Union Pacific Corp reported third-quarter net income of $2.1 billion and adjusted EPS growth of 15% to $3.53 on 6% volume growth. It affirmed high single-digit EPS growth and set 2026 capital spending at $3.5 billion.
UNP · Union Pacific Corp
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Union Pacific Corporation reported third-quarter 2026 earnings of $3.49 per diluted share and net income of $2.1 billion, with freight revenues up 15% and operating income up 15% to $2.9 billion. Nine-month free cash flow was $2,362 million.
Union Pacific reported third quarter 2026 net income of $2.1 billion, up 16%, diluted EPS of $3.49, up 16%, and operating revenue of $7.2 billion, up 15%. It updated its capital plan to $3.5 billion.
Union Pacific Corporation announced that Executive Vice President and CFO Jennifer L. Hamann will retire in early 2027 after a 35-year career, remaining in her role until her retirement.
Metrics snapshot
Useful current figures from the complete screener profile.
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
Equibles Rating
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Guidance & track record
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted debt / adjusted EBITDA (b/a) non-GAAP | 2.4 | trailing twelve months ended Sep. 30,2026 | — |
| Adjusted EBITDA (a) non-GAAP | $13.14B | trailing twelve months ended Sep. 30,2026 | — |
| Adjusted operating ratio non-GAAP | 58.8% | third quarter 2026 | — |
GAAP → non-GAAP reconciliationGAAP Operating ratio 59.1%
-0.3% Acquisition-related expense
= Adjusted operating ratio 58.8%
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| Automotive | 202K | 3rd quarter | — |
| Average | $2,971 | 3rd quarter | — |
| Average terminal dwell | 19.9 | third quarter 2026 | — |
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| Average train speed (miles per hour)* | 24.3 | 3rd quarter | — |
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| Bulk | 529K | 3rd quarter | — |
| Coal & renewables | 209K | 3rd quarter | — |
| Energy & specialized markets | 158K | 3rd quarter | — |
| Fertilizer | 55K | 3rd quarter | — |
| Food & refrigerated | 40K | 3rd quarter | — |
| Forest products | 54K | 3rd quarter | — |
| Free cash flow non-GAAP | $2.36B | Year-to-date | — |
| Freight car velocity | 228 | third quarter 2026 | — |
| Fuel consumed in gallons (millions) | 240M | 3rd quarter | — |
| Grain & grain products | 225K | 3rd quarter | — |
| Gross ton-miles (GTMs) (millions) | 232.51B | 3rd quarter | — |
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| Industrial | 606K | 3rd quarter | — |
| Industrial chemicals & plastics | 185K | 3rd quarter | — |
| Intermodal service performance index (%) | 92% | 3rd quarter | — |
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| Intermodal [a] | 956K | 3rd quarter | — |
| Locomotive productivity (GTMs per horsepower day) | 140 | 3rd quarter | — |
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| Manifest service performance index (%) | 93% | 3rd quarter | — |
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| Metals & minerals | 209K | 3rd quarter | — |
| Operating ratio | 59.1% | third quarter 2026 | — |
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| Premium | 1.16M | 3rd quarter | — |
| Revenue carloads | 6% | third quarter 2026 | — |
| Revenue ton-miles (millions) | 114.08B | 3rd quarter | — |
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| Total | 2.29M | 3rd quarter | — |
| Total employees (average) | 28,540 | 3rd quarter | — |
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| Train length (feet) | 9,969T | 3rd quarter | — |
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| Workforce productivity | 1,219 | third quarter 2026 | — |
| Service performance index | 95% | the three months ended June 30, 2026 filing | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Railroads — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
UNP
this stock
Union Pacific Corp
|
$179.73B | +30.7% | -10.0% | 23.6 | 5.1% |
|
CSX
Csx Corp
|
$95.95B | +43.6% | +17.6% | 27.0 | 2.0% |
|
CP
Canadian Pacific Kansas City Ltd
|
$81.87B | +27.9% | — | — | 2.0% |
|
CNI
Canadian National Railway Co
|
$76.27B | +28.7% | — | — | 0.7% |
|
NSC
Norfolk Southern Corp
|
$73.65B | +13.6% | +6.7% | 27.5 | 2.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Oct 22, 2026
- This year
- 14
Union Pacific reported third quarter 2026 net income of $2.1 billion, up 16%, diluted EPS of $3.49, up 16%, and operating revenue of $7.2 billion, up 15%. It updated its capital plan to $3.5 billion.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| UNP | +4.2% | +4.6% | +11.6% | -0.5% | +30.8% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | +1.6% | +5.8% | +11.1% | -0.3% | +20.1% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.