Results
4Diluted EPS of $3.49, up 16%, and adjusted diluted EPS* of $3.53, up 15%
Operating ratio (OR) of 59.1% and adjusted OR* of 58.8%
1Revenue carloads grew 6%
5Omaha, Neb., October 22, 2026 – Union Pacific Corporation (NYSE: UNP) today reported third quarter 2026 net income of $2.1 billion, up 16%, and diluted earnings per share (EPS) of $3.49, up 16%, compared to reported third quarter 2025 net income of $1.8 billion and diluted EPS of $3.01.
8Adjusted third quarter 2026 net income* of $2.1 billion increased 15%, and adjusted diluted EPS* of $3.53 increased 15%, compared to adjusted third quarter 2025 net income* of $1.8 billion and adjusted diluted EPS* of $3.08.
Management commentary
"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," said Jim Vena, Union Pacific Chief Executive Officer.
"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."
Results
Third Quarter Summary: 2026 vs. 2025
Financial Results: Record Financial Results Driven by Volume Growth, Pricing Strength and Operational Execution; Record Freight Revenue, Freight Revenue excluding Fuel Surcharge, Operating Revenue, Operating Income, and Net Income
6Operating revenue of $7.2 billion grew 15% driven by higher fuel surcharge, 6% volume growth, core pricing gains and increased other revenue partially offset by business mix.
7Freight revenue excluding fuel surcharge increased 6%.
2Reported operating ratio improved 10 basis points to 59.1%.
3Adjusted operating ratio* increased 30 basis points to 58.8%.
Higher fuel price unfavorably impacted operating ratio 140 basis points.
Operating Results: Operational Excellence Supports Volume Growth; Record Workforce Productivity, Train Length, and Fuel Consumption Rate
Reportable personal injury rate improved.
Freight car velocity was 228 daily miles per car, a 1% increase.
Average terminal dwell was 19.9 hours, a 2% improvement.
Fuel consumption rate was 1.034, measured in gallons of fuel per thousand gross ton-miles, a 2% improvement.
Workforce productivity was 1,219 car miles per employee, a 5% increase.
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Outlook
2026 Outlook - On Track with Investor Day TargetsGuidance reaffirmed
Management commentary
Meeting increased customer demand with strong service; mixed economic forecast.Guidance reaffirmed
Results
Reported earnings per share growth of high-single digit; consistent with attaining 3-year CAGR target of high-single to low-double digit through 2027.Guidance reaffirmed
Management commentary
Pricing dollars in excess of inflation dollars.
Industry-leading operating ratio and return on invested capital.
Capital return
Continued strong cash generation and consistent annual dividend increases.
Results
Operating ratio improvement from core business; reported operating ratio challenged by high fuel prices.
Outlook
Capital plan of $3.5 billion .
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