UNP · Earnings call · 2026Q3T · Full report

Intermodal Pricing and Conversions

UNION PACIFIC CORP · 2026-10-22 · Importance 26 · Surprise 24

Management said domestic intermodal volume growth was supported by service, business development, and network investments, with truck-to-rail conversions among the sources of new business. Intermodal growth was already underway before the recent diesel-price acceleration, although higher fuel prices subsequently helped Union Pacific win additional business. Kenny Rocker said the spring-to-summer change in truck rates and capacity occurred after much of the bid season was set, creating a better pricing opportunity toward year-end and in the first months of 2027. Increased intermodal activity also raised Loup drayage and third-party ramp costs, while supporting 21% growth in other revenue through subsidiary and accessorial revenue.

Key facts

• UNION PACIFIC CORP expected a better intermodal pricing opportunity at year-end 2026 and in the first months of 2027 after truck rate and capacity changes followed the spring-to-summer bid season.
• UNION PACIFIC CORP expected a stronger pricing environment for intermodal going forward.