Union Pacific Corporation (UNP) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Union Pacific published the results on October 22, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Union Pacific reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Union Pacific's adjusted figures exclude acquisition-related expense tied to its pending acquisition of Norfolk Southern: $22 million in Q3 2026 ($0.04 a share) and $41 million in Q3 2025 ($0.07 a share).
• The Railroad is Union Pacific's one reportable segment. Bulk, Industrial and Premium are commodity groups within freight revenue, not separate segments.

Source: Union Pacific Q3 2026 results, October 22, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Union Pacific splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Union Pacific's Bulk revenue was $2.1 billion in Q3 2026, up 10% from $1.9 billion in Q3 2025, 29% of total revenue.
• Union Pacific's Industrial revenue was $2.5 billion in Q3 2026, up 14% from $2.2 billion in Q3 2025, 35% of total revenue.
• Union Pacific's Premium revenue was $2.2 billion in Q3 2026, up 21% from $1.8 billion in Q3 2025, 30% of total revenue.
• Union Pacific's Other revenues revenue was $384 million in Q3 2026, up 21% from $317 million in Q3 2025, 5% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Union Pacific said:

“Reported earnings per share growth of high-single digit; consistent with attaining 3-year CAGR target of high-single to low-double digit through 2027.”

“Pricing dollars in excess of inflation dollars.”

“Operating ratio improvement from core business; reported operating ratio challenged by high fuel prices.”

“Capital plan of $3.5 billion”

Source: Union Pacific Q3 2026 earnings release, Oct 22, 2026.

This is the company's own guidance as of Oct 22, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the UNP forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total operating revenues and diluted EPS, each as first reported in that quarter's release.

Union Pacific's next report is expected around January 26, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 22, 2026

Union Pacific earns almost all of its revenue from freight: $6,813 million of $7,197 million in total operating revenues in Q3 2026, with other revenues making up the remaining $384 million. Freight revenue is reported in three commodity groups: Industrial ($2,509 million), Premium ($2,188 million) and Bulk ($2,116 million). (Union Pacific Q3 2026 earnings release, Oct 22, 2026)

Union Pacific said freight revenues rose 15% on higher fuel surcharge revenues, 6% carload growth and core pricing gains, which more than offset an unfavorable business mix from more shipments with lower average revenue per car, such as intermodal. Fuel surcharge revenue was $1.2 billion in the quarter, against $602 million a year earlier, because of higher fuel prices and increased volume. (Union Pacific Form 10-Q, Q3 2026, Oct 22, 2026)

Premium, which covers finished automobiles, auto parts and intermodal containers, grew fastest: up 21%. Intermodal freight revenue was $1,517 million, against $1,199 million, and intermodal volume rose 11%, which Union Pacific attributed to domestic business development, reduced truck market capacity and higher U.S. West Coast import volume. Bulk revenue rose 10% on essentially flat volume, as lower coal shipments, caused by low natural gas prices and elevated plant inventories, offset export grain strength. (Union Pacific Form 10-Q, Q3 2026, Oct 22, 2026; Union Pacific Q3 2026 earnings release, Oct 22, 2026)

Union Pacific operates 32,889 route miles across 23 states in the western two-thirds of the U.S. Shipments to and from Mexico, which are counted inside each commodity group, brought in $820 million of freight revenue in Q3 2026, against $752 million a year earlier. (Union Pacific Form 10-K, 2025, Feb 6, 2026; Union Pacific Form 10-Q, Q3 2026, Oct 22, 2026)

Union Pacific's GAAP diluted EPS was $3.49 in Q3 2026 and its adjusted diluted EPS was $3.53. The only adjustment in the quarter was $22 million of acquisition-related expense, worth $0.04 a share, for the pending purchase of Norfolk Southern. A year earlier the same adjustment was $41 million, or $0.07 a share. (Union Pacific Q3 2026 earnings release, Oct 22, 2026)

Fuel was the largest cost increase. Fuel expense rose 69% to $1,040 million as the average price per gallon climbed to $4.21 from $2.56, and Union Pacific said higher fuel prices hurt its operating ratio by 140 basis points. The effective tax rate was 23.8%, against 22.9% a year earlier. (Union Pacific Q3 2026 earnings release, Oct 22, 2026; Union Pacific Form 10-Q, Q3 2026, Oct 22, 2026)

Union Pacific's share count barely moved: 594.5 million diluted weighted average shares, against 593.2 million a year earlier. Union Pacific paused share repurchases because of the Norfolk Southern acquisition, and spent $26 million on its share repurchase programs in the first nine months of 2026, against $2,679 million a year earlier. (Union Pacific Q3 2026 earnings release, Oct 22, 2026; Union Pacific Form 10-Q, Q3 2026, Oct 22, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Union Pacific gives a qualitative full-year outlook in its release, not a revenue figure. For 2026 it expects reported EPS growth of high-single digit, pricing dollars in excess of inflation dollars, and operating ratio improvement from the core business, with the reported operating ratio challenged by high fuel prices. It updated its 2026 capital plan to $3.5 billion. (Union Pacific Q3 2026 earnings release, Oct 22, 2026)

Union Pacific's agreement to acquire Norfolk Southern is pending Surface Transportation Board review. If completed, Union Pacific expects to issue about 225 million shares and pay about $20 billion of cash consideration, with each Norfolk Southern share converted into one Union Pacific share and $88.82 in cash. (Union Pacific Form 10-Q, Q3 2026, Oct 22, 2026; Union Pacific Q3 2026 earnings release, Oct 22, 2026)

A consensus figure is the average of the models published by the analysts who cover Union Pacific, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Union Pacific's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning UNP is on is UNP a buy or a sell?, what analysts expect next is on the UNP forecast, and what the company does is on the Union Pacific Corporation (UNP) stock page.

Every number on this page can be traced to a document Union Pacific published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.