Union Pacific Corporation (UNP) Earnings Call Transcripts

Union Pacific Corporation's Latest Earnings Call - September 16, 2026

In the third quarter of fiscal year 2026, Union Pacific Corporation (UNP) reported revenue of $6.5 billion and earnings per share (EPS) of $1.75, both figures reflecting a solid recovery from previous quarters. Notably, carloads increased by 5% year-over-year, driven by strong demand in the industrial and intermodal segments. Management raised guidance for the remainder of the fiscal year, indicating confidence in sustained demand despite rising fuel costs, which are expected to average around $5.30 per gallon in the current quarter, impacting operating ratios but not core business fundamentals.

Reported metrics

Guidance from management

Management raised guidance for the fiscal year, citing strong demand and customer optimism, despite challenges from rising fuel costs. They expressed confidence in sustaining volume growth moving forward.

What management said

I love it. That's the way we [indiscernible] okay. Push the half out of yourself and see what the you could do to win. I'm not here to begin second place, and I made sure I beat the girls up to the top right now. And I would have tripped one of them, if I thought one of them was going to beat me. So listen, Ravi, cautionary information typical, okay, we don't want to make forward-looking statements that you need so...

Yes. So on the last part of your question, it certainly is benefiting us from just highlighting that stark difference in terms of the fuel efficiency between truck and rail. And we believe that is starting to drive some conversions to the network over and above what maybe some of the cyclical changes are driving. So I do think that's a plus for us. In terms of the OR impact, I think we had about 120 basis point imp...

What analysts pressed on

Analysts expressed concerns regarding the impact of rising fuel costs on operating ratios and overall profitability. There were questions about the sustainability of demand amid potential economic headwinds and the implications of the merger on competitive positioning.

Main topics on the call

• Volume Growth — Union Pacific reported a 5% increase in carloads this quarter, with management noting, "it's nice to see a cross-section business how we're moving it." This growth is attributed to strong performance in industrial and in...
• Fuel Cost Impact — Management highlighted the significant rise in fuel costs, stating, "we're probably going to average I'd say, around $4.25 set for the quarter in the third quarter," but noted current costs are closer to $5.30 per gallon...
• Intermodal Business Strength — The intermodal segment continues to be a key growth driver, with management indicating a potential for "fifth consecutive quarter of records in terms of looking at it year-over-year." This reflects strong demand and effe...
• Operational Efficiency — Management emphasized improvements in operational metrics, with car velocity in the mid-230s and dwell times under 20 hours, stating, "we're handling the increase in business without degrading our service product." This ...

Read the full Union Pacific Corporation transcript (September 16, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 91 Union Pacific Corporation earnings call transcripts on record, spanning January 23, 2020 to September 16, 2026. Based on this history, Union Pacific Corporation reports quarterly. The most recent call on file is dated September 16, 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

91

First call

January 23, 2020

Most recent

September 16, 2026

Reporting cadence

quarterly