UNP · Earnings call · 2026Q3T · Full report

Intermodal Market Position

UNION PACIFIC CORP · 2026-10-22 · Importance 48 · Surprise 40

Domestic Intermodal achieved its fifth consecutive record quarter in both volume and revenue, with volume up 13%, supported by service, business development, and deployment of buffer resources. International Intermodal volume rose 8%, driven by strong West Coast imports and business wins; management expected double-digit growth in the fourth quarter after lapping prior-year tariff volatility. Domestic Intermodal was on track for a third consecutive record volume year, supported by over-the-road conversions and service. Management also highlighted its owned intermodal box fleet and relationships with both asset-based and non-asset-based intermodal marketing companies, while noting that higher volumes raise drayage and third-party ramp costs.

Key facts

• UNION PACIFIC CORP's Domestic Intermodal had its fifth consecutive record quarter in both volume and revenue, with volume growth of 13%.
• UNION PACIFIC CORP said its freight business was recording a fifth quarter of record growth before the recent acceleration in diesel prices.
• UNION PACIFIC CORP said network investments over the prior couple of years in Twin Cities, Phoenix, Kansas City modernization, and the Inland Empire were supporting intermodal growth.
• UNION PACIFIC CORP said its own intermodal box fleet enabled it to work with non-asset-based intermodal marketing companies as well as asset-based companies.