Union Pacific Corp

UNP: XNYS (USA)

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Union Pacific Earnings: Fuel Tempers Margins, but Volume Growth and Core Productivity Solid

Matthew Young

Oct 22, 2026

Class-I railroad Union Pacific's third-quarter revenue grew 15% year over year on solid intermodal growth, stronger industrial carloads, and spiking fuel surcharges. Revenue was up 6% excluding fuel. Profitability deteriorated, but only because of fuel noise.

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Union Pacific Corp

Union Pacific Earnings: Fuel Tempers Margins, but Volume Growth and Core Productivity Solid

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