EarningsQ2 2026 Earnings Report
MX:UNP Q2 2026 EPS Results
Actual EPS$61.93
Consensus EPS$59.17
Beat/MissBeat by +$2.76
One Year Ago EPS$55.03
MX:UNP Q2 2026 Revenue Results
Actual Revenue$124.65B
Expected Revenue$121.96B
Beat/MissBeat by +$2.70B
YoY Revenue Growth+11.54%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
MX:UNP Upcoming Earnings
Union Pacific's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:UNP Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational execution and record financial performance: robust revenue growth (+12%), healthy cash generation (+21% cash from operations), multiple operational records and an upgraded EPS outlook. Key challenges are largely exogenous (fuel price volatility) or industry-specific (coal weakness, international intermodal softness) and are being managed with productivity gains, pricing and capacity investments. The merger with Norfolk Southern advanced (application accepted) and the settlement with Canadian National further strengthens the strategic case — management framed these as growth-enabling commitments. Overall, positive momentum and raised guidance outweigh the cost and market headwinds discussed.Company Guidance
Record Financial Results and Raised Outlook
Reported record Q2 results: net income of $2.0 billion and adjusted EPS of $3.41. Operating revenue was $6.9 billion, up 12% year-over-year. Management raised 2026 full-year reported EPS growth to the high single-digit range.
Freight Revenue Growth
Freight revenue grew 12% to $6.5 billion; excluding fuel surcharge, freight revenue increased 4% to $5.5 billion — both were company records.
Volume and Pricing Drivers
Volume increased 2% year-over-year. Drivers of freight revenue: volume growth (+225 basis points), fuel surcharge (+750 basis points, ~$460 million), and solid core pricing/business mix (+175 basis points).
Strong Cash Generation and Balance Sheet Actions
Cash from operations was $5.5 billion, up 21% year-over-year. Free cash flow totaled $1.8 billion. Management paid down $1.5 billion of long-term debt year-to-date, resulting in an adjusted debt-to-EBITDA ratio of 2.5x.
Operating Ratio and Core Profitability
Reported operating ratio was 59.2%. Management noted that excluding fuel and other timing items the core operating ratio would be roughly 58% and that they delivered ~10 basis points of operating ratio improvement versus the prior period.
Record Operational and Productivity Metrics
Operational records and improvements: freight car velocity +5% to 231 miles/day; train speed +3%; terminal dwell improved 7% to 19.7 hours (third straight quarter below 20 hours). Workforce productivity increased 5% and the company reported 8 consecutive quarters of record productivity.
Intermodal and Segment Highlights
Domestic intermodal delivered its fourth consecutive record quarter in both volume and revenue; private asset, rail asset and parcel volumes were up double digits. Premium revenue (mix/ARPC) rose 21% with average revenue per car up 16%.
Segment Wins and Growth Opportunities
Grain and grain products posted double-digit volume growth and record quarter results driven by export demand and new facilities (e.g., AGP export facility). Industrial segment revenue up 8% on +3% volume; petrochemicals and metals showed improvement and new business wins.
Operational Capacity and Investment
Management emphasized capacity to grow while maintaining service — locomotive productivity up 1% (142), fuel consumption rate improved 1%, train length +2%. Ongoing capacity investments cited (Houston complex, Pacific Northwest siding extensions, Sunset double track).
Regulatory / Strategic Progress on Merger
Merger application accepted as complete by the STB on May 28; supplemental filing due. Company signed a settlement/MOU with Canadian National addressing limited overlap (EJ&E/Kansas City terminal) and expanded committed gateway pricing and other voluntary commitments to strengthen the competitive case.
MX:UNP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed