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How Union Pacific (UNP) makes money
Union Pacific (UNP) made $7.2B of revenue in the third quarter 2026 (Q3 2026), +15% from a year earlier. Freight revenues brought in $6.8B (95%); Other revenues brought in $384M (5%). Of every dollar of revenue, 41¢ was left as operating profit, 29¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Freight revenues | $6.8B | 94.7% | +5% | +15% |
| Other revenues | $384M | 5.3% | +11% | +21% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $7.2B | 100.0% |
| Operating profit | $2.9B | 40.9% |
| Income tax | $650M | 9.0% |
| Net earnings | $2.1B | 28.8% |
| Operating cash flow | $2.8B | 38.7% |
| Free cash flow | $1.8B | 24.5% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $7.2B | +15% |
| Q2 2026 | $6.9B | +12% |
| Q1 2026 | $6.2B | +3% |
| Q4 2025 | $6.1B | -0.6% |
| Q3 2025 | $6.2B | +2% |
| Q2 2025 | $6.2B | +2% |
| Q1 2025 | $6.0B | -0.1% |
From Union Pacific's 10-Q filed Oct 22, 2026 (on EDGAR).
Questions
How does Union Pacific make money?
Union Pacific (UNP) made $7.2B of revenue in the third quarter 2026 (Q3 2026), +15% from a year earlier. Freight revenues brought in $6.8B (95%); Other revenues brought in $384M (5%). Of every dollar of revenue, 41¢ was left as operating profit, 29¢ was left as net earnings.
What is Union Pacific's biggest business?
Freight revenues: $6.8B in the third quarter 2026, 95% of revenue, +15% from a year earlier.
What is Union Pacific's profit margin?
Net earnings were $2.1B, 28.8% of revenue, in the third quarter 2026; the operating margin was 40.9%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.