Filing Flows › Union Pacific (UNP) › Q2 2026 › vs Q1 2026
Union Pacific (UNP) Q2 2026 vs Q1 2026 (quarter over quarter)
Union Pacific's revenue rose $647M (+10%) from $6.2B in Q1 2026 to $6.9B in Q2 2026. The biggest changes: Freight revenues +$625M (+11%); Other revenues +$22.0M (+7%). Operating margin 40.3% against 39.5% (+0.7 pts).
Union Pacific, Q2 2026: revenue $6.9B (+12% year over year), operating margin 40.3%, net earnings $2.0B, operating cash flow $3.1B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 40.3% | 39.5% | +0.7 pts |
| Net margin | 29.0% | 27.4% | +1.7 pts |
| Free cash flow margin | 32.1% | 24.2% | +7.9 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Freight revenues | $6.5B | $5.9B | $625M | +11% |
| Other revenues | $346M | $324M | $22.0M | +7% |
| Revenue | $6.9B | $6.2B | $647M | +10% |
| Operating profit | $2.8B | $2.5B | $305M | +12% |
| Costs & expenses | $4.1B | $3.8B | $342M | +9% |
| Pre-tax earnings | $2.6B | $2.2B | $326M | +15% |
| Other expense, net | $208M | $229M | −$21.0M | -9% |
| Net earnings | $2.0B | $1.7B | $292M | +17% |
| Income tax | $562M | $528M | $34.0M | +6% |
| Depreciation | $638M | $633M | $5.0M | +0.8% |
| Share-based compensation | $31.0M | $29.0M | $2.0M | +7% |
| Working capital & other | $414M | $77.0M | $337M | +438% |
| Operating cash flow | $3.1B | $2.4B | $636M | +26% |
| Free cash flow (OCF − capex) | $2.2B | $1.5B | $700M | +47% |
| Capital expenditures | $873M | $937M | −$64.0M | -7% |
Questions
How much did Union Pacific's revenue grow quarter over quarter in Q2 2026?
Union Pacific's revenue rose $647M (+10%) from $6.2B in Q1 2026 to $6.9B in Q2 2026.
What drove Union Pacific's revenue change in Q2 2026?
Freight revenues +$625M (+11%); Other revenues +$22.0M (+7%).