Citable filing context
UNP's research view summarizes recent SEC filing context, starting with earnings from Jul 23, 2026.
| Filed | Item | Context |
|---|---|---|
| Jul 23, 2026 | earnings | Union Pacific reported second quarter 2026 net income of $2.0 billion and diluted EPS of $3.36. |
| May 18, 2026 | management_change | Shareholders elected directors, ratified auditors, and approved executive compensation at the May 14, 2026 Annual Meeting. |
| Apr 23, 2026 | earnings | Union Pacific reported Q1 2026 diluted EPS of $2.87 and an operating ratio of 60.5%. |
| Jul 23, 2026 | Guidance: capital_plan | not reported to not reported |
| Jul 23, 2026 | Guidance: eps_growth | not reported to not reported |
| Apr 23, 2026 | Guidance: capital_plan | 3.30 to 3.30 |
| Jul 23, 2026 | mda_quarterly | Union Pacific reported second-quarter 2026 net income of $2.0 billion, or $3.36 per diluted share, compared to $1.9 billion in the prior-year period. Freight revenues rose 12% to $6.5 billion, driven by core pricing gains, higher fuel surcharges, and a 2% increase in total volume. Growth was led by a 19% surge in domestic intermodal shipments, alongside gains in grain and plastics. Conversely, international intermodal and coal carloads declined 14% and 17%, respectively, with coal demand pressured by lower natural gas prices and milder weather. Operating expenses increased 13% to $4.1 billion, primarily due to a 60% rise in average fuel prices and inflationary pressures. Consequently, the operating ratio deteriorated 0.7 points to 59.7%. Despite these headwinds, the company demonstrated improved operational efficiency, with freight car velocity increasing 5% and terminal dwell time improving 7%. Workforce productivity also rose 5% as the company reduced headcount by 3%. Union Pacific maintains a $3.3 billion capital expenditure plan for 2026, focused on network resiliency and growth-related infrastructure. The company has paused share repurchases due to its pending acquisition of Norfolk Southern and maintains sufficient liquidity to navigate potential volume volatility. |
| Apr 23, 2026 | mda_quarterly | Union Pacific reported Q1 2026 diluted EPS of $2.87, up from $2.70, with net income of $1.7 billion and an improved operating ratio of 60.5%. Freight revenues increased 4% to $5.89 billion, driven by core pricing gains, higher fuel surcharges, and a favorable business mix, despite a 1% reduction in overall volume. Strong performance in bulk commodities (up 10% revenue, 12% volume) was fueled by increased coal shipments due to higher natural gas prices and export grain. Industrial revenues rose 5% (4% volume) from demand in chemicals, plastics, and construction materials. However, Premium revenues declined 5% (9% volume) due to a 28% drop in international intermodal carloads (non-recurrence of 2025 West Coast imports) and lower automotive shipments from reduced production. Operating expenses increased 3% due to inflation, higher fuel prices, and acquisition-related costs, partially offset by productivity gains. Operational efficiency significantly improved, with freight car velocity up 9%, terminal dwell down 11%, train length up 3%, and workforce productivity up 7%. Cash provided by operating activities increased 10% to $2.4 billion. The 2026 capital plan is $3.3 billion, targeting growth, safety, and infrastructure, including locomotive modernization and intermodal ramp investments. Financing activities reflected increased debt repayment and a pause in share repurchases due to the pending Norfolk Southern acquisition. The company maintains strong liquidity with $735 million cash and $2.6 billion in available credit facilities. |
Source: SEC EDGAR filing text and events; period Jul 23, 2026; filed Jul 23, 2026.
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