Union Pacific Corporation earnings overview

UNP FY2026 Q2 · Calendar Q3 2026

Union Pacific Corporation

Union Pacific delivered record Q2 2026 results, with adjusted EPS of $3.41 beating consensus by 6.6% and revenue of $6.86B exceeding estimates by 2.2%. The operating ratio improved to 59.2%, and management raised full-year EPS guidance to high-single-digit growth. The Norfolk Southern merger advanced meaningfully, with the STB accepting the application as complete on May 28, and a new settlement with Canadian National expanded EJ&E and Mexico gateway access. Volume growth was led by grain exports, domestic intermodal, and petrochemicals, while productivity gains (record car velocity of 231 miles per day) and pricing above inflation offset persistent fuel cost headwinds. The stock responded with a 5.3% abnormal move on 2.65x baseline volume.