• Union Pacific 2023 shares outstanding were 0.61B, a 2.21% decline from 2022.
• Union Pacific 2022 shares outstanding were 0.624B, a 4.79% decline from 2021.
• Union Pacific 2021 shares outstanding were 0.655B, a 3.49% decline from 2020.

Shares outstanding can be defined as the number of shares held by shareholders (including insiders) assuming conversion of all convertible debt, securities, warrants and options. This metric excludes the company's treasury shares.