Union Pacific reported record financial performance for the third quarter 2026, with operating revenue climbing 15% year-over-year to $7.2 billion. Growth was underpinned by a 6% increase in volume and pricing strength, leading to a record diluted EPS of $3.49, which exceeded analyst expectations despite a slight miss in the specific Premium freight segment.
Key Highlights
- Operating revenue reached $7.2 billion, driven by higher fuel surcharges, core pricing gains, and 6% revenue carload growth.
- Reported operating ratio improved by 10 basis points to 59.1%, though performance was pressured by high fuel prices which impacted the ratio by 140 basis points.
- Workforce productivity reached a record 1,219 car miles per employee, a 5% improvement supported by record train lengths and a 2% improvement in fuel consumption rates.
- The company affirmed its 2026 guidance for high-single-digit EPS growth and updated its full-year capital investment plan to $3.5 billion.