Union Pacific Corporation (UNP) Earnings Call Transcripts

Union Pacific Corporation's Latest Earnings Call - Q3 FY2026

In the third quarter of 2026, Union Pacific Corporation (UNP) reported record financial results, with net income of $2.1 billion and adjusted earnings per share (EPS) of $3.53, reflecting a 15% increase year-over-year. Revenue reached $7.2 billion, also up 15% from the previous year, driven by a 6% increase in freight volume. Management affirmed their guidance for high single-digit EPS growth for the fiscal year 2026, despite challenges posed by rising fuel prices, which are expected to average around $4.85 per gallon in Q4 2026, impacting operating ratios.

Reported metrics

Guidance from management

Management affirmed their outlook for reported EPS growth in the high single-digit range for 2026 and updated capital spend to $3.5 billion for the year, indicating a commitment to invest for growth while managing rising fuel costs.

What management said

That is correct. 289 stores sitting there wondering what the heck you're going to do with them, and the other 1 is ready to go if we had bulk go up or HGRs or we had an issue. So Ken I like where we are, gets pretty exciting right now, a good question though, I love it. .

Yes. Let's Listen, I think you were asking me about the 1 of the 4 STB members that put out a separate note after they accepted the application and moved it forward. Is that right? Is that what you were asking, Scott, sorry?

What analysts pressed on

Analysts expressed concerns regarding the impact of rising fuel prices on margins and the potential challenges in achieving pricing power in a competitive environment. There were also questions about the merger's reception and the implications for labor relations.

Main topics on the call

• Record Financial Performance — Union Pacific achieved record financial results with a net income of $2.1 billion and adjusted EPS of $3.53, which is a 15% increase year-over-year. Management highlighted that 'the Union Pacific's third quarter results ...
• Revenue Growth Driven by Freight — Operating revenue increased to $7.2 billion, a 15% rise compared to last year, with freight revenue also up 15% to $6.8 billion. This growth was attributed to a 6% increase in volume and higher fuel surcharges, which add...
• Challenges from Rising Fuel Prices — Management acknowledged that higher fuel prices were a significant cost driver, with fuel expense growing 69% year-over-year. They stated, 'We are currently expecting prices to average around $4.85 per gallon in the four...
• Operational Efficiency Improvements — Despite rising costs, Union Pacific reported a 110 basis point improvement in core operating ratio, which was attributed to effective management of resources and operational efficiencies. 'Our core operating ratio improv...

Read the full Union Pacific Corporation transcript (Q3 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 92 Union Pacific Corporation earnings call transcripts on record, spanning January 23, 2020 to October 22, 2026. Based on this history, Union Pacific Corporation reports quarterly. The most recent call on file is dated October 22, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

UNP

Exchange

NYSE

Country

US

Sector

Industrials

Industry

Ground Transportation

Calls on record

92

First call

January 23, 2020

Most recent

October 22, 2026

Reporting cadence

quarterly