The beat on EPS and stable revenue growth confirm pricing power and cost control; monitor upcoming regulatory approval for the Norfolk Southern merger as a potential catalyst for further upside.
Price Chart
Executive Summary
Union Pacific reported Q1 2026 EPS of $2.87, a 6% YoY increase, on revenue growth of 3% driven by pricing and volume gains. Operating ratio improved 20 bps to 60.5%. The company affirmed its full-year EPS growth outlook of mid-single digits.
Key Financial Metrics
Key Facts
- Q1 2026 diluted EPS was $2.87, up 6% YoY from $2.70 in Q1 2025
- Revenue of $6.217B grew 3% YoY driven by core pricing, fuel surcharges, and business mix
- Operating ratio improved 20 bps YoY to 60.5%
- Freight revenue increased 4% to $5.893B
- Company affirmed full-year 2026 EPS growth guidance of mid-single digits
Financial Impact
EPS beat consensus by $0.01, revenue in line; $1.7B net income supports dividend and buybacks
Risk Factors
- Merger with Norfolk Southern faces regulatory uncertainty and potential legal challenges
- Higher fuel costs ($2.69/gallon vs $2.51 in Q1 2025) could pressure margins
- Economic slowdown could reduce freight volumes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000100885-26-000154 |
| Document: unp-20260423.htm | 0000100885-26-000154 |
| Document: 0000100885-26-000154-index-headers.html | 0000100885-26-000154 |
| Document: 0000100885-26-000154-index.html | 0000100885-26-000154 |
| Document: 0000100885-26-000154.txt | 0000100885-26-000154 |
| 8-K Data (Synthetic) | 0000100885-26-000154 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 23, 2026 10w ago | 8-K | $304.33 $303.97 | ▼ −0.12% | ▼ −3.43% | $277.27 (−8.89%) |
Apr 23, 2026 23w ago | 8-K | $271.10 $265.80 | ▼ −1.95% | ▼ −6.59% | $277.27 (+2.28%) |
US Market Status
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