Filing Flows › Union Pacific (UNP) › Q2 2026
Union Pacific (UNP) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 23, 2026
Union Pacific (UNP) reported revenue of $6.9B for the second quarter 2026 (Q2 2026), +12% from a year earlier and +10% from the quarter before. Operating margin was 40.3%, net earnings $2.0B (29.0% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.9B | +10% | +12% |
| Operating profit | $2.8B | +12% | +9% |
| Net earnings | $2.0B | +17% | +6% |
| Operating cash flow | $3.1B | +26% | +32% |
| Free cash flow | $2.2B | +47% | +58% |
What changed
Revenue was $6.9B in Q2 2026, up 12% year over year and up 10% from the previous quarter. Freight revenues was the largest line at 95% of revenue. Freight revenues added $0.68B year over year (up 12%), 95% of the total change.
Operating profit was $2.8B, a 40.3% margin (down 0.8 points year over year). Of the extra revenue versus Q2 2025, 34% reached operating profit, below the 41% margin then. Total costs grew 13% against revenue growth of 12%. Net earnings were $2.0B, up 6% year over year. The effective tax rate was 22.0%.
Operating cash flow was $3.1B (up 32% year over year), 154% of net earnings. Non-cash charges added back $0.64B of depreciation and $0.03B of share-based compensation. Working capital and other items added $0.41B. Capital expenditures of $0.87B left free cash flow of $2.2B.
Questions
What was Union Pacific's revenue in the second quarter 2026?
Union Pacific (UNP) reported revenue of $6.9B for the second quarter 2026 (Q2 2026), +12% from a year earlier and +10% from the quarter before.
Was Union Pacific profitable in the second quarter 2026?
Operating profit was $2.8B (40.3% of revenue) and net earnings $2.0B.
Source: Union Pacific 10-Q on SEC EDGAR.