Jun 2026 (Q2 FY26) — Jul 23, 2026
Union Pacific Q2 FY26 — Record Results Driven by Strong Execution and Volume Growth
Read the full callUnion Pacific (UNP) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Union Pacific earnings: last reported Thu, 23 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 6,864 | +11.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 40.3 | −0.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,993 | +6.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
15 of 17 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Refiling of the revised Norfolk Southern merger application | refile the revised application on April 30, 2026 | Dec 2025 | the Surface Transportation Board accepted our application as complete on May 28 | Achieved |
| All-in compensation per employee | up around 4% to 5% | Dec 2025 | we now expect full year compensation per employee to increase around 6% | Revised Down |
| Full-year operating ratio improvement versus prior year | improve our operating ratio versus 2025 | Dec 2025 | We also expect to continue delivering operating ratio improvement and maintain our position of industry leadership even against ongoing margin pressure from fuel | On Track |
2 of UNION PACIFIC CORP's 30 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 27 more targets are in the full ledger.
Claimed
- Reported record financial results driven by strong execution and 2% volume growth.
- Net income totaled $2 billion and adjusted EPS grew to $3.41.
- Operating ratio improved by 10 basis points (adjusted for fuel and one-timers).
- Freight revenue grew 12% to $6.5 billion, or 4% excluding fuel surcharge, both record highs.
- Domestic Intermodal delivered its fourth consecutive record quarter in both volume and revenue.
- Workforce productivity delivered 8 consecutive quarters of record results.
- Full-year 2026 reported EPS growth outlook raised to high single-digit range.
Qualified
- Coal volume was challenged by weaker natural gas prices, mild weather, and customer downtime, leading to a 1% decline in Bulk segment volume.
- Fuel prices remain volatile, with recent purchases over $4 a gallon, adding 120 basis points to the operating ratio.
- Compensation per employee is expected to increase around 6% for the full year due to wage inflation and higher health and welfare costs.
- Business mix was a slight headwind in the quarter as strong growth in domestic intermodal outpaced international intermodal traffic.
Price
$287.01 −0.70% · −$2.03
Performance +27.0% 1Y
1Y: $226.04 on 17 Oct 2025 → $287.01. High $310.62 (26 Aug 2026), low $216.37 (29 Oct 2025).
- Previous close
- $289.04
- 52-week range
- $216.37 – $310.62
- One year
- +26.27%
Overview
- Symbol
- UNP
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
15 of 17 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Refiling of the revised Norfolk Southern merger application | refile the revised application on April 30, 2026 | Dec 2025 | the Surface Transportation Board accepted our application as complete on May 28 | Achieved |
| All-in compensation per employee | up around 4% to 5% | Dec 2025 | we now expect full year compensation per employee to increase around 6% | Revised Down |
| Full-year operating ratio improvement versus prior year | improve our operating ratio versus 2025 | Dec 2025 | We also expect to continue delivering operating ratio improvement and maintain our position of industry leadership even against ongoing margin pressure from fuel | On Track |
Claimed
- Reported record financial results driven by strong execution and 2% volume growth.
- Net income totaled $2 billion and adjusted EPS grew to $3.41.
- Operating ratio improved by 10 basis points (adjusted for fuel and one-timers).
- Freight revenue grew 12% to $6.5 billion, or 4% excluding fuel surcharge, both record highs.
- Domestic Intermodal delivered its fourth consecutive record quarter in both volume and revenue.
- Workforce productivity delivered 8 consecutive quarters of record results.
- Full-year 2026 reported EPS growth outlook raised to high single-digit range.
Qualified
- Coal volume was challenged by weaker natural gas prices, mild weather, and customer downtime, leading to a 1% decline in Bulk segment volume.
- Fuel prices remain volatile, with recent purchases over $4 a gallon, adding 120 basis points to the operating ratio.
- Compensation per employee is expected to increase around 6% for the full year due to wage inflation and higher health and welfare costs.
- Business mix was a slight headwind in the quarter as strong growth in domestic intermodal outpaced international intermodal traffic.
The full ledger
Open UNION PACIFIC CORP’s full ledger
A free account opens 5 company ledgers a month. All 30 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 23, 2026
Union Pacific Q1 FY26 — Record Operating Income and Net Income
Read the full callDec 2025 (Q4 FY25) — Jan 27, 2026
Union Pacific Q4 FY25 — Record Operating Performance and Merger Progress
Read the full callEvery analysed call
Union Pacific earnings calls (UNP)
Financials
What the filings say
Net profit, year on year: +6% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 6,091 | 6,121 | 6,027 | 6,154 | 6,244 | 6,085 | 6,217 | 6,864 |
| Expenses | 3,675 | 3,596 | 3,656 | 3,629 | 3,695 | 3,684 | 3,759 | 4,101 |
| Operating profit | 2,416 | 2,525 | 2,371 | 2,525 | 2,549 | 2,401 | 2,458 | 2,763 |
| Operating margin | 39.7% | 41.3% | 39.3% | 41.0% | 40.8% | 39.5% | 39.5% | 40.3% |
| Interest | 314 | 312 | 322 | 335 | 327 | 325 | 320 | 313 |
| Profit before tax | 2,189 | 2,281 | 2,127 | 2,313 | 2,318 | 2,408 | 2,229 | 2,555 |
| Tax rate | 23.7% | 22.8% | 23.6% | 18.9% | 22.9% | 23.3% | 23.7% | 22.0% |
| Net profit | 1,671 | 1,762 | 1,626 | 1,876 | 1,788 | 1,848 | 1,701 | 1,993 |
| EPS ($ per share) | 2.75 | — | 2.71 | 3.16 | 3.02 | — | 2.87 | 3.36 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2,779 | 2,780 | 2,781 | 2,781 | 2,782 | 2,782 | 2,783 | 2,783 |
| Reserves | 45,284 | 48,605 | 51,326 | 55,049 | 58,887 | 62,093 | 65,628 | 69,529 |
| Total liabilities | 38,724 | 43,545 | 45,440 | 49,364 | 53,286 | 52,344 | 50,825 | 51,231 |
| Fixed assets | 52,679 | 53,916 | 54,161 | 54,871 | 56,038 | 57,398 | 58,343 | 59,645 |
| Total assets | 59,147 | 61,673 | 62,398 | 63,525 | 65,449 | 67,132 | 67,715 | 69,698 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 8,686 | 8,609 | 8,540 | 9,032 | 9,362 | 8,379 | 9,346 | 9,290 |
| Cash from investing | -3,411 | -3,435 | -2,676 | -2,709 | -3,471 | -3,667 | -3,325 | -3,762 |
| Cash from financing | -5,222 | -5,646 | -4,902 | -7,158 | -5,887 | -4,625 | -6,067 | -5,276 |
| Net cash flow | 53 | -472 | 962 | -835 | 4 | 87 | -46 | 252 |
| Capital expenditure | -3,437 | -3,453 | -2,927 | -2,936 | -3,620 | -3,606 | -3,452 | -3,791 |
| Free cash flow | 5,249 | 5,156 | 5,613 | 6,096 | 5,742 | 4,773 | 5,894 | 5,499 |
UNP revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | 100% | 100% | 100% | 100% | 100% | 100% | +11.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
UNP operating KPIs by quarter
| KPI | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Fuel price per gallon | $2.42Fuel expense declined 8% on an 11% decrease in fuel prices from $2.73 to $2.42 per gallon.Source: earnings call transcript | $2.56Fuel expense grew 1%, driven by a 3% increase in gross ton-miles, partially offset by a 2% decrease in fuel prices from $2.60 to $2.56 per gallon and a 1% improvement in the consumption rate.Source: earnings call transcript | $2.49Fuel expense grew 2%, driven by a 3% increase in fuel prices from $2.41 to $2.49 per gallon, partially offset by improved fuel consumption.Source: earnings call transcript | $2.69Fuel expense grew 7% on a 7% increase in average fuel price from $2.51 to $2.69 per gallon.Source: earnings call transcript | $3.86Year-over-year, our price per gallon grew from $2.42 to $3.86 and added 120 basis points to our operating ratio.Source: earnings call transcript | +43.5% |
| Freight car velocity | 221 miles per dayFreight car velocity, the best measure of fluidity on the railroad, improved 10% to 221 miles per day.Source: earnings call transcript | 226 miles per dayFreight car velocity, the best measure of fluidity on the railroad improved 8% to 226 miles per day, a third quarter record.Source: earnings call transcript | 239 miles per dayFreight car velocity of 239 miles per day beat last year's record fourth quarter by 9% and set a best-ever quarterly record.Source: earnings call transcript | 235 miles per dayFreight car velocity increased 9% to 235 miles per day.Source: earnings call transcript | 231 miles per dayWe provided exceptional service as freight car velocity increased 5% to 231 miles per day and set a second quarter record.Source: earnings call transcript | -1.7% |
| Intermodal service performance | 99%And in the second quarter, both intermodal and manifest service performance improved year-over-year to 99% and 97%, respectively.Source: earnings call transcript | 98%On the service front, both intermodal and manifest service performance improved year-over-year to 98% and 100%, respectively.Source: earnings call transcript | — | 98%For service, both intermodal and manifest SPI finished at 98%, a 4 and 5-point improvement, respectively.Source: earnings call transcript | 95%Both the intermodal and manifest service performance indices finished at 95%, demonstrating our ability to execute on the fundamentals and effectively utilize our buffer of resources.Source: earnings call transcript | -3 pt |
| Manifest service performance | 97%And in the second quarter, both intermodal and manifest service performance improved year-over-year to 99% and 97%, respectively.Source: earnings call transcript | 100%On the service front, both intermodal and manifest service performance improved year-over-year to 98% and 100%, respectively.Source: earnings call transcript | — | 98%For service, both intermodal and manifest SPI finished at 98%, a 4 and 5-point improvement, respectively.Source: earnings call transcript | 95%Both the intermodal and manifest service performance indices finished at 95%, demonstrating our ability to execute on the fundamentals and effectively utilize our buffer of resources.Source: earnings call transcript | -3 pt |
| Average train length | — | 9,800 feet+Train length in the quarter grew 2% versus last year to just over 9,800 feet, an all-time quarterly record, a remarkable accomplishment when you consider the mix headwinds associated with softer international intermodal shipments which were down 17% year-over-year.Source: earnings call transcript | — | — | <9,900 feetYou don't grow train length to almost 9,900 feet by chance.Source: earnings call transcript | — |
| Terminal dwell | — | — | 19.8 hoursThis result was driven by record quarterly terminal dwell of 19.8 hours, increased train speed and continued process and technology improvements to remove daily car touches.Source: earnings call transcript | 19.7 hoursThis performance was driven by best-ever terminal dwell of 19.7 hours, 11% better than last year and our second quarter below 20 hours.Source: earnings call transcript | 19.7 hoursTrain speed increased 3% and terminal dwell improved 7% as we tied our first quarter record of 19.7 hours, our third straight quarter below 20 hours.Source: earnings call transcript | 0% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- MX 12%
As UNP cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
100 filings between Nov 4, 2025 and Sep 10, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$9.25M
5 sales by 3 insiders
Compensation
not trading decisions- 71
- Award — granted as compensation
- 4
- Option exercise — converted options into shares
- 10
- Tax withheld — shares kept back by the company to cover tax
Also filed: 5 dispositions to the issuer, 3 gifts, 2 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Rocker Kenyatta G | — | $7.44M | Apr 24, 2026 |
| Gehringer Eric J | — | $1.26M | Jun 3, 2026 |
| Hamann Jennifer L | — | $549.4K | Apr 24, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 10, 2026 | Hamann Jennifer L EVP & CHIEF FINANCIAL OFFICER | Award | 7 | $2.1K |
| Sep 10, 2026 | Jalali Rahul EVP & CHIEF INFORMATION OFFICE | Award | 5 | $1.5K |
| Sep 10, 2026 | Rocker Kenyatta G EVP MARKETING & SALES | Award | 3 | $744 |
| Sep 10, 2026 | Powers Carrie J VP & CONTROLLER | Award | 6 | $1.6K |
| Sep 10, 2026 | Conlin Christina B EVP CHIEF LEGAL OFFICER & CORP | Award | 2 | $635 |
| Sep 4, 2026 | Rocker Kenyatta G EVP MARKETING & SALES | Gift | 431 | $0 |
| Aug 10, 2026 | Hamann Jennifer L EVP & CHIEF FINANCIAL OFFICER | Award | 8 | $2.3K |
| Aug 10, 2026 | Powers Carrie J VP & CONTROLLER | Award | 5 | $1.6K |
| Aug 10, 2026 | Jalali Rahul EVP & CHIEF INFORMATION OFFICE | Award | 8 | $2.4K |
| Aug 10, 2026 | Conlin Christina B EVP CHIEF LEGAL OFFICER & CORP | Award | 2 | $635 |
| Aug 10, 2026 | Rocker Kenyatta G EVP MARKETING & SALES | Award | 3 | $744 |
| Jul 10, 2026 | Rocker Kenyatta G EVP MARKETING & SALES | Award | 3 | $744 |
| Jul 10, 2026 | Jalali Rahul EVP & CHIEF INFORMATION OFFICE | Award | 8 | $2.4K |
| Jul 10, 2026 | Rocker Kenyatta G EVP MARKETING & SALES | Award | 5 | $1.4K |
| Jul 10, 2026 | Powers Carrie J VP & CONTROLLER | Award | 6 | $1.6K |
| Jul 10, 2026 | Hamann Jennifer L EVP & CHIEF FINANCIAL OFFICER | Award | 8 | $2.3K |
| Jul 10, 2026 | Conlin Christina B EVP CHIEF LEGAL OFFICER & CORP | Award | 2 | $635 |
| Jun 10, 2026 | Conlin Christina B EVP CHIEF LEGAL OFFICER & CORP | Award | 7 | $1.9K |
| Jun 10, 2026 | Rocker Kenyatta G EVP MARKETING & SALES | Award | 3 | $744 |
| Jun 10, 2026 | Rocker Kenyatta G EVP MARKETING & SALES | Award | 13 | $3.5K |
| Jun 10, 2026 | Jalali Rahul EVP & CHIEF INFORMATION OFFICE | Award | 9 | $2.4K |
| Jun 10, 2026 | Powers Carrie J VP & CONTROLLER | Award | 6 | $1.6K |
| Jun 10, 2026 | Hamann Jennifer L EVP & CHIEF FINANCIAL OFFICER | Award | 9 | $2.3K |
| Jun 10, 2026 | Gehringer Eric J EVP OPERATIONS | Award | 13 | $3.5K |
| Jun 3, 2026 | Gehringer Eric J EVP OPERATIONS | Sale | 2,991 | $789.5K |
| May 10, 2026 | Rocker Kenyatta G EVP MARKETING & SALES | Award | 13 | $3.5K |
| May 10, 2026 | Powers Carrie J VP & CONTROLLER | Award | 6 | $1.6K |
| May 10, 2026 | Jalali Rahul EVP & CHIEF INFORMATION OFFICE | Award | 9 | $2.4K |
| May 10, 2026 | Gehringer Eric J EVP OPERATIONS | Award | 14 | $3.8K |
| May 10, 2026 | Rocker Kenyatta G EVP MARKETING & SALES | Award | 3 | $744 |
| May 10, 2026 | Hamann Jennifer L EVP & CHIEF FINANCIAL OFFICER | Award | 9 | $2.3K |
| May 10, 2026 | Conlin Christina B EVP CHIEF LEGAL OFFICER & CORP | Award | 7 | $1.9K |
| Apr 24, 2026 | Rocker Kenyatta G EVP MARKETING & SALES | Sale | 15,531 | $4.22M |
| Apr 24, 2026 | Hamann Jennifer L EVP & CHIEF FINANCIAL OFFICER | Sale | 2,000 | $549.4K |
| Apr 24, 2026 | Rocker Kenyatta G EVP MARKETING & SALES | Option exercise | 15,531 | $2.89M |
| Apr 24, 2026 | Rocker Kenyatta G EVP MARKETING & SALES | Sale | 11,856 | $3.22M |
| Apr 24, 2026 | Rocker Kenyatta G EVP MARKETING & SALES | Option exercise | 11,856 | $1.92M |
| Apr 10, 2026 | Conlin Christina B EVP CHIEF LEGAL OFFICER & CORP | Award | 8 | $1.9K |
| Apr 10, 2026 | Hamann Jennifer L EVP & CHIEF FINANCIAL OFFICER | Award | 9 | $2.3K |
| Apr 10, 2026 | Vena Vincenzo J CHIEF EXECUTIVE OFFICER | Award | 12 | $3.0K |
| Apr 10, 2026 | Rocker Kenyatta G EVP MARKETING & SALES | Award | 3 | $744 |
| Apr 10, 2026 | Rocker Kenyatta G EVP MARKETING & SALES | Award | 14 | $3.5K |
| Apr 10, 2026 | Powers Carrie J VP & CONTROLLER | Award | 6 | $1.6K |
| Apr 10, 2026 | Gehringer Eric J EVP OPERATIONS | Award | 15 | $3.7K |
| Apr 10, 2026 | Jalali Rahul EVP & CHIEF INFORMATION OFFICE | Award | 10 | $2.4K |
| Mar 20, 2026 | Gehringer Eric J EVP OPERATIONS | Sale | 1,999 | $469.6K |
| Mar 10, 2026 | Powers Carrie J VP & CONTROLLER | Award | 6 | $1.5K |
| Mar 10, 2026 | Jalali Rahul EVP & CHIEF INFORMATION OFFICE | Award | 9 | $2.3K |
| Mar 10, 2026 | Hamann Jennifer L EVP & CHIEF FINANCIAL OFFICER | Award | 9 | $2.1K |
| Mar 10, 2026 | Gehringer Eric J EVP OPERATIONS | Award | 14 | $3.5K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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