UNP · 8-K · 20261022PR000319

Revenue Performance and Mix

UNION PACIFIC CORP · 2026-10-22 · Importance 52 · Surprise 30 · No source text

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 rose 15% to $6.813 billion, while freight revenue excluding fuel surcharge increased 6%. Premium freight revenue grew 21% to $2.188 billion, led by intermodal revenue growth of 27% to $1.517 billion and automotive revenue growth of 11% to $671 million. Industrial freight revenue increased 14% to $2.509 billion and bulk freight revenue increased 10% to $2.116 billion, while average revenue per car rose 8% to $2,971.

Key facts

• Intermodal freight revenues for third quarter 2026 were $1,517 million, a 27% increase versus $1,199 million in third quarter 2025; intermodal revenue carloads were 956 thousand, an 11% increase versus 860 thousand. source
• Premium freight revenues for third quarter 2026 were $2,188 million, a 21% increase versus $1,803 million in third quarter 2025; premium revenue carloads were 1,158 thousand, a 9% increase versus 1,059 thousand. source
• Operating revenue for third quarter 2026 was $7,197 million, a 15% increase versus $6,244 million in third quarter 2025. source
• Freight revenues for third quarter 2026 were $6,813 million, a 15% increase versus $5,927 million in third quarter 2025. source
• Other revenues for third quarter 2026 were $384 million, a 21% increase versus $317 million in third quarter 2025. source
• Freight revenue excluding fuel surcharge increased 6% year-over-year in third quarter 2026. source
• Revenue carloads grew 6% year-over-year in third quarter 2026 (2,293 thousand carloads versus 2,163 thousand). source
• Average revenue per car for third quarter 2026 was $2,971, an 8% increase versus $2,740 in third quarter 2025. source

Impact estimates