UNP · Earnings call · 2026Q3T · Full report

Revenue Performance and Mix

UNION PACIFIC CORP · 2026-10-22 · Importance 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 points of freight-revenue growth; excluding fuel surcharge, freight revenue increased 6% to a record $5.6 billion. Nearly 75% of volume growth came from domestic and international intermodal traffic, masking quarterly pricing gains that continued to exceed inflation. Other revenue rose 21% to $384 million, driven by intermodal-related accessorial and subsidiary revenue.

Key facts

• UNION PACIFIC CORP reported record third-quarter 2026 net income of $2.1 billion and adjusted EPS growth of 15% to $3.53.
• UNION PACIFIC CORP's Premium revenue increased 21% on 9% volume growth in Q3 2026 and set records for freight revenue and freight revenue excluding fuel.
• UNION PACIFIC CORP's Q3 2026 operating revenue was $7.2 billion, up 15% year over year.
• UNION PACIFIC CORP's Q3 2026 freight revenue was $6.8 billion, up 15% on 6% volume growth.
• UNION PACIFIC CORP's freight revenue excluding fuel grew 6% to a record $5.6 billion in Q3 2026.
• UNION PACIFIC CORP's Q3 2026 other revenue increased 21% to $384 million, with higher intermodal volume contributing to accessorial and subsidiary revenue increases.
• UNION PACIFIC CORP's Industrial segment revenue increased 14% on 6% higher volume in Q3 2026.
• UNION PACIFIC CORP's International Intermodal volume increased 8% year over year, driven by strong West Coast import volumes and business wins.