Filing Flows › Union Pacific (UNP) › Q3 2026 › vs Q3 2025
Union Pacific (UNP) Q3 2026 vs Q3 2025 (year over year)
Union Pacific's revenue rose $953M (+15%) from $6.2B in Q3 2025 to $7.2B in Q3 2026. The biggest changes: Freight revenues +$886M (+15%); Other revenues +$67.0M (+21%). Operating margin 40.9% against 40.8% (+0.1 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 40.9% | 40.8% | +0.1 pts |
| Net margin | 28.8% | 28.6% | +0.2 pts |
| Free cash flow margin | 24.5% | 25.2% | -0.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Freight revenues | $6.8B | $5.9B | $886M | +15% |
| Other revenues | $384M | $317M | $67.0M | +21% |
| Revenue | $7.2B | $6.2B | $953M | +15% |
| Operating profit | $2.9B | $2.5B | $394M | +15% |
| Costs & expenses | $4.3B | $3.7B | $559M | +15% |
| Pre-tax earnings | $2.7B | $2.3B | $408M | +18% |
| Other expense, net | $217M | $231M | −$14.0M | -6% |
| Net earnings | $2.1B | $1.8B | $288M | +16% |
| Income tax | $650M | $530M | $120M | +23% |
| Depreciation | $643M | $618M | $25.0M | +4% |
| Share-based compensation | $38.0M | $39.0M | −$1.0M | -3% |
| Working capital & other | $29.0M | $77.0M | −$48.0M | -62% |
| Operating cash flow | $2.8B | $2.5B | $264M | +10% |
| Free cash flow (OCF − capex) | $1.8B | $1.6B | $190M | +12% |
| Capital expenditures | $1.0B | $950M | $74.0M | +8% |
Questions
How much did Union Pacific's revenue grow year over year in Q3 2026?
Union Pacific's revenue rose $953M (+15%) from $6.2B in Q3 2025 to $7.2B in Q3 2026.
What drove Union Pacific's revenue change in Q3 2026?
Freight revenues +$886M (+15%); Other revenues +$67.0M (+21%).