Union Pacific (UNP) Q2 2026 Earnings

Yes. Union Pacific reported Q2 2026 earnings of $3.41 a share on Jul 23, 2026, beating the $3.23 consensus estimate by 5.5%. Revenue was $6.9B against a $6.7B estimate.

Union Pacific delivered a standout second quarter for fiscal 2026, beating Wall Street expectations on both the top and bottom lines as record freight volumes and aggressive pricing powered the railroad to its fourth consecutive quarterly EPS beat. Adjusted diluted EPS of $3.41 cleared the $3.23 consensus estimate by 5.47%, while revenue of $6.86 billion topped forecasts by 2.25% and surged 11.5% year-over-year, with intermodal freight revenue alone jumping 26% to $1.39 billion as demand across key shipping lanes strengthened materially. Fuel surcharge revenue and core pricing gains above inflation were the primary engines behind the top-line outperformance, even as fuel expense climbed 63% to $938 million, pressuring the adjusted operating ratio by 110 basis points to 59.2%. Operational metrics broadly improved, with freight car velocity up 5% and workforce productivity gaining 5%. With the pending Norfolk Southern merger adding complexity to the outlook, Union Pacific nonetheless raised its 2026 reported EPS growth guidance to high-single digits, reaffirming its conviction in sustained pricing power and disciplined capital deployment through its $3.30 billion investment plan.