UNP · 10-Q · 2026Q2

UNION PACIFIC CORP

Filed 2026-07-23 · Other · View original filing on EDGAR

Ranked Events

• Capital AllocationImportance 89 · Surprise 82
  Union Pacific paid $1.640 billion of dividends during the first six months of 2026, compared with $1.599 billion in the prior-year period. Share repurchases were paused during the six months as part of the pending…
• Acquisition / Partnership / DivestitureImportance 71 · Surprise 60
  Union Pacific has a pending acquisition of Norfolk Southern under an agreement dated July 28, 2025. Acquisition-related expenses contributed to higher purchased services and materials and the deterioration in the 2026…
• Fuel Cost PressureImportance 69 · Surprise 64
  Union Pacific’s locomotive diesel fuel price averaged $3.86 per gallon in the second quarter of 2026, up 60% from $2.42 per gallon in the second quarter of 2025. Fuel expense increased to $1.6 billion in the quarter,…
• Fuel Supply Chain PressureImportance 69 · Surprise 64
  Union Pacific reported significant fuel-market pressure, with the average locomotive diesel price rising 60% to $3.86 per gallon in the second quarter from $2.42 in the prior-year period. Management attributed the…
• Capital Expenditure ProgramImportance 69 · Surprise 50
  Union Pacific expects its 2026 capital plan to total approximately $3.3 billion. Cash capital investments were $1.810 billion in the first six months of 2026, compared with $1.842 billion in the prior-year period. The…
• Capital Expenditure OutlookImportance 64 · Surprise 42
  Union Pacific expects its 2026 capital plan to be approximately $3.3 billion. Planned investments target network growth, safety, resiliency, operational efficiency, infrastructure hardening, locomotive-fleet…
• Balance Sheet and LiquidityImportance 61 · Surprise 32
  At June 30, 2026, Union Pacific held $1.6 billion of cash and cash equivalents and $500 million of short-term investments. Available liquidity included $2.0 billion under the revolving credit facility and $600 million…
• Intermodal Market PositionImportance 59 · Surprise 48
  Premium freight revenue increased 21% in the second quarter, with intermodal volume up 4% and domestic intermodal volume up 19%. Domestic intermodal growth reflected business development and reduced truck market…
• Income Tax Rate ChangesImportance 59 · Surprise 48
  Second-quarter income tax expense increased 29% year over year, and six-month expense increased 16% to $1.090 billion from $938 million. The second-quarter effective tax rate increased to 22.0% from 18.9%, while the…
• Mexico Freight GrowthImportance 54 · Surprise 40
  Freight revenue from shipments to and from Mexico increased 10% to $828 million in the second quarter and 6% to $1.6 billion year to date. Quarterly growth reflected 5% volume growth, led by increased intermodal,…
• Market Demand TrendsImportance 54 · Surprise 40
  Second-quarter freight revenue increased 12% year over year, supported by 2% carload growth, core pricing gains, and higher fuel surcharge revenue. Domestic intermodal carloads rose 19%, while grain and grain products…
• Operating Margin DriversImportance 54 · Surprise 40
  Second-quarter 2026 operating income increased 9% to $2.8 billion, but the operating ratio deteriorated 0.7 points to 59.7% from 59.0%. Six-month operating ratio performance also deteriorated 0.3 points to 60.1% as…
• Revenue Performance and MixImportance 54 · Surprise 40
  Second-quarter 2026 total operating revenues increased 12% to $6.864 billion from $6.154 billion, while six-month revenue increased 7% to $13.081 billion from $12.181 billion. Second-quarter freight revenue increased…
• Liquidity and Capital PositionImportance 50 · Surprise 24
  Management states that scenario analyses indicate sufficient borrowing capacity to sustain an extended period of lower volume. As of June 30, 2026, Union Pacific had $1.6 billion of cash and cash equivalents, $500…
• Operating Expense TrendsImportance 47 · Surprise 22
  Second-quarter operating expenses increased 13% to $4.101 billion from $3.629 billion, while six-month expenses increased 8% to $7.860 billion from $7.285 billion. Fuel expense increased because locomotive diesel…
• Interest Rate ExposureImportance 42 · Surprise 14
  Union Pacific’s effective interest rate increased to 4.2% in both the second quarter and first six months of 2026 from 4.1% in the comparable 2025 periods. Lower weighted-average debt levels of $30.5 billion in the…
• Network Capacity and ServiceImportance 28 · Surprise 32
  Union Pacific improved freight car velocity by 5% in the second quarter and 7% year to date, driven by lower terminal dwell and faster train speeds. Terminal dwell improved 7% in the quarter and 9% year to date, while…

Revenue by Product (in millions)