Union Pacific Corporation (UNP) Earnings
Union Pacific Corporation is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $3.14. UNP has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +2.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $2.86 | $2.93 | +2.4% | $6.2B | -0.2% |
| Jan 27, 2026 | $2.86 | $2.86 | +0.0% | $6.1B | -0.4% |
| Oct 23, 2025 | $2.99 | $3.08 | +3.0% | $6.2B | -0.1% |
| Jul 24, 2025 | $2.91 | $3.03 | +4.1% | $6.2B | -0.2% |
| Apr 24, 2025 | $2.74 | $2.70 | -1.5% | $6.0B | -0.6% |
| Jan 23, 2025 | $2.76 | $2.91 | +5.4% | $6.1B | -0.4% |
| Oct 24, 2024 | $2.78 | $2.75 | -1.1% | $6.1B | -0.8% |
| Jul 25, 2024 | $2.71 | $2.74 | +1.1% | $6.0B | -0.8% |
| Apr 25, 2024 | $2.51 | $2.69 | +7.2% | $6.0B | +1.0% |
| Jan 25, 2024 | $2.57 | $2.71 | +5.4% | $6.2B | +1.8% |
| Oct 19, 2023 | $2.44 | $2.51 | +2.9% | $5.9B | -0.8% |
| Jul 26, 2023 | $2.75 | $2.57 | -6.5% | $6.0B | -2.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 23, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Safety and service: Led the industry in employee safety in the first quarter, improved employee safety and derailments versus three - year rolling averages. Set first quarter records in all six key performance and efficiency metrics. - Productivity: Freight car velocity increased 9%, locomotive productivity improved 6%, workforce productivity increased 7%. - Business development: Closed about 20 new construction projects in the first quarter, bullish on new business coming online, focused on adding new customers and expanding capacity. - Technology and innovation: Using AI - driven tools in dispatching, terminals, and other areas to drive efficiency and improve service, such as automated movement planner in dispatching center and terminal command center.
Guidance
- Affirmed 2026 outlook with mid - single - digit growth in reported earnings per share and operating ratio improvement. - Original diesel fuel estimate of $2.35 per gallon is now hard to predict due to volatility, likely to average over $4 per gallon in April. - Remain committed to high single - digit to low double - digit EPS growth CAGR throughout 2027.
Segment performance
In the first quarter of 2026, Union Pacific's operating revenue was $6.2 billion, up 3% year - over - year. Freight revenue was $5.9 billion, up 4% on 1% lower volume. Bulk segment revenue was up 10% with 12% increase in volume. Industrial segment revenue was up 5% on 4% increase in volume. Premium segment revenue declined 5% on 9% decrease in volume but 4% increase in average revenue per car. Domestic intermodal delivered its third consecutive record quarter. Coal revenue was driven by sustained utility demand and favorable natural gas pricing. Grain had record volume driven by strong export demand. Industrial segment was supported by construction and petrochemicals. Revenue contribution: Freight revenue was the main part, with bulk, industrial, premium segments contributing differently based on their performance.
Risks & headwinds
- Volatility in fuel prices which is a headwind for operating ratio. - Uncertainty in the merger process and potential concessions that may be required. - Competition from other railroads and transportation modes like trucks, which could impact market share and revenue.
Analyst Q&A
Q: On the merger, does the long process give more confidence?
A: Jim Venna said they are more convicted as the merger will deliver benefits for the country, customers, and shareholders.
Q: About guidance and fuel headwind, any incremental productivity opportunities?
A: Jennifer Heyman said there are opportunities to drive efficiency through business development and consistent pricing.
Q: Estimate for spare capacity?
A: Eric said the railroad has latent capacity through train length improvement, capacity projects investment, and ability to ship in different lanes.
Q: On business development, color on car loadings?
A: Kenny said they are bullish on new business, closed 20 new projects in Q1, and have a strong pipeline.
Q: On M&A and concessions, market's view?
A: Jim Venna said they are comfortable with the merger's benefits and don't see major concessions needed.
Q: Value of network and AI use?
A: Eric talked about using AI in dispatching, terminals, and other areas to drive efficiency and improve service.
Q: Merger approval timing and integration?
A: Jim Venna said they expect approval in 2Q27, and are answering STB's questions and planning integration differently.
Q: Why EPS guide not up with better volume?
A: Kenny said factors like fuel price timing and market conditions need to sustain for more uplift.
Q: Proving merger enhances competition?
A: Jim and Kenny said the merger will enhance competition through better service and optionality for customers.
Q: Volume growth and price?
A: Jim said they want to increase revenue by increasing volume and pricing right.
Q: Headcount and productivity, merger impact?
A: Eric said productivity gains are transferable and the commitment to unions won't limit progress.
Q: Headcount and union commitment?
A: Jim said the commitment to unions is made with a thoughtful process and won't impact productivity.
Q: Upcycle and operating leverage?
A: Jim said an upcycle would be beneficial for the railroad.