Union Pacific Q3 EPS $3.49 (+16%), Operating Ratio 59.1% Despite 69% Fuel Cost Jump
UNP sits 38% above its 52-week low of $215.53.
Summary
Union Pacific earned $3.49 per diluted share in Q3 2026, up 16%, on $7.2 billion of revenue, with the operating ratio flat at 59.1% despite record fuel prices. The Norfolk Southern merger remains on track for a second-half 2027 close, with buybacks paused in the meantime.
Key Events · Earnings and Guidance · UNP
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Q3 EPS $3.49, Up 16%
Net income of $2.076 billion on total operating revenues of $7.197 billion, versus $1.788 billion and $6.244 billion a year earlier.
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Operating Ratio Holds at 59.1%
Operating income rose 15% to $2.943 billion even as fuel expense climbed 69% to $1.040 billion; locomotive diesel averaged $4.21 per gallon versus $2.56.
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Norfolk Southern Merger Advances
STB adopted a procedural schedule on August 18, 2026 and denied dismissal motions on September 18, 2026; closing is still expected in the second half of 2027, with $93 million of acquisition expense booked year-to-date.
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Buybacks Paused for Merger
No shares were repurchased in the first nine months of 2026 versus $2.679 billion in 2025; 93,888,442 shares remain authorized under the 2025 program.
Analysis · UNP · Energy & Transportation
Union Pacific's third quarter held its operating ratio essentially flat at 59.1% even as fuel expense jumped 69% to $1.04 billion, because freight revenue rose 15% to $6.81 billion on 6% volume growth and pricing. Net income of $2.08 billion and diluted EPS of $3.49 are up 16% year over year. The bigger story for the stock remains the Norfolk Southern merger: the STB adopted a procedural schedule in August and denied dismissal motions in September, but closing is still guided to the second half of 2027, and buybacks stay paused until then. A newly certified Illinois biometric-privacy class action is a fresh legal overhang worth noting.
How filings like this one have moved
In the 30 days to Oct 22, 2026, 29.3% of the 1529 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.43%. 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 $297.55 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $176.8B. The 52-week trading range was $215.53 to $315.99. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.