Union Pacific Q2 2026: EPS up 7% to $3.36 on record $6.9 billion revenue
Union Pacific beat the $3.28 consensus EPS estimate with $3.36 and set a quarterly revenue record of $6.864 billion, up 12.0% year over year. The catch is what drove it: fuel prices rose 60.0%, inflating the surcharge, while freight revenue excluding fuel grew just 4.0% and the adjusted operating ratio worsened 110 basis points. Read this as a good volume-and-pricing quarter wrapped in a less flattering cost picture.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $3.36 rose 6.7% from $3.15 a year ago, and adjusted diluted EPS of $3.41 rose 12.5% from $3.03, clearing the $3.28 consensus estimate. The adjusted figure adds back $35 million of acquisition-related expense. Net income of $1.993 billion was up 6.0%, but the effective tax rate rose to 22.0% from 18.9%, which held GAAP growth below the adjusted number.
Revenue of $6.864 billion rose 12.0% from $6.154 billion, with freight revenue of $6.518 billion up 12.0% and other revenue of $346 million up 11.0%. Management credits higher fuel surcharge, volume growth, core pricing gains and greater other revenue, partly offset by business mix. Strip fuel out and freight revenue grew only 4.0%, so a large slice of the headline gain is surcharge recovery rather than new demand.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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