Launch Catch-Up — Results Announced October 22, 2026
Union Pacific reported third-quarter net income of $2.1 billion, up 16% from a year earlier, in its October 22 earnings announcement. Diluted earnings increased to $3.49 a share from $3.01.
Operating revenue rose 15% to $7.2 billion. The railroad attributed the increase to higher fuel surcharges, 6% growth in revenue carloads, pricing gains and other revenue, partly offset by the mix of shipments.
Freight revenue excluding fuel surcharges increased 6%, a narrower gain than the headline operating-revenue figure.
The reported operating ratio, which measures expenses as a share of revenue, improved slightly to 59.1%. Its adjusted ratio increased to 58.8%; the company said higher fuel prices weighed on this measure.
Union Pacific maintained its expectation for high-single-digit growth in reported earnings per share for 2026 and set its capital plan at $3.5 billion. Those annual figures remain management’s outlook rather than completed full-year results.
Sources Union Pacific — October 22 earnings release: https://investor.unionpacific.com/node/30941/pdf