NYSE$UNP
Union Pacific Corp · Q2 2026 earnings
Q2 2026 earnings · · Before market open · Investor relations
Briefing
Union Pacific Corp reported record second quarter 2026 financial results driven by volume growth, pricing gains, and higher fuel surcharges.
Union Pacific reported net income of $2.0 billion and diluted EPS of $3.36 for Q2 2026, with adjusted diluted EPS reaching $3.41. Operating revenue rose 12% to $6.9 billion while the operating ratio was 59.7%. Strong execution delivered record freight revenue, workforce productivity, and service metrics amid volume growth.
- Diluted EPS of $3.36 and adjusted diluted EPS of $3.41 both increased year-over-year.
- Operating revenue reached a record $6.9 billion, up 12%, with freight revenue excluding fuel up 4%.
- Operating ratio of 59.7% and adjusted operating ratio of 59.2% reflect higher fuel prices.
- Multiple operating records achieved including workforce productivity, train length, and freight car velocity.
Headline financials
Revenue & EPS history
Union Pacific · Revenue · Quarterly
$6.86B
Revenue by segment
Union Pacific · $6.52B total across 10 segments · Q2 2026
- Intermodal$1.39B—21.3%
- Grain & grain products$1.11B—17.0%
- Energy & specialized markets$724M—11.1%
- Automotive$703M—10.8%
- Industrial chemicals & plastics$685M—10.5%
- Metals & minerals$621M—9.5%
- Coal & renewables$448M—6.9%
- Forest products$356M—5.5%
- Food & refrigerated$272M—4.2%
- Fertilizer$217M—3.3%
Forward guidance
Company improved 2026 EPS growth outlook to high-single digits while affirming pricing, OR improvement, and capital allocation targets.
Tailwinds
- Meeting increased customer demand with strong service
- Pricing dollars in excess of inflation
- Industry-leading operating ratio and ROIC targets
- Capital plan of $3.3 billion with consistent dividend increases
Headwinds
- Mixed economic forecast
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports
+0.3%
Avg return
Earnings day
+0.6%
Avg return
5 days after
+2.8%
Avg return
30 days after
54%
39 / 72 earnings
Positive
+7.7%
Q2 2023
Best reaction
-8.2%
Q3 2008
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q1 2026 | +7.4% | +7.4% | +6.5% | |
| Q4 2025 | +0.4% | +1.8% | +15.0% | |
| Q3 2025 | -2.3% | -3.4% | +0.4% | |
| Q2 2025 | -0.7% | +0.3% | -3.7% | |
| Q1 2025 | -2.0% | -2.4% | +1.1% | |
| Q3 2024 | -4.6% | -3.9% | +0.4% | |
| Q2 2024 | +1.3% | +3.4% | +4.0% | |
| Q1 2024 | +4.7% | +2.2% | +0.0% | |
| Q4 2023 | -0.8% | +1.8% | +6.0% | |
| Q3 2023 | +2.6% | -0.2% | +6.5% | |
| Q2 2023 | +7.7% | +7.6% | +4.0% | |
| Q1 2023 | -1.6% | -3.6% | -1.5% | |
| Q4 2022 | -4.8% | -3.7% | -8.0% | |
| Q3 2022 | -4.8% | -2.7% | +5.3% | |
| Q2 2022 | -0.5% | +0.7% | +11.2% | |
| Q1 2022 | -5.2% | -5.5% | -13.6% | |
| Q4 2021 | +2.9% | +1.9% | +4.9% | |
| Q3 2021 | +4.2% | +5.6% | +5.8% | |
| Q2 2021 | +1.4% | +0.4% | +3.0% | |
| Q1 2021 | +0.0% | +1.0% | -0.9% | |
| Q4 2020 | -5.1% | +1.8% | -4.0% | |
| Q3 2020 | -5.7% | -10.0% | +2.0% | |
| Q2 2020 | -1.8% | -2.8% | +6.8% | |
| Q1 2020 | +6.1% | +9.7% | +12.3% | |
| Q4 2019 | +2.6% | -0.7% | +0.4% | |
| Q3 2019 | -1.1% | +4.6% | +7.9% | |
| Q2 2019 | +6.5% | +5.3% | +1.0% | |
| Q1 2019 | +5.0% | +4.4% | +3.2% | |
| Q4 2018 | +4.3% | +3.8% | +10.2% | |
| Q3 2018 | +1.6% | +4.2% | +2.2% | |
| Q2 2018 | +0.1% | +0.8% | +5.8% | |
| Q1 2018 | -0.6% | -2.4% | +6.6% | |
| Q4 2017 | -4.9% | -4.1% | -4.4% | |
| Q3 2017 | +6.2% | +5.0% | +7.2% | |
| Q2 2017 | -2.8% | -2.7% | -3.7% | |
| Q1 2017 | +1.6% | +0.8% | +0.4% | |
| Q4 2016 | +4.7% | +4.8% | +5.8% | |
| Q3 2016 | -7.0% | -7.3% | +2.8% | |
| Q2 2016 | -1.3% | -1.2% | +1.7% | |
| Q1 2016 | +6.9% | — | — | |
| Q4 2015 | -4.9% | — | — | |
| Q3 2015 | +3.8% | — | — | |
| Q2 2015 | -5.2% | — | — | |
| Q1 2015 | -2.9% | — | — | |
| Q4 2014 | +5.0% | — | — | |
| Q3 2014 | +7.2% | — | — | |
| Q2 2014 | -0.8% | — | — | |
| Q1 2014 | +1.8% | — | — | |
| Q4 2013 | +1.9% | — | — | |
| Q3 2013 | -3.2% | — | — | |
| Q2 2013 | +2.3% | — | — | |
| Q1 2013 | +6.5% | — | — | |
| Q4 2012 | -0.4% | — | — | |
| Q3 2012 | +0.0% | — | — | |
| Q2 2012 | +0.8% | — | — | |
| Q1 2012 | -2.2% | — | — | |
| Q4 2011 | +0.3% | — | — | |
| Q3 2011 | +3.0% | — | — | |
| Q2 2011 | +0.4% | — | — | |
| Q1 2011 | +0.4% | — | — | |
| Q4 2010 | +1.1% | — | — | |
| Q3 2010 | +2.3% | — | — | |
| Q2 2010 | +4.2% | — | — | |
| Q1 2009 | +1.1% | — | — | |
| Q1 2010 | +0.0% | — | — | |
| Q4 2009 | +0.0% | — | — | |
| Q4 2007 | +0.0% | — | — | |
| Q3 2009 | -8.2% | — | — | |
| Q3 2008 | -8.2% | — | — | |
| Q2 2009 | -2.2% | — | — | |
| Q2 2008 | -2.2% | — | — | |
| Q4 2008 | -2.2% | — | — |
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