Union Pacific Corporation · UNP · Next earnings

Union Pacific Corporation reports Thursday, Oct 22, 2026

UNP reports before market open with consensus EPS at $3.43 and revenue at $6.97B. Last quarter: UNP Q2 2026: Record EPS $3.41, Guidance Raised as Norfolk Southern Merger Clears Key Hurdles

Reports Before market open32 days awayDate estimated Industrials

What the street expects

Consensus for the coming report
Consensus EPS $3.43 Calendar consensus
Consensus revenue $6.97B Calendar consensus
Report date Oct 22, 2026 Thursday, date estimated
Session Before market open 32 days away

Where UNP left off: FY2026 Q2

Full report

UNP Q2 2026: Record EPS $3.41, Guidance Raised as Norfolk Southern Merger Clears Key Hurdles

EPS surprise +6.6% Reported $3.41 vs $3.20
Revenue surprise +2.2% Reported $6.86B vs $6.72B
Stock move +4.0% Event window
Subsequent drift -1.0% Up to 20 sessions

Raised. Full-year EPS growth guidance increased from mid-single-digit (Q1 2026) to high-single-digit growth (Q2 2026). Capex outlook remains increasing.

What to watch on the call

Carried forward from the last transcript

Risks management flagged

  • Volatile diesel fuel prices remain a headwind to the operating ratio despite fuel surcharge mechanisms.
  • Weakness in coal demand driven by low natural-gas prices and mild weather.
  • Regulatory uncertainty around the Norfolk Southern merger approval timeline and potential concessions.
  • Competitive pressure from Canadian National, Canadian Pacific, and trucking alternatives.
  • Economic slowdown that could dampen industrial and automotive freight demand.

Questions analysts left open

  • Specifics of the $0.14 per-car fuel surcharge benefit and its sustainability.
  • Impact of the Canadian National agreement on revenue synergies and competitive dynamics.
  • Coal volume outlook given secular headwinds from cheap natural gas.
  • Rising compensation per employee (up 6%) and its effect on the cost structure.
  • Timing and requirements of upcoming STB supplemental filings and hearings.

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Recent UNP quarters

All UNP earnings
+4.0%FY2026 Q2

Sources

  1. FN2 corporate events calendar, resolved from the earnings calendar feed
  2. FN2 earnings calendar analyst consensus
  3. Earnings call transcript analysis, FY2026 Q2

Methodology

The report date comes from FN2's resolved corporate-events calendar and is marked estimated until the company confirms it. Consensus figures are the calendar's latest analyst estimates for the fiscal period and are not an FN2 forecast.

Risks and open questions are carried forward verbatim from FN2's structured analysis of the previous earnings call. Missing values stay missing and are never estimated.

By FN2 Research · Updated . For educational purposes only; not investment advice.