UNP · 10-Q · 2026Q2 · Full report
Market Demand Trends
UNION PACIFIC CORP · 2026-07-23 · Importance 54 · Surprise 40
Second-quarter freight revenue increased 12% year over year, supported by 2% carload growth, core pricing gains, and higher fuel surcharge revenue. Domestic intermodal carloads rose 19%, while grain and grain products and plastics also increased; these gains offset 14% lower international intermodal and 17% lower coal carloads. Export grain demand remained high, and renewable fuels and associated feedstock shipments continued to grow, while coal demand weakened because of lower natural gas prices, milder weather, and mine maintenance and outages. Industrial carloads increased 3% in the quarter, driven by industrial chemicals, plastics, and construction project-related materials, partially offset by reduced soda ash exports.