| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 6.9K | 10.4% | 11.5% |
| Total Income | 6.9K | 10.4% | 11.5% |
| Expenditure | 4.1K | 9.1% | 13.0% |
| PBT | 2.6K | 14.6% | 10.5% |
| Net Profit | 2.0K | 17.2% | 6.2% |
| OPM | 40.25% | 0.72pp | 0.78pp |
| NPM | 29.04% | 1.68pp | 1.45pp |
| EPS | 3.36 | 17.1% | 6.3% |
Union Pacific Reports Q2 2026 Results: Net Income Up 6%, EPS Up 7%
23 Jul 2026 · 23 Jul, 5:21 pm
Summary
Union Pacific Corporation announced strong second quarter 2026 financial results, with net income rising 6% to $2.0 billion and diluted EPS increasing 7% to $3.36 year-over-year. Total operating revenue grew 12% to $6.9 billion, boosted by higher fuel surcharges, volume growth, and pricing gains, while freight revenue excluding fuel surcharge saw a 4% increase. The operating ratio slightly increased to 59.7% due to higher fuel prices. Management expressed confidence in meeting increasing customer demand with best-in-class safety and operational excellence, and the company improved its 2026 outlook for earnings per share growth.
Key Highlights
- 1
Union Pacific Corporation reported second quarter 2026 net income of $2.0 billion, an increase of 6% compared to the prior year.
- 2
Diluted earnings per share (EPS) for the second quarter of 2026 were $3.36, up 7% year-over-year.
- 3
Operating revenue for the second quarter of 2026 increased 12% to $6.9 billion, driven by higher fuel surcharge, volume growth, and core pricing gains.
- 4
Freight revenue excluding fuel surcharge grew 4% in the second quarter of 2026.
- 5
The reported operating ratio for the second quarter of 2026 was 59.7%, an increase of 70 basis points compared to the prior year.
- 6
Union Pacific reported record freight revenue, freight revenue excluding fuel surcharge, operating revenue, operating income, and net income for the second quarter of 2026.
- 7
The company's outlook for 2026 was improved, with reported earnings per share growth increased to high-single digit.
Management Comments
Jim Vena
Strong execution and volume growth enabled another successful quarter and record financial results. Looking ahead, we are prepared to meet increasing customer demand with best-in class safety, service and operational excellence. Additionally, we are ready to move forward in the regulatory process and deliver the benefits of America's first transcontinental railroad offering greater competition, better service and a stronger supply chain.
Informational and educational content only. Not investment advice.