Union Pacific Q2 net income rises 6% to $2.0 billion; 2026 EPS growth outlook improved
Union Pacific reported second quarter 2026 net income of $2.0 billion, up 6%, and diluted EPS of $3.36, up 7%, with operating revenue of $6.9 billion, up 12%. Adjusted diluted EPS was $3.41, up 13%, and the company said reported EPS growth for 2026 increased to high-single digits, which it said is consistent with its 3-year target. Higher fuel prices weighed on margins, with the operating ratio rising to 59.7%.
Key points
- Diluted EPS of $3.36 (up 7%) and adjusted diluted EPS of $3.41 (up 13%) for the quarter ended June 30, 2026
- Operating revenue of $6.9 billion, up 12%; freight revenue excluding fuel surcharge grew 4%
- Reported operating ratio of 59.7%, up 70 basis points; higher fuel prices unfavorably affected the ratio by 120 basis points
- 2026 outlook: reported EPS growth increased to high-single digit; capital plan of $3.3 billion and consistent annual dividend increases affirmed
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:16 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 23, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.