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Union Pacific vs Norfolk Southern: UNP and NSC compared
Union Pacific is the larger company: $7.2B of revenue in its latest quarter (Q3 2026) against $3.5B for Norfolk Southern (Q3 2026). Union Pacific is growing faster (+15% against +14% a year earlier). Union Pacific is more profitable, with an operating margin of 40.9% against 32.6%.
Where the money goes: UNP and NSC
Union Pacific (UNP) · Q3 2026
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.
Norfolk Southern (NSC) · Q3 2026
Norfolk Southern, Q3 2026: revenue $3.5B (+14% year over year), operating margin 32.6%, net earnings $759M, operating cash flow $1.3B. The chart follows the revenue to costs, profit and cash.
| Union Pacific (UNP) | Norfolk Southern (NSC) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $7.2B | $3.5B |
| Revenue growth, Y/Y | +15% | +14% |
| Operating margin | 40.9% | 32.6% |
| Net earnings | $2.1B | $759M |
| Net margin | 28.8% | 21.5% |
| Operating cash flow | $2.8B | $1.3B |
| Free cash flow | $1.8B | $736M |
| Market value | $177.1B | $74.1B |
| P/E | 23.2× | 27.6× |
| Analysts’ mean target | $331.38 | $360.61 |
Where the revenue comes from
Union Pacific
- Freight revenues: $6.8B (95%)
- Other revenues: $384M (5%)
Norfolk Southern
- Merchandise: $2.2B (62%)
- Intermodal: $919M (26%)
- Coal: $419M (12%)
Questions
Which is bigger, Union Pacific or Norfolk Southern?
Union Pacific is the larger company: $7.2B of revenue in its latest quarter (Q3 2026) against $3.5B for Norfolk Southern (Q3 2026).
Is Union Pacific or Norfolk Southern growing faster?
Union Pacific is growing faster (+15% against +14% a year earlier).
Which is more profitable, Union Pacific or Norfolk Southern?
Union Pacific is more profitable, with an operating margin of 40.9% against 32.6%.
More: Union Pacific earnings · how Union Pacific makes money · Norfolk Southern earnings · how Norfolk Southern makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 22, 2026; 10-Q filed Oct 22, 2026). Fiscal quarters can end on different dates. Not investment advice.