Exhibit 99.1

Union Pacific Reports Best-Ever Quarterly Results

Diluted Earnings per Share up 13 Percent

FOR IMMEDIATE RELEASE

Best-Ever Quarterly Records

Omaha, Neb., October 17, 2013 – Union Pacific Corporation (NYSE: UNP) today reported 2013 third quarter net income of $1.15 billion, or $2.48 per diluted share, compared to $1 billion, or $2.19 per diluted share, in the third quarter 2012.

“Union Pacific achieved all-time record financial results this quarter,” said Jack Koraleski, Union Pacific chief executive officer. “Despite the challenges of lower coal and grain volumes, in addition to disruptions caused by the Colorado flooding, we managed our network efficiently and continued to benefit from the strength of our diverse franchise. When combined with real core pricing and productivity gains, we more than offset flat volumes to generate a new, best-ever quarterly Operating Ratio of 64.8 percent.”

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Third Quarter Summary

Operating revenue increased 4 percent in the third quarter 2013 to nearly $5.6 billion versus $5.3 billion in the third quarter 2012. Third quarter business volumes, as measured by total revenue carloads, were flat compared to 2012. Volume growth from industrial products, automotive, and chemical shipments was offset by declines in coal, agricultural products, and intermodal shipments. In addition:

Summary of Third Quarter Freight Revenues

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2013 Outlook

“As we move through the fourth quarter, we continue to monitor the economic landscape,” Koraleski said. “Supported by our diverse franchise, we remain agile and well positioned for economic recovery. We’ll continue to focus on running a safe, efficient, and reliable network that generates greater value for both our customers and shareholders going forward.”

About Union Pacific

Union Pacific Railroad is the principal operating company of Union Pacific Corporation (NYSE: UNP). One of America’s most recognized companies, Union Pacific Railroad links 23 states in the western two-thirds of the country by rail, providing a critical link in the global supply chain. From 2007-2012, Union Pacific invested $18 billion in its network and operations to support America’s transportation infrastructure, including a record $3.7 billion in 2012. The railroad’s diversified business mix includes Agricultural Products, Automotive, Chemicals, Coal, Industrial Products and Intermodal. Union Pacific serves many of the fastest-growing U.S. population centers, operates from all major West Coast and Gulf Coast ports to eastern gateways, connects with Canada’s rail systems and is the only railroad serving all six major Mexico gateways. Union Pacific provides value to its roughly 10,000 customers by delivering products in a safe, reliable, fuel-efficient and environmentally responsible manner.

Investor contact is Michelle Gerhardt, (402) 544-4227.

Media contact is Tom Lange, (402) 544-3560.

Supplemental financial information is attached.

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This press release and related materials contain statements about the Corporation’s future that are not statements of historical fact, including specifically the statements regarding the Corporation’s expectations with respect to future economic improvement and its ability to capitalize on any future economic improvement; provide safe, efficient and reliable service; maintain agility; and generate value for its customers and shareholders. These statements are, or will be, forward-looking statements as defined by the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements also generally include, without limitation, information or statements regarding: projections, predictions, expectations, estimates or forecasts as to the Corporation’s and its subsidiaries’ business, financial, and operational results, and future economic performance; and management’s beliefs, expectations, goals, and objectives and other similar expressions concerning matters that are not historical facts.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times that, or by which, such performance or results will be achieved. Forward-looking information, including expectations regarding operational and financial improvements and the Corporation’s future performance or results are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statement. Important factors, including risk factors, could affect the Corporation’s and its subsidiaries’ future results and could cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements. Information regarding risk factors and other cautionary information are available in the Corporation’s Annual Report on Form 10-K for 2012, which was filed with the SEC on February 8, 2013. The Corporation updates information regarding risk factors if circumstances require such updates in its periodic reports on Form 10-Q and its subsequent Annual Reports on Form 10-K (or such other reports that may be filed with the SEC).

Forward-looking statements speak only as of, and are based only upon information available on, the date the statements were made. The Corporation assumes no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. If the Corporation does update one or more forward-looking statements, no inference should be drawn that the Corporation will make additional updates with respect thereto or with respect to other forward-looking statements. References to our website are provided for convenience and, therefore, information on or available through the website is not, and should not be deemed to be, incorporated by reference herein.

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UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Condensed Consolidated Statements of Income (unaudited)

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Freight Revenues Statistics (unaudited)

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Condensed Consolidated Statements of Financial Position (unaudited)

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Condensed Consolidated Statements of Cash Flows (unaudited)

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Operating and Performance Statistics (unaudited)

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Condensed Consolidated Statements of Income (unaudited)

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UNION PACIFIC CORPORATION AND SUBSIDIARY COMPANIES

Freight Revenues Statistics (unaudited)