Earnings call analysis

Union Pacific (UNP) Q3 2026 Earnings Call: Guidance and Outlook

The company affirmed its full-year 2026 outlook for high single-digit reported EPS growth and continued core operating ratio improvement.

About Union Pacific. Union Pacific Corporation, a prominent American railway enterprise, conducts its primary operations through its subsidiary, Union Pacific Railroad Company. The company provides extensive freight transportation services for a wide array of commodities.

Call date

Oct 22, 2026

Sentiment score

+45 Positive

Management tone, -100 to +100

Sentiment change

vs Q2 2026 call

Sector

Industrials, Ground Transportation

Next report

Jan 26, 2027

View calendar

Quarterly guidance

Quarterly guidance: No specific quarterly guidance was given, though management noted an expectation for fuel prices to average $4.85 per gallon in the fourth quarter.

Annual guidance

Reported EPS growth: High single-digit range versus 2025 reported EPS of $11.98.
Capital expenditure: Updated to $3.5 billion for 2026.
Core operating ratio: Continued improvement in 2026.

Outlook

Intermodal: Domestic Intermodal is on track for its third consecutive record volume year.
Grain: Grain and Grain products are positioned for growth due to strong export demand and new facilities.
Coal: Coal volumes are expected to face challenges from lower natural gas prices and elevated inventories.
Industrial: The company expects continued momentum in the industrial segment, supported by construction projects and domestic steel production.
Automotive: Business wins are expected to continue offsetting market weakness.
Fuel: Fuel prices are expected to average $4.85 per gallon in the fourth quarter.
Merger: The company expects to report its first earnings as a merged entity with Norfolk Southern a year from now.

Sources and method

Dombey's summary of the Union Pacific Q3 2026 earnings call held Oct 22, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.

Updated Nov 9, 2026. All earnings call analyses

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Research published before the catalyst, kept on the record after it.

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