UP posts Q2 revenue, income growth

Union Pacific Corp. today reported second-quarter 2026 net income of $2 billion, up 6%, and $3.36 per diluted share, up 7% compared with Q2 2025 net income of $1.9 billion and $3.15 per diluted share.

The Class I's operating revenue for the quarter climbed 12% to $6.9 billion, driven by increased fuel surcharges, volume growth, core pricing gains and higher other revenue, partially offset by business mix, UP officials said in a press release.

Operating income for the quarter increased 9% to $2.8 billion. Freight revenue, excluding fuel surcharge revenue, grew 4%. The operating ratio for the quarter was reported at 59.7 while the adjusted operating ratio was 59.2, up 70 and 110 basis points, respectively. Higher fuel price unfavorably impacted the operating ratio by 120 basis points, UP officials said.

"Strong execution and volume growth enabled another successful quarter and record financial results," said UP CEO Jim Vena. "Looking ahead, we are prepared to meet increasing customer demand with best-in-class safety, service and operational excellence."

Additionally, UP reported improvements to its year-to-date reportable personal injury and derailment rates. Moreover, Q2 freight-car velocity of 231 daily miles per car rose 5%; average terminal dwell of 19.7 hours improved 7%; locomotive productivity of 142 gross ton-miles per horsepower day increased 1%; workforce productivity of 1,176 car miles per employee rose 5%; and the fuel consumption rate of 1.051 gallons of fuel per thousand gross ton miles improved 1% year over year.