The strong beat on both EPS and revenue with affirmed guidance and improving leverage metrics reinforces the operational momentum story. Watch the upcoming STB merger review process for Norfolk Southern acquisition — any regulatory setback would be a material overhang on the stock.
Price Chart
Executive Summary
Union Pacific reported Q3 2026 GAAP diluted EPS of $3.49 (adjusted $3.53), beating consensus of $3.29 by 7.3%, on operating revenue of $7.197B vs $6.94B consensus (+3.7% beat). Revenue grew 15% YoY driven by 6% volume growth and pricing, while operating income rose 15% to $2.943B. The company affirmed its high-single-digit EPS growth outlook and updated its capital plan to $3.5B, but noted fuel price headwinds pressured the operating ratio by 140 bps.
Key Financial Metrics
Key Facts
- GAAP diluted EPS $3.49 vs $3.01 YoY (+16%); adjusted diluted EPS $3.53 vs $3.08 YoY (+15%)
- Total operating revenue $7.197B, +15% YoY; freight revenue $6.813B, +15% YoY
- Operating income $2.943B, +15% YoY; operating ratio improved 10 bps to 59.1%
- Revenue carloads grew 6% YoY; freight revenue ex-fuel surcharge up 6%
- Free cash flow YTD $2.362B vs $1.856B in prior year period
- Capital plan updated to $3.5B; EPS growth outlook of high-single-digit affirmed
- Adjusted debt/EBITDA improved to 2.4x from 2.7x at Dec 2025
Financial Impact
EPS beat of $0.24 (7.3%) vs consensus on $257M revenue beat; net income +16% YoY to $2.076B
Risk Factors
- Fuel price headwinds: average diesel price +64% YoY to $4.21/gal, pressuring operating ratio by 140 bps
- Pending Surface Transportation Board review of Norfolk Southern merger — regulatory risk and potential conditions
- Intermodal service performance declined 6 pts YoY to 92%; manifest service down 7 pts to 93%
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000100885-26-000319 |
| Document: unp-20261022.htm | 0000100885-26-000319 |
| Document: 0000100885-26-000319-index-headers.html | 0000100885-26-000319 |
| Document: 0000100885-26-000319-index.html | 0000100885-26-000319 |
| Document: 0000100885-26-000319.txt | 0000100885-26-000319 |
| 8-K Data (Synthetic) | 0000100885-26-000319 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $298.09 $292.87 | ▼ −1.75% | ▼ −1.23% | $298.45 (+0.12%) |
Oct 16, 2026 11d ago | 8-K | $289.04 $287.01 | ▼ −0.70% | ▼ −1.13% | $298.45 (+3.25%) |
Oct 15, 2026 11d ago | Institutional Cluster | $288.71 $289.04 | ▲ +0.11% | ▲ +1.22% | $298.45 (+3.37%) |
Oct 12, 2026 15d ago | Institutional Cluster | $281.57 $282.36 | ▲ +0.28% | ▲ +0.29% | $298.45 (+5.99%) |
Jul 23, 2026 13w ago | 8-K | $304.33 $307.32 | ▲ +0.98% | ▲ +0.88% | $298.45 (−1.93%) |
Apr 23, 2026 26w ago | 8-K | $271.10 $268.65 | ▼ −0.90% | ▼ −1.69% | $298.45 (+10.09%) |
US Market Status
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