Union Pacific Corporation announced its financial results for the third quarter of 2026 on October 22, 2026. The company reported a net income of $2.1 billion for the quarter, representing a 16% increase compared to the same period in 2025. Diluted earnings per share (EPS) were reported at $3.49, up 16% year-over-year.
Operating revenue for the quarter totaled $7.2 billion, a 15% increase. This growth was driven by higher fuel surcharges, a 6% increase in revenue carloads, and core pricing gains. Freight revenue, excluding fuel surcharges, increased by 6%. The company also reported an operating ratio of 59.1%.
Operational metrics for the quarter included a freight car velocity of 228 daily miles per car, a 1% increase. Average terminal dwell improved to 19.9 hours, a 2% decrease. The fuel consumption rate improved by 2% to 1.034 gallons of fuel per thousand gross ton-miles. Workforce productivity increased by 5% to 1,219 car miles per employee.
Union Pacific affirmed its 2026 outlook, stating it is on track to meet investor day targets. The company expects reported earnings per share growth in the high-single digits. The company also noted that pricing dollars are in excess of inflation dollars.
Union Pacific maintains a capital plan of $3.5 billion. The company will host a webcast of its third quarter 2026 earnings release presentation on Thursday, October 22, 2026, at 8:45 a.m. Eastern Time.
