UNP · 10-Q · 2026Q3 · Full report
Revenue Performance and Mix
UNION PACIFIC CORP · 2026-10-22 · Importance 54 · Surprise 40 · In source text
Third-quarter 2026 operating revenues increased 15% to $7.197 billion, while freight revenues rose 15% to $6.813 billion; nine-month operating and freight revenues increased 10% to $20.278 billion and $19.224 billion, respectively. Third-quarter freight revenue growth reflected 6% carload growth, higher fuel surcharge revenue, and core pricing gains, partly offset by unfavorable mix from higher intermodal shipments; intermodal volume increased 11%. Third-quarter freight revenues included $1.2 billion of fuel surcharges versus $602 million a year earlier, while Mexico freight revenue increased 9% to $820 million on 4% volume growth. For the first nine months, Mexico freight revenue increased 7% to $2.4 billion, and premium freight revenue rose 21% in the quarter and 12% year to date.
Key facts
- UNION PACIFIC CORP fuel surcharge freight revenues increased to $1.2 billion in third-quarter 2026 from $602 million in the same period of 2025, due to higher fuel prices and increased volume. source
- UNION PACIFIC CORP freight revenues increased 15% in third-quarter 2026 compared with third-quarter 2025, driven by higher fuel surcharge revenues, 6% volume growth, and core pricing gains, which more than offset unfavorable mix from higher intermodal carloads. source
- UNION PACIFIC CORP freight revenues increased 10% year to date in 2026 compared with 2025, driven by higher fuel surcharge revenues, 3% volume growth, and core pricing gains, partially offset by business mix. source
- UNION PACIFIC CORP's premium freight revenues increased 21% in third-quarter 2026 and 12% year to date compared with 2025, driven by higher fuel surcharge revenues, volume growth, and core pricing gains, partially offset by mix from higher intermodal shipments. source
- UNION PACIFIC CORP's year-to-date 2026 other subsidiary revenues were negatively affected by the transfer of commuter operations to Metra. source
- UNION PACIFIC CORP accessorial revenues increased in third-quarter and year-to-date 2026 compared with 2025, driven by higher container, intermodal accessorial, and demurrage revenues. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | — | UNION PACIFIC CORP freight revenues increased 10% year to date in 2026 compared with 2025, driven by higher fuel surcharge revenues, 3%… |