UNP · 10-Q · 2026Q2 · Full report

Revenue Performance and Mix

UNION PACIFIC CORP · 2026-07-23 · Importance 54 · Surprise 40 · From source text

Second-quarter 2026 total operating revenues increased 12% to $6.864 billion from $6.154 billion, while six-month revenue increased 7% to $13.081 billion from $12.181 billion. Second-quarter freight revenue increased 12% to $6.518 billion on higher fuel surcharges, 2% carload growth, and core pricing gains, while six-month freight revenue increased 8% on 1% volume growth and pricing. Premium freight revenue increased 21% in the second quarter, including 19% domestic intermodal carload growth, while bulk revenue increased 7% and industrial revenue increased 8%. Mexico freight revenue increased 10% to $828 million in the second quarter and 6% to $1.6 billion year-to-date, driven by volume growth, fuel surcharges, and core pricing gains.

Key facts

• Second quarter 2026 freight revenues: $6,518 million, a 12% increase versus Q2 2025. source
• Year-to-date (six months) 2026 freight revenues: $12,411 million, an 8% increase versus the six months ended June 30, 2025. source
• Premium freight revenues increased 21% in Q2 2026 versus Q2 2025 driven by higher fuel surcharge revenues, 4% higher volume, core pricing gains, and business mix. source
• Average revenue per car (ARC) for Q2 2026: $3,014 versus $2,764 in Q2 2025, a 9% increase; year-to-date ARC $2,923 versus $2,739, a 7% increase. source

Impact estimates