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How Union Pacific (UNP) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/23/2026
Union Pacific Railroad — The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. · Wikipedia
More about the company
Union Pacific is the second-largest railroad in the United States after BNSF.
Key growth driver: Premium — the fastest-growing revenue line: $2,089, +21% y/y. · by the Q2 2026 report
How does Union Pacific make money?
Union Pacific brought in $6.86 billion of revenue in Q2 2026, up 12% year over year. The largest source was Industrial: $2.39 billion, or 35% of the total, followed by Premium ($2.09B, 30%) and Bulk ($2.04B, 30%); other lines add the remaining 5%. Net income for the quarter was $1.99 billion, up 6% year over year.
Revenue by source, Q2 2026
- Industrial$2.39B · 35% · +8%
- Premium$2.09B · 30% · +21%
- Bulk$2.04B · 30% · +7%
- Other Revenue$346M · 5% · +11%
Shares of $6.86B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is UNP’s next earnings date?
Thursday, October 22, 2026confirmed · before market open
Union Pacific (UNP) is scheduled to report results for the quarter ending Sep 2026 on Oct 22, 2026. Consensus EPS forecast: $3.43 (6 analysts), vs $3.08 in the same quarter last year.
What time does UNP report? Usually before market open: the last 4 results releases reached the SEC at 7:46 am, 7:46 am, 7:47 am, 7:47 am ET.
Last report: Jul 23, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$6,864
+12%
Operating income
$2,763
+9%
Net income
$1,993
+6%
EPS diluted $3.36 · +7%
Verdict: a record, healthy quarter for Union Pacific as broad-based volume growth (Premium +21%, Intermodal +26%) and pricing gains drove 12% revenue growth to $6.9B and 6% net income growth to $2.0B, though a 63% surge in fuel expense and rising interest/tax costs partly offset operating gains.
YTD operating cash flow $5,516M; YTD free cash flow $1,812M; dividends declared $1.38/share (+3%); buybacks minimal ($26M YTD vs $2,679M prior year); 2026 capital plan $3.3B; guidance raised to high-single-digit EPS growth, on track with 3-year CAGR target.
Source and notation
* marks non-cash / ≈ estimated. Source: Union Pacific Corporation press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
UNP earnings history: past report dates
| Jul 23, 2026 Thu | 7:46 ambefore market open | Jun 30, 2026 | $6.9B+12% y/y | $3.36+7% y/y |
| Apr 23, 2026 Thu | 7:46 ambefore market open | Mar 31, 2026 | $6.2B+3% y/y | $2.87+6% y/y |
| Jan 27, 2026 Tue | 7:47 ambefore market open | Dec 31, 2025 | ≈$6.1B−1% y/y | ≈$3.12+7% y/y |
| Oct 23, 2025 Thu | 7:47 ambefore market open | Sep 30, 2025 | $6.2B+3% y/y | $3.01+9% y/y |
| Jul 24, 2025 Thu | 7:47 ambefore market open | Jun 30, 2025 | $6.2B+2% y/y | $3.15+15% y/y |
| Apr 24, 2025 Thu | 7:49 ambefore market open | Mar 31, 2025 | $6.0B−0% y/y | $2.70+0% y/y |
| Jan 23, 2025 Thu | 7:49 ambefore market open | Dec 31, 2024 | ≈$6.1B−1% y/y | ≈$2.91+8% y/y |
| Oct 24, 2024 Thu | 7:46 ambefore market open | Sep 30, 2024 | $6.1B+3% y/y | $2.75+10% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Union Pacific: 5-year financials
| 2025 | 24,510 | 9,846 | 7,138 | 5,499 | 3,236 |
| 2024 | 24,250 | 9,713 | 6,747 | 5,894 | 3,213 |
| 2023 | 24,119 | 9,082 | 6,379 | 4,773 | 3,173 |
| 2022 | 24,875 | 9,917 | 6,998 | 5,742 | 3,159 |
| 2021 | 21,804 | 9,338 | 6,523 | 6,096 | 2,800 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 202610-K FY2025: Legal Proceedings covers environmental matters and a shippers' antitrust suit; no shareholder disclosure suits and no SEC cases. sec.gov ↗
- Jan 2026Shares outstanding of 593.4M vs. 669.8M in January 2021 (−11.4%); SBC 0.6% of revenue. data.sec.gov ↗
- Dec 2025Dividend per share rose from $3.88 (2020) to $5.44 (2025). data.sec.gov ↗
- Mar 20262026 proxy: the railroad paid Omaha Track $21M (its CFO was the spouse of a former UNP president, who took no part in the transactions); the transactions were approved by the governance committee. sec.gov ↗
Scoring: 2.0, no deductions: single share class, share count −11% over 5 years, dividend rising, no shareholder suits or SEC cases = 2.0
- Share classes
- Single class of common stock (NYSE: UNP).
- Dilution
- Shares 669.8M (January 2021) → 593.4M (January 2026), −11.4%; SBC 0.6% of revenue. The Norfolk Southern deal (stock + cash) has not yet closed — future share issuance is not included in the assessment.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividend $3.88 (2020) → $5.44 (2025); buybacks of $0.7–7.3B a year.
- Lawsuits & regulators
- 10-K: environmental matters and a shippers' antitrust suit over fuel surcharges; no shareholder disclosure suits and no SEC cases.
- Related parties
- 2026 proxy: payments to Omaha Track ($21M + $3.3M; Omaha Track's CFO is the spouse of a former president, who took no part in the transactions), EVP's spouse salary $165K; approved by the committee — immaterial.
How the score works · checked as of Sep 2026
Union Pacific (UNP) earnings: FAQ
How does Union Pacific make money?
Union Pacific brought in $6.86 billion of revenue in Q2 2026, up 12% year over year. The largest source was Industrial: $2.39 billion, or 35% of the total, followed by Premium ($2.09B, 30%) and Bulk ($2.04B, 30%); other lines add the remaining 5%. Net income for the quarter was $1.99 billion, up 6% year over year.
When is UNP's next earnings date?
Union Pacific (UNP) is scheduled to report on Oct 22, 2026, before market open.
What time does UNP report earnings?
Union Pacific is scheduled to report before market open on Oct 22, 2026. Its last results releases were filed before market open, most recently at 7:46 am ET on Jul 23, 2026.
When did UNP last report earnings?
Union Pacific reported Q2 2026 results on Jul 23, 2026.
What is the EPS estimate for UNP's next earnings?
The consensus EPS forecast is $3.43 (6 analysts), vs $3.08 in the same quarter last year.
Where can I find Union Pacific's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to UNP's filings; this page breaks the latest report down in a Sankey chart.
What was UNP's net income in Q2 2026?
Union Pacific reported net income of $1,993M for Q2 2026 (+6% year over year), under US GAAP.
Does Union Pacific pay dividends?
Yes. In 2025, Union Pacific paid $3,236M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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