UNP · 10-Q · 2026Q3 · Full report

Bulk Market Demand

UNION PACIFIC CORP · 2026-10-22 · Importance 31 · Surprise 32

Bulk freight revenue increased 10% in the third quarter, driven by fuel surcharge revenue and core pricing gains on essentially flat volume. Continued export grain strength and higher renewable fuels, ethanol, and associated feedstock shipments were offset by lower wheat and soybean meal, coal, and fertilizer shipments. Coal shipments were affected by low natural gas prices and elevated plant inventories. Year-to-date bulk freight revenue increased 9%, supported by 3% volume growth, higher grain shipments, and core pricing gains, partially offset by lower food and refrigerated carloads.

Key facts

• UNION PACIFIC CORP's bulk freight revenues increased 10% in third-quarter 2026 compared with 2025, driven by higher fuel surcharge revenues and core pricing gains on essentially flat volume. source
• UNION PACIFIC CORP's year-to-date 2026 bulk freight revenues increased 9% compared with 2025, with 3% volume growth from higher grain and grain product shipments. source
• UNION PACIFIC CORP's third-quarter 2026 bulk shipments had lower wheat and soybean meal volume, lower coal shipments due to low natural gas prices and elevated plant inventories, and lower fertilizer shipments; continued export grain strength and higher renewable fuels, ethanol, and associated feedstock shipments partially offset those declines. source