Union Pacific Q1 adjusted EPS $2.93 vs $2.70 YoY; revenue up 3% to $6.2B

UNION PACIFIC CORP

2026-Q1 EPS reported $2.87 revenue$6,217,000,000

Reported net income $1.7B, diluted EPS $2.87; adjusted EPS $2.93 vs $2.70 in Q1 2025.
Operating revenue $6.2B (+3%), freight revenue +4% on core pricing gains; carloads down 1%.
Operating ratio improved to 60.5% (adj. 59.9%); best-ever Q1 for train length and workforce productivity.
Reaffirms 2026 outlook: mid-single digit EPS growth, capital plan $3.3B, consistent annual dividend increases.
Merger costs of $36M ($0.06 per share) related to transcontinental railroad regulatory process.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

UNION PACIFIC CORP reported first quarter 2026 results: revenue $6.2 billion, net income $1.7 billion, EPS $2.87 per diluted share. Guidance reaffirmed.

Period: first quarter 2026
Revenue: $6.2 billion
Net income: $1.7 billion
EPS: $2.87 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Financial Results: Record First Quarter Operating Revenue, Operating Income, Net Income, Freight Revenue, and Freight Revenue excluding Fuel Surcharge • Operating revenue of $6.2 billion grew 3% driven by core pricing gains, fuel surcharge revenue, and business mix partially offset by 1% fewer carloads and lower other revenue. • Freight revenue increased 4% and

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Source: SEC EDGAR

accession 0000100885-26-000154

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