Union Pacific Corporation

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 2,730 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• Norfolk Southern is NOT recorded as a Union Pacific holding. On July 28, 2025, Union Pacific, Norfolk Southern, Ruby Merger Sub 1 Corporation and Ruby Merger Sub 2 LLC entered into an agreement and plan of merger under which Norfolk Southern would become a wholly owned subsidiary of Union Pacific through two successive mergers, with Norfolk Southern shareholders receiving a mix of Union Pacific stock and cash (Union Pacific expects to issue approximately 225 million shares of its common stock plus approximately $20 billion of cash consideration on completion). As of the most recent 10-Q (period ended June 30, 2026, filed July 23, 2026), Note 18 is titled 'Pending Acquisition' and the deal has not closed: no Norfolk Southern shares have been issued or acquired, the merger is still subject to satisfaction or waiver of conditions specified in the merger agreement, and either party owes the other a $2.5 billion termination fee if the agreement is terminated under specified circumstances. Union Pacific paused its own share repurchase program because of the pending deal. No EDGAR filing newer than the July 23, 2026 10-Q/8-K pair was found as of this research (17 August 2026), so the deal's status remains 'pending' as of today. Because Union Pacific holds no Norfolk Southern shares today, this is not an equity holding under the brief; it would only become one if the filings showed UNP actually taking delivery of NSC shares before close, which they do not.
• TTX Company is the only individually named equity-method (or other affiliated-company) investee disclosed in either the FY2025 10-K or the Q2 FY2026 10-Q. Both filings' accounting-policy notes describe 'investments in affiliated companies (20% to 50% owned)' accounted for under the equity method in general terms, and 'investments in companies (less than 20% owned)' at fair value or cost, but no other specific investee name, percentage, or carrying value appears anywhere in either filing (searched for 'equity method', 'joint venture', 'affiliated compan', 'non-marketable', 'measurement alternative', 'unconsolidated', 'Ferromex', 'Panama', 'Alliance', 'Meridian').
• Union Pacific has a single class of common stock, par value $2.50 per share (1,400,000,000 shares authorized), one vote per share. There is no dual-class structure and no founder or family control block.
• Register percentages use different share-count denominators depending on each holder's as_of date, per Union Pacific's own balance sheet and cover-page disclosures: 593,245,884 shares outstanding at December 31, 2025 (used for Vanguard's Q4 2025 13F row), 593,957,035 shares outstanding at June 30, 2026 (used for all other institutional 13F rows), and 593,678,300 shares outstanding at the March 13, 2026 proxy record date (used for the insider rows). Company-level shares_outstanding (594,075,498) is the most current figure, from the Q2 FY2026 10-Q cover page as of July 17, 2026.
• Vanguard's most recent Form 13F-HR is for the quarter ended December 31, 2025 (filed January 29, 2026: 59,329,262 shares, $13.72 billion). For the March 31, 2026 and June 30, 2026 quarters Vanguard filed Form 13F-NT (a notice that its holdings are reported by other Vanguard reporting managers instead), so no more current Vanguard-filed share count under CIK 0000102909 was available. This is corroborated, not contradicted, by Union Pacific's own March 25, 2026 proxy, which cites a Vanguard Schedule 13G/A (filed January 7, 2026, as of December 31, 2025) showing 59,326,968 shares (10.00 percent), essentially the same figure and date as the 13F.
• The proxy's BlackRock figure (42,030,360 shares, 7.08 percent) is stale: it is sourced to a Schedule 13G/A filed January 26, 2024 as of December 31, 2023. The register instead uses BlackRock's own Form 13F-HR for the quarter ended June 30, 2026 (47,894,147 shares), a more current and more directly sourced figure. Both are recorded here rather than one overwriting the other.
• Market capitalization ($174.47 billion as of August 14, 2026) is from stockanalysis.com, an aggregator, not a filing; recorded here for reference only and not used as a basis for any holding or register figure.
• TTX's $2.0 billion carrying value is disclosed only as a rounded prose figure in both the FY2025 10-K and the Q2 FY2026 10-Q; no more precise dollar amount is given. The balance sheet's total 'Investments' line ($2,977 million at June 30, 2026; $2,885 million at December 31, 2025) is larger than the disclosed TTX figure alone, meaning other, unnamed investments (roughly $1.0 billion) make up the remainder of that combined balance and are not attributed to any single investee here, consistent with the brief's instruction not to assign a combined balance to one investee.