Transportation & Logistics
Union Pacific Executive Compensation (FY25)
UNP · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025 ◇ V. James Vena | Median of the other named officers $5,047,090 5 officers, excluding the chief executive | Latest say-on-pay support = May 14, 2026 | Chief executive pay ratio ◇ To the median employee |
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Data as of November 4, 2026Latest filing (8-K): May 18, 2026
9 filings cited on this page
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319 figures on this page: 313 cited to the filing that reported them, 6 calculated from figures it prints. See the citations
More on Union Pacific
Five data products on this company. Each one is requested through the developer setup page.
- Peer Disclosure Audit$5The comparison companies this board named, each one tied to the filing that lists it.How to get Peer Disclosure Audit
- Governance Provisions PullfreeThe governance provisions as the proxy states them: board leadership, committee membership, and shareholder rights.How to get Governance Provisions Pull
- Say-on-Pay Risk Signal$9A risk band for the next say-on-pay vote, with the support history and the peer comparison behind it.How to get Say-on-Pay Risk Signal
- NEO Comp Report$24Every named executive officer’s pay by element and year, with the citation behind each figure.How to get NEO Comp Report
- Board Comp Report$24What each non-employee director was paid, the standing fee schedule, and the equity each one holds at year end.How to get Board Comp Report
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — V. James Vena: $17,644,763 → $20,296,362 (15.0% higher)
Say-on-pay support: 94.0% → 94.9% (0.9 points higher)
CEO pay ratio: 131:1 → 151:1 (15.3% higher)
Frequently asked questions
Answers drawn from the data on this page.
Who is Union Pacific's chief executive and what were they paid?
V. James Vena, Chief Executive Officer, received $20,296,362 in total compensation for fiscal 2025. Vena's total moved 15.0% higher from the $17,644,763 reported for fiscal 2024.
What was Union Pacific's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 94.9% of votes cast for or against in favor at the meeting held May 14, 2026.
Which companies are in Union Pacific's peer group?
The disclosed peer group names Canadian National, Canadian Pacific Kansas City, CSX, Deere & Co. and Exelon, among others.
What is Union Pacific's chief executive pay ratio?
The company reported a chief executive pay ratio of 151:1 for fiscal 2025, against median employee compensation of $134,454.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Lance Fritz Former Chairman, President & CEO | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Jennifer Hamann Executive Vice President and Chief Financial Officer | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Elizabeth Whited President | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Kenny Rocker Executive Vice President, Marketing and Sales | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Eric Gehringer Executive Vice President, Operations | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Lance Fritz Former Chairman, President & CEO Departed during or after this year | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
Jennifer Hamann Executive Vice President and Chief Financial Officer | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
Elizabeth Whited President | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
Eric Gehringer Executive Vice President, Operations | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
Kenny Rocker Executive Vice President, Marketing and Sales | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
V. James Vena Chief Executive Officer | ◇ | ◇ | — | — | — | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
V. James Vena Chief Executive Officer | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Elizabeth Whited President | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Jennifer Hamann EVP & Chief Financial Officer | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Eric Gehringer EVP Operations | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
Kenny Rocker EVP Marketing & Sales | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
V. James Vena Chief Executive Officer | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Elizabeth Whited Special Advisor (Former President) Departed during or after this year | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
Jennifer Hamann Executive Vice President and Chief Financial Officer | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
Eric Gehringer Executive Vice President, Operations | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
Kenny Rocker Executive Vice President, Marketing and Sales | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
Rahul Jalali Executive Vice President and Chief Information Officer | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Elizabeth F. Whited | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Elizabeth F. Whited | OPTION | ◇ | — | — | ◇ | — | ◇ | ◇ |
| Eric J. Gehringer | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Eric J. Gehringer | OPTION | ◇ | — | — | ◇ | — | ◇ | ◇ |
| Jennifer L. Hamann | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Jennifer L. Hamann | OPTION | ◇ | — | — | ◇ | — | ◇ | ◇ |
| Kenny G. Rocker | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Kenny G. Rocker | OPTION | ◇ | — | — | ◇ | — | ◇ | ◇ |
| Rahul Jalali | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Rahul Jalali | OPTION | ◇ | — | — | ◇ | — | ◇ | ◇ |
| V. James Vena | OPTION | ◇ | — | — | ◇ | — | ◇ | ◇ |
| V. James Vena | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| V. James Vena | Option | ◇ | — | ◇ | 2/6/2035 |
| PSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | 2/8/2034 | |
| Elizabeth Whited | Option | ◇ | — | ◇ | 2/6/2035 |
| PSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | 2/8/2034 | |
| Option | ◇ | — | ◇ | 2/9/2033 | |
| RSU | ◇ | ◇ | — | — | |
| Jennifer Hamann | Option | ◇ | — | ◇ | 2/6/2035 |
| PSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | 2/8/2034 | |
| Option | ◇ | — | ◇ | 2/9/2033 | |
| RSU | ◇ | ◇ | — | — | |
| Eric Gehringer | Option | ◇ | — | ◇ | 2/6/2035 |
| PSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | 2/8/2034 | |
| Option | ◇ | — | ◇ | 2/9/2033 | |
| RSU | ◇ | ◇ | — | — | |
| Kenny Rocker | Option | ◇ | — | ◇ | 2/6/2035 |
| PSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | 2/8/2034 | |
| Option | ◇ | — | ◇ | 2/9/2033 | |
| RSU | ◇ | ◇ | — | — | |
| Rahul Jalali | Option | ◇ | — | ◇ | 2/6/2035 |
| PSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | 2/8/2034 | |
| Option | ◇ | — | ◇ | 2/9/2033 | |
| RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Michael R. McCarthy Board chair | ◇ | — | — | — | — | ◇ | ◇ |
David B. Dillon | ◇ | — | — | — | — | ◇ | ◇ |
Christopher J. Williams | ◇ | — | — | — | — | ◇ | ◇ |
Sheri H. Edison | ◇ | — | — | — | — | ◇ | ◇ |
Jane H. Lute | ◇ | — | — | — | — | ◇ | ◇ |
Deborah C. Hopkins | ◇ | — | — | — | — | ◇ | ◇ |
Doyle R. Simons | ◇ | — | — | — | — | ◇ | ◇ |
Teresa M. Finley | ◇ | — | — | — | — | ◇ | ◇ |
John K. Tien, Jr | ◇ | — | — | — | — | ◇ | ◇ |
John P. Wiehoff | ◇ | — | — | — | — | ◇ | ◇ |
William J. DeLaney | ◇ | — | — | — | — | ◇ | ◇ |
V. James Vena and W Anthony Will served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Board equity retainer | ◇ |
| Total board retainer | ◇ |
| Board chair premium | ◇ |
| Lead independent director premium | ◇ |
| Audit committee chair | ◇ |
| Audit committee member | ◇ |
| Compensation committee chair | ◇ |
| Nominating and governance chair | ◇ |
Equity is delivered as Stock Units (mandatory deferral of $175,000 of the $300,000 annual retainer into Stock Unit Account; remaining $125,000 payable in cash or elective deferral).
Stock ownership guideline: Enforce Stringent Executive Stock Ownership Guidelines
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- Canadian National CNI
- Canadian Pacific Kansas City symbol not shown
- CSX CSX
- Deere & Co. DE
- Exelon EXC
- FedEx FDX
- Honeywell International HON
- NextEra Energy NEE
- RTX Corp. RTX
- Southern Co. SO
- UPS UPS
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | May 14, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | May 8, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | May 9, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | May 18, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | May 12, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | May 13, 2021 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
Ask our research desk — $99, 24h, every figure cited to its filing.
Sample answer — “What is the CEO’s total compensation?”
- V. James Vena (Chief Executive Officer), FY2025 total compensation $20,296,362 (base salary $1,475,000) [exec_comp, SEC accession 0000100885-26-000098, filed 2026-03-25]What this page does not include
Everything above is a fact Union Pacific disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Union Pacific sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $500Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
319 figures on this page: 313 cited to the filing that reported them, 6 calculated from figures it prints.
313 cited to the filing
6 calculated from the filing
Documents cited
- 0000100885-26-000174Proposal 3 – Advisory Vote to Approve Executive Compensation (“Say on Pay”) The Shareholders approved, on an advisory (non-binding) basis, the compensation of the Company’s Named Executive Officers, b
- 0000100885-26-000098Grants of Plan-Based Awards · Non-Management Director Compensation in Fiscal Year 2025 · Non-Management Directors’ Fees and Compensation · Pay Ratio Disclosure · and 1 more section
- 0000100885-25-000160Proposal 3 – Advisory Vote to Approve Executive Compensation (“Say on Pay”) The Shareholders approved, on an advisory (non-binding) basis, the compensation of the Company’s Named Executive Officers, b
- 0001140361-25-010237
- 0001437749-24-016013Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001140361-24-015351
- 0001437749-23-015331Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001437749-22-012490Item 5.07 Submission of Matters to a Vote of Security Holders
- 0000100885-21-000178Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Union Pacific executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/UNP (accessed 2026).
Short form: data: Velarion
The paid brief for Union Pacific
Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $500 for the board report; $900 for both.
9 filings cited on this page
Method: intel.velarion.ai/methodology
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Transportation & Logistics rankings
Peers Union Pacific discloses
The companies named in UNP's own disclosed peer group.
Terms on this page
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Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}