OpenNashEarnings

Transportation · NYSE: UNP

Union Pacific earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 26 Jan 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Union Pacific reported third quarter 2026 net income of $2.1 billion, up 16%, diluted EPS of $3.49, up 16%, and an operating ratio of 59.1%.

Union Pacific posted record results in the third quarter. Revenue rose 15% to $7.2 billion and net income rose 16% to $2.1 billion, or $3.49 per diluted share ($3.53 adjusted). Carloads grew 6%, led by intermodal. Diesel averaged $4.21 a gallon, up 64%, which lifted fuel expense 69% and added 140 basis points to the operating ratio. The reported operating ratio still improved 10 basis points to 59.1%.

Read the Q3 2026 summary →

Quarters

KPI history

Revenue$7.2B+15.3% y/yQ3 2026
Q4 2024: $6.1B (worked out from the annual figure)Q4 ’24$6.1BQ1 2025: $6.0BQ1 ’25$6.0BQ2 2025: $6.2BQ2 ’25$6.2BQ3 2025: $6.2BQ3 ’25$6.2BQ4 2025: $6.1B (worked out from the annual figure)Q4 ’25$6.1BQ1 2026: $6.2BQ1 ’26$6.2BQ2 2026: $6.9BQ2 ’26$6.9BQ3 2026: $7.2BQ3 ’26$7.2B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$6.1B *
Q1 2025$6.0B
Q2 2025$6.2B
Q3 2025$6.2B
Q4 2025$6.1B *
Q1 2026$6.2B
Q2 2026$6.9B
Q3 2026$7.2B
Diluted EPS (GAAP)$3.49+15.9% y/yQ3 2026
Q1 2025: $2.70Q1 ’25$2.70Q2 2025: $3.15Q2 ’25$3.15Q3 2025: $3.01Q3 ’25$3.01Q1 2026: $2.87Q1 ’26$2.87Q2 2026: $3.36Q2 ’26$3.36Q3 2026: $3.49Q3 ’26$3.49
Data
Q1 2025$2.70
Q2 2025$3.15
Q3 2025$3.01
Q1 2026$2.87
Q2 2026$3.36
Q3 2026$3.49

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin40.9%+0.1 pts y/yQ3 2026
Q4 2024: 41.3%Q4 ’2441.3%Q1 2025: 39.3%Q1 ’2539.3%Q2 2025: 41.0%Q2 ’2541.0%Q3 2025: 40.8%Q3 ’2540.8%Q4 2025: 39.5%Q4 ’2539.5%Q1 2026: 39.5%Q1 ’2639.5%Q2 2026: 40.3%Q2 ’2640.3%Q3 2026: 40.9%Q3 ’2640.9%
Data
Q4 202441.3%
Q1 202539.3%
Q2 202541.0%
Q3 202540.8%
Q4 202539.5%
Q1 202639.5%
Q2 202640.3%
Q3 202640.9%
Free cash flow$1.8B+12.1% y/yQ3 2026
Q4 2024: $1.7BQ4 ’24$1.7BQ1 2025: $1.3BQ1 ’25$1.3BQ2 2025: $1.4BQ2 ’25$1.4BQ3 2025: $1.6BQ3 ’25$1.6BQ4 2025: $1.2BQ4 ’25$1.2BQ1 2026: $1.5BQ1 ’26$1.5BQ2 2026: $2.2BQ2 ’26$2.2BQ3 2026: $1.8BQ3 ’26$1.8B
Data
Q4 2024$1.7B
Q1 2025$1.3B
Q2 2025$1.4B
Q3 2025$1.6B
Q4 2025$1.2B
Q1 2026$1.5B
Q2 2026$2.2B
Q3 2026$1.8B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$6.1Bd$6.0B$6.2B$6.2B$6.1Bd$6.2B$6.9B$7.2B
Operating income$2.5Bd$2.4B$2.5B$2.5B$2.4Bd$2.5B$2.8B$2.9B
Operating margin41.3%39.3%41.0%40.8%39.5%39.5%40.3%40.9%
Net income$1.8Bd$1.6B$1.9B$1.8B$1.8Bd$1.7B$2.0B$2.1B
Diluted EPS—$2.70$3.15$3.01—$2.87$3.36$3.49
Operating cash flow$2.7Bd$2.2B$2.3Bd$2.5Bd$2.2Bd$2.4B$3.1Bd$2.8Bd
Capital expenditure$922.0Md$906.0M$936.0Md$950.0Md$999.0Md$937.0M$873.0Md$1.0Bd
Free cash flow$1.7B$1.3B$1.4B$1.6B$1.2B$1.5B$2.2B$1.8B

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings