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Transportation & Logistics › Disclosure examples

Transportation & Logistics: Critical accounting estimates (MD&A)

Note: Item 303(b)(3) of Regulation S-K requires discussion of critical accounting estimates, including uncertainty and sensitivity.
UNION PACIFIC CORP (UNP) · Form 10-K for period ended 2025-12-31 · filed 2026-02-06 · Section: TABLE OF CONTENTS
CEO’s Letter3
Directors and Senior Management4
PART I
Item 1.Business5
Item 1A.Risk Factors10
Item 1B.Unresolved Staff Comments20
Item 1C.Cybersecurity20
Item 2.Properties22
Item 3.Legal Proceedings24
Item 4.Mine Safety Disclosures25
Executive Officers of the Registrant and Principal Executive Officers of Subsidiaries26
PART II
Item 5.Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities27
Item 6.[Reserved]28
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations28
Critical Accounting Estimates40
Cautionary Information42
Item 7A.Quantitative and Qualitative Disclosures About Market Risk42
Item 8.Financial Statements and Supplementary Data43
Report of Independent Registered Public Accounting Firm44
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure75
Item 9A.Controls and Procedures75
Management’s Annual Report on Internal Control Over Financial Reporting76
Report of Independent Registered Public Accounting Firm77
Item 9B.Other Information78

February 6, 2026

Fellow Shareholders:

The Union Pacific team continued to build on ‘what’s possible’ in 2025, and we delivered best-ever full year results across safety, service, and operating performance while growing our volumes. These results demonstrate that we are committed to our strategy – Safety, Service, and Operational Excellence leads to Growth – and understand what we need to do to set the Company up for future success. We know success can be measured in many ways, but to us it’s about serving our customers, communities, and employees while driving value to our owners.

Verbatim excerpt (349 words), formatting simplified. View full filing on EDGAR →
CSX CORP (CSX) · Form 10-K for period ended 2025-12-31 · filed 2026-02-12 · Section: CSX 2025 Form 10-K p.1
CSX CORPORATION
FORM 10-K
TABLE OF CONTENTS
Item No.Page
PART I
1.Business3
1A. Risk Factors7
1B. Unresolved Staff Comments13
1C. Cybersecurity14
2.Properties16
3.Legal Proceedings20
4.Mine Safety Disclosures20
Executive Officers of the Registrant21
PART II
5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities23
6.Reserved25
7.Management's Discussion and Analysis of Financial Condition and Results of Operations26
· Terms Used by CSX26
· 202 5 Highlights28
· Results of Operations28
· Liquidity and Capital Resources38
· Contractual Obligations, Other Commitments and Off-Balance Sheet Arrangements42
· Labor Agreements42
· Critical Accounting Estimates43
· Forward-Looking Statements47

CSX 2025 Form 10-K p.2

CSX CORPORATION

PART I

Item 1. Business

CSX Corporation, together with its subsidiaries ("CSX" or the “Company”), based in Jacksonville, Florida, is one of the nation's leading transportation companies. The Company provides rail-based freight transportation services including traditional rail service, the transport of intermodal containers and trailers, as well as other transportation services such as rail-to-truck transfers and bulk commodity operations. CSX and the rail industry provide customers with access to an expansive and interconnected transportation network that plays a key role in North American commerce and is critical to the long-term economic success and improved global competitiveness of the United States. In addition, freight railroads provide the most economical and environmentally efficient means to transport goods over land.

CSX Transportation, Inc.

Verbatim excerpt (356 words), formatting simplified. View full filing on EDGAR →
UNITED PARCEL SERVICE INC (UPS) · Form 10-K for period ended 2025-12-31 · filed 2026-02-17 · Section: TABLE OF CONTENTS
PART I
Item 1.Business1
Overview1
Strategy1
Competitive Strengths2
Products and Services; Reporting Segments3
Human Capital4
Customers5
Competition5
Government Regulation6
Where You Can Find More Information8
Item 1A.Risk Factors9
Item 1B.Unresolved Staff Comments16
Item 1C.Cybersecurity17
Item 2.Properties18
Operating Facilities18
Fleet18
Item 3.Legal Proceedings18
Item 4.Mine Safety Disclosures19
PART II
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities20
Shareowner Return Performance Graph21
Item 6.[Reserved]22
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations23
Overview23

PART I

Introductory Note

In this Annual Report on Form 10-K ("Annual Report" and "this report"), the "Company," "we," "us" and "our" refer to United Parcel Service, Inc. ("UPS"). With regard to the Company’s segments, "we," "us" and "our" may also refer to the segment being discussed.

Unless the context indicates otherwise, whenever we refer in this Annual Report to a particular year, we mean our calendar year ended or ending December 31.

Cautionary Statement About Forward-Looking Statements

Verbatim excerpt (364 words), formatting simplified. View full filing on EDGAR →

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