UNP · Other

UNION PACIFIC CORP

Ranked earnings events from SEC filings, earnings calls, press releases and news. Full Picture: everything published this earnings window

News · 2026-11-08

• Revenue Performance and MixImportance 37 · Surprise 22
  Union Pacific reported quarterly revenue of $7.20 billion, up 15.3% year over year. Quarterly EPS was $3.53 and beat analyst estimates. The report did not provide segment revenue, margin, or revenue-mix details.

News · 2026-11-07

• Merger Shipper ProtectionsImportance 30 · Surprise 42
  Federal regulators ordered publication of a Union Pacific executive’s speech concerning the proposed Union Pacific–Norfolk Southern merger. The speech raised concerns about possible retaliation against shippers. The…

News · 2026-11-06

• Norfolk Southern MergerImportance 34 · Surprise 42
  The Surface Transportation Board ordered Union Pacific to publicly disclose CEO Jim Vena’s speech to a shipper group concerning the proposed merger with Norfolk Southern. The speech allegedly threatened higher rates…
• Merger Shipper ProtectionsImportance null · Surprise null
  The Surface Transportation Board ordered Union Pacific to disclose CEO Jim Vena’s March remarks to the Southwest Association of Rail Shippers, in which he allegedly threatened higher rates for shippers opposing the…

News · 2026-11-05

• Norfolk Southern MergerImportance 64 · Surprise 42
  Union Pacific is pursuing a proposed $85 billion acquisition of Norfolk Southern. On November 4, the Surface Transportation Board rejected Union Pacific’s appeal and left in place an order requiring public release of a…
• Merger Regulatory Approval MilestonesImportance 64 · Surprise 42
  On Nov. 4, 2026, the Surface Transportation Board (STB) rejected Union Pacific’s appeal and kept in place an order requiring public release of a recording of CEO Jim Vena’s remarks at a shipper conference. The…
• Revenue Performance and MixImportance 47 · Surprise 22
  Union Pacific reported revenue of $7.20 billion, up 15.3% year over year. The company also reported earnings per share of $3.53 and exceeded earnings and revenue forecasts.

News · 2026-10-30

• Acquisition / Partnership / DivestitureImportance 30 · Surprise 42
  Canadian National Railway (CN) announced an agreement with Union Pacific Railroad to extend CN’s reach into Mexico. The agreement is intended to expand CN’s access to the Mexican manufacturing corridor and enhance its…
• Domestic Rail Supply PartnershipImportance null · Surprise null
  Canadian National Railway (CN) announced an agreement with Union Pacific to expand CN’s access to the Mexican manufacturing corridor. The arrangement is also described as extending CN’s reach into Mexico and enhancing…
• Mexico Freight GrowthImportance null · Surprise null
  Canadian National announced a deal with Union Pacific to access the Mexican manufacturing corridor, extending CN’s trade network into Mexico. A separate report described the agreement as expanding CN’s reach into…

10-Q · 2026-10-22

• Fuel Cost PressureImportance 69 · Surprise 64
  Union Pacific said locomotive diesel fuel prices climbed to record levels amid continued supply chain pressures in the third quarter of 2026. The average price per gallon rose 64% year over year, to $4.21 from $2.56,…
• Revenue Performance and MixImportance 54 · Surprise 40
  Third-quarter 2026 operating revenues increased 15% to $7.197 billion, while freight revenues rose 15% to $6.813 billion; nine-month operating and freight revenues increased 10% to $20.278 billion and $19.224 billion,…
• Operating Margin DriversImportance 54 · Surprise 40
  Third-quarter operating income increased 15% to $2.9 billion, and the operating ratio improved 0.1 percentage point to 59.1% from 59.2% a year earlier. Top-line growth, productivity, and lower acquisition-related costs…
• Market Demand TrendsImportance 54 · Surprise 40
  Third-quarter freight revenue increased 15% year over year, with carloads up 6%, as higher fuel surcharge revenue, core pricing gains, and volume growth more than offset an unfavorable mix from higher intermodal…
• Cash Flow and LiquidityImportance 52 · Surprise 22
  Cash provided by operating activities increased 18% to $8.302 billion in the first nine months of 2026, reflecting lower income taxes paid and higher net income. Cash used in investing activities was $3.456 billion, up…
• Capital Expenditure OutlookImportance 52 · Surprise 42
  Union Pacific expects its 2026 capital plan to be approximately $3.5 billion. Planned spending supports growth, network safety, resiliency and operational efficiency, infrastructure hardening, and replacement of older…
• Capital Expenditure PlanImportance 49 · Surprise 32
  Union Pacific’s 2026 capital plan is approximately $3.5 billion. Cash capital investments totaled $2.834 billion in the first nine months of 2026, compared with $2.792 billion in the same 2025 period. Road…
• Liquidity and Debt PositionImportance 49 · Surprise 32
  Debt was $30.324 billion at September 30, 2026, down from $31.814 billion at December 31, 2025, and debt to net income improved to 4.0 from 4.5. Adjusted debt to adjusted EBITDA declined to 2.4 from 2.7 over the same…
• Operating Expense TrendsImportance 47 · Surprise 22
  Operating expenses increased 15% in the third quarter to $4.254 billion and 10% in the first nine months to $12.114 billion. Quarterly increases reflected higher fuel prices, volume-related costs, inflation, and…
• Quarterly Dividend IncreaseImportance 45 · Surprise 50
  Union Pacific increased its quarterly dividend from $1.38 to $1.42 per share in the third quarter of 2026. The company paid $2.484 billion in dividends during the first nine months of 2026, compared with $2.418 billion…
• Manufacturing And CapacityImportance 44 · Surprise 24
  Union Pacific’s 2026 capital plan includes investments intended to support growth and improve network safety, resiliency, and operating efficiency. Planned projects include terminal investments for the manifest network…
• Income Tax Rate ChangesImportance 41 · Surprise 48
  Income tax expense increased 23% in the third quarter and 19% in the first nine months of 2026, driven by higher pretax income and lower deferred tax adjustments. The effective tax rate rose to 23.8% from 22.9% for the…
• Mexico Freight GrowthImportance 37 · Surprise 32
  Mexico freight revenue increased 9% to $820 million in the third quarter, with volume up 4%. Intermodal, finished vehicles, and construction-related shipments drove growth, partly offset by lower grain and forest…
• Network Capacity and ServiceImportance 37 · Surprise 32
  Union Pacific handled 6% higher carload volume in the third quarter while freight car velocity improved 1% and terminal dwell improved 2%. The railroad leveraged capacity investments and optimized its transportation…
• Bulk Market DemandImportance 31 · Surprise 32
  Bulk freight revenue increased 10% in the third quarter, driven by fuel surcharge revenue and core pricing gains on essentially flat volume. Continued export grain strength and higher renewable fuels, ethanol, and…
• Industrial Market DemandImportance 31 · Surprise 32
  Industrial freight shipments increased 6% in the third quarter, with all industrial business teams contributing to volume growth. Higher domestic steel, construction project-related materials, and plastics demand,…
• Intermodal Market PositionImportance 31 · Surprise 32
  Third-quarter intermodal volume increased 11%, with domestic growth supported by business development and reduced truck-market capacity. International intermodal carloads also increased, reflecting improving U.S. West…

Earnings call · 2026-10-22

• Fuel Cost PressureImportance 70 · Surprise 56
  Third-quarter average fuel price rose to $4.21 per gallon from $2.56 a year earlier, increasing fuel expense 69% and adding 140 basis points to the operating ratio. Management expected fourth-quarter 2026 fuel prices…
• Cash Flow and LiquidityImportance 66 · Surprise 40
  Cash from operations grew 18% to $8.3 billion in the reported period, and free cash flow totaled $2.4 billion after network reinvestment and the third-quarter dividend. Union Pacific ended the quarter with $3.1 billion…
• Norfolk Southern MergerImportance 64 · Surprise 42
  Management presented the proposed Union Pacific–Norfolk Southern merger as a way to provide more seamless, single-line service and improve customers’ ability to compete with other transportation options and global…
• Operating Margin DriversImportance 58 · Surprise 56
  The reported third-quarter operating ratio was 58.8%, while the core operating ratio improved 110 basis points year over year after excluding fuel-price effects and merger costs. Higher fuel prices were a major…
• Revenue Performance and MixImportance 54 · Surprise 40
  Third-quarter 2026 operating revenue rose 15% year over year to $7.2 billion, while freight revenue increased 15% to $6.8 billion on 6% volume growth. Higher fuel prices and associated surcharges contributed 900 basis…
• Operating Expense TrendsImportance 54 · Surprise 40
  Third-quarter operating expense increased 15% year over year to $4.3 billion, primarily because of higher diesel prices. Compensation and benefits expense increased 4%; cost per employee rose 5% from wages, incentive…
• Capital Expenditure OutlookImportance 51 · Surprise 50
  Union Pacific updated its 2026 capital-spending estimate to $3.5 billion, an increase of $200 million from the prior plan. The company said it is investing for growth and pulling forward some capital work originally…
• Intermodal Market PositionImportance 48 · Surprise 40
  Domestic Intermodal achieved its fifth consecutive record quarter in both volume and revenue, with volume up 13%, supported by service, business development, and deployment of buffer resources. International Intermodal…
• Guidance / OutlookImportance 47 · Surprise 32
  Union Pacific affirmed its 2026 reported EPS growth outlook in the high-single-digit range versus 2025 reported EPS of $11.98, which included $0.30 from a fourth-quarter land sale. Year-to-date 2026 reported EPS growth…
• Customer DynamicsImportance 43 · Surprise 42
  Management said it had met with hundreds of customers and written directly to the CEOs of its top 50 customers to discuss the proposed rail combination. Customers with large railcar fleets may benefit from fleet…
• Industrial Market DemandImportance 42 · Surprise 40
  Industrial revenue increased 14% on 6% higher volume, with record industrial carloads and freight revenue excluding fuel and growth across major commodity groups. Metals and minerals benefited from construction project…
• Supply Chain And InventoryImportance 40 · Surprise 42
  Management said Union Pacific responded to improving freight demand by unstacking containers and deploying buffer resources, while preserving additional surge capacity. It had added locomotives to service and had more…
• Market Demand TrendsImportance 37 · Surprise 32
  Union Pacific handled 6% higher volume in the third quarter, with growth across industrial and premium freight. Management described industrial demand as broad-based, with industrial production up 1% while the…
• Bulk Revenue PerformanceImportance 36 · Surprise 40
  Third-quarter Bulk revenue rose 10% year over year on flat volume, supported by export grain demand and renewable fuels, while lower wheat shipments and a 3% decline in coal and renewables volume were offsets.…
• Manufacturing And CapacityImportance 34 · Surprise 24
  Union Pacific pulled forward some locomotive modernization overhauls and infrastructure projects as the railroad operated well and demand increased. Management described the locomotive work as an investment in future…
• Automotive Market TrendsImportance 31 · Surprise 32
  Automotive business wins offset continued market softness in the quarter. Union Pacific saw strength in auto parts, driven by growth with existing OEM customers and over-the-road conversions with parts suppliers.…
• Intermodal Pricing and ConversionsImportance 26 · Surprise 24
  Management said domestic intermodal volume growth was supported by service, business development, and network investments, with truck-to-rail conversions among the sources of new business. Intermodal growth was already…
• Rail Service and Capacity ProductivityImportance 25 · Surprise 32
  The railroad safely handled 6% volume growth while improving network fluidity and delivering the service sold to customers. Freight car velocity increased 1% to 228 miles per day, terminal dwell improved 2%, and dwell…
• Products and TechnologyImportance 23 · Surprise 24
  Management said Union Pacific is preparing for autonomous trucking by continuing to improve railroad efficiency and apply technology to its operations. It also identified a potential technology exchange with Norfolk…
• Competition and Pricing PressureImportance 20 · Surprise 24
  Management said pricing gains continued to exceed inflation, but quarterly price contribution was obscured by business mix, with nearly 75% of volume growth coming from domestic and international intermodal traffic.…
• Dividend IncreaseImportance 18 · Surprise 14
  Union Pacific increased its third-quarter 2026 dividend by 3%. Management described this as the 20th consecutive year of an annual dividend increase. The dividend was paid while the company generated $8.3 billion of…
• Competition and Market ShareImportance 10 · Surprise 6
  Management characterized autonomous trucking as a technology that will emerge and said rail must keep improving to compete. It emphasized rail’s opportunity to move more products currently transported by truck, while…

8-K · 2026-10-22

• Capital Expenditure OutlookImportance 57 · Surprise 50
  Union Pacific updated its 2026 capital plan to $3.5 billion. Through September 30, 2026, capital investments totaled $2.834 billion, including $320 million of locomotive and freight-car early lease buyouts. The plan is…
• Liquidity and Debt PositionImportance 54 · Surprise 40
  Total debt declined to $30.324 billion at September 30, 2026, from $31.814 billion at December 31, 2025. Debt due within one year was $1.289 billion and debt due after one year was $29.035 billion at quarter-end.…
• Revenue Performance and MixImportance 52 · Surprise 30
  Third-quarter 2026 operating revenue increased 15% year over year to $7.197 billion, driven by a 6% increase in revenue carloads, higher fuel surcharges, core pricing gains, and increased other revenue. Freight revenue…
• Cash Flow and LiquidityImportance 52 · Surprise 30
  Year-to-date operating cash flow increased 17% to $8.302 billion from $7.065 billion. Free cash flow increased 27% to $2.362 billion after $3.456 billion of investing cash outflows and $2.484 billion of dividends paid.…
• Guidance / OutlookImportance 51 · Surprise 60
  Union Pacific affirmed its expectation for high-single-digit reported EPS growth in 2026 and through the 2027 three-year CAGR period. Management reaffirmed pricing dollars above inflation dollars and an…
• Guidance and OutlookImportance 51 · Surprise 60
  Union Pacific affirmed its 2026 outlook while describing the economic forecast as mixed and customer demand as increased. Management continues to target reported earnings-per-share growth in the high-single digits,…
• Operating Margin DriversImportance 47 · Surprise 22
  Third-quarter 2026 operating income increased 15% year over year to $2.943 billion, while the reported operating ratio improved 10 basis points to 59.1%. Adjusted operating income was $2.965 billion and adjusted…
• Net Income and ProfitabilityImportance 47 · Surprise 22
  Third-quarter 2026 net income increased 16% to $2.076 billion from $1.788 billion in the prior-year quarter. Diluted EPS rose 16% to $3.49, and adjusted diluted EPS increased 15% to $3.53. Income before income taxes…
• Income Tax Rate ChangesImportance 46 · Surprise 30
  Third-quarter income tax expense increased 23% year over year to $650 million, compared with an 18% increase in income before taxes. The effective tax rate increased to 23.8% from 22.9%, a 0.9 percentage-point…
• Merger Regulatory Approval MilestonesImportance 37 · Surprise 42
  Union Pacific said it looks forward to the upcoming steps in the Surface Transportation Board’s merger review process for its proposed acquisition of Norfolk Southern. The transaction requires STB and other approvals…
• Rail Service and Capacity ProductivityImportance 22 · Surprise 32
  Union Pacific reported that operational execution supported the 6% increase in revenue carloads during the quarter. Freight car velocity increased 1% to 228 daily miles per car, while average terminal dwell improved 2%…