Union Pacific (UNP) Q2 FY2026 earnings: revenue $6.9 billion, up 11.5% on the year

Union Pacific Corp. (UNP) reported revenue of $6.9 billion for Q2 FY2026, the quarter ended 30 June 2026, up 11.5% on the same quarter a year earlier. Net income was $2.0 billion, up 6.2% on the year, and diluted earnings per share $3.36. The figures are the company's own, from the 10-Q it filed with the SEC on 23 July 2026.

Revenue

$6.9 billion

+11.5% on the year · +10.4% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

40.3%

41.0% a year earlier

Q3 FY2024Q2 FY2026

Net income

$2.0 billion

+6.2% on the year · +17.2% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$3.36

+6.7% on the year · +17.1% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 kept.

Record revenue and operating income: Headline records covered freight revenue, operating revenue, operating income and net income. Operating revenue was $6.9 billion, up 12%, led by fuel surcharge, volume, core pricing and other revenue.
Diluted EPS up 7%, adjusted up 13%: Reported diluted EPS was $3.36, up from $3.15; net income was $1,993 million, up 6%. Adjusted diluted EPS was $3.41, up 13% from $3.03.
Fuel prices raised operating ratio 120 basis points: The company said higher fuel prices affected the operating ratio by 120 basis points. Reported operating ratio was 59.7%, up 70 basis points; adjusted was 59.2%, up 110 basis points.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	6,864	6,217	6,154	+10.4%	+11.5%
Operating income	2,763	2,458	2,525	+12.4%	+9.4%
Operating margin	40.3%	39.5%	41.0%
Interest expense	313	320	335	-2.2%	-6.6%
Pre-tax income	2,555	2,229	2,313	+14.6%	+10.5%
Income tax	562	528	437	+6.4%	+28.6%
Effective tax rate	22.0%	23.7%	18.9%
Net income	1,993	1,701	1,876	+17.2%	+6.2%
Net margin	29.0%	27.4%	30.5%
Diluted EPS	$3.36	$2.87	$3.15	+17.1%	+6.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	3,076	2,440	2,333	+26.1%	+31.8%
Capital expenditure	873	937	936	-6.8%	-6.7%
Free cash flow	2,203	1,503	1,397	+46.6%	+57.7%
Free cash flow margin	32.1%	24.2%	22.7%
Cash from investing	-1,076	-988	-901
Cash from financing	-1,128	-1,981	-1,771
Depreciation	638	633	613	+0.8%	+4.1%
Share-based compensation	31.0	29.0	37.0	+6.9%	-16.2%
Buybacks	26.0	0.0	1,259		-97.9%
Dividends paid	819	821	795	-0.2%	+3.0%
Dividend per share	$1.38	$1.38	$1.34	0.0%	+3.0%
Diluted shares, weighted	594m	594m	595m	+0.1%	-0.1%
Shares outstanding at period end	594m	594m	593m	+0.0%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	20,673	19,418	16,258	+6.5%	+27.2%
Debt	30,327	30,651	32,813	-1.1%	-7.6%
Operating lease liabilities	609	619	831	-1.6%	-26.7%
Other liabilities	19,602	18,956	18,674	+3.4%	+5.0%
Total liabilities and equity	71,211	69,644	68,576	+2.3%	+3.8%
Cash and equivalents	1,614	735	1,060	+119.6%	+52.3%
Receivables	2,130	1,986	1,915	+7.3%	+11.2%
Other assets	67,467	66,923	65,601	+0.8%	+2.8%
Total assets	71,211	69,644	68,576	+2.3%	+3.8%

Questions

What was Union Pacific's revenue in Q2 FY2026?

Union Pacific (UNP) reported revenue of $6.9 billion for Q2 FY2026, the quarter ended 30 June 2026, up 11.5% on the same quarter a year earlier.

How much did Union Pacific earn in Q2 FY2026?

Net income for Q2 FY2026 was $2.0 billion, up 6.2% on the year, and diluted earnings per share $3.36.

When did Union Pacific report Q2 FY2026 results?

Union Pacific filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 23 July 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,733	5,860	6,269	6,566	6,180	6,056	5,963	5,941	6,159	6,031	6,007	6,091	6,121	6,027	6,154	6,244	6,085	6,217	6,864	7,197
Operating income	2,440	2,377	2,495	2,633	2,412	2,294	2,204	2,177	2,407	2,372	2,400	2,416	2,525	2,371	2,525	2,549	2,401	2,458	2,763	2,943
Operating margin	43%	41%	40%	40%	39%	38%	37%	37%	39%	39%	40%	40%	41%	39%	41%	41%	39%	40%	40%	41%
Interest expense	295	307	316	315	333	336	339	334	331	324	319	314	312	322	335	327	325	320	313	312
Pre-tax income	2,228	2,117	2,342	2,442	2,171	2,142	1,958	1,949	2,184	2,140	2,184	2,189	2,281	2,127	2,313	2,318	2,408	2,229	2,555	2,726
Tax rate	23%	23%	22%	22%	25%	24%	20%	22%	24%	23%	23%	24%	23%	24%	19%	23%	23%	24%	22%	24%
Net income	1,711	1,630	1,835	1,895	1,638	1,630	1,569	1,528	1,652	1,641	1,673	1,671	1,762	1,626	1,876	1,788	1,848	1,701	1,993	2,076
Net margin	30%	28%	29%	29%	27%	27%	26%	26%	27%	27%	28%	27%	29%	27%	30%	29%	30%	27%	29%	29%
Diluted EPS	$2.66	$2.57	$2.93	$3.05	$2.67	$2.67	$2.57	$2.51	$2.71	$2.69	$2.74	$2.75	$2.91	$2.70	$3.15	$3.01	$3.11	$2.87	$3.36	$3.49
Operating cash flow	2,529	2,236	1,931	2,903	2,292	1,840	2,018	2,126	2,395	2,122	1,911	2,651	2,662	2,210	2,333	2,522	2,225	2,440	3,076	2,786
Capital expenditure	991	848	797	1,045	930	772	835	975	1,024	797	902	831	922	906	936	950	999	937	873	1,024
Free cash flow	1,538	1,388	1,134	1,858	1,362	1,068	1,183	1,151	1,371	1,325	1,009	1,820	1,740	1,304	1,397	1,572	1,226	1,503	2,203	1,762
Buybacks	1,445	2,743	730	2,024	785	575	130	0.0	0.0	0.0	100	731	674	1,420	1,259	0.0	0.0	0.0	26.0	0.0
Dividends paid	755	743	813	806	797	795	793	792	793	795	793	815	810	804	795	819	818	821	819	844
Shares outstanding	639m	628m	625m	616m	612m	610m	609m	610m	610m	610m	610m	607m	604m	599m	593m	593m	593m	594m	594m	594m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 23 July 2026: the filing.