UNP · 10-Q · 2026Q3 · Full report

Market Demand Trends

UNION PACIFIC CORP · 2026-10-22 · Importance 54 · Surprise 40

Third-quarter freight revenue increased 15% year over year, with carloads up 6%, as higher fuel surcharge revenue, core pricing gains, and volume growth more than offset an unfavorable mix from higher intermodal shipments. Intermodal volume rose 11%, while grain and grain products, metals and minerals, and energy and specialized markets shipments were strong; lower coal shipments partially offset those gains. Year-to-date freight revenue increased 10% on 3% volume growth, with grain and grain products, intermodal, metals and minerals, and industrial chemicals and plastics shipments more than offsetting lower coal and automotive shipments.

Key facts