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Union Pacific (UNP) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 22, 2026 · Union Pacific (UNP) Q3 2026 earnings results →

Q3 2026 Revenue up 15% year over year to $7.2B · 29¢ of every $1 of revenue kept as net profit · operating margin 40.9%

Union Pacific made $7.2B in Q3 2026 (+15% Y/Y): Freight revenues $6.8B, Other revenues $384M. Operating margin 40.9%, net earnings $2.1B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 22, 2026.

Revenue$7.2B
Year over year+15%
Operating margin40.9%
Net earnings$2.1B
Operating cash flow$2.8B

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Union Pacific Q3 2026 revenue breakdown: Sankey diagram of revenue (Freight revenues, Other revenues), costs, profit and cash flow
Union Pacific Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $7.2B in Q3 2026, up 15% year over year and up 5% from the previous quarter. Freight revenues was the largest line at 95% of revenue. Freight revenues added $0.89B year over year (up 15%), 93% of the total change.

Operating profit was $2.9B, a 40.9% margin (up 0.1 points year over year). Of the extra revenue versus Q3 2025, 41% reached operating profit, above the 41% margin then. Total costs grew 15% against revenue growth of 15%. Net earnings were $2.1B, up 16% year over year. The effective tax rate was 23.8%.

Operating cash flow was $2.8B (up 10% year over year), 134% of net earnings. Non-cash charges added back $0.64B of depreciation and $0.04B of share-based compensation. Capital expenditures of $1.0B left free cash flow of $1.8B.

Quarterly history

Union Pacific revenue by quarterUnion Pacific revenue by quarter$6.0BQ1 2025$6.2BQ2 2025$6.2BQ3 2025$6.1BQ4 2025$6.2BQ1 2026$6.9BQ2 2026$7.2BQ3 2026
Union Pacific net earnings by quarterUnion Pacific net earnings by quarter$1.6BQ1 2025$1.9BQ2 2025$1.8BQ3 2025$1.8BQ4 2025$1.7BQ1 2026$2.0BQ2 2026$2.1BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 22, 2026$7.2B+15%40.9%$2.1B$2.8B
Q2 202610-QJul 23, 2026$6.9B+12%40.3%$2.0B$3.1B
Q1 202610-QApr 23, 2026$6.2B+3%39.5%$1.7B$2.4B
Q4 202510-KFeb 6, 2026$6.1B-0.6%39.5%$1.8B$2.2B
Q3 202510-QOct 23, 2025$6.2B+2%40.8%$1.8B$2.5B
Q2 202510-QJul 24, 2025$6.2B+2%41.0%$1.9B$2.3B
Q1 202510-QApr 24, 2025$6.0B-0.1%39.3%$1.6B$2.2B

Charts

Union Pacific: revenue growth, year over year and quarter over quarterUnion Pacific: revenue growth, year over year and quarter over quarterY/YQ/Q0%Q1 2025+2%+2%Q2 2025+2%+1%Q3 2025-1%-3%Q4 2025+3%+2%Q1 2026+12%+10%Q2 2026+15%+5%Q3 2026
Latest (Q3 2026): Y/Y +15%, Q/Q +5%.
Union Pacific: where the cash came from (+) and went (−), TTM to Q3 2026Union Pacific: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$10.5BCapital spending−$3.8BDividends−$3.3BNet borrowing (+) / repaid (−)−$1.5BCash drawn (+) / kept (−)−$1.4BOther investing−$594MShares issued$122MBuybacks−$26.0MOther financing$17.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Union Pacific: profit against cash, quarter by quarterUnion Pacific: profit against cash, quarter by quarterNet incomeOperating cash flow$1.8B$2.7BQ4 2024$1.6B$2.2BQ1 2025$1.9B$2.3BQ2 2025$1.8B$2.5BQ3 2025$1.8B$2.2BQ4 2025$1.7B$2.4BQ1 2026$2.0B$3.1BQ2 2026$2.1B$2.8BQ3 2026
Latest (Q3 2026): Net income $2.1B, Operating cash flow $2.8B.
Union Pacific: diluted shares by fiscal yearUnion Pacific: diluted shares by fiscal year679MFY2020655MFY2021624MFY2022610MFY2023609MFY2024596MFY2025
-12.3% since FY2020: buybacks shrank the count.
Union Pacific: long-term debt falling due (FY2025)Union Pacific: long-term debt falling due (FY2025)$1.5B2026$1.3B2027$1.2B2028$1.3B2029$753M2030$27.4BLater
Cash $1.3B, short-term investments —, long-term debt $31.8B at 2025-12-31.
Union Pacific in its industry: growth against margin (6 companies, SIC 4011)Union Pacific in its industry: growth against margin (6 companies, SIC 4011)revenue growth, year over year →↑ operating marginmedian +15%median 35%Burlington Northern Santa FE, LLCCSXNSCCPFIPUNP (+15%, 41%)
Railroads, Line-Haul Operating; dot size is quarterly revenue; dashed lines are the industry's medians.

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About Union Pacific

Union Pacific Railroad Company is the principal operating company of Union Pacific Corporation. One of America's most recognized companies, 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.

In its own words, from its 10-K, filed Feb 6, 2026.

Union Pacific against its Railroads, Line-Haul Operating peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +15% against the peers' median +15%. Operating margin: 40.9% against the peers' median 35.2%.

CompanyQuarterRevenueY/YOp. margin
UNP Union PacificQ3 2026$7.2B+15%40.9%
Burlington Northern Santa FE, LLCQ2 2026$6.6B+14%34.5%
CSX CSXQ3 2026$4.0B+12%39.1%
NSC Norfolk SouthernQ3 2026$3.5B+14%32.6%
CP Canadian Pacific Kansas CityQ3 2026$3.0B+15%35.2%
FIP FTAI InfrastructureQ3 2026$219M+56%9.0%

Source: Union Pacific 10-Q on SEC EDGAR · CIK 100885 · Railroads, Line-Haul Operating

Guidance and outlook

Union Pacific: what its forward-looking statements are about (10-Q filed 2026-10-22)Union Pacific: what its forward-looking statements are about (10-Q filed 2026-10-22)Other1Costs1Demand1Financing1
4 statements; tone +0.25 (−1 all cautious, +1 all confident); 0 hedged.
Union Pacific: outlook statements against the filing beforeUnion Pacific: outlook statements against the filing beforeUpdated1Confident1

13F: who owns UNP and who is buying

Largest holders of UNP (13F)Largest holders of UNP (13F)Vanguard Group$13.7BBlackRock$13.0BVanguard Capital Management LLC$10.5BState Street$7.6BCapital World Investors$7.4BCapital Research Global Investors$4.7BGeode Capital Management, LLC$4.4BMorgan Stanley$4.0BBank of America$4.0BVanguard Portfolio Management LLC$3.9B
Funds' net buying of UNP by quarter (13F)Funds' net buying of UNP by quarter (13F)−$617M2024-09−$1.1B2024-12−$1.8B2025-03$1.7B2025-06$3.9B2025-09$2.5B2025-12$1.2B2026-03$1.5B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on UNP

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：联合太平洋（UNP）财报

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