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Union Pacific
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Updated Oct 22, 2026
Union Pacific Q3 2026: Freight revenues surge 15% on record fuel surcharges and 6% volume growth as Norfolk Southern merger advances toward 2H 2027 close
Union Pacific delivered its strongest quarterly freight revenue growth in recent cycles, with Q3 2026 freight revenues of $6.8 billion up 15% year-over-year, driven by record diesel fuel prices ($4.21/gallon, up 64% YoY), 6% carload volume growth, and core pricing gains across all three commodity groups. Intermodal led volume growth at 11% and premium revenues jumped 27%, while the operating ratio held essentially flat at 59.1% despite fuel costs rising 69% — a testament to productivity gains and workforce efficiency. The dominant strategic overhang is the pending Norfolk Southern acquisition, which has paused share repurchases, generated $93 million in year-to-date acquisition costs, and carries a $2.5 billion bilateral termination fee.
Tone: bullishRevenue
$24.5B
UNP 10-K · FY 2025
Employees
29,287
Revenue FY2024
$24.3B
Founded
1969
Profile
UNP 10-K Item 1 · Feb 6, 2026Union Pacific Corporation operates Union Pacific Railroad Company, a Class I railroad connecting 23 states in the western two-thirds of the United States. The railroad provides freight transportation across Bulk, Industrial, and Premium commodity groups, linking major Pacific and Gulf Coast ports to Midwest and Eastern gateways. It is the only railroad serving all six major Mexico gateways and connects with Canada's rail systems.
Read filing description ↓ Collapse description ↑
Union Pacific Railroad Company connects 23 states in the western two-thirds of the country by rail, providing a critical link in the global supply chain. The Railroad's diversified business mix includes Bulk, Industrial, and Premium. Union Pacific serves many of the fastest-growing U.S. population centers, operates from all major West Coast and Gulf Coast ports to Eastern gateways, connects with Canada's rail systems, and is the only railroad serving all six major Mexico gateways. Union Pacific provides value to customers by delivering products in a safe, reliable, fuel-efficient, and environmentally responsible manner. The Railroad, along with its subsidiaries and rail affiliates, is our one reportable operating segment. Although we provide and analyze revenues by commodity group, we treat the financial results of the Railroad as one segment due to the integrated nature of our rail network. We have 32,889 route miles, connecting Pacific Coast and Gulf Coast ports with the Midwest and Eastern U.S. gateways and providing several corridors to key Mexican and Canadian gateways. We serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers to move freight to and from the Atlantic Coast, the Pacific Coast, the Southeast, the Southwest, Canada, and Mexico. Export and import traffic moves through Gulf Coast, Pacific Coast, and East Coast ports and across the Mexican and Canadian borders.
Primary products
- Bulk freight transportation (grain and grain products, fertilizer, food and refrigerated, coal and renewables)
- Industrial freight transportation (construction, industrial chemicals, plastics, forest products, specialized products, metals and ores, petroleum, LPG, soda ash, sand)
- Premium freight transportation (finished automobiles, automotive parts, intermodal containers domestic and international)
Business segments
End markets
Geographies
Named competitors
“Union Pacific is the largest automotive carrier west of the Mississippi River and operate or access more than 40 vehicle distribution centers.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total operating revenues increased from $24,250 million in 2024 to $24,510 million in 2025, driven by core pricing gains and 1% volume growth that offset inflation, negative business mix, and acquisition-related costs.
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