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UNP · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
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.
Net Income
$1,993M
up 6% y/y
Revenue
$6,864M
up 12% y/y
Operating Income
$2,763M
up 9% y/y
Operating Expenses
$4,101M
up 13% y/y
- Revenue +12% — higher fuel surcharges, volumes, core pricing and other revenue, partially offset by business mix
Source
«Operating revenue of $6.9 billion increased 12% driven by higher fuel surcharge, volume growth, core pricing gains and greater other revenue partially offset by business mix.»
press release, 8-K
All figures in $M.
| Line item | Amount and change |
|---|---|
| Bulk | $2,043 · +7% |
| Industrial | $2,386 · +8% |
| Premium | $2,089 · +21% |
| Other Revenue | $346 · +11% |
| Revenue | $6,864 · +12% |
| Operating Expenses | $4,101 · +13% |
| Operating Income | $2,763 · +9% |
| Other Income, net | $105 · -15% |
| Interest Expense | $313 · -7% |
| Pre-Tax Income | $2,555 · +10% |
| Income Tax | $562 · +29% |
| 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 as an image: UNP, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “UNP Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/unp/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/unp/q2-2026"><img src="https://whoreportstoday.com/t/unp/q2-2026/sankey.png" alt="UNP Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/unp/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/unp/q2-2026">UNP Q2 2026 earnings chart (Who Reports Today)</a>
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- Adjusted results exclude $35M of Norfolk Southern acquisition-related expense in Q2 2026 and a $55M crew staffing agreement plus $115M deferred tax adjustment in Q2 2025, making adjusted net income growth (+12%) higher than GAAP (+6%).
- Fuel expense jumped 63% y/y ($938M vs $576M) driven by a 60% rise in average fuel price per gallon ($3.86 vs $2.42), which alone hurt operating ratio by 120 bps.
- Freight revenue excluding fuel surcharge grew a more modest 4%, showing much of the headline revenue gain is fuel-surcharge pass-through, not core pricing/volume.
- Intermodal (+26%) and Premium (+21%) led freight growth; Coal & renewables was the only declining category (-4%) amid falling carloads.
- Effective tax rate rose to 22.0% from 18.9% due to the prior-year deferred tax benefit, adding to the gap between reported and adjusted net income growth.
- Pending Norfolk Southern merger remains a strategic overhang/opportunity, with related costs already flowing through Q2 2026 opex.
What distorts the picture in this report and what to watch beyond the headlines.
UNP — Union Pacific operates one of the largest railroad networks in the United States, transporting freight such as industrial, agricultural, and energy products.
The company is based in Omaha, Nebraska.
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