Analyst Consensus ?
ConsensusBuy47 ratings
Bullish2961.7%
Neutral1736.2%
Bearish12.1%
Union Pacific Corporation · UNP · FY2026 Q3 · Calendar Q4 2026
Union Pacific Maintains Growth Outlook as Volumes and Productivity Improve
The current analysis supports a constructive operating trajectory for Union Pacific: management cited resilient demand, productivity gains, improving service metrics and continued investment. The thesis remains conditional on merger execution, fuel-cost management and sustained intermodal and industrial growth.
Reported Before market openNYSEIndustrials
$171.02B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $3.47
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $7.16B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+2.7%
Event window
SPY move
-1.5%
Same window
Abnormal move
+4.1%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
UNPSPY benchmark
Ask FN2 about UNP FY2026 Q3
Transcript, numbers and history already loaded
What drove UNP's +2.7% move after FY2026 Q3 earnings?What changed in UNP's guidance and outlook in FY2026 Q3?Give me the bull and bear case for UNP after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, management maintained its growth guidance while emphasizing stronger current-quarter volume and productivity performance, higher planned capital spending, expanded technology and capacity initiatives, and continued progress toward the Norfolk Southern merger.
Guidance delta
Management maintained its high-single-digit EPS growth guidance and increased 2026 capital spending to $3.5 billion.
Key takeaways
- Management described record third-quarter performance, supported by volume growth and operating-ratio improvement.
- Intermodal posted a fifth consecutive record quarter, while grain, industrial and automotive wins supported demand.
- The Norfolk Southern merger remains a central strategic initiative, with management expressing high confidence in the process.
- Higher fuel costs, regulatory scrutiny and emerging autonomous-trucking competition remain material watchpoints.
Management priorities
- Advance the Norfolk Southern merger and related regulatory process.
- Expand intermodal capacity at key hubs and pull forward selected infrastructure projects.
- Modernize locomotives and deploy technology to improve network efficiency and service.
- Maintain focus on safety, productivity, workforce readiness and fuel conservation.
Follow UNP with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$298.09Current
$177Low
$274.93Average
$363High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 22, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Citigroup | Buy | Buy | Maintain | Oct 7, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Oct 5, 2026 |
| Susquehanna | Positive | Positive | Maintain | Oct 2, 2026 |
| UBS | Buy | Neutral | Upgrade | Sep 16, 2026 |
| Baird | Outperform | Outperform | Maintain | Jul 27, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 24, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 24, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 24, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 24, 2026 |
| Benchmark | Buy | Buy | Maintain | Jul 24, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 24, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 23, 2026 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Jul 13, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jun 25, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Mar 31, 2026 |
| Deutsche Bank | Hold | Buy | Downgrade | Dec 11, 2025 |
| Loop Capital | Hold | Sell | Upgrade | Sep 16, 2025 |
| Argus Research | Hold | Buy | Downgrade | Aug 12, 2025 |
| Jefferies | Buy | Hold | Upgrade | Jul 25, 2025 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 7, 2025 |
| Goldman Sachs | Neutral | Buy | Downgrade | Jun 2, 2025 |
| Stephens & Co. | Overweight | Overweight | Maintain | Apr 28, 2025 |
| Redburn Atlantic | Buy | Neutral | Upgrade | Apr 16, 2025 |
| Stifel | Buy | Buy | Maintain | Apr 14, 2025 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 27, 2023 |
| Atlantic Equities | Neutral | Overweight | Downgrade | Jul 27, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jan 25, 2023 |
| CFRA | Hold | Hold | Maintain | Apr 24, 2020 |
| TD Securities | Hold | Hold | Maintain | Oct 18, 2019 |
| Bank of America | Neutral | Neutral | Maintain | Sep 5, 2019 |
| Seaport Global | Buy | Neutral | Upgrade | Jan 8, 2019 |
| Scotiabank | Outperform | Sector Perform | Upgrade | Jan 8, 2019 |
| Argus | Buy | Buy | Maintain | Feb 1, 2018 |
| Daiwa Capital | Outperform | Neutral | Upgrade | Jan 11, 2018 |
| Stifel Nicolaus | Hold | Hold | Maintain | Aug 18, 2017 |
| Buckingham | Neutral | Neutral | Maintain | Jan 18, 2017 |
| Aegis Capital | Buy | Buy | Maintain | Oct 24, 2016 |
| Oppenheimer | Perform | Perform | Maintain | Jun 16, 2016 |
| CLSA | Sell | Sell | Maintain | May 19, 2016 |
| Macquarie | Neutral | Neutral | Maintain | Jan 22, 2016 |
| BB&T Capital | Buy | Buy | Maintain | Jun 1, 2015 |
| Avondale Partners | Market Perform | Outperform | Downgrade | Apr 24, 2015 |
| Buckingham Research | Buy | Neutral | Upgrade | Apr 7, 2015 |
| Nomura | Buy | Buy | Maintain | Dec 10, 2014 |
| FBR Capital | Outperform | Outperform | Maintain | Oct 27, 2014 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jun 16, 2014 |
| Sterne Agee | Buy | Buy | Maintain | Oct 11, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $298.09. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Raymond James | Analyst unavailable | $350 | $288.27 | +17.4% | Oct 15, 2026 |
| RBC Capital | Analyst unavailable | $326 | $275.7 | +9.4% | Sep 24, 2026 |
| UBS | Analyst unavailable | $339 | $283.99 | +13.7% | Sep 16, 2026 |
| Robert W. Baird | Daniel Moore | $344 | $307.32 | +15.4% | Jul 27, 2026 |
| RBC Capital | Analyst unavailable | $339 | $304.06 | +13.7% | Jul 24, 2026 |
| UBS | Thomas Wadewitz | $310 | $303.7 | +4.0% | Jul 24, 2026 |
| BMO Capital | Analyst unavailable | $320 | $304.33 | +7.4% | Jul 24, 2026 |
| Wells Fargo | Analyst unavailable | $335 | $304.33 | +12.4% | Jul 24, 2026 |
| Barclays | Analyst unavailable | $350 | $304.33 | +17.4% | Jul 24, 2026 |
| Goldman Sachs | Analyst unavailable | $317 | $304.33 | +6.3% | Jul 23, 2026 |
| Susquehanna | Harrison Bauer | $333 | $288.99 | +11.7% | Jul 14, 2026 |
| Raymond James | Patrick Tyler Brown | $363 | $289 | +21.8% | Jul 13, 2026 |
| Evercore ISI | Jonathan Chappell | $294 | $259.96 | -1.4% | Jun 25, 2026 |
| Susquehanna | Harrison Bauer | $305 | $272.35 | +2.3% | Jun 5, 2026 |
| Raymond James | Analyst unavailable | $310 | $269.42 | +4.0% | Apr 24, 2026 |
| UBS | Thomas Wadewitz | $274 | $269.6 | -8.1% | Apr 24, 2026 |
| BMO Capital | Analyst unavailable | $285 | $269.98 | -4.4% | Apr 24, 2026 |
| Evercore ISI | Analyst unavailable | $277 | $269.95 | -7.1% | Apr 24, 2026 |
| RBC Capital | Analyst unavailable | $289 | $271.26 | -3.0% | Apr 24, 2026 |
| Wells Fargo | Christian Wetherbee | $300 | $271.26 | +0.6% | Apr 24, 2026 |
| Barclays | Analyst unavailable | $315 | $271.26 | +5.7% | Apr 24, 2026 |
| RBC Capital | Analyst unavailable | $273 | $239.19 | -8.4% | Mar 26, 2026 |
| Robert W. Baird | Dan Moore | $311 | $260.2 | +4.3% | Mar 6, 2026 |
| BMO Capital | Analyst unavailable | $295 | $265 | -1.0% | Feb 19, 2026 |
| Goldman Sachs | Analyst unavailable | $267 | $232.55 | -10.4% | Jan 27, 2026 |
| BMO Capital | Fadi Chamoun | $255 | $233.62 | -14.5% | Jan 7, 2026 |
| RBC Capital | Analyst unavailable | $280 | $236.76 | -6.1% | Dec 18, 2025 |
| Barclays | Analyst unavailable | $285 | $239.93 | -4.4% | Dec 16, 2025 |
| Deutsche Bank | Richa Harnain | $245 | $235.46 | -17.8% | Dec 11, 2025 |
| Goldman Sachs | Analyst unavailable | $263 | $220.04 | -11.8% | Oct 23, 2025 |
| UBS | Analyst unavailable | $253 | $234.52 | -15.1% | Oct 3, 2025 |
| Susquehanna | Analyst unavailable | $272 | $232 | -8.8% | Sep 25, 2025 |
| Loop Capital Markets | Rick Paterson | $227 | $216.78 | -23.8% | Sep 16, 2025 |
| Raymond James | Patrick Tyler Brown | $270 | $231.14 | -9.4% | Jul 15, 2025 |
| Susquehanna | Bascome Majors | $260 | $227.91 | -12.8% | Jun 24, 2025 |
| Deutsche Bank | Analyst unavailable | $295 | $249.31 | -1.0% | Mar 7, 2025 |
| Loop Capital Markets | Rick Paterson | $200 | $243.02 | -32.9% | Feb 3, 2025 |
| Raymond James | Patrick Tyler Brown | $265 | $225.21 | -11.1% | Jan 10, 2025 |
| Wells Fargo | Christian Wetherbee | $265 | $230.54 | -11.1% | Jan 7, 2025 |
| Raymond James | Patrick Tyler Brown | $275 | $242.31 | -7.7% | Oct 14, 2024 |
| Evercore ISI | Jonathan Chappell | $247 | $248.96 | -17.1% | Sep 25, 2024 |
| Bank of America Securities | Ken Hoexter | $270 | $244 | -9.4% | Sep 24, 2024 |
| Bank of America Securities | Ken Hoexter | $273 | $243.68 | -8.4% | Sep 20, 2024 |
| BMO Capital | Fadi Chamoun | $275 | $243.53 | -7.7% | Sep 20, 2024 |
| BMO Capital | Fadi Chamoun | $280 | $243.85 | -6.1% | Sep 11, 2024 |
| Barclays | Brandon Oglenski | $280 | $235.35 | -6.1% | Jul 26, 2024 |
| Stifel Nicolaus | Benjamin Nolan | $265 | $242.92 | -11.1% | Jul 17, 2024 |
| Loop Capital Markets | Rick Paterson | $238 | $222.1 | -20.2% | Jun 17, 2024 |
| Stifel Nicolaus | Benjamin Nolan | $267 | $237.69 | -10.4% | May 2, 2024 |
| Stifel Nicolaus | Benjamin Nolan | $248 | $236.16 | -16.8% | Apr 12, 2024 |
| Jefferies | Stephanie Moore | $250 | $242.01 | -16.1% | Apr 8, 2024 |
| Susquehanna | Bascome Majors | $255 | $244.63 | -14.5% | Mar 28, 2024 |
| Bernstein | David Vernon | $280 | $243.11 | -6.1% | Jan 22, 2024 |
| RBC Capital | Sector Perform | $210 | $207.28 | -29.6% | Feb 27, 2023 |
| Bank of America Securities | Ken Hoexter | $241 | $212.16 | -19.2% | Feb 27, 2023 |
| Morgan Stanley | Analyst unavailable | $179 | $214.44 | -40.0% | Jan 11, 2023 |
| Barclays | Analyst unavailable | $230 | $212.28 | -22.8% | Jan 11, 2023 |
| Wells Fargo | Analyst unavailable | $200 | $208.16 | -32.9% | Jan 4, 2023 |
| Evercore ISI | Jonathan Chappell | $232 | $205.41 | -22.2% | Dec 20, 2022 |
| Deutsche Bank | Amit Mehrotra | $238 | $208.52 | -20.2% | Nov 28, 2022 |
| Credit Suisse | Ariel Rosa | $232 | $190.53 | -22.2% | Oct 21, 2022 |
| Morgan Stanley | Ravi Shanker | $177 | $190.53 | -40.6% | Oct 21, 2022 |
| RBC Capital | Walter Spracklin | $200 | $186.45 | -32.9% | Oct 20, 2022 |
| BMO Capital | Fadi Chamoun | $250 | $186.45 | -16.1% | Oct 20, 2022 |
| Morgan Stanley | Analyst unavailable | $187 | $199.03 | -37.3% | Oct 3, 2022 |
| Susquehanna | Bascome Majors Majors | $208 | $199.23 | -30.2% | Sep 29, 2022 |
| Citigroup | Analyst unavailable | $210 | $199.1 | -29.6% | Sep 29, 2022 |
| Daiwa | Jairam Nathan | $242 | $239.07 | -18.8% | Aug 26, 2022 |
| Susquehanna | Bascome Majors | $240 | $227.08 | -19.5% | Aug 2, 2022 |
| Stifel Nicolaus | Benjamin Nolan | $225 | $217.38 | -24.5% | Jul 27, 2022 |
| Deutsche Bank | Amit Mehrotra | $232 | $213.4 | -22.2% | Jul 22, 2022 |
| UBS | Analyst unavailable | $236 | $213.67 | -20.8% | Jul 22, 2022 |
| Morgan Stanley | Analyst unavailable | $207 | $213.63 | -30.6% | Jul 22, 2022 |
| Deutsche Bank | Analyst unavailable | $232 | $211.78 | -22.2% | Jul 22, 2022 |
| Wells Fargo | Analyst unavailable | $218 | $205.52 | -26.9% | Jul 15, 2022 |
| Evercore ISI | Analyst unavailable | $236 | $205.87 | -20.8% | Jul 12, 2022 |
| Raymond James | Analyst unavailable | $250 | $210.29 | -16.1% | Jul 8, 2022 |
| Morgan Stanley | Analyst unavailable | $210 | $210.29 | -29.6% | Jul 8, 2022 |
| Susquehanna | Bascome Majors | $235 | $207.81 | -21.2% | Jul 6, 2022 |
| Raymond James | Analyst unavailable | $285 | $244.4 | -4.4% | Apr 22, 2022 |
| UBS | Analyst unavailable | $267 | $244.4 | -10.4% | Apr 22, 2022 |
| Goldman Sachs | Jordan Alliger | $276 | $244.4 | -7.4% | Apr 21, 2022 |
| Robert W. Baird | Garrett Holland | $280 | $244.4 | -6.1% | Apr 21, 2022 |
| Susquehanna | Bascome Majors | $310 | $241.98 | +4.0% | Apr 9, 2022 |
| Evercore ISI | Jonathan Chappell | $276 | $245.13 | -7.4% | Jan 21, 2022 |
| Wolfe Research | Scott Group | $287 | $245.13 | -3.7% | Jan 21, 2022 |
| Stifel Nicolaus | Benjamin Nolan | $252 | $240.89 | -15.5% | Jan 20, 2022 |
| BMO Capital | Fadi Chamoun | $270 | $240.89 | -9.4% | Jan 20, 2022 |
| Goldman Sachs | Jordan Alliger | $261 | $240.89 | -12.4% | Jan 20, 2022 |
| Credit Suisse | Ariel Rosa | $264 | $245.8 | -11.4% | Jan 12, 2022 |
| Citigroup | Christian Wetherbee | $287 | $251.56 | -3.7% | Jan 5, 2022 |
| Stephens | Justin Long | $278 | $250.8 | -6.7% | Jan 4, 2022 |
| UBS | Thomas Wadewitz | $279 | $244.75 | -6.4% | Dec 15, 2021 |
| Morgan Stanley | Ravi Shanker | $215 | $239.97 | -27.9% | Oct 28, 2021 |
| TD Securities | Cherilyn Radbourne | $245 | $235.31 | -17.8% | Oct 22, 2021 |
| Benchmark Co. | Mark Levin | $255 | $235.31 | -14.5% | Oct 22, 2021 |
| Loop Capital Markets | Rick Paterson | $252 | $201.46 | -15.5% | Sep 14, 2021 |
| Argus Research | John Eade | $250 | $217.02 | -16.1% | Jul 26, 2021 |
Track every rating change on UNP the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationUnion Pacific Corporation, a prominent American railway enterprise, conducts its primary operations through its subsidiary, Union Pacific Railroad Company. The company provides extensive freight transportation services for a wide array of commodities. Its diverse cargo includes agricultural products like grain, fertilizers, and refrigerated foods; energy resources such as coal, renewables, petroleum, and liquid petroleum gases; and industrial materials encompassing construction products, chemicals, plastics, forest products, metals, ores, soda ash, and sand.…
Historical context
All UNP earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| URI United Rentals, Inc. | FY2026 Q3 · Calendar Q4 2026 | +11.3% | +3.9% | United Rentals Q3: Records, Raised Guidance and Strong Specialty Demand |
| LMT Lockheed Martin Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +7.0% | Lockheed raises 2026 sales outlook as backlog reaches $292 billion |
| LUV Southwest Airlines Co. | FY2026 Q3 · Calendar Q4 2026 | +15.6% | +4.3% | Southwest maintains guidance as demand and loyalty initiatives support Q3 |
| GGG Graco Inc. | FY2026 Q3 · Calendar Q4 2026 | -2.5% | -16.6% | Graco posts record Q3 sales as backlog grows, but industrial timing stays measured |
| NSC Norfolk Southern Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +2.4% | Norfolk Southern highlights growth, productivity, and higher planned capex |
| POOL Pool Corporation | FY2026 Q3 · Calendar Q4 2026 | — | +10.6% | POOL sales grow 4% as pricing offsets freight pressure |
Latest beats and misses
Who reports nextBeat on EPS
- URIFY2026 Q3 · October 21, 2026+11.3% EPS+3.9% move
- LUVFY2026 Q3 · October 21, 2026+15.6% EPS+4.3% move
- RSFY2026 Q3 · October 21, 2026+17.4% EPS-0.7% move
- CACIFY2027 Q1 · October 21, 2026+16.6% EPS-1.5% move
- WCNFY2026 Q3 · October 21, 2026+3.9% EPS+8.8% move
- KMIFY2026 Q3 · October 21, 2026+9.2% EPS+1.2% move
Missed on EPS
- GGGFY2026 Q3 · October 21, 2026-2.5% EPS-16.6% move
- GL-PDFY2026 Q3 · October 21, 2026-1.2% EPS— move
- GLFY2026 Q3 · October 21, 2026-1.2% EPS-3.8% move
- METAFY2026 Q3 · October 21, 2026-41.4% EPS+0.5% move
- LVSFY2026 Q3 · October 21, 2026-20.9% EPS-1.7% move
- MCOFY2026 Q3 · October 21, 2026-2.6% EPS+1.2% move
Get the UNP recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-22T18:03:53.823744+00:00
- FN2 earnings calendar · 2026-10-22T01:23:13.354406+00:00
- Polygon adjusted daily market bars · 2026-10-22T18:20:48.433007+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T18:20:48.430208+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-22. For educational purposes only; not investment advice.