Union Pacific Q2 2026: EPS Beats by 5%, Intermodal Revenue Jumps 26%
As seen on the 24/7 Wall St. homepage on July 23, 2026.
Union Pacific beat earnings and revenue forecasts while intermodal freight revenue exploded 26%, setting up the railroad to sustain pricing power through its pending Norfolk Southern merger as the company raised full-year EPS growth guidance to high-single digits.
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Union Pacific reported Q2 2026 earnings per share of $3.41, clearing the consensus estimate of $3.23 by about 5.5%. Revenue came in at $6.86 billion, topping forecasts of $6.71 billion by roughly 2.3%. The standout inside the quarter was intermodal freight, where revenue surged 26% — a result that signals strong demand for cross-modal shipping and gives the railroad a meaningful lever for pricing conversations going forward.
That momentum fed directly into management's updated guidance, with Union Pacific raising its full-year EPS growth target to the high-single-digit range. The revision matters because it suggests confidence that the intermodal strength is not a one-quarter anomaly but something the company expects to sustain. The pending merger with Norfolk Southern adds further strategic weight to that outlook, as a combined network would give Union Pacific substantially greater reach and, potentially, even more pricing power across freight corridors.
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The broader EPS trend over recent quarters shows a company that has largely kept pace with or slightly exceeded analyst expectations. After missing estimates modestly in Q3 2024 and Q1 2025, Union Pacific beat in Q2 2025, Q3 2025, Q1 2026, and now Q2 2026 — the latter being the largest positive surprise in the eight-quarter window. Investors will be watching whether the Norfolk Southern integration timeline and intermodal momentum can hold that beat streak into the second half of the year.
Mentioned: UNP