Filing Flows › Union Pacific (UNP) › Q3 2026
Union Pacific (UNP) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 22, 2026
Union Pacific (UNP) reported revenue of $7.2B for the third quarter 2026 (Q3 2026), +15% from a year earlier and +5% from the quarter before. Operating margin was 40.9%, net earnings $2.1B (28.8% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.2B | +5% | +15% |
| Operating profit | $2.9B | +7% | +15% |
| Net earnings | $2.1B | +4% | +16% |
| Operating cash flow | $2.8B | -9% | +10% |
| Free cash flow | $1.8B | -20% | +12% |
What changed
Revenue was $7.2B in Q3 2026, up 15% year over year and up 5% from the previous quarter. Freight revenues was the largest line at 95% of revenue. Freight revenues added $0.89B year over year (up 15%), 93% of the total change.
Operating profit was $2.9B, a 40.9% margin (up 0.1 points year over year). Of the extra revenue versus Q3 2025, 41% reached operating profit, above the 41% margin then. Total costs grew 15% against revenue growth of 15%. Net earnings were $2.1B, up 16% year over year. The effective tax rate was 23.8%.
Operating cash flow was $2.8B (up 10% year over year), 134% of net earnings. Non-cash charges added back $0.64B of depreciation and $0.04B of share-based compensation. Capital expenditures of $1.0B left free cash flow of $1.8B.
Questions
What was Union Pacific's revenue in the third quarter 2026?
Union Pacific (UNP) reported revenue of $7.2B for the third quarter 2026 (Q3 2026), +15% from a year earlier and +5% from the quarter before.
Was Union Pacific profitable in the third quarter 2026?
Operating profit was $2.9B (40.9% of revenue) and net earnings $2.1B.
Source: Union Pacific 10-Q on SEC EDGAR.