Union Pacific's second quarter 2026 revenue grew 12% to $6.9 billion, beating estimates and leading to an improved outlook.

Union Pacific reported second quarter 2026 operating revenues of $6.9 billion, a 12% increase year-over-year, and diluted EPS of $3.36, up 7%. Both revenue and earnings per share surpassed analyst expectations. The company reported adjusted EPS of $3.41, a 13% increase from the prior year.

Key Highlights

• Revenue growth was driven by volume gains and core pricing, with the Premium segment's freight revenue increasing 21% year-over-year, led by a 26% rise in Intermodal revenue.
• The adjusted operating ratio was 59.2%, which was better than the 59.5% consensus estimate but deteriorated by 110 basis points year-over-year. The company noted higher fuel prices had an unfavorable impact of 120 basis points.
• Management improved its full-year 2026 outlook, now guiding for high-single-digit growth in reported earnings per share.