Union Pacific posts record Q3 2026 revenue and EPS, reaffirms guidance amid merger review
Union Pacific reported third‑quarter 2026 revenue of about $7.2 billion, up roughly 15% year‑over‑year, and diluted earnings per share of $3.49, with adjusted EPS of $3.53. The results were driven by 6% carload growth, strong pricing and fuel surcharges, while higher fuel costs added 140 basis points to the operating ratio, which stood at 59.1%. The railroad reaffirmed its high‑single‑digit EPS growth outlook for 2026 and its $3.5 billion capital plan, and noted that the proposed Norfolk Southern merger remains under regulatory review.
Why it matters
The earnings beat and reaffirmed guidance suggest continued cash generation and support the company’s dividend growth trajectory (the company noted a 20th consecutive dividend increase). The pending Norfolk Southern merger could reshape the North American rail market, making the company’s performance a focal point for investors.
Key facts
- 1Q3 2026 revenue was $7.2 billion, up 15% YoY. stocktitan.net
- 2Diluted EPS was $3.49, a 16% increase YoY. stocktitan.net
- 3Adjusted EPS was $3.53, beating estimates. stocktitan.net
- 4Freight carloads grew 6% YoY. stocktitan.net
- 5Operating ratio was 59.1%, impacted by higher fuel costs. stocktitan.net
- 6The company affirmed its high‑single‑digit EPS growth outlook for 2026. stocktitan.net
Summary written by AlphAI AI Desk from 19 of 19 sources. Not investment advice. Figures are as stated by the linked sources.