UNP · Earnings call · 2026Q3T · Full report

Rail Service and Capacity Productivity

UNION PACIFIC CORP · 2026-10-22 · Importance 25 · Surprise 32

The railroad safely handled 6% volume growth while improving network fluidity and delivering the service sold to customers. Freight car velocity increased 1% to 228 miles per day, terminal dwell improved 2%, and dwell remained below 20 hours for a fourth consecutive quarter. Intermodal Service Performance Index was 92% as intermodal volume grew 11%, while Manifest Service Performance Index was 93% against record industrial carloads. Train length increased 2% to nearly 10,000 feet, supported by technology and mainline capacity investments.

Key facts

• UNION PACIFIC CORP said its 32-hour cars were 15% lower year over year while business was up.
• UNION PACIFIC CORP said it had 300-plus people in training to ensure crew resources were available for growth.
• UNION PACIFIC CORP reduced headcount 1% against 6% volume growth, producing its ninth consecutive quarter of record workforce productivity.
• UNION PACIFIC CORP increased its active locomotive fleet 2% to handle 4% higher gross ton-miles.
• UNION PACIFIC CORP's workforce productivity improved 5% as its active train, engine, and yard workforce increased 1% against 6% higher carloads.
• UNION PACIFIC CORP said productivity efforts were intended to help its marketing and sales team compete, regardless of market conditions, and that it saw ongoing workforce-productivity opportunities.
• UNION PACIFIC CORP said employee safety and derailment rates improved against their three-year rolling averages in Q3 2026.
• UNION PACIFIC CORP's Intermodal Service Performance Index was 92% as Intermodal volume grew 11%.