Union Pacific Q3 FY2026: revenue up 15.3%, EPS up 16.0%
Union Pacific grew revenue 15.3% in the fiscal third quarter and adjusted EPS to $3.53, and the story is volume rather than price. Revenue reached $7.20 billion and diluted EPS rose 16.0% to $3.49, though $1.04 billion of fuel expense — up 69.0% as fuel prices rose 64.0% — did much of the top-line work. Read the growth as roughly half real: freight revenue excluding fuel surcharge rose 6.0%.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $3.49 rose 16.0% on net income of $2.08 billion, and adjusted EPS of $3.53 adds back $22 million of acquisition-related expense. Against a $3.51 consensus estimate, reported EPS came in a couple of cents light while the adjusted figure cleared it. The gap matters because the company is carrying Norfolk Southern deal costs that are non-deductible for tax purposes.
Revenue of $7.20 billion rose 15.3% from $6.24 billion a year ago, and management calls it a record. But fuel surcharge did a lot of the lifting: freight revenue excluding fuel surcharge rose 6.0%, matching the 6.0% growth in revenue carloads. Intermodal was the engine, with freight revenue up 27.0% to $1.52 billion.
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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 2026-10-23
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