Q2 26 EPS
$3.41
BEAT +5.47%
Est. $3.23
Q2 26 Revenue
$6.86B
BEAT +2.25%
Est. $6.71B
vs S&P Since Q2 26
-6.1%
TRAILING MARKET
UNP -1.3% vs S&P +4.8%
Market Reaction
Did UNP Beat Earnings? Q2 2026 Results
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. A… Read more 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.
Key Takeaways
- • Higher fuel surcharge revenue driving 12% operating revenue growth
- • Volume growth with total revenue carloads up 2% year-over-year
- • Core pricing gains exceeding inflation
- • Grain & grain products carloads up 12% with 15% freight revenue growth
- • Intermodal freight revenue surged 26% on 21% higher average revenue per car
- • Freight car velocity improved 5% to 231 daily miles per car
- • Terminal dwell improved 7% to 19.7 hours
- • Workforce productivity increased 5% to 1,176 car miles per employee
- • Fuel consumption rate improved 1% to 1.051 gallons per thousand GTMs
- • Train length increased 2% to 9,890 feet
UNP Forward Guidance & Outlook
Union Pacific improved its 2026 outlook, raising reported EPS growth guidance to high-single digits, consistent with its 3-year CAGR target of high-single to low-double digit through 2027. The company expects to meet increased customer demand with strong service amid a mixed economic forecast. It affirmed pricing dollars in excess of inflation dollars, operating ratio improvement, industry-leading operating ratio and return on invested capital, continued strong cash generation, a capital plan of $3.3 billion, and consistent annual dividend increases.
UNP YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
UNP Revenue by Segment
With YoY comparisons, source: SEC Filings
“Strong execution and volume growth enabled another successful quarter and record financial results”
— Jim Vena, Q2 2026 Earnings Press Release
UNP Earnings Trends
UNP vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
UNP EPS Trend
Earnings per share: estimate vs actual
UNP Revenue Trend
Quarterly revenue: estimate vs actual
UNP Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $3.23 | $3.41 | +5.47% | $6.86B | +2.25% |
| Q1 26 BEAT | $2.86 | $2.93 | +2.45% | $6.22B | +0.06% |
| Q4 25 BEAT FY | $2.86 | $2.86 | +0.00% | $6.09B | -0.59% |
| FY Full Year | — | $11.66 | — | $24.51B | — |
| Q3 25 BEAT | $2.98 | $3.08 | +3.36% | $6.24B | -0.10% |
| Q2 25 BEAT | $2.91 | $3.03 | +4.12% | $6.15B | +0.03% |