Union Pacific (UNP) Q3 2026 Earnings
Excludes $22 million pre-tax acquisition-related expense (Norfolk Southern merger costs); certain costs are non-deductible for income tax purposes. Adjusted EPS of $3.53 vs. GAAP EPS of $3.49.
How Did UNP Stock React to Q3 2026 Earnings?
Did UNP Beat Earnings? Q3 2026 Results
Yes. Union Pacific reported Q3 2026 earnings of $3.53 a share on Oct 22, 2026, beating the $3.47 consensus estimate by 1.7%. Revenue was $7.2B against a $7.1B estimate.
Union Pacific delivered a strong third quarter for 2026, beating analyst expectations on both the top and bottom lines and extending its consensus EPS beat streak to five consecutive quarters. The railroad posted adjusted diluted EPS of $3.53, ahead of the $3.47 consensus by 1.69%, while revenue climbed 15.3% year-over-year to $7.20 billion, edging past the $7.12 billion estimate. The results were driven by broad freight momentum, with 6% revenue carload growth, core pricing gains, and record workforce productivity fueling the outperformance. Intermodal was a standout, with revenue jumping 27% on 11% carload growth. The quarter was not without headwinds; average fuel prices surged 64% year-over-year to $4.21 per gallon, and fuel expense nearly doubled to $1.04 billion, pressuring the operating ratio. Adding a layer of complexity, CFO Jennifer Hamann announced her planned retirement in early 2027 ahead of the results. Looking ahead, management reaffirmed its 2026 outlook for high-single-digit reported EPS growth, with a $3.50 billion capital plan, even as elevated fuel costs are expected to challenge operating ratio improvement.
- 6% revenue carload growth
- Core pricing gains in excess of inflation
- Higher fuel surcharge revenue driven by 64% increase in average fuel price
- Record workforce productivity at 1,219 car miles per employee, up 5%
- Record train length at 9,969 feet, up 2%
- Record fuel consumption rate improvement of 2%
- Freight car velocity improved 1% to 228 daily miles per car
- Average terminal dwell improved 2% to 19.9 hours
- Intermodal carloads surged 11% with 14% higher average revenue per car
- Strong performance across Industrial segment with 14% freight revenue growth
“Union Pacific's third quarter results demonstrate our ability to safely deliver the service we sold to our customers while efficiently handling six percent volume growth. We executed at a consistently high level, enabling record financial results and further reinforcing our position as the industry leader. We look forward to the upcoming steps of the Surface Transportation Board's merger review process and to delivering the benefits of America's first transcontinental railroad for our customers.”
Union Pacific CEO, on the earnings call
What Is Union Pacific's Outlook?
Union Pacific affirmed its 2026 outlook: reported EPS growth of high-single digits, consistent with attaining the 3-year CAGR target of high-single to low-double digit through 2027. The company expects pricing dollars in excess of inflation dollars, industry-leading operating ratio and return on invested capital, and continued strong cash generation with consistent annual dividend increases. Updated guidance notes that operating ratio improvement from core business will be challenged by high fuel prices. Capital plan set at $3.5 billion. Mixed economic forecast acknowledged.
UNP YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $7.2B | $6.2B | +15.3% |
| Operating Income | $2.9B | $2.5B | +15.5% |
| Net Income | $2.1B | $1.8B | +16.1% |
UNP Revenue by Segment
When Does Union Pacific Report Next?
Figures from SEC filings and company reports. Not investment advice.