Filing Flows › Union Pacific (UNP) › Q2 2026 › vs Q2 2025
Union Pacific (UNP) Q2 2026 vs Q2 2025 (year over year)
Union Pacific's revenue rose $710M (+12%) from $6.2B in Q2 2025 to $6.9B in Q2 2026. The biggest changes: Freight revenues +$675M (+12%); Other revenues +$35.0M (+11%). Operating margin 40.3% against 41.0% (-0.8 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 40.3% | 41.0% | -0.8 pts |
| Net margin | 29.0% | 30.5% | -1.4 pts |
| Free cash flow margin | 32.1% | 22.7% | +9.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Freight revenues | $6.5B | $5.8B | $675M | +12% |
| Other revenues | $346M | $311M | $35.0M | +11% |
| Revenue | $6.9B | $6.2B | $710M | +12% |
| Operating profit | $2.8B | $2.5B | $238M | +9% |
| Costs & expenses | $4.1B | $3.6B | $472M | +13% |
| Pre-tax earnings | $2.6B | $2.3B | $242M | +10% |
| Other expense, net | $208M | $212M | −$4.0M | -2% |
| Net earnings | $2.0B | $1.9B | $117M | +6% |
| Income tax | $562M | $437M | $125M | +29% |
| Depreciation | $638M | $613M | $25.0M | +4% |
| Share-based compensation | $31.0M | $37.0M | −$6.0M | -16% |
| Working capital & other | $414M | −$193M | $607M | — |
| Operating cash flow | $3.1B | $2.3B | $743M | +32% |
| Free cash flow (OCF − capex) | $2.2B | $1.4B | $806M | +58% |
| Capital expenditures | $873M | $936M | −$63.0M | -7% |
Questions
How much did Union Pacific's revenue grow year over year in Q2 2026?
Union Pacific's revenue rose $710M (+12%) from $6.2B in Q2 2025 to $6.9B in Q2 2026.
What drove Union Pacific's revenue change in Q2 2026?
Freight revenues +$675M (+12%); Other revenues +$35.0M (+11%).