then pre-merger, you're now building to low single digit, mid-single digit into 2027. Maybe you can just kind of -- are we really ramping that up for the '27 outlook? And kind of what should expectations? I know it's a two years ahead, but just because you've reiterated that target, I just want to understand your thoughts there. in the face of $3.8 billion down to $3.3 billion CapEx. So why the reduction and what's getting pulled out?

營運方面做得很好。我再問一個問題，澄清一下，你們所說的個位數中段成長率的基準率，是指之前報道的 11.98 美元嗎？或者它是標準化後的值？我對此有很多疑問。合併前，你們現在正努力將成長率提升至個位數低段，到 2027 年達到個位數中段。或許你可以這樣想──我們真的要為 2027 年的展望加大力度嗎？那麼，人們應該抱持什麼樣的期望呢？我知道這還有兩年時間，但既然您重申了這個目標，我就想了解您對此的想法。畢竟，資本支出已從38億美元降至33億美元。那麼，為什麼要削減開支？削減的又是什麼呢？

Well, for one question, Ken, you managed to hit a lot of points there. Let me see if I can hit them all. So our guide of mid-single digits is off of the $11.98. Our reported EPS, which was up 8% year over year in 2025. You also asked in terms of the CapEx piece at the end there. We are sizing our CapEx relative to what the network needs. And Jim has talked about this before. CapEx isn't just a snapshot in time. It's not a single year.

肯，就一個問題而言，你確實談到了很多要點。讓我看看能不能全部擊中。因此，我們先前預測的個位數中段成長是基於 11.98 美元的每股收益，而我們先前報告的 2025 年每股收益將年增 8%。您最後也問到了資本支出部分。我們正在根據網路需求來確定資本支出規模。吉姆之前也談過這件事。資本支出並非只是某一時刻的快照。不是僅僅一年。

These are multiyear investments. Eric mentioned some of the investments that we're making in and around Houston. That's over $300 million in total, but that's going to be over many years. So we're looking ahead. We're looking at what we have ahead of us in terms of what we need, and we feel very comfortable with that. What was your middle question? I missed that one.

這些都是多年期投資。艾瑞克提到了我們在休士頓及其周邊地區的一些投資。總計超過 3 億美元，但這需要很多年才能完成。所以我們正在展望未來。我們正在審視未來需要做的事情，對此我們感到非常有信心。你中間的問題是什麼？我錯過了那一個。

Just the -- sorry, the middle part of it was the ramp into the low midterm for this 2027.

只是——抱歉，中間那部分是為 2027 年中期考試低迷期所做的鋪墊。

I mean, you're right. Mathematically, that does put a lot of pressure on 2027. Again, we're sitting here on January '27. It's tough to know exactly what's going to happen. The economic indicators don't look great, but if that's different, we're positioned. We have the resources, and we're going to capitalize on that.

我的意思是，你說得對。從數學角度來看，這確實給 2027 年帶來了很大的壓力。現在是1月27日。很難確切地知道將會發生什麼。經濟指標看起來不太樂觀，但如果情況有所不同，我們已經準備好了。我們擁有資源，我們將充分利用這些資源。

Absolutely. The market is not telling us that's available today, but the market is often wrong. And seen ahead to 2027, again, continue to run well, and we feel very comfortable with the guide, even though that does mean if we're right in the mid-single digits for 2026, that puts a big lift on 2027 for us.

絕對地。市場並沒有告訴我們現在有這種產品，但市場經常出錯。展望 2027 年，我們預計未來一段時間內仍將保持良好勢頭，我們對這項預測感到非常滿意。儘管這意味著，如果 2026 年的成長率達到個位數中段，那麼 2027 年的成長率將會大幅提升。

And we stopped the share buyback of $4 billion to $5 billion, right $4.5 billion this year. So just because we're making sure that we have the cash, as Jennifer spoke about. And Ken, you should know me by now and you should know this team. We'd rather be a little conservative in what we how we look at it and make sure that we over deliver on what we have, and that's our challenge all the time. So Ken, good question. Thank you very much.

我們停止了今年 40 億至 50 億美元的股票回購計劃，確切地說是 45 億美元。正如珍妮佛所說，我們這樣做只是為了確保我們有足夠的現金。肯，你應該認識我，也應該了解這支隊伍。我們寧願在看待問題上採取保守的態度，確保我們能夠超越預期，而這始終是我們面臨的挑戰。肯，問得好。非常感謝。

David Vernon, Bernstein.

大衛‧佛農，伯恩斯坦。

So a bigger picture question for you around some of the access issues. Obviously, the regulator came out with the decision to maybe change some of the rules around switching, I'm not going to call it reciprocal because it's all recipe if two parties are involved.

所以，關於一些訪問方面的問題，我想問你一個更宏觀的問題。顯然，監管機構已經決定可能要改變一些關於轉換的規則，我不會稱之為互惠，因為如果涉及兩方，那就都是既定的規則。

But if you think about the switching sort of regulation moving away from maybe the mid paper precedent, how does that change your perspective on the business? Or what kind of impact do you expect that to have as we think about a future either with or without the merger, if we're going to maybe make it a little bit easier for shippers to petition for a switch? How does that change the UP business? We've been getting a lot of questions on that from investors. I'd love to get your thoughts on it.

但如果你考慮到監管方式正在轉變，不再像以前那樣以中期文件為先例，這會如何改變你對業務的看法？或者，如果我們讓托運人更容易申請轉換，那麼在考慮未來是否進行合併時，您認為這將產生什麼樣的影響？這會為UP的業務帶來哪些改變？我們收到了很多投資者關於這方面的問題。我很想聽聽你的看法。

Yeah. Listen, I think it's a timely question, David. I appreciate it. Anybody who's heard me for the last son of a gun, okay? I was at CN 10 years ago. So that was on calls 2 years ago, I've been very consistent, and I haven't changed. I'm all about competition, and that's what I love about this merger, it's going to make everybody more competitive, and it's going to drive better results for our customers. But on that issue, I am not afraid to compete. And I think customers should have optionality. In general, the devils in the details, okay, with what they've put out, and we have to work through.

是的。聽著，我覺得這個問題問得正是時候，大衛。謝謝。聽我說話最久的人，懂嗎？我十年前在CN工作過。那是兩年前的電話會議，我一直都很堅持，沒有改變。我非常重視競爭，這也是我喜歡這次合併的原因，它將使每個人都更具競爭力，並將為我們的客戶帶來更好的結果。但在這方面，我並不害怕競爭。我認為顧客應該有選擇權。總的來說，魔鬼藏在細節裡，好吧，就他們目前公佈的內容而言，我們必須想辦法解決。

But I am very supportive of if you can't deliver for your customers, then customers should have optionality. And I have no issue with that. Now it needs to be across the whole industry, not just, okay, Union Pacific. It has to be for everybody.

但我非常支持這樣的觀點：如果你無法滿足客戶的需求，那麼客戶應該有其他選擇。我對此沒有異議。現在需要在整個行業中推廣，而不僅僅是聯合太平洋鐵路公司。它必鬚麵向所有人。

I would love to compete with some customers that are not getting the service level we're providing in the Western US and when we have the merger in the Eastern US or with the Canadian railroads that are running north south, okay, through and into Iowa. We'd love to compete against them, and we have no issue opening some of our customers up or all of them up as long as everybody does.

我非常樂意與一些在美國西部地區無法享受到我們所提供的服務水平的客戶展開競爭，也樂意與在美國東部地區進行合併的客戶，或者與那些南北走向、途經愛荷華州的加拿大鐵路公司展開競爭。我們很樂意與他們競爭，只要大家都這樣做，我們不介意開放部分或全部客戶。

So that's where I met with it. The devil's in the details, and let's make sure that whatever happens actually improves the customer experience. The worst thing you can do is have a system in place that is complicated -- no one understands how the customer can win. If you increase touch points and you make it complicated, then the customer actually sees a deterioration. They're going to have to carry more inventory and more assets to try to move through it.

我就是在那裡遇到它的。細節決定成敗，我們要確保無論發生什麼，都能真正改善客戶體驗。最糟糕的情況就是建立一個複雜的系統—沒有人明白客戶如何才能獲得成功。如果增加接觸點並使其變得複雜，那麼客戶實際上會感受到服務品質的下降。他們將不得不持有更多庫存和資產來努力消化這些訂單。

So as long as we protect the investments that we've made, okay, to provide service to our customers. Just in Inglewood, hundreds of millions of dollars to have the buffer in there to be able to recover as fast as we have. So I'm all for it. I like it.

只要我們保護我們已經進行的投資，就可以為客戶提供服務。僅在英格爾伍德，就投入了數億美元作為緩衝資金，以便我們能夠像現在這樣迅速地恢復。所以我完全贊成。我喜歡。

Let's get through the details. And I've told everybody that the regulators who wanted to listen to me long before anybody put anything out in this last one that I would be supportive. Now I don't think everybody is on the same page. But if they are, it should be an easy fix to go ahead and get it done. I'm ready and Union Pacific is ready to challenge ourselves. And the cream rises to the top when you have more competition.

我們來詳細了解一下。而且，早在上次發布任何消息之前，我就告訴所有願意聽取我意見的監管機構，我會給予支持。現在我覺得大家的想法可能不一致。但如果確實如此，那應該很容易解決，只要著手處理即可。我已經準備好了，聯合太平洋鐵路公司也準備好迎接挑戰。競爭越激烈，優秀的人就越容易脫穎而出。

So David, hopefully, I helped you with that answer, and you're clear about where we are on it.

所以大衛，希望我的回答對你有幫助，你也清楚我們目前的進展。

You absolutely did. And maybe just as a quick follow-up. Do you have a day for when the application is going to be resubmitted? I'm not sure if that filing has been yet, but I think the FTP ask you guys for Tuomi when the recent bid was going on?

你確實做到了。或許還可以簡單補充一下。請問您確定何時可以重新提交申請？我不確定那份文件是否已經提交，但我記得FTP在最近的競標期間向你們詢問過Tuomi的情況？

Okay. I've been having an exciting morning watching the railroad to cover. Then you ask me a question like that. I'm telling you we got experts working on stuff. And trying to get all these experts that give me all the detail. We're working on sort of a sliding scale right now. I don't like it.

好的。今天早上我一直在關注鐵路運輸情況，我感覺很興奮。然後你問我這樣的問題。我跟你說，我們有專家在處理這些問題。我正在努力聯繫所有這些專家，希望能得到所有細節資訊。我們目前正在實行一種階梯式收費標準。我不喜歡這樣。

I wish it was in tomorrow, but they're working hard. And this is weeks -- and this was why we started with trying to get the application in way before the full six months because I was absolutely sure even though we thought we had done a good job that the STB was going to find something that they wanted us to look at it again. And I understand why. This is a big combination. This needs to be done right.

我希望明天就能到貨，但他們正在加緊趕工。這需要幾週時間——這就是為什麼我們一開始就試圖在六個月期限之前提交申請的原因，因為我非常確定，即使我們認為我們已經做得很好，STB 也會發現一些問題，希望我們再次審查。我明白為什麼。這是一個強大的組合。這件事必須妥善處理。

And I give the STB credit that they're going to look at it. I think the three members plus all the people at the STB, they have a responsibility to make sure that what we're doing is positive.

我讚賞機上盒管理委員會會調查此事。我認為這三位成員加上新加坡旅遊局的所有人員，都有責任確保我們所做的一切都是正面的。

They're going to come to the same conclusion as I have and the entire team here in Norfolk Southern has that it is positive. It is positive for customers, for our employees, for America, taking trucks off the road. But at the end of the day, it's a process, frustrating as it is, okay? Once in a while, I go home and I have a nice Irish whiskey to call myself down before I go to bed, just to say, okay, I'm good with this. But stay tuned.

他們會得出和我以及諾福克南方鐵路公司全體員工一樣的結論，那就是結果肯定。減少道路上的卡車數量，對客戶、員工和美國來說都是好事。但歸根結底，這是一個過程，儘管令人沮喪，好嗎？偶爾我會回家，在睡覺前喝一杯上好的愛爾蘭威士忌來讓自己平靜下來，只是為了告訴自己，好吧，我接受這一切。敬請期待。

As soon as we know exactly the date, I'll be the first one to announce it. I think we'll put a press release out that says that in March on whatever date it's going to come out. So sorry, I can't give you a definitive 1 this morning, but you know I'm pushing them hard to get this thing done.

一旦確定具體日期，我會第一時間公佈。我認為我們會在三月發布一份新聞稿，說明具體發布日期。非常抱歉，今天早上我無法給你一個確切的答案，但你知道我正在努力催促他們完成這件事。

Chris Wetherbee, Wells Fargo.

克里斯‧韋瑟比，富國銀行。

I guess maybe as it relates to the merger and the competitive landscape, obviously, there's a lot of customer relationships that need to be addressed as you go through this process. I know it's relatively early, but with the application and people have had a chance to look at it in a sense of how you're thinking about you'll have obviously more comments to come as you just noted, Jim, I guess maybe specifically on the intermodal side, can you talk to us about how that sort of discussion is developing?

我想，就合併和競爭格局而言，顯然，在這個過程中有很多客戶關係需要處理。我知道現在還為時過早，但隨著申請的提交，人們已經有機會從某種程度上了解你的想法，正如你剛才提到的，吉姆，顯然你還會發表更多評論。我想，特別是關於多式聯運方面，你能和我們談談這方面的討論進度如何嗎？

There's obviously some big partners that are not on your railroad in the West, but maybe would be on the combined railroad in the East. Just kind of get a sense of maybe how that discussion sort of looks right now and maybe how we should think about those relationships evolving in 2026? What's embedded in your outlook on volume?

顯然，有一些大型合作夥伴不屬於你們西部的鐵路，但可能會加入東部的聯合鐵路。只是想了解目前這場討論的大致情況，以及我們應該如何看待這些關係在 2026 年的發展演變？你對成交量的看法中蘊含著什麼？

Let me pass it over to Kenny here in one minute, but let me just say this. We've had discussions with customers from bulk customers from customers that are single car movers, customers that are chemical customers that are moving industrial products that need to move. And every one of the customers that I've spoken with have -- they understand it. They see the benefit. Are they concerned?

我稍後會把麥克風交給肯尼，但我想先說一句。我們與各種類型的客戶進行了討論，包括大宗客戶、單車搬運客戶以及需要搬運工業產品的化學客戶。我跟所有客戶交談過，他們都理解這一點。他們看到了好處。他們感到擔憂嗎？

What they're always concerned about is, will Union Pacific? And they should be, okay? That should be a question they ask and they've asked me that question is are you going to be able to keep the service level up with a combined railroad.

他們一直擔心的是，聯合太平洋鐵路公司會怎麼樣？他們應該如此，好嗎？他們應該問這個問題，而且他們也問過我這個問題：合併鐵路後，你能否維持服務水準？

And are you going to impact me because they remember Canadian Pacific, Shamal with their IT system. And I tell them to listen with net control, what we did was we fund -- it's the fundamental base of everything that feeds into the railroad, we did it and it was a nonevent.

你會對我產生影響嗎？因為他們還記得加拿大太平洋鐵路公司和沙馬爾的IT系統。我告訴他們要理性地聽，我們所做的就是提供資金——這是鐵路一切運作的基礎，我們做到了，而且沒有發生任何意外。

I've also been railroading for 47 years. And at the end of the day, it's really important and for me, it's real important. Whether it was when I was in Vancouver and we were getting rid of those four-hour quite people were having, we did it in a way so that customers don't see the impact. So that's really important to me.

我從事鐵路工作也已經47年了。歸根結底，這真的很重要，對我來說尤其重要。無論是我在溫哥華的時候，我們努力消除人們長達四小時的靜默期，我們都採取了一種讓顧客感覺不到影響的方式來解決這個問題。所以這對我來說非常重要。

And with that, I think the feedback is, if you can provide me good service, they see the benefit and they see the pressure. This is going to put on the other rail approach to compete. And if -- and Chris, it's pretty simple. If you can't compete on service, if you can't win and be faster across the country and across when we extend by 200 to 300 miles customers on the east side of the Mississippi and customers on the west side of the Mississippi that can get further into the Ohio Valley. Or people from the East can get into Texas easier or into California easier, they're going to have to compete on price.

因此，我認為回饋是，如果你能提供優質的服務，他們既能看到好處，也能感受到壓力。這將使另一種鐵路運輸方式參與競爭。如果——克里斯，那就很簡單了。如果你在服務上無法競爭，如果你無法在全國範圍內贏得勝利並更快，當我們把服務範圍擴大 200 到 300 英里時，密西西比河東岸的客戶和密西西比河西岸的客戶就可以更深入地進入俄亥俄河谷。或者說，東部的人們可以更容易進入德克薩斯州或加利福尼亞州，他們將不得不透過價格競爭來獲勝。

So I think the pressure is not going to be on customers, they're going to see much more competition as we move ahead. But Kenny, you've had lots of discussions with people and why don't you give Chris a little bit of more background and color.

所以我認為壓力不會落在顧客身上，隨著我們向前發展，他們將面臨更大的競爭。但是肯尼，你已經和很多人討論過這個問題了，為什麼不給克里斯更多背景資訊和細節呢？

Yes, Chris, I think Jim hit it across the board. All of our customers not just intermodal, but let's talk about intermodal, and we're pretty excited about it. As you know, hub has come out, Swift has come out. One has come out. And what those intermodal customers see are the investments that Eric and this management team have made, we've talked about them with Inland Empire, Phoenix, Twin Cities.

是的，克里斯，我認為吉姆全面都說對了。我們所有的客戶不僅僅是多式聯運，但讓我們來談談多式聯運，我們對此感到非常興奮。如你所知，Hub已經發布了，Swift也已經發布了。已經有一個人出來了。這些多式聯運客戶看到的是艾瑞克和他的管理團隊所做的投資，我們已經和內陸帝國、鳳凰城、雙子城等地談過這些投資。

The service is strong. I talked about it in my results today, while we're coming from a place of strength, being able to have our best ever domestic intermodal business and we talked about it in all 2025. Over the road wins with Uber over the road wins in Phoenix, over the road wins in the Kansas City. So we're coming from a position of strength, and we're excited about it.

服務很棒。我在今天的業績報告中談到了這一點，雖然我們處於優勢地位，能夠擁有有史以來最好的國內多式聯運業務，但我們在 2025 年也談到了這一點。Uber 在鳳凰城和堪薩斯城都贏得了公路運輸業務。所以我們處於優勢地位，對此我們感到非常興奮。

Got it. This model is a pretty good one, Jim.

知道了。吉姆，這個模型相當不錯。

I don't know how you spell that, I'll leave it to you, Chris.

我不知道那個字怎麼拼，克里斯，就交給你了。

Walter Spracklin, RBC Capital Markets.

沃爾特‧斯普拉克林 (Walter Spracklin)，加拿大皇家銀行資本市場部。

So if I start on operating ratio, if I look at your operating metrics, Jim, they look really good. I mean lengths like Eric highlighted are record levels, velocity record levels. When I see that kind of operating performance, my inclination is to kind of improve your operating ratio fairly -- not by a little bit, maybe 100 basis points or more, but I'm curious as to Jennifer made some comments about pricing and -- or sorry, inflation and how pricing won't be a contributor. Do you need pricing? Do you need volume to get north of 100 basis points? Or can you do that through those metrics that you're hitting right now without help from macro or price?

所以，如果我從營運比率入手，如果我看一下你的營運指標，吉姆，它們看起來真的很好。我的意思是，像埃里克強調的那樣，長度和速度都達到了創紀錄的水平。當我看到這種經營業績時，我傾向於大幅提高你們的經營比率——不是小修小補，而是提高 100 個基點或更多。但我很好奇珍妮佛對定價和——或者抱歉，是通貨膨脹——發表了一些評論，以及定價如何不會成為影響因素。您需要報價嗎？你需要成交量才能超過 100 個基點嗎？或者，你能否在不借助宏觀經濟或物價因素的情況下，透過目前所達到的這些指標來實現這一目標？

Walter, you are smart guy, you've been around for a long time and you understand this. You need you use a whole bunch of levers when we look at operating ratio, and that's a result of everything that we do. So we will continue to look at how we can operate better and how we can operate more efficiently. And you could see the work that was done by Eric and the entire operating team on productivity.

沃特，你很聰明，你見多識廣，你明白這一點。當我們考慮營運比率時，需要用到很多槓桿，而這正是我們所有工作的成果。因此，我們將繼續研究如何才能更好地運營，如何更有效率地運作。你可以看到埃里克和整個營運團隊在提高生產力方面所做的工作。

Some things are given to us. whether I like it or not, when I showed up this time came back to work, we signed a collective agreement that increased wages substantially for our employees. And then this time, okay, one of the parties went out fast and signed a pattern agreement that we've had to live with.

有些事是上天賜給我們的。不管我喜不喜歡，這次我回來上班的時候，我們簽署了一份集體協議，大幅提高了員工的薪水。然後這一次，好吧，其中一方迅速簽署了一份我們不得不接受的模式協議。

Now we have agreements with everybody, but that includes a 4% wage increase, okay, first year. So at the end of the day, that's the pressure we have -- now Kenny needs to deliver on price, okay? We're talking about price and saying where it is right now, but it's unacceptable if Kenny and the marketing team think that their job is to -- for the value we give customers to understand the marketplace and price it properly.

現在我們已經和所有人達成了協議，其中包括第一年工資上漲 4%，好吧。所以歸根結底，這就是我們面臨的壓力——現在肯尼需要在價格上兌現承諾，好嗎？我們現在討論的是價格，以及它目前的定價情況，但如果肯尼和行銷團隊認為他們的工作是了解市場並合理定價，那就令人無法接受了——因為我們為客戶提供的價值就是了解市場。

So Walter, I'm very comfortable that we're going to be able to improve our OR this year. Jennifer is always much more conservative than me. And that's okay. That's where she should be. Okay, she's the person that puts it all on paper and gives us the numbers. If I gave you my number, it would be scary, but I'm not going to give it to you, but I think I'm very comfortable where we are, Walter.

所以沃爾特，我很有信心我們今年能夠改進我們的手術室。珍妮佛總是比我保守得多。這樣也沒關係。她就應該待在那裡。好吧，她負責把所有事情寫下來，並提供數據給我們。如果我把我的電話號碼給你，那會很可怕，但我不會給你，不過我覺得我們現在的關係很舒服，沃特。

And Walter, I got to say it like thank God, I'm not in Winnipeg. When I saw minus 38 in I was thinking some of -- I felt bad for those people at Canadian National. Like let me tell you, they are tough. But I hope that answered your question.

沃特，我得說，謝天謝地，我不在溫尼伯。當我看到零下38度時，我想到了一些——我為加拿大國家鐵路公司的那些人感到難過。我跟你說，他們可不好對付。但我希望這能解答你的疑問。

Jason Seidl, TB Cowen.

Jason Seidl，TB Cowen。

This is Elliot Alper for Jason Seidl. Wanted to ask about the 2026 outlook. Can you speak to the volume and pricing assumptions within your guidance? I know you're pricing in excess of that 4% inflation number. But -- can you speak to maybe how customers are absorbing new contracts given the muted customer demand you're seeing and kind of the expectations for the year?

這是艾略特·阿爾珀為傑森·塞德爾所做的報道。想了解2026年的前景。您能否說明一下您的指導意見中涉及的銷售量和定價假設？我知道你們的定價已經超過4%的通膨率了。但是—鑑於您觀察到的客戶需求疲軟以及對今年的預期，您能否談談客戶是如何消化新合約的？

I can't give you the color, but let me just remind you what I said exactly. And we're not giving numbers as to volumes other than we do plan to outperform the markets. On the price side, we said that our price dollars on an absolute basis will exceed our inflation dollars. So that's an important nuance. We are not talking about it in percentages. It's absolute dollars. So Kenny take it away.

我無法告訴你具體的顏色，但我可以提醒你一下我剛才說了什麼。除了計劃跑贏大盤之外，我們不透露具體的交易量數據。在價格方面，我們說過，我們的價格美元絕對值將超過我們的通貨膨脹美元。所以這是一個重要的細微差別。我們不討論百分比的問題。這是絕對的美元。肯尼，請開始吧。

Yeah. So last year around this time, we laid out macroeconomic indicators. And we said at that time, they were mixed. And then in 2025, we put up a record year in freight revenue. So I just want to say that. So we know we can win in a difficult environment.

是的。所以去年這個時候，我們列出了宏觀經濟指標。當時我們就說過，它們是混合的。然後在 2025 年，我們的貨運收入創下了歷史新高。我只想說這些。所以我們知道，即使在困難的環境下，我們也能取得勝利。

And we know we have some commodities that are going to -- we'll have to really go after like four, it's in lumber. We'll see how that plays out. Automotive. We'll see how that plays out. But you look across the board, and construction as the weather was good, we had a banner remarkable year. Plastics banner remarkable year. Industrial Chemicals ban a remarkable year. Grain products been a remarkable year.

我們知道我們有一些商品將會——我們必須真正努力爭取，例如四種，那就是木材。我們拭目以待。汽車業。我們拭目以待。但從整體來看，由於天氣良好，建築業也取得了輝煌的成就，我們度過了非常出色的一年。塑膠產業迎來了輝煌的一年。工業化學品禁令度過了非凡的一年。今年穀物產品市場表現卓越。

So in all three phases, we've been able to grow in a difficult environment. We're committed to that. We've got a strong service product. And so with that, we're going to gather the demand that's out there maximize the price breaks on the service that we have, and we'll see where that lands us.

因此，在這三個階段中，我們都能夠在困難的環境中發展壯大。我們對此承諾會做到。我們擁有強大的服務產品。因此，我們將收集市場需求，最大限度地降低我們現有服務的價格，看看最終結果如何。

Scott Group, Wolfe Research.

Scott Group，Wolfe Research。

So Jim, we've got the STB decision on the application. They sort of had a comment, hey, if you want to improve the overall confidence in approval here changed in any way? And ultimately, what is giving you so much confidence in approval here.

吉姆，我們已經收到STB對該申請的決定了。他們好像提了個意見，嘿，如果你想提高這裡審批的整體信心，有沒有做任何改變？歸根結底，是什麼讓你對獲得批准如此有信心？

So Scott, if this was a bad deal, if this truly was not better for our customers, better for our employees, then you know what, you'd be speaking, but no one would listen and no one would see the facts. This combination is compelling. It changes the dynamic and the competition.

所以史考特，如果這是一筆糟糕的交易，如果這真的對我們的客戶、對我們的員工沒有好處，那麼你知道嗎，你雖然會說，但沒有人會聽，也沒有人會看到事實。這種組合很有吸引力。它改變了競爭格局和競爭態勢。

And remember, fundamentally, railroads the other railroads can say what they have to say, and they're very vocal about it, but they're complaining because they're worried about competing against us because no business would ever, ever complain if somebody in their marketplace was doing something stupid. If you were offering really bad coffee across the street, you go over there and try it out, you check out all their business processes, you check and see how their app is.

記住，從根本上講，其他鐵路公司可以暢所欲言，而且他們也確實非常直言不諱，但他們抱怨是因為他們擔心與我們競爭，因為如果市場上有人做了蠢事，任何企業都不會抱怨。如果街對面有一家咖啡店賣的咖啡非常難喝，你就去那裡嚐嚐，看看他們的所有業務流程，看看他們的應用程式怎麼樣。

You check and see how their payment is, and you can check and see how there is -- and if they were really bad, I don't know, maybe the rest of them won't do that in our industry, but I would tell the owner of that coffee shop across the street from my coffee shop, I'm telling you your coffee is the best, okay? I wouldn't complain.

你可以去看看他們的付款情況，還可以去看看——如果他們真的很糟糕，我不知道，也許我們行業裡的其他人不會那樣做，但我會告訴我咖啡店對面那家咖啡店的老闆，我告訴你，你的咖啡是最好的，好嗎？我不會抱怨。

I'd only complain -- and I'd go back worried if the product they had was better than mine. And I have to do what I have to do. So bottom line is that's why I'm very confident. And it's not just Jim Vena that's confident (inaudible) companies together.

我只會抱怨——而且如果他們的產品比我的好，我還會擔心回去。我必須做我必須做的事。所以歸根結底，這就是我充滿信心的原因。不僅僅是吉姆·維納對（聽不清楚）公司團結充滿信心。

So I'm very confident that at the end of the day, going through this process and is it painful -- if this was the Jim Vena's STB, I would get that decision done by my birthday, okay, this summer. But this is not Jim Vena, okay? STB, we need to go through the process. We knew it was going to be long and thorough and (inaudible) at, okay? I wish it was thorough and shorter, but you know what, it is what it is. So we'll deal with that as we go.

所以我非常有信心，到最後，經歷這個過程，即使很痛苦——如果這是吉姆·維納的STB，我會在我的生日之前，也就是今年夏天，做出決定。但這不是吉姆維納，好嗎？STB，我們需要走一遍流程。我們知道這將會是一場漫長而徹底的（聽不清楚）的調查，好嗎？我希望它能更全面、更簡短一些，但你知道嗎，事情就是這樣了。所以我們會邊走邊處理。

So Scott, very comfortable with it. And we're going in to answer the questions that they asked us when they gave us the response, one of the things asked us to do is give our red line of where we're going to -- where we have. And any big deal has that optionality that say to the buyer, the company that's going to spend $85 billion in stock and cash at what point you could actually walk away.

所以斯科特對此非常滿意。我們要回答他們在給我們答案時提出的問題，其中一個要求是給出我們的底線，即我們要去哪裡——我們已經到了哪裡。任何大交易都存在這樣的選擇權，即告訴買方（也就是將花費 850 億美元以股票和現金支付的公司）在什麼情況下可以退出。

And we never thought that was material in looking at the merits of the business and whether it made sense to put the railroads together, and we didn't provide it. The STB wants it, we'll give it. I have no idea what the other railroads are going to do with that they'll scurry home and take a look at it and see what they can do to figure out how they can get close to that number where our walk away is, but I don't understand it against the merits.

我們從未認為這是衡量企業價值以及合併鐵路是否合理的重要因素，因此我們沒有提供相關資訊。電視台想要，我們就給。我不知道其他鐵路公司會怎麼做，他們會趕緊回家研究一下，看看能不能找到辦法，讓自己接近我們設定的離場目標，但我無法理解這種做法的合理性。

So we'll answer the key questions. We'll make sure we do it right. And if we have more information and we can add something in the merger as we put in the refreshed merger application, we'll do that. But that's where we are with it, Scott.

所以我們會回答這些關鍵問題。我們會確保把事情做好。如果我們掌握更多信息，並且可以在更新後的合併申請中添加一些內容，我們會這樣做。但斯科特，目前情況就是這樣。

Tom Wadewitz, UBS.

瑞銀集團的湯姆·瓦德維茨。

I wanted to ask you about your thought process while we're in this approval phase. You talked about maybe first half of '27. It might be like maybe implied more even for what happens with Norfolk, but I would guess you have maybe some thoughts on kind of combined strategy. So how do you approach volume? I think Norfolk had seen some volume shift over to CSX on J.B.

我想問您在審批階段的思考過程。你之前提到可能是 2027 年上半年。這或許對諾福克的情況也有更深遠的影響，但我猜你可能對某種聯合策略有一些想法。那麼，你如何看待成交量？我認為諾福克在 J.B. 的交易量已經轉移到了 CSX。

Hunt. I don't know if there's any risk to your volume. But do you think volume as you're in this kind of broader approval phase before you can run the railroad combined, do you say, hey, we got to be aggressive on volume and kind of win volume back? Or get as much volume as we can? Or is this like, hey, we don't need to be too aggressive because when we got the combined railroad, then we're going to really go out there and win.

打獵。我不知道這會不會對你的銷售造成任何風險。但是，在鐵路合併營運之前，你認為在更廣泛的審批階段，銷售會如何變化？你會說，嘿，我們必須積極提高銷量，贏回銷售嗎？或盡可能提高銷量？或者說，嘿，我們不需要太激進，因為當我們合併鐵路公司後，我們就會全力以赴，贏得勝利。

Listen, I can't tell Norfolk Southern what to do. okay? And I'm not going to say it publicly because I just can't. And it would be illegal for me to tell him what to do. But I'll tell you what we're doing at Union Pacific. We are looking to grow our business, and that's what we're going to do in 2026. We're looking for every opportunity. When you serve a customer that gives you 30 railcars and they're served also by another railroad.

聽著，我沒辦法告訴諾福克南方鐵路公司該怎麼做，好嗎？我不會公開說這件事，因為我實在說不出口。我命令他做什麼，是違法的。但我會告訴你我們在聯合太平洋鐵路公司正在做什麼。我們希望發展壯大我們的業務，這就是我們在 2026 年要做的事情。我們正在尋找每一個機會。當你為一位客戶提供 30 節車廂的運輸服務，而這位客戶同時也被另一家鐵路公司提供服務。

In Texas, we want -- if our service level is high and our pricing is good, then we would expect them to give us 32 cars and 33 cars. So we're going out to grow our business. And if you take a look at the way we handle the the Canadian Pacific merger with Kansas City, I think we've done an excellent job of growing our business in and out of Mexico, even though they have a seamless railroad going in.

在德克薩斯州，我們希望——如果我們的服務水平高，價格也合理，那麼我們希望他們給我們 32 輛車和 33 輛車。所以我們要出去拓展生意。如果你看看我們處理加拿大太平洋鐵路與堪薩斯城鐵路合併的方式，我認為我們在拓展墨西哥業務方面做得非常出色，儘管他們擁有無縫銜接的鐵路。

The true numbers are, we've done a spectacular job with FX and with Canadian Pacific. We still ship with Canadian Pacific into Mexico, and we ship with the FXE into Mexico, both northbound and southbound, so that's the way I look at it, Tom, is this year, the merger is one thing, but the fundamental of what we need to do to operate the railroad and grow our business and increase price for the value we're giving and looking at the markets and what we have to do and what's possible.

實際情況是，我們在FX和加拿大太平洋鐵路的合作中都取得了巨大的成功。我們仍透過加拿大太平洋鐵路公司向墨西哥運輸貨物，也透過FXE列車向墨西哥運輸貨物，無論是北向還是南向。湯姆，我的看法是，今年合併是一回事，但更重要的是，我們需要做哪些根本性的事情來運營鐵路、發展業務、提高我們提供的價值的價格，以及審視市場、我們必須做什麼以及哪些事情是可能的。

And sometimes, we've had to drop price, and we've done that this year with some of our commodities. That are single served because of the marketplace and what they were competing on. And I've mentioned it publicly, we've had to do that with the soda ash is because of what's happening with their competitors that are from China with synthetic soda ash.

有時，我們不得不降價，今年我們已經對一些大宗商品採取了降價措施。由於市場環境和競爭格局，這些產品都是單份包裝的。我已經公開提到過，我們之所以要對純鹼採取這種做法，是因為來自中國的競爭對手正在使用合成純鹼。

So at the end of the day, that's where we are. I expect Kenny to grow the fricking business. Otherwise, why do I need a marketing department? I expect Eric to deliver improvements in productivity. Otherwise, why do I need a brick-and operating department headed up by Eric. And he's doing a good job. Gentlemen, you guys are doing good, don't get me wrong. This is not me put you on the hot seat. And Jennifer you better deliver too, okay? So at the end of it, that's where we are, okay? So hopefully, I gave you a clear view of the way I look at it.

所以歸根究底，這就是我們現在的處境。我希望肯尼能把這該死的生意做大。否則，我為什麼需要行銷部門？我希望埃里克能夠提高生產力。否則，我為什麼需要一個由艾瑞克領導的實體營運部門？他做得很好。各位，你們做得很好，別誤會我的意思。我不是故意刁難你。珍妮弗，你也最好拿出點成績來，好嗎？所以到最後，我們就到了這個地步，好嗎？希望我已經清楚地向您闡述了我的看法。

Brandon Oglenski, Barclays.

Brandon Oglenski，巴克萊銀行。

Jim, I guess, can you put in context the proposed rulemaking change the STB made on reciprocal switching and dropping the requirement to prove anticompetitive behavior. And especially in the context of like your open access gateway proposal and the merger as well. Appreciate it.

吉姆，我想請你解釋一下，STB 提出的關於互惠轉換和取消證明反競爭行為的要求的規則制定變更的背景是什麼？尤其是在您提出的開放接取網關方案和合併計畫的背景下。謝謝。

Okay. Well, listen, I need to get these guys into it also a little bit. And Kenny, why don't you tell people what our position is on reciprocal switching some open access, okay?

好的。聽著，我也得讓這些人稍微參與進來。肯尼，你為什麼不告訴大家我們對互惠交換一些開放接入的立場是什麼？好嗎？

Yes. I think you hit it up early in the question. I think Jonathan Chappell asked it, but when you look at our service product being the way it is, we're not afraid to compete. I said that in our words, we've been able to grow again. We want to expand the pie. We're not looking at just growth on the international side on the over the road from some of the ports going back at.

是的。我覺得你在問題開頭就提到了這一點。我想喬納森·查佩爾問過這個問題，但當你審視我們目前的服務產品時，你會發現我們不害怕競爭。我說過，用我們的話來說，我們已經能夠再次成長。我們想把蛋糕做大。我們不僅關注國際方面的成長，也關註一些港口沿公路的回流情況。

We're looking at expanding the pie and we're doing that through the investments. We've invested in 20 cities. We've invested in Kansas City. We've invested in the Gulf Coast also on the car load business. You've seen us show optionality, Jim and also Brandon and where we normally might have gone to the West Coast or P&W on the grain business, we pivoted down to Mexico.

我們正在著眼於擴大市場份額，而我們正透過投資來實現這一目標。我們已在20個城市進行了投資。我們在堪薩斯城投資了。我們也投資了墨西哥灣沿岸的整車運輸業務。吉姆和布蘭登，你們已經看到我們展現了選擇權，我們通常會選擇去西海岸或普惠公司做糧食生意，但我們卻轉向了墨西哥。

So we're looking to go out there and compete regardless -- there was another part of the question in terms of the gateways and keeping those open. Our customers demand optionality. We want our customers to have optionality. There's no case where we go out and we would not want to provide optionality for our customers.

所以無論如何，我們都希望走出去參與競爭——問題的另一部分是關於管道以及如何保持管道暢通。我們的客戶需要選擇權。我們希望我們的客戶擁有選擇權。我們絕不會允許任何一方退出市場，而不希望為我們的客戶提供多種選擇。

So Eric, are you operate to competing if we had reciprocal switching or some sort of access as long as it's fair, as long as the details work to make the customer better. If we don't deliver, somebody else should -- so how is your feeling on.

所以艾瑞克，如果允許我們進行互惠交換或某種形式的接入，只要公平，只要細節能讓客戶受益，你是否願意參與競爭？如果我們做不到，其他人就應該做到──所以你感覺如何？

No fear at all, but I'm going to focus on the back half of what you said. And Brandon, we talked about this to Kenny's point a little bit earlier. When you start thinking about reciprocal switching, what you have to be really cognizant of is what is the experience the customer is going to have.

一點也不害怕，但我會專注在你剛才說的後半部。布蘭登，我們之前也稍微談到了肯尼的觀點。當你開始考慮互惠轉換時，你必須真正意識到的是客戶將會獲得怎樣的體驗。

And you can horriblize it, and I'm not going to horribilize it. But even in your average scenario, if it's not designed properly, that car or that collection of cars that the second carrier is now handling, they're going to be in a terminal at least for a day or -- and so now you've added somewhere between, say, 20 and 50 hours of dwell to that car. That's not what customers want. At least that's not what our customers want.

你可以把它搞得很糟糕，但我不會把它搞得很糟糕。但即使在一般情況下，如果設計不當，第二家承運商現在處理的那輛車或那批車，至少要在停車場停留一天，或者——所以現在這輛車的停留時間增加了 20 到 50 個小時。那不是顧客想要的。至少我們的客戶並不希望如此。

Our customers want us to seamlessly pick up the car, take it to our terminal, process through it quickly. like our record dwell in the fourth quarter of 19.8 hours and get it an outbound train. So how we design this, in fact, specifically how the STB designs this -- we need to make sure that we're really cognizant of is it achieving the ultimate goal of our customers, which is to be able to deliver the transit time that they promised their customers.

我們的客戶希望我們能夠無縫地取車，將其運送到我們的終端，快速完成處理，例如我們記錄的停留時間僅為 19.8 小時，並將其安排到出境列車上。所以，我們該如何設計，特別是STB該如何設計——我們需要確保我們真正意識到它是否實現了我們客戶的最終目標，即能夠提供他們向客戶承諾的運輸時間。

And if I could add one thing is -- and we've done it -- so we've worked with customers to build in. And in fact, we have two places that we're going through the process to get three places. Jennifer, that's right. You're right. The places that we are in the process of going through the regulatory environment they'd be able to build in, where customers are single served, and we're willing to spend our money.

如果我能補充一點的話——而且我們已經做到了——我們與客戶合作，將其融入其中。事實上，我們正​​在透過一系列流程，爭取從兩個地方獲得三個名額。珍妮弗，沒錯。你說得對。我們正在經歷監管環境變化，他們可以在這樣的環境中建設，為客戶提供一次性服務，我們也願意花錢。

And that's the way it should be. business should not be -- you get a free bees from somebody else. Like, I don't know, I'd have a hard time if I had a coffee shop and I love copy, and I'm short of coffee this morning. I need a double espresso. But at the end of the day, I had a coffee shop and somebody wants to set up in my coffee shop to sell their coffee.

就該如此。商業不應該是──你從別人那裡免費得到蜜蜂。例如，我不知道，如果我開了一家咖啡店，而我又很喜歡寫作，但我今天早上咖啡不夠，那我就很難辦了。我需要一杯雙份濃縮咖啡。但說到底，我開了一家咖啡店，有人想在我的咖啡店裡擺攤賣咖啡。

If you want to have a brick and coffee shop, build one across the street, build the next door to me, do whatever. So at the end of the day, I'm not afraid to compete we're -- in fact, I think it's been an advantage for Union Pacific and the merged Norfolk Southern Union Pacific to have open access. We even are put more pressure on our competitors, okay? to be able to win in the marketplace. If we can have a real high level of service, which we have.

如果你想開一家實體咖啡店，那就建在街對面，或是建在我家隔壁，隨便你。所以歸根結底，我不怕競爭——事實上，我認為開放的准入對聯合太平洋鐵路公司和合併後的諾福克南方聯合太平洋鐵路公司來說是一個優勢。我們甚至對競爭對手施加了更大的壓力，好嗎？能夠在市場競爭中獲勝。如果我們能夠提供真正高水準的服務，而我們也確實做到了。

But on top of that, if we need to spend money, side of a gun, some of the railroads, our competitors have huge amount of money put aside they could build into just about anywhere if they wanted to. So that's the way I look at it. It's about competition. This is not your grandmother's railroad that's afraid and protective. Somebody wants to go through New Orleans because that's the quickest way to get to the Southeast and into Florida.

但除此之外，如果我們需要花錢，就拿我們的一些競爭對手來說，鐵路公司已經儲備了大量資金，如果他們願意，幾乎可以在任何地方建造鐵路。這就是我的看法。關鍵在於競爭。這已經不是你奶奶那一代膽怯又充滿戒備的鐵路了。有人想途經新奧爾良，因為那是到達東南部和佛羅裡達州的最快路線。

We want to go there. If you don't, what you end up doing is you lose the business eventually, somebody comes from overseas to take that market away from you. And we've seen that in places where people get protectionists. We're not protectionist.

我們想去那裡。如果你不這樣做，最終你會失去生意，有人會從海外搶走你的市場。我們已經看到，在某些地方，人們會採取保護主義措施。我們不是保護主義者。

But I'm telling you, we didn't like the last time the STB came up with a way to do service and access. It was so brick and complicated. All we were going to do was hire lawyers to try to figure out how to do that. And I I've got this love-hate relationship with lawyers. Okay, I love them and sometimes they bother the heck out of me.

但我告訴你，我們不喜歡上次機上盒提出的服務和存取方式。它又磚又複雜。我們原本打算聘請律師想辦法解決這個問題。我對律師有一種愛恨交織的複雜情感。好吧，我喜歡它們，但有時它們也讓我非常煩惱。

But at the end of the day, we're here to compete, and I have no problem if we have something that provides service, higher service for our customers, and we'll win and they'll pay us for that service if we provide the service that makes them better and they can win in the marketplace.

但歸根結底，我們來到這裡是為了競爭，如果我們能為客戶提供更好的服務，更高的服務水平，我們就能贏得競爭，他們也會為這種服務付費，因為我們提供的服務能讓他們變得更好，讓他們在市場上取得成功。

We need to partner with more and more of them as we go. So listen, gentlemen, thank you very much. Sorry again for the long answer, but you got me going on this issue. So thank you.

隨著時間的推移，我們需要與越來越多的合作夥伴建立合作關係。各位先生，請聽我說，非常感謝。再次抱歉回答這麼長，但你這個問題讓我開始認真思考了。所以，謝謝你。

Thanks, Jim. Sorry if it was a duplicate question.

謝謝你，吉姆。如果問題重複了，請見諒。

Oh, I don't worry about it. I love it because you need to reinforce things 10 times. So that was not a shot against you about the question. I love it. We probably weren't clear the first time. So don't worry about that at all. Okay.

哦，我並不擔心。我喜歡它，因為你需要把事情強調十遍。所以這不是針對你提出的問題。我喜歡它。我們第一次可能沒表達清楚。所以完全不用擔心。好的。

Stephanie Moore, Jefferies.

Stephanie Moore，傑富瑞集團。

Well, based in Nashville here, we're pretty iced in. So if UNP is back up and running by Thursday, then I hope we can say the same for my household. So that's pretty impressive. But I did want to return -- yes. No, it's pretty impressive.

嗯，我們這裡位於納許維爾，情況相當糟糕。所以如果UNP能在周四恢復正常運作，那麼我希望我家也能恢復正常。那真是令人印象深刻。但我確實想回去——是的。不，這相當令人印象深刻。

I did want to maybe return to the pricing conversation. Look, considering how strong the network is performing and the value you are providing for customers. Can you talk a little bit about the pricing opportunity going forward for you guys? I mean -- is there something that needs to happen from an industry standpoint to bolster pricing? Is this just a function of an improving rate backdrop? And then how is UNP specifically positioned post merger as well?.

我確實想再回到定價的話題上來。你看，考慮到網路效能如此強大，以及你為客戶創造的價值。能否談談你們未來的定價策略？我的意思是──從產業角度來看，是否需要採取一些措施來提振價格？這只是利率環境改善的結果嗎？那麼，合併後UNP的具體定位又是什麼呢？

So we've got two structural things that are going on at Jennifer talk to both of them. On the coal side, we've got some mechanisms in the contract that helped us out a little bit in two -- and we see that as -- we'll see what happens with that going forward. And then the same thing we've talked about this now and we're talking three years in terms of domestic intermodal and where the rates are from that level, and we haven't seen the pricing uplift there.

所以，珍妮佛那邊有兩個結構性問題要解決，跟她們兩個都談談。在煤炭方面，合約中有一些機制在兩方面對我們有所幫助——我們認為——我們將看看未來會發生什麼。然後，我們又談到了同樣的事情，我們現在談論的是國內多式聯運三年內的價格水平，但我們還沒有看到價格上漲。

Now I get to make this pretty crystal clear. We have the mindset with this service product that we are pricing to those levels. We have the mindset that has not -- we haven't backed away or changed anything on how we're looking at the pricing. We have those two structural things that we talked about. Outside of those, the teams are doing a very good job sitting now with customers, share in the service product that they have and talking about opening up new markets for growth and or on the renewal.

現在我可以把這件事說得更清楚了。我們對這項服務產品的定價概念就是按照這些水準來定的。我們的心態是──我們沒有退縮，也沒有改變我們看待定價的方式。我們有我們剛才討論的那兩個結構性問題。除此之外，各團隊目前在與客戶坐下來討論服務產品、開拓新市場以實現成長或續約方面做得非常好。

So there is no change whatsoever. I need to make sure we're all on the same page on that. service drives price. Service drain price -- we're consistent with that. So hurry up.

所以沒有任何變化。我需要確保我們在這一點上達成共識：服務決定價格。服務排水價格－我們始終堅持這個價格。所以快點。

Yes. And rail is still more price competitive than truck.

是的。而且鐵路運輸在價格上仍然比公路運輸更具競爭力。

And rail is more price competitive than truck. Yes. Thank you very much. Thanks for the question.

而且鐵路運輸比公路運輸更具價格競爭力。是的。非常感謝。謝謝你的提問。

Ariel Rosa, Citigroup.

Ariel Rosa，花旗集團。

So I know a number of people have asked about reciprocal switching, but I actually wanted to broaden the question out a little bit more. Just if we could talk about the relationship between the Class 1s and STB, I don't know if you would agree with this. I know you've been railroading a long time. It seems to me that over the last 20, 25 years or so, the STB has been relatively hands off with the rails as long as service has been pretty good.

我知道很多人問過關於互惠轉換的問題，但我其實想把這個問題再擴大一些。如果我們可以談談1類飛機和STB之間的關係，我不知道您是否會同意我的觀點。我知道你從事鐵路運輸工作很久了。在我看來，在過去的 20 到 25 年左右的時間裡，只要鐵路服務狀況良好，STB 對鐵路的干預就相對較少。

But now as we think about kind of transcontinental mergers, just the scale of the rails post-UPNS, assuming it goes through, is there anything that concerns you where the STB might say just given the size of the railroads in that scenario that the STB says, we need to be more proactive.

但現在，當我們考慮跨大陸合併，以及UPNS合併後鐵路的規模時（假設合併成功），您是否擔心STB會說，鑑於鐵路的規模，在這種情況下，我們需要更加積極主動。

We need to be more aggressive in our regulatory approach and how we think about protecting customer interests and I guess, is there anything -- I know you said, obviously, competition doesn't concern you, but is there anything that would concern you where you would say, okay, that's a step too far? Or that's something that STB could do that would kind of impede our ability to hit our synergy targets so that would erode margins kind of structurally over the long term.

我們需要在監管方式和保護消費者利益方面採取更積極的措施。我想問的是——我知道您說過，競爭顯然不關您的事，但是有沒有什麼事情會讓您覺得，好吧，這有點過頭了？或者，STB 可能會採取一些措施，從而阻礙我們實現協同效應目標，從長遠來看，這將從結構上侵蝕利潤率。

The answer is no, but let me give you a little bit more feedback. So Ari , and I know you set me up to help me with this question, and I think it's a wonderful question. People think about the railroad and the regulatory environment, and they're thinking back to the 1890s, okay, 1900 when there was no highway system. There was vehicles were just starting to be manufactured. There was some trucks.

答案是否定的，但讓我再給你一些回饋。所以，阿里，我知道你安排我來幫我回答這個問題，我覺得這是一個很棒的問題。人們想到鐵路和監管環境，就會回想起 19 世紀 90 年代，或 1900 年代，那時還沒有公路系統。當時車輛才剛開始生產。那裡有一些卡車。

So the competition was railroad against railroad was the key way and boats using water to be able to move products. If you actually move to today, we have -- if you look only in the railroad, you could say that we have X amount of business. But if you actually look at all the business, everything that's moved railroads have a pretty small percentage of the total business that's out there that's being moved.

因此，當時的競爭主要體現在鐵路運輸和水路運輸之間，鐵路運輸是關鍵方式，而水路運輸則是主要方式。如果把時間線拉回今天，我們——如果只看鐵路，可以說我們有 X 業務量。但如果你仔細觀察所有業務，你會發現鐵路運輸的業務量只佔所有運輸業務總量的一小部分。

So our competitor is trucks and vessels and international vessels coming in with competition. It is Brazil, moving products into the largest soybean crushing facility, which is in [Ragusa], okay, which is in Mexico, and that's our competition. So at the end of the day, we have to stop thinking about the railroads. And if we end up with 38% or 40% of the total market, and we hope to grow it. But if that's where we end up, it's a small piece.

所以我們的競爭對手是卡車、船舶以及前來競爭的國際船舶。是巴西，他們把產品運往最大的大豆壓榨廠，該廠位於墨西哥的拉古薩，好吧，那是我們的競爭對手。所以歸根結底，我們必須停止考慮鐵路問題。如果我們最終佔據了總市場份額的 38% 或 40%，並且我們希望能夠擴大市場份額。但即便最終只得到這些，也只是很小的一部分。

The other thing is then it's just real philosophically, real important. Listen, the other railroads, we're going back and forth lots -- they're smart people that operate those other railroads, okay? I know a lot of people in the other railroads, and they're smart people, and we should be proud as a nation that with all the regulations and everything that we do from safety and everything else, we would -- I would put the railroads in the United States of America up against and in North America up against anybody.

另一方面，從哲學角度來看，這真的非常重要。聽著，其他鐵路公司，我們常來回奔波──營運其他鐵路公司的都是些聰明人，好嗎？我認識其他鐵路公司的很多人，他們都很聰明。作為一個國家，我們應該感到自豪，因為我們制定了各種規章制度，並在安全和其他方面做了很多工作，我們——我會把美國乃至整個北美的鐵路公司與任何一家公司進行比較。

No one has a railroad that can move a product at the price we move it and how safe we move it as an industry. So we can go back and forth. That's just normal business. I don't know why it's part of the railroad business. I don't know why they're doing it now because they're afraid to compete against us.

沒有哪家鐵路公司能像我們一樣，以如此低的價格、如此安全的方式運輸貨物。所以我們可以來回討論。這只是正常的商業行為。我不知道為什麼它會成為鐵路業務的一部分。我不知道他們現在為什麼要這樣做，因為他們害怕和我們競爭。

We're going to have a stronger competitor. But at the end of the day, I think the regulators know they can't reck this industry. If they wreck this industry by over -- by making it overcomplicated, trucks are getting more efficient. They know it answer but, and I use Waymo as an example, but there's trucks out there running right now to see how they can automate and have less people with more products in a truck, okay, or multiple trucks.

我們將面臨一個更強大的競爭對手。但歸根究底，我認為監管機構也知道他們無法摧毀這個產業。如果他們因為過度複雜化而毀了這個行業，那麼卡車的效率將會更高。他們知道答案，但我以 Waymo 為例，現在已經有一些卡車在運行，看看他們如何自動化，用更少的人在一輛卡車上裝載更多的產品，或者用多輛卡車。

That's our true competition, and that's where we have to win. So STB are bright people, okay? I've got to know Patrick a little bit. I can't talk to them very much anymore just because of they're going through this merger plus the other two okay? Michelle Karen.

那才是我們真正的競爭對手，也是我們必須贏的地方。所以STB的人都很聰明，好嗎？我對派崔克有了一些了解。因為他們正在合併，再加上另外兩家公司，我現在沒辦法跟他們多說話了，好嗎？米歇爾·卡倫。

But at the end of the day, they're smart. They know they don't want to reck the industry, but we also have to look forward and quick looking backwards to 1890 or a merger that happened in 1995. Okay? I had black curly hair, big mustache, I look cool back then, okay? -- not so cool anymore.

但歸根結底，他們很聰明。他們知道自己不想破壞這個行業，但我們也必須向前看，不要過早回顧 1890 年或 1995 年發生的合併事件。好的？我以前留著黑色捲髮，蓄著濃密的鬍子，那時候看起來很酷，好嗎？ ——現在可沒那麼酷了。

But at the end of the day, technology has moved ahead, how we operate information flow, how fast we can get information, okay? Using AI, and it tells us exactly I knew what was happening on the railroad 5 minutes after I got up. I didn't have to phone anybody, okay? So I sent Eric, a little note to thanking and the team on how well they're doing on recovering real fast. But at the end of the day, that's where we are.

但歸根究底，科技已經進步，資訊流的運作方式、獲取資訊的速度都在不斷變化，懂嗎？利用人工智慧，它準確地告訴我，我起床後 5 分鐘就知道鐵路上發生了什麼事。我不需要給任何人打電話，好嗎？所以我給艾瑞克發了一封簡短的感謝信，感謝他和他的團隊，稱讚他們恢復得非常迅速。但歸根究底，這就是我們所處的境地。

So -- the answer to get back to the first simplified non AI-generated answer. The answer is no. I'm not worried.

所以——答案是回到第一個簡化的非人工智慧生成的答案。答案是否定的。我並不擔心。

Richa Harnain, Deutsche Bank.

Richa Harnain，德意志銀行。

This is [Megan] on for Rich. My question is for Jennifer. You laid out the full year expectation for compensation per employee to be up 4% to 5% year-over-year. and mentioned opportunities to offset the increasing wage and benefit inflation through a few things like process improvements and technology -- could you just clarify if that 4% to 5% increase includes your offsetting efforts? Or do those represent potential upside improve in costs? And any color that you're willing to share on opportunities that you've already identified would be really helpful.

這是梅根替里奇發言。我的問題想問詹妮弗。您曾表示，預計全年每位員工的薪酬將比上年增長 4% 至 5%，並提到可以透過流程改進和技術等一些措施來抵消不斷上漲的工資和福利通膨——請問這 4% 至 5% 的增長是否包含了您所做的抵消努力？或者說，這些是否代表成本方面的潛在改善空間？如果您願意分享您對已發現機會的任何看法，那將非常有幫助。

Sure. So yes, the 4% to 5% that we say is what I'll call that the net compensation for employees. So that already takes into consideration what we're planning to do. And when you think about the drivers of that inflation this year, it's really three things. It's the new agreements that we've signed and the wage inflation. It increases to health and welfare, so higher benefit cost as well as higher payroll taxes as they raise the limits every year in terms of what's taxable on a Tier 1 and Tier 2 basis. So those are the three main drivers.

當然。所以，是的，我們所說的 4% 到 5% 就是我所說的員工淨薪酬。所以這已經把我們計畫要做的事情考慮進去了。當你思考今年通貨膨脹的驅動因素時，你會發現其實有三件事。是我們簽署的新協議和薪資上漲。這會增加醫療和福利支出，因此福利成本會更高，薪資稅也會更高，因為他們每年都會提高一級和二級應稅收入的限額。以上就是三大主要驅動因素。

In terms of what we're doing to offset that, it's really across the board. And Eric's team is certainly a big part of that, doing more with RCL, taking more car touches out so that you need fewer people working in the yards, doing more in terms of automating our switch operations Eric, do you want to go into a little bit more of that?

至於我們正在採取哪些措施來抵消這種影響，我們實際上是在各個方面都採取了行動。艾瑞克的團隊當然也為此做出了巨大貢獻，他們更多地使用 RCL，減少了車輛接觸次數，從而減少了在貨場工作的人，並在自動化我們的道岔操作方面做了很多工作。艾瑞克，你想更詳細地談談這方面嗎？

Yeah. And you have three of the really important ones. The other one that really stress is how we operate the railroad. When I look at other railroads, I see them take on initiatives where they've got some spend, say, $70 million on something, and they set a goal to reduce it by 2%. That's not how we do it here. Here at Union Pacific, we look at the fundamental.

是的。而且你已經掌握了其中三個最重要的。另一個真正令人擔憂的問題是鐵路的運作方式。當我觀察其他鐵路公司時，我發現他們會採取一些舉措，例如在某方面花費 7000 萬美元，然後設定目標將其減少 2%。我們這裡不是這麼做的。在聯合太平洋鐵路公司，我們著眼於基本面。

What is the thing that we have to do or the collection of things that ultimately result in the railroad running even better. And then we like to say the cost falls out. And so when you see our record number on car velocity, 9% above a record quarter last fourth quarter when you see our locomotive productivity. -- that's what I would encourage you to focus on. Watch as we continue.

我們必須做什麼，或者說需要做哪些事情，才能最終讓鐵路運作得更好？然後我們常說成本就下降了。所以，當你看到我們汽車行駛速度創下新高，比上個季度創紀錄的增長了9%，當你看到我們的機車生產力時——這正是我希望你們關注的重點。請繼續觀看。

And it's tough work. And when you put up as many gains as we put up, right, getting the next percent, it's tough. But as I tell my team all the time, we're in the business of doing hard and my team's our team, excuse me, has delivered on that, and we'll continue to deliver that in '26.

這是一項艱苦的工作。當你取得像我們這樣多的收益之後，再獲得下一個百分比，就很難了。但我一直告訴我的團隊，我們從事的是艱苦的工作，我的團隊，抱歉，我們的團隊，已經做到了這一點，我們將在 2026 年繼續做到這一點。

Yeah. And that's where you see the continued gains on the workforce productivity, right?

是的。所以，這就是勞動生產力持續提高的原因，對吧？

Exactly. So less people, even though the cost per employee might be up, right, the total cost for the company is in a different place just because of the productivity gains. So we will continue to see. And you can see that from where our head count direction has been over the last few years. Yes, up 2% volume in 2025 in total was down 3.5% on the world.

確切地。因此，即使每位員工的成本可能上升，但由於生產力的提高，公司的總成本也會有所不同，所以員工人數減少了。所以我們會繼續觀察。從我們過去幾年的人員配置方向就能看出這一點。是的，2025 年總成交量成長 2%，而全球成交量下降 3.5%。

And let's not miss that because that's how you take care of the inflationary cost per employee as you need less employees to do the same amount of work okay? Good question. Thank you very much.

我們不能忽略這一點，因為這樣就能應付員工人均通貨膨脹成本，用更少的員工完成同樣的工作量，懂嗎？問得好。非常感謝。

Brian Ossenbeck, JPMorgan.

Brian Ossenbeck，摩根大通。

Brian. Do want to keep you too much longer from that double spreads.

布萊恩。不想讓您長時間遠離雙倍展期。

I got nothing else to do today, okay? This is the most important thing I need to do today is make sure that people understand what we're doing. So I appreciate the view hanging on.

我今天也沒什麼事可做，好嗎？今天我最重要的任務就是確保大家明白我們正在做什麼。所以我很珍惜眼前的景色。

All right. So just two kind of follow-up ones really. Eric, you just mentioned you're in the business of doing hard. It's hard to miss all the records you've been setting, but you're still expected to reset the bar and push higher. You gave a few comments about how you do that, but I just wanted to hear maybe a little bit more, especially I think you have zero furloughs. So also maybe you can address sort of the reserve buffer from the labor side. If we do get some positive upside or at least there'll be some uncertainty we're not thinking of right now.

好的。所以其實只有兩種後續問題。艾瑞克，你剛才提到你的工作是努力奮鬥。你創造的各項紀錄固然令人矚目，但人們仍期望你不斷刷新紀錄，追求更高目標。您就如何做到這一點發表了一些評論，但我還想多聽一些，尤其是我認為你們沒有裁員。所以，或許你也可以從勞動力方面著手解決儲備緩衝問題。如果我們確實獲得了一些正面的利益，或者至少存在一些我們現在還沒有想到的不確定因素。

And then Jim, just to wrap up maybe the M&A stuff. It doesn't sound like you're really thinking about addressing some other comments from the rails just focused on the three main from the STB and also doesn't seem like you're too concerned about the whole red line and having to provide that publicly. So maybe if you can give some color on that to wrap up. Appreciate it.

最後，吉姆，可能還要總結一下併購方面的事宜。聽起來你似乎並沒有真正考慮回應鐵路方面的其他一些評論，而只是專注於STB提出的三個主要問題，而且你似乎也不太關心整個紅線以及必須公開提供相關信息的問題。所以，如果你能補充一些細節來總結一下就更好了。謝謝。

Yeah, I'll start. So you brought up headcount, on translate that into hiring -- now as we think about our hiring plan for 2026, remember a couple of things.

好的，我先來。所以你提到了員工人數，並將其轉化為招聘——現在當我們考慮 2026 年的招聘計劃時，請記住以下幾點。

First thing we look at is attrition, right, to maintain our buffer of resources, one of which is our crews. We've got to make sure that we cover attrition. And then to the person's question, a few questions ago, we then do the puts and takes. So if we sign an agreement with a Union right, that may add heads, we don't expect that in 2026.

我們首先要考慮的是人員損耗，對吧，這樣才能維持我們的資源儲備，其中之一就是我們的船員。我們必須確保能夠應對人員流失。然後，針對前面幾個問題提出的問題，我們接下來會進行買賣交易。所以，如果我們與工會達成協議，可能會增加人手，但我們預計在 2026 年不會發生這種情況。

But then we go through all of our technology initiatives, we go through the fundamentals that I was talking about, and we make adjustments to that. Now a lot of people start on the labor side and they should. But we also are just as focused on the non-labor side.

但是，接下來我們會回顧所有的技術方案，回顧我剛才提到的基本原理，並進行調整。現在很多人都從體力勞動做起，他們應該這麼做。但我們同樣關注非勞動力方面。

So when you think about the work that we've done over the last three years on fuel, whether it's modernizing locomotives, the expansion of our energy management system, our program for where do we partial fill, full fill, that saved us tens of millions of dollars and that trend will continue.

所以，想想我們過去三年在燃料方面所做的工作，無論是機車現代化、能源管理系統的擴展，還是部分加註、完全加註的方案，都為我們節省了數千萬美元，而且這種趨勢還將繼續。

Even when we think about modernizations alone, that's a 5% fuel savings per unit that we modernize. So I'm telling you, we can go through the whole portfolio because that's how we manage it here. We come into the year with specific initiatives. There are dozens and dozens and dozens of them, and we work tirelessly to execute. And you saw the results in '25, and I expect that we'll be just as successful in '26.

即使只考慮現代化改造，每台現代化改造的設備也能節省 5% 的燃料。所以我告訴你，我們可以把整個投資組合都過一遍，因為我們在這裡就是這樣管理的。今年我們制定了一些具體的措施。有幾十個、幾十個、幾十個，我們都不懈地執行。你們在 2025 年看到了結果，我預期我們在 2026 年也會同樣成功。

And Brian, if I can just add one thing on that is what you don't see is we are carrying extra people, but we don't have them furloughed. We actually have guaranteed payments, just the way the collective agreements are that we -- and they're actually -- that buffer is built that way that we have some guaranteed payments.

布萊恩，如果我能補充一點的話，你沒看到的是，我們僱用了額外的人手，但我們並沒有讓他們休假。實際上，我們有保障的付款，集體協議就是這樣規定的——實際上，正是這種緩衝機制的建立，使我們有一些有保障的付款。

We try to structure the number of employees in the right place, and Eric does Eric and team do a fantastic job of driving that to be at the right place, so that we don't get behind. But we also are paying some guarantees that nobody would see outside of us internally. So that's where the excess that buffer is situated.

我們努力將員工人數安排在合適的位置，Eric 和他的團隊在這方面做得非常出色，他們推動員工人數達到合適的水平，這樣我們就不會落後。但我們也支付了一些內部人員看不到的擔保費用。所以，多餘的緩衝資金就存放在那裡。

On the merger, listen, we always have different opinions. And it's interesting to hear the other railroads talk about some of the things they've talked about, like we're going to shut down 300 lanes. We don't have 300 lanes in intermodal to shut down. We have more than 300 customer-to-customer points, but trains going into terminals.

關於合併這件事，聽著，我們總是會有不同的看法。聽其他鐵路公司談論一些事情也很有意思，例如我們要關閉 300 條車道。我們沒有足夠的300條多式聯運車道可以關閉。我們有超過 300 個客戶對客戶點，但列車卻駛入了終點站。

So we're going to keep them all open. And in fact, we want to expand that, not be less we've put on new trains that run now from LA to the west side of Chicago, G2 because we see a market there that we didn't operate. So that's a lane we've added, and we want to continue to have the lanes that open up access for our customers east and west across the country.

所以我們會保持所有門市開放。事實上，我們希望擴大規模，而不是縮減規模。我們已經開通了從洛杉磯到芝加哥西區的G2新列車，因為我們看到了那裡的市場，而我們之前還沒有涉足那裡。所以這是我們新增的一條通道，我們希望繼續開闢這些通道，為我們的客戶在全國東西方向提供便利。

And one railroad put out that I was -- they sent it out to the customers that I was a leader on the EJ&E in 2008. Well, I wasn't in the U.S. in 2008. I was battle in the western part of the CN network. And -- but I still got credit for whatever happened on the EJ&E. So that's why I like to talk about fact not fiction.

有一家鐵路公司向客戶發布消息稱，我在 2008 年擔任 EJ&E 的領導職務。嗯，2008年我不在美國。我當時在CN網路的西部地區作戰。但是——無論 EJ&E 上發生了什麼，我還是得到了功勞。所以這就是為什麼我喜歡談論事實而不是虛構的故事。

So bottom line is, as we move ahead, we're going to have to give some things, and we know that like this red line, I don't like it. I don't see what the benefit, but it's not about Jim Vena, it's about what the STB thinks. And they also need to be reasonable and understand that we're doing the right things because we're not holding anything back.

所以歸根結底，隨著我們不斷前進，我們將不得不做出一些讓步，我們知道就像這條紅線一樣，我不喜歡它。我看不出有什麼好處，但這與吉姆·維納無關，而是與美國電視委員會的想法有關。他們也需要講道理，理解我們這樣做是對的，因為我們沒有有所保留。

We've told them black and white day on when I called in to the STB to tell them that we were going to merge, I said, tell us what you want and we will provide it. There's no big secret. I think we're pretty open about fundamentally who we are, what we do, what we're trying to do move forward. And there isn't any big secret because it's such a compelling case.

那天我打電話給機上盒公司，告訴他們我們要合併，我說，告訴你們想要什麼，我們會滿足你們。沒什麼秘密可言。我認為我們對自身定位、工作內容以及未來的發展方向都相當坦誠。而這其中也沒有什麼秘密，因為這個案例本身就非常有說服力。

So I don't like it because I don't think it adds to the merits, but guess what? I wish Jim Vena had a totalitarian system that I could get every decision that I want, but I don't even get it at home with my wife and kids for God's sakes. Let alone with the regulator. And I'm good with that. That's just part of the process and we knew that's what it was going to look like.

所以我不喜歡它，因為我覺得它並沒有增加它的優點，但你猜怎麼著？我希望吉姆·維納能擁有一個極權主義體制，讓我可以隨心所欲地做任何決定，但天哪，我什至在家裡對妻子和孩子都做不到這一點。更別提監管機構了。我對此很滿意。這只是流程的一部分，我們也知道最終會是這個樣子。

In fact, sometimes I don't even get it here in the company. Eric tries to tell me what to do. Jennifer, for sure, okay, tell me what they do. And Kenny, he's a little -- he's a really good salesman, okay? I always keep my hands on my wallet when he's around and make sure he doesn't take $10 out of my pocket.

事實上，有時候我甚至在公司裡都聽不懂。艾瑞克試著告訴我該怎麼做。珍妮弗，當然可以，好的，告訴我他們是做什麼的。肯尼有點兒……他是個非常優秀的推銷員，好嗎？當他在身邊時，我總是把手放在錢包上，確保他不會從我口袋裡拿走10美元。

But at the end of the day, that's just the way life works, and we'll work through this because it's a compelling piece of business and compelling for our customers in the country, okay, and our employees. And I'm looking forward to when we have this railroad put together.

但歸根究底，這就是生活，我們會克服困難，因為這是一項重要的業務，對我們國內的客戶和員工來說也意義重大。我期待著這條鐵路建成通車的那一天。

Ravi Shanker, Morgan Stanley.

拉維‧香克爾，摩根士丹利。

I think I just have one kind of more of a cleanup question, not on M&A, so I'll give you a break on that. I know you had highlighted in the beginning of the call, the fact the winter storm had been having on some operations. I was just wondering if you were able to quantify at all what you think the impact on the quarter could be from the recent weather or if you just have any more color there?

我想我只有一個比較瑣碎的問題，跟併購無關，所以這個問題我就不問了。我知道你在通話開始時就強調了冬季風暴對一些營運活動的影響。我只是想問您是否能夠量化一下您認為最近的天氣會對本季業績產生什麼影響，或者您還有什麼其他資訊嗎？

Jennifer?

珍妮佛？

Yes. I mean it's going to add a little bit of cost to us, and that's really a cleanup cost, a little crew delay, extra limits, lodging, those types of things. probably a little extra propane for switch heaters because we lost commercial power in several places.

是的。我的意思是，這會為我們增加一些成本，主要是清理費用、人員延誤、額外的限制、住宿等等。可能還需要一些額外的丙烷來給備用加熱器用，因為我們好幾個地方都停電了。

But the big thing that we'll see sometimes in winter storms is lost revenue. If you've got long customer shutdowns, prolonged periods where we're not able to serve our customers. We don't see that happening as we sit here today, different than a couple of years ago when there were some bad weather in that Houston area, where you did have customers who were out for extended periods, that was much more impactful.

但冬季風暴有時會造成最大的後果，那就是收入損失。如果客戶長時間無法提供服務，或出現長時間無法為客戶提供服務的情況。就目前來看，我們並沒有看到這種情況發生，這與幾年前休士頓地區遭遇惡劣天氣的情況不同，當時確實有一些顧客長時間無法出門，那次的影響要大得多。

Again, as we sit here, we don't see that. So we'll look to make up the lost carline. -- you'll certainly see that reflected in next week's loads when we report out to the AAR. But with a lot of the quarter in front of us, basically two months left, I think we'll make that up and really just be left with a little bit of extra cost from the cleanup.

但就我們目前所見，我們並沒有看到這一點。所以我們會努力彌補損失的運輸線。 ——下週我們向AAR報告時，您肯定會在貨運量數據中看到這一點。但本季還有很長一段時間，基本上還有兩個月，我認為我們會彌補損失，最終只會剩下一些額外的清理費用。

And it's a great question, and that's why it's really important for us to have the capability to recover fast. And the faster we can recover, and that's what I like about Thursday morning, number is looking pretty good, is that those impacts are not as significant, and we get back to the customers to say, ship us everything you got, we're ready to move and let's move ahead. So listen, thank you very much. Great question. That was the last question, Rob?

這是一個很好的問題，正因如此，我們才需要具備快速復原的能力。我們恢復得越快，我就越喜歡週四早上的情況，數字看起來相當不錯，這意味著這些影響並不那麼重大，我們就可以回复客戶說，把你們所有的貨都發給我們，我們已經準備好了，讓我們繼續前進。聽著，非常感謝。問得好。羅布，那是最後一個問題嗎？

Yes, Mr. Vena, it was.

是的，維納先生，的確如此。

Let me just tie it up here real quick, okay? Because I've really enjoyed the call this morning. I think it's -- it's great to talk about what we're doing and how we move ahead. And I appreciate the questions. I think the questions were great.

我這就快速總結一下，好嗎？因為我真的很享受今天早上的通話。我認為——討論我們正在做的事情以及我們將如何前進，這很好。感謝大家的提問。我覺得這些問題問得很好。

Looking forward to talking to you after the first quarter results. But -- we're going to operate this railroad in the best way we can with all the talent we have and people out in the field that do a spectacular job -- and at the same time, we work through the process for the merger.

期待在第一季業績公佈後與您進一步溝通。但是——我們將盡我們所能，利用我們所有的人才和第一線員工的出色工作，以最好的方式運營這條鐵路——與此同時，我們也在努力完成合併流程。

So I'm excited. The whole team is excited. We get up every morning we could have just left it along and not worried about a merger and just rolled it out for a couple of years, ride the horse in the range and have a little bit of fun, go out to the Super Bowl, go do whatever the heck we do and we're supposed to be working. But guess what? I'm not into that and either is this team.

我很興奮。整個團隊都很興奮。我們每天早上醒來，本來可以就這麼放任不管，不用擔心合併，就這麼推行幾年，在牧場上騎馬，玩玩，去看超級碗，做任何我們想做的事情，但我們卻應該工作。但你猜怎麼著？我不喜歡那樣，這支球隊也不喜歡。

We are here to deliver for our customers and win in the marketplace and be the best railroad in North America. So we're challenged by our competitors. They're smart. They want to beat us. And at the end of the day, I love it.

我們的目標是為客戶提供優質服務，在市場競爭中取得成功，成為北美最好的鐵路公司。因此，我們面臨來自競爭對手的挑戰。他們很聰明。他們想打敗我們。歸根結底，我非常喜歡它。

Let's go challenge, and we'll talk to you all later on. Thank you very much for taking the time to spend it. A little bit of time with us this morning. Thank you.

我們先去挑戰一下，之後再跟大家聊。非常感謝您抽出時間。今天早上抽出一點時間陪我們。謝謝。

Thank you. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day.

謝謝。女士們、先生們，感謝各位的參與。今天的電話會議到此結束。現在您可以斷開線路了，祝您有美好的一天。