UNP · Full Picture

UNION PACIFIC CORP — the full picture

Earnings window · 2026-07-23 to 2026-11-09 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Acquisition / Partnership / Divestiture · M&A and divestituresPriority 86
    +59.7% assets; 3 sources (news, sec_filing, transcript); 10 forward row(s); quote_verified
    Canadian National agreed to drop its opposition to Union Pacific's proposed US$85-billion acquisition of Norfolk Southern in exchange for expanded U.S. Midwest access, including rights to run trains on a 200-plus-kilometre stretch of Union Pacific track in Illinois and access to customers between St. Louis and Kansas City.
  2. Regulatory Approval Milestones · Regulatory action & investigationsPriority 85
    +59.7% assets; 3 sources (news, press_release, transcript); 8 forward row(s); quote_verified
    The company is seeking regulatory approval for an $85 billion acquisition of Norfolk Southern.
  3. Revenue Performance and Mix · Revenue growth & mixPriority 82
    +43.2% revenue (realized); 4 sources (news, press_release, sec_filing, transcript); 2 forward row(s); quote_verified
    The Zacks Consensus Estimate for Union Pacific's third-quarter 2026 revenues is pegged at $7.12 billion, indicating 13.97% growth year over year.
  4. Capital Expenditure Program · Capital expenditurePriority 72
    -4.1% cash; 4 sources (news, press_release, sec_filing, transcript); 3 forward row(s); structured_verified
    UNION PACIFIC CORP expects its 2026 capital plan to be approximately $3.5 billion.
  5. Norfolk Southern Merger · M&A and divestituresPriority 72
    2 sources (news, transcript); 1 forward row(s); quote_verified
    The ruling requires Union Pacific and Norfolk Southern to respond by November 19 to Canadian Pacific Kansas City's request to dismiss the merger application.
  6. Operating Margin Drivers · Operating income & profitabilityPriority 71
    +29.1% net_income (realized); 2 sources (press_release, sec_filing); structured_verified
    Operating income for third quarter 2026 was $2,943 million, a 15% increase versus $2,549 million in third quarter 2025.
  7. Capital Allocation · UnclassifiedPriority 69
    +3.9% assets; 3 sources (news, press_release, sec_filing); 1 forward row(s); structured_verified
    Cash used in financing activities for the six months ended June 30, 2026: $(3,109) million, a 17% increase versus the six months ended June 30, 2025, driven by a decrease in debt issued and increase in debt repaid, partially offset by the pause of share repurchases due to pending Norfolk Southern acquisition.
  8. Fuel Cost Pressure · UnclassifiedPriority 69
    +6.3% revenue (realized); 4 sources (news, press_release, sec_filing, transcript); 1 forward row(s); quote_verified
    Fuel expense for second quarter 2026: $938 million, a 63% increase from $576 million in second quarter 2025.
  9. Guidance and Outlook · Guidance & outlookPriority 67
    3 sources (news, press_release, transcript); 14 forward row(s); quote_verified
    UNION PACIFIC CORP affirmed its outlook for 2026 reported EPS growth in the high single-digit range versus 2025 reported EPS of $11.98; the 2025 figure included $0.30 from a fourth-quarter land sale.
  10. Operating Expense Trends · Operating expenses (SG&A)Priority 65
    3 sources (press_release, sec_filing, transcript); 1 forward row(s); quote_verified
    Fuel expense in Q2 2026: $1,581 million compared to $1,179 million in Q2 2025.
  11. Merger Shipper Protections · M&A and divestituresPriority 63
    2 sources (news, transcript); 4 forward row(s); quote_verified
    The Surface Transportation Board ordered release of the video as part of the merger evaluation process after Canadian Pacific Kansas City sought public release, arguing Vena's remarks allegedly threatening higher rates for shippers opposing the merger had chilled participation in the regulatory proceeding.
  12. End-Market Demand Trends · Demand, orders & backlogPriority 62
    4 sources (news, press_release, sec_filing, transcript); 1 forward row(s); quote_verified
    UNION PACIFIC CORP said Golden Triangle Polymers' Texas plant was continuing commissioning and start-up toward full operations; export demand for plastics was strong as customers responded to global supply disruptions.

Threads by pillar

Revenue & Demand Priority 89 · 6 threads

Costs & Margins Priority 86 · 7 threads

Capital & Balance Sheet Priority 88 · 8 threads

Strategy & Portfolio Priority 91 · 5 threads

Legal, Regulatory & Policy Priority 86 · 2 threads

Guidance & Outlook Priority 67 · 1 thread

Macro & Market Conditions Priority 51 · 5 threads

Management & Governance Priority 33 · 2 threads

Unclassified Priority 92 · 5 threads

Expected impact by metric

metricforward netforward grossrealized
assets+123.3%+123.3%+3.1%
cash-4.1%+4.1%+14.4%
revenue——+58.6%
operating_income——+21.5%
liability——+10.0%
margin——-4.4%
net_income——+42.0%