Filing Flows › Union Pacific (UNP) › Q1 2026
Union Pacific (UNP) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 23, 2026
Union Pacific (UNP) reported revenue of $6.2B for the first quarter 2026 (Q1 2026), +3% from a year earlier and +2% from the quarter before. Operating margin was 39.5%, net earnings $1.7B (27.4% of revenue).
Union Pacific, Q1 2026: revenue $6.2B (+3% year over year), operating margin 39.5%, net earnings $1.7B, operating cash flow $2.4B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.2B | +2% | +3% |
| Operating profit | $2.5B | +2% | +4% |
| Net earnings | $1.7B | -8% | +5% |
| Operating cash flow | $2.4B | +10% | +10% |
| Free cash flow | $631M | — | +35% |
What changed
Revenue was $6.2B in Q1 2026, up 3% year over year and up 2% from the previous quarter. Freight revenues was the largest line at 95% of revenue. Freight revenues added $0.20B year over year (up 4%), 106% of the total change. Other revenues declined 4%.
Operating profit was $2.5B, a 39.5% margin (up 0.2 points year over year). Of the extra revenue versus Q1 2025, 46% reached operating profit, above the 39% margin then. Total costs grew 3% against revenue growth of 3%. Net earnings were $1.7B, up 5% year over year. The effective tax rate was 23.7%.
Operating cash flow was $2.4B (up 10% year over year), 143% of net earnings. Non-cash charges added back $0.63B of depreciation and $0.03B of share-based compensation. After cash used in investing activities ($1.0B) and dividends paid ($0.82B), free cash flow as the company reports it was $0.63B.
Questions
What was Union Pacific's revenue in the first quarter 2026?
Union Pacific (UNP) reported revenue of $6.2B for the first quarter 2026 (Q1 2026), +3% from a year earlier and +2% from the quarter before.
Was Union Pacific profitable in the first quarter 2026?
Operating profit was $2.5B (39.5% of revenue) and net earnings $1.7B.
Source: Union Pacific 10-Q on SEC EDGAR.