Union Pacific Corp. (UNP)
NYSE:UNP
Want to see UNP full AI Analyst Report?
Earnings Data
Report Date
Jul 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
3.14Last Year’s EPS
3.03Same Quarter Last Year
Strong Buy
Based on 16 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple operational and financial positives — record quarterly net income and EPS, strong revenue growth despite slightly lower volumes, notable productivity gains, robust cash generation, and continued commercial momentum across several segments. Management reaffirmed guidance, highlighted a disciplined pricing approach, and expressed confidence in merger benefits while acknowledging regulatory timing and merger-related costs. Key negatives were fuel-price-driven margin pressure (near-term), international intermodal weakness (-28%), merger cost and timing uncertainty, and some soft end markets (auto, lumber). On balance, the tangible financial and operational accomplishments, cash/ balance-sheet strength, and clear business development pipeline materially outweigh the lowlights tied largely to macro volatility and transaction timing.Company Guidance
Record First-Quarter Financial Results
Reported net income of $1.7 billion, up 5% year-over-year; reported EPS $2.87, up 6%. Adjusted net income (ex-merger costs) up 7% and adjusted EPS $2.93, up 9%. Reported operating income and net income were first-quarter records.
Improved Profitability Metrics
Operating ratio improved by 80 basis points to 59.9% (adjusted for merger costs). Management affirmed full-year outlook for mid-single-digit reported EPS growth and operating ratio improvement.
Revenue Growth Despite Lower Volume
Operating revenue of $6.2 billion, up 3% year-over-year; freight revenue $5.9 billion, up 4% despite total volumes declining 1%. Freight revenue excluding fuel surcharge increased 3%.
Strong Cash Generation and Balance Sheet Improvement
Cash from operations of $2.4 billion, up 10% year-over-year; free cash flow of $630 million. Net debt decreased by $1.2 billion and adjusted debt-to-EBITDA finished at 2.5x. Company remains A-rated by all three major agencies.
Operational Productivity and Service Improvements
Set first-quarter records across six KPIs: workforce productivity +7%; freight car velocity +9% to 235 miles/day; terminal dwell 19.7 hours (11% improvement); locomotive productivity +6%; average active locomotives down 4% while gross ton miles rose; intermodal and manifest SPI at 98% (improvements of 4 and 5 points). Train length up 3%.
Segment-Level Strengths and Business Development Wins
Bulk revenue +10% driven by 12% volume growth (coal strength and grain export rebound including China and Mexico expansion). Industrial revenue +5% on 4% volume growth and best-ever average revenue per car in Industrial. Domestic intermodal delivered a third consecutive record quarter. Management highlighted 20 new construction projects closed in the quarter and a strong pipeline.
Pricing and Business Mix Contributions
Core pricing and business mix contributed ~325 basis points to freight revenue; fuel surcharge revenue totaled $608 million (+$43 million year-over-year), contributing ~100 basis points to freight revenue. Company noted quarterly pricing dollars exceeded inflation dollars.
Merger Progress and Customer Support
Management remains confident in the proposed Union Pacific–Norfolk Southern combination and will file a revised STB application April 30. Company cited substantial commercial support (hundreds of customers/partners signing letters of support) and emphasized expected service and efficiency benefits.
UNP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
UNP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 23, 2026 | $249.40 | $271.26 | +8.77% |
Jan 27, 2026 | $229.69 | $231.34 | +0.72% |
Oct 23, 2025 | $222.76 | $217.62 | -2.31% |
Jul 24, 2025 | $227.04 | $216.74 | -4.54% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Union Pacific Corp. (UNP) report earnings?
Union Pacific Corp. (UNP) is schdueled to report earning on Jul 23, 2026, Before Open (Confirmed).
What is Union Pacific Corp. (UNP) earnings time?
Union Pacific Corp. (UNP) earnings time is at Jul 23, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is UNP EPS forecast?
UNP EPS forecast for the fiscal quarter 2026 (Q2) is 3.14.
