UNP · 10-Q · 2026Q3 · Full report

Industrial Market Demand

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

Industrial freight shipments increased 6% in the third quarter, with all industrial business teams contributing to volume growth. Higher domestic steel, construction project-related materials, and plastics demand, together with business development, drove growth in petroleum and lumber shipments. Year-to-date industrial carloads improved 4% as demand for industrial chemicals and plastics and construction materials, plus business development, more than offset lower soda ash export shipments. Industrial freight revenue also benefited from core pricing gains and higher fuel surcharge revenue, partly offset by mix from higher plastics and rock shipments.

Key facts

• UNION PACIFIC CORP's industrial shipments increased 6% in third-quarter 2026 compared with 2025; increased domestic steel, construction project-related material, and plastics demand, along with petroleum and lumber business development, primarily drove growth. source
• UNION PACIFIC CORP year-to-date industrial carloads improved 4% in 2026, as higher demand for industrial chemicals and plastics and construction project-related materials, together with business development, more than offset reduced soda ash export shipments. source
• UNION PACIFIC CORP automotive shipments improved 2% in third-quarter 2026 due to higher auto parts shipments resulting from business development efforts. source
• UNION PACIFIC CORP year-to-date automotive shipments decreased 1% in 2026 compared with 2025 because lower production resulting from weaker finished vehicle demand offset business development efforts. source