---
ticker: UNP
company: Union Pacific Corporation
filing_type: 10-K
year_current: 2024
year_prior: 2023
risks_added: 0
risks_removed: 0
risks_modified: 1
risks_unchanged: 5
source: SEC EDGAR
url: https://riskdiff.com/unp/2024-vs-2023/
markdown_url: https://riskdiff.com/unp/2024-vs-2023/index.md
generated: 2026-05-10
---

# Union Pacific Corporation: 10-K Risk Factor Changes 2024 vs 2023

> Source: U.S. Securities and Exchange Commission (EDGAR)  
> Generated: 2026-05-10  
> All data extracted directly from official filings. No hallucinated content.

> **[AI-Generated Summary]** The paragraph below was produced by a language
> model and may contain errors. All other content on this page is deterministically
> extracted from the original SEC filing.

> Union Pacific Corporation made minimal structural changes to its risk factor disclosures between 2023 and 2024, with one risk category substantively modified while five risk factors remained unchanged and no new risks added or removed. The General Risk Factors section underwent material revision, indicating modifications to how Union Pacific characterizes or elaborates on its broad risk exposures. These changes suggest Union Pacific refined its existing risk narrative rather than identifying materially new risk categories or eliminating previously disclosed concerns.

---

## Summary

| Status | Count |
|--------|-------|
| New risks added | 0 |
| Risks removed | 0 |
| Risks modified | 1 |
| Unchanged | 5 |

---

## Modified: General Risk Factors

**Key changes:**

- Reworded sentence: "We Are Affected by General Economic Conditions - Prolonged, severe adverse domestic and global macroeconomic conditions or disruptions of financial and credit markets, including, for example, the recessionary fears, inflationary pressures, and elevated interest rates we are seeing in the current economic environment, may affect the producers and consumers of the commodities we carry and may have a material adverse effect on our access to liquidity, results of operations, and financial condition."

**Prior (2023):**

We Are Affected by General Economic Conditions - Prolonged, severe adverse domestic and global macroeconomic conditions or disruptions of financial and credit markets, including, for example, the recessionary fears and high inflation we are seeing in the current economic environment, may affect the producers and consumers of the commodities we carry and may have a material adverse effect on our access to liquidity, results of operations, and financial condition. We May Be Affected by Acts of Terrorism, War, or Risk of War - Our rail lines, facilities, and equipment, including rail cars carrying hazardous materials, could be direct targets or indirect casualties of terrorist attacks. Terrorist attacks, or other similar events, any government response thereto, and war or risk of war may adversely affect our results of operations, financial condition, and liquidity. In addition, insurance premiums for some or all of our current coverages could increase dramatically, or certain coverages may not be available to us in the future.

**Current (2024):**

We Are Affected by General Economic Conditions - Prolonged, severe adverse domestic and global macroeconomic conditions or disruptions of financial and credit markets, including, for example, the recessionary fears, inflationary pressures, and elevated interest rates we are seeing in the current economic environment, may affect the producers and consumers of the commodities we carry and may have a material adverse effect on our access to liquidity, results of operations, and financial condition. 15 Table of Contents 15 15 15 Table of Contents Table of Contents Table of Contents We May Be Affected by Acts of Terrorism, War, or Risk of War - Our rail lines, facilities, and equipment, including rail cars carrying hazardous materials, could be direct targets or indirect casualties of terrorist attacks. Terrorist attacks, or other similar events, any government response thereto, and war or risk of war may adversely affect our results of operations, financial condition, and liquidity. In addition, insurance premiums for some or all of our current coverages could increase dramatically, or certain coverages may not be available to us in the future.

---

*Data sourced from SEC EDGAR. Last updated 2026-05-10.*