Union Pacific Q2 Earnings: Record Revenue, Raised Outlook, and Merger Progress
UNP sits 40% above its 52-week low of $210.84.
Summary
Union Pacific reported record Q2 2026 earnings, raised its full-year EPS growth outlook, and signaled progress on its Norfolk Southern merger, reinforcing its operational momentum and strategic positioning.
Key Events · Earnings and Guidance · UNP
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Record Q2 Financial Results
Net income of $1.993 billion, up 6% YoY; diluted EPS $3.36, up 7%; adjusted diluted EPS $3.41, up 13%. Operating revenue reached $6.864 billion, a 12% increase.
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Freight Revenue Growth Ex-Fuel
Freight revenue excluding fuel surcharge grew 4%, driven by volume increases and core pricing gains, with intermodal revenue up 26%.
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Operating Efficiency Gains
Adjusted operating ratio improved to 59.2%, with record workforce productivity (1,176 car miles per employee, +5%) and fuel consumption rate (1.051 gallons/thousand GTMs, -1%).
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Raised 2026 EPS Outlook
Full-year reported EPS growth raised to high-single digit, consistent with 3-year CAGR target of high-single to low-double digit through 2027.
Analysis · UNP · Energy & Transportation
Union Pacific delivered record Q2 results, with net income climbing 6% to $2.0 billion and adjusted EPS of $3.41, beating expectations. Freight revenue excluding fuel grew 4% on volume gains and pricing, while the adjusted operating ratio improved to 59.2%. The company raised its full-year EPS growth outlook to high-single digits, affirming its path to 2027 targets. CEO Jim Vena signaled readiness to advance the Norfolk Southern merger through the regulatory process, a key catalyst given the pending $71.5 billion deal. Strong cash generation and a healthy balance sheet support the capital plan and dividend growth.
How filings like this one have moved
In the 30 days to Oct 5, 2026, 29.2% of the 1496 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.63%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, UNP was trading at $294.80 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $173.7B. The 52-week trading range was $210.84 to $303.15. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.