Filing Flows › Union Pacific (UNP) › Q3 2026 › vs Q2 2026
Union Pacific (UNP) Q3 2026 vs Q2 2026 (quarter over quarter)
Union Pacific's revenue rose $333M (+5%) from $6.9B in Q2 2026 to $7.2B in Q3 2026. The biggest changes: Freight revenues +$295M (+5%); Other revenues +$38.0M (+11%). Operating margin 40.9% against 40.3% (+0.6 pts).
Union Pacific, Q3 2026: revenue $7.2B (+15% year over year), operating margin 40.9%, net earnings $2.1B, operating cash flow $2.8B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 40.9% | 40.3% | +0.6 pts |
| Net margin | 28.8% | 29.0% | -0.2 pts |
| Free cash flow margin | 24.5% | 32.1% | -7.6 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Freight revenues | $6.8B | $6.5B | $295M | +5% |
| Other revenues | $384M | $346M | $38.0M | +11% |
| Revenue | $7.2B | $6.9B | $333M | +5% |
| Operating profit | $2.9B | $2.8B | $180M | +7% |
| Costs & expenses | $4.3B | $4.1B | $153M | +4% |
| Pre-tax earnings | $2.7B | $2.6B | $171M | +7% |
| Other expense, net | $217M | $208M | $9.0M | +4% |
| Net earnings | $2.1B | $2.0B | $83.0M | +4% |
| Income tax | $650M | $562M | $88.0M | +16% |
| Depreciation | $643M | $638M | $5.0M | +0.8% |
| Share-based compensation | $38.0M | $31.0M | $7.0M | +23% |
| Working capital & other | $29.0M | $414M | −$385M | -93% |
| Operating cash flow | $2.8B | $3.1B | −$290M | -9% |
| Free cash flow (OCF − capex) | $1.8B | $2.2B | −$441M | -20% |
| Capital expenditures | $1.0B | $873M | $151M | +17% |
Questions
How much did Union Pacific's revenue grow quarter over quarter in Q3 2026?
Union Pacific's revenue rose $333M (+5%) from $6.9B in Q2 2026 to $7.2B in Q3 2026.
What drove Union Pacific's revenue change in Q3 2026?
Freight revenues +$295M (+5%); Other revenues +$38.0M (+11%).