---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-017204"
form_type: "8-K"
ticker: "UNP"
cik: "0000100885"
company_name: "UNION PACIFIC CORP"
filed_at: "2023-06-13T23:59:59+00:00"
generated_at: "2026-06-14T01:46:48.643234+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Union Pacific sees Q2 $70M labor charge; Nebraska tax adds $75M; 2023 operating ratio to exceed 2022

## Summary
- One-time pre-tax expense of ~$70M in Q2 2023 from SMART-TD crew staffing ratification; adds ~120 bps to Q2 operating ratio.
- Full-year 2023 operating ratio expected to exceed 2022 levels due to higher labor costs, lower volumes, and higher costs.
- Nebraska state income tax rate change adds ~$75M to after-tax income in Q2 2023.
- Reaffirmed prior guidance on volume, price, and capital allocation.

## SEC filing metadata
- accession: 0001437749-23-017204
- form_type: 8-K
- ticker: UNP
- cik: 0000100885
- company_name: UNION PACIFIC CORP
- filed_at: 2023-06-13T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/100885/000143774923017204/0001437749-23-017204-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/100885/000143774923017204/unp20230612_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-017204
- JSON: https://secwatch.observer/filing/0001437749-23-017204.json
- Plain text: https://secwatch.observer/filing/0001437749-23-017204.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.