Union Pacific reported second-quarter 2026 net income of $1.99 billion, a 6% increase year-over-year, and diluted EPS of $3.36, up 7% from Q2 2025. Adjusted diluted EPS was $3.41 and adjusted operating ratio was 59.2%. Total operating revenue for the quarter was $6.86 billion, up 12% versus the prior-year quarter.
Financial Highlights
- Operating revenue: $6.864 billion for Q2 2026, up 12% versus Q2 2025.
- Freight revenue: $6.518 billion for Q2 2026 (freight revenue excluding fuel surcharge grew 4%).
- Operating income: $2.763 billion for Q2 2026, up 9% year-over-year.
- Net income: $1.993 billion for Q2 2026, up 6% year-over-year; adjusted net income $2.028 billion.
- Diluted EPS: $3.36 for Q2 2026; adjusted diluted EPS: $3.41.
Business Highlights
- Freight revenue growth driven by higher fuel surcharge, volume growth, and core pricing gains; freight revenue excluding fuel surcharge increased 4%.
- Operational performance improvements: freight car velocity rose to 231 daily miles per car (up 5%), average terminal dwell improved to 19.7 hours (down 7%), and locomotive productivity increased to 142 GTMs per horsepower day.
- Record metrics reported for workforce productivity, train length, fuel consumption rate, and freight car terminal dwell for the quarter.
- Service performance: intermodal and manifest service performance indices were 95% each for the quarter, with intermodal index down 4 points year-over-year and manifest down 2 points.
- Capital and cash priorities: capital plan of $3.3 billion for the year, continued strong cash generation and consistent annual dividend increases (dividends declared per share $1.38 for the quarter).
Original SEC Filing:
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