UNION PACIFIC CORP (UNP) Form 10-Q — Oct 22, 2026
Union Pacific reported strong Q3 2026 results: net income of $2.1 billion and diluted EPS of $3.49, up 16% from $3.01 a year ago, on operating revenues of $7.2 billion, up 15%. Freight revenue growth of 15% was driven by higher fuel surcharges, 6% volume growth, and core pricing gains, while the operating ratio improved 0.1 points to 59.1% despite a 64% jump in average fuel price per gallon. The 10-Q also detailed progress on the pending Norfolk Southern acquisition, under which each NSC share converts into one UNP share plus $88.82 in cash — roughly $20 billion of cash consideration and about 225 million new UNP shares.
Key figures
- Eps
- 3.49
- Revenue
- 7197000000
- Net Income
- 2076000000
- Total Debt
- 30324000000
- Revenue Yoy
- 15%
- Total Assets
- 72609000000
- Cash Position
- 2211000000
- Shares Outstanding
- 594250416
- Expected close
- second half of 2027
- Termination fee
- $2.5 billion
- Volume growth q3
- 6%
- Free cash flow 9m
- $2,362 million
- Nine month revenue
- $20,278 million
- Operating ratio q3
- 59.1%
- Dividend per share q3
- $1.42
- Nine month net income
- $5,770 million
- Nine month diluted eps
- 9.71
- Operating cash flow 9m
- $8,302 million
- Freight revenue growth q3
- 15%
- Shares to issue for merger
- approximately 225 million
- Acquisition related expense 9m
- $93 million
- Merger consideration per nsc share
- 1 UNP share plus $88.82 cash
- Cash consideration norfolk southern
- $20 billion
AI analysis
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