UNP Q1 2026 Earnings
Reported Apr 23, 2026 at 7:46 AM ET · SEC Source
Q1 26 EPS
$2.93
BEAT +2.45%
Est. $2.86
Q1 26 Revenue
$6.22B
BEAT +0.06%
Est. $6.21B
vs S&P Since Q1 26
-1.9%
TRAILING MARKET
UNP +1.0% vs S&P +2.9%
Market Reaction
Did UNP Beat Earnings? Q1 2026 Results
Union Pacific kicked off 2026 on firm footing, posting adjusted diluted EPS of $2.93 for the first quarter, clearing the $2.86 consensus estimate by 2.54%, while revenue of $6.22 billion edged past expectations and grew 3.1% year over year. The stron… Read more Union Pacific kicked off 2026 on firm footing, posting adjusted diluted EPS of $2.93 for the first quarter, clearing the $2.86 consensus estimate by 2.54%, while revenue of $6.22 billion edged past expectations and grew 3.1% year over year. The strongest single driver behind the beat was a standout operational performance: terminal dwell improved 11% to a best-ever 19.7 hours and fuel efficiency gains contributed to freight revenue climbing 4% to $5.89 billion, helping the adjusted operating ratio tighten 80 basis points to 59.9%. Net income rose 5% to $1.70 billion, with cash from operations expanding to $2.44 billion from $2.21 billion a year ago. The Bulk segment led commodity groups with a 10% revenue gain, while softness in the Premium segment, where intermodal slipped 6%, served as a modest counterweight. Looking ahead, management affirmed its 2026 target of mid-single digit reported EPS growth, maintaining confidence that pricing dollars will exceed inflation dollars even against a muted economic backdrop, with the pending Norfolk Southern merger continuing through the regulatory process.
Key Takeaways
- • Core pricing gains driving freight revenue growth
- • Fuel surcharge revenue contribution
- • Bulk segment strength led by coal & renewables and grain volumes
- • Record terminal dwell of 19.7 hours (11% improvement)
- • Record locomotive productivity at 144 GTMs per horsepower day
- • Freight car velocity improvement of 9% to 235 daily miles per car
- • Workforce productivity improvement of 7% to 1,163 car miles per employee
- • Fuel consumption rate improvement of 4%
- • Improved safety metrics for personal injury and derailment rates
UNP Forward Guidance & Outlook
Union Pacific affirmed its 2026 outlook: mid-single digit reported EPS growth, consistent with attaining a three-year CAGR target of high-single to low-double digit growth through 2027. The company expects pricing dollars in excess of inflation dollars, continued 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. Management noted a muted economic forecast but strong service to meet customer demand.
UNP YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
UNP Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our safety, service, and operating momentum continued in the first quarter as we further challenged 'what's possible' from our great railroad. We grew reported net income 5%, increased earnings per share 6%, and improved our operating ratio. As we advance through the regulatory process to create America's first transcontinental railroad, we have a solid foundation for another year of industry-leading results.”
— Jim Vena, Q1 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
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |