UNP · Earnings call · 2026Q3T · Full report

Bulk Revenue Performance

UNION PACIFIC CORP · 2026-10-22 · Importance 36 · Surprise 40

Third-quarter Bulk revenue rose 10% year over year on flat volume, supported by export grain demand and renewable fuels, while lower wheat shipments and a 3% decline in coal and renewables volume were offsets. Industrial revenue increased 14% on 6% higher volume, with growth across major commodity segments and record industrial carloads and freight revenue excluding fuel. Premium revenue rose 21% on 9% higher volume, setting records for freight revenue and freight revenue excluding fuel. Domestic Intermodal delivered its fifth consecutive record quarter in volume and revenue, with volume up 13%; International Intermodal volume increased 8% on strong West Coast imports and business wins.

Key facts

• UNION PACIFIC CORP's Bulk segment revenue increased 10% year over year on flat volume in Q3 2026.
• UNION PACIFIC CORP's Coal and renewables volume declined 3% as lower natural gas prices and elevated inventories weighed on demand.
• UNION PACIFIC CORP said Grain and grain products were driven by strong export grain demand and continued growth in renewable fuels, ethanol, and feedstocks; lower wheat shipments from a softer harvest partly offset gains.