Union Pacific Corporation (UNP) Earnings Call Transcripts

Union Pacific Corporation's Latest Earnings Call - Q2 FY2026

In the second quarter of fiscal year 2026, Union Pacific Corporation (UNP) reported record financial results, with operating revenue of $6.9 billion, up 12% year-over-year, and net income of $2 billion, translating to adjusted earnings per share (EPS) of $3.41. The company raised its full-year EPS growth outlook to the high single-digit range, reflecting strong volume growth and operational efficiency despite ongoing challenges from rising fuel prices. The positive results and revised guidance may bolster investor confidence and drive stock performance in the near term.

Reported metrics

Guidance from management

Union Pacific raised its full-year EPS growth outlook to the high single-digit range, reflecting confidence in operational efficiency and volume growth despite rising fuel costs.

What management said

Thank you, Rob. Really appreciate it. Listen, a pretty special day here today. Great day to be putting our results out for the second quarter. And it's my wife's birthday, so it's a double win. And she would have complained big time if this quarter wasn't good. So let me just highlight how it is moving forward. She might have been mean to me today. So why don't we get started? Here with me today in Omaha is our Chi...

Yes, Ken, on the fuel piece, we were just calling out the fact that it did have the 120 basis point headwind to our operating ratio mathematically. But then when you look at the difference between expense and surcharge, the benefit there was the $0.14.

What analysts pressed on

Analysts expressed concerns regarding the impact of rising fuel prices on operating ratios and the overall economic environment affecting demand. There were also questions about the sustainability of coal volumes given the current market conditions.

Main topics on the call

• Record Financial Performance — Union Pacific achieved record financial results, with net income of $2 billion and adjusted EPS of $3.41, driven by strong execution and a 2% increase in volume. CEO Jim Vena stated, "We had a very strong second quarter ...
• Revenue Growth Drivers — Operating revenue increased 12% year-over-year, with freight revenue also growing 12% to $6.5 billion. CFO Jennifer Hamann noted, "Solid core pricing combined with business mix to drive 175 basis points of freight revenu...
• Guidance Revision — The company raised its 2026 EPS growth outlook to the high single-digit range, reflecting confidence in continued volume growth and operational improvements. Management emphasized, "We are raising our 2026 outlook to rep...
• Fuel Price Impact — Fuel expenses increased significantly, with a 63% rise attributed to higher diesel prices. This was noted as a challenge, with management stating, "Fuel prices remain volatile, and our recent purchases have been over $4 ...

Read the full Union Pacific Corporation transcript (Q2 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 89 Union Pacific Corporation earnings call transcripts on record, spanning January 23, 2020 to July 23, 2026. Based on this history, Union Pacific Corporation reports quarterly. The most recent call on file is dated July 23, 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

89

First call

January 23, 2020

Most recent

July 23, 2026

Reporting cadence

quarterly