Union Pacific Corporation (UNP) Q3 FY2026 Financial Statements: Revenue $7.20B, Net income $2.08B
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PeriodQ3 FY2026
Published
Union Pacific reported $7.20 billion in total operating revenues for Q3 FY2026, the quarter ended September 30, 2026, up 15.3% from a year earlier, and net income of $2.08 billion, up 16.1%, or $3.49 per diluted share against $3.01. Higher fuel surcharge revenue as diesel prices climbed drove much of the revenue gain, together with more carloads and core pricing, while fuel expense rose with it. The operating ratio was 59.1%, down 0.1 points from a year earlier, an improvement Union Pacific credited to volume growth, core pricing gains, productivity and lower costs tied to the pending acquisition of Norfolk Southern, which together offset higher fuel costs and inflation; excluding those acquisition costs, the adjusted operating ratio was 58.8%, up 0.3 points, and the company said higher fuel prices pushed its operating ratio up while its core business improved it.
| Metric | Amount | vs. year ago |
|---|---|---|
| Revenue | $7,197,000,000 | up 15.3% |
| Net income | $2,076,000,000 | up 16.1% |
| Diluted EPS | $3.49 | up 15.9% |
| Operating ratio | 59.1% | down 0.1 points |
| Adjusted operating ratio | 58.8% | up 0.3 points |
Figures link to the filing they came from. Wherever the SEC filing tags a number, that number is linked: click it and the filing opens at the exact line that prints it. Figures calculated here, such as margins, free cash flow and trailing-twelve-month totals, have no line in a filing to point to and are not linked.
About this file
| Ticker | UNP |
|---|---|
| CIK | 0000100885 |
| Company | Union Pacific Corporation |
| Business type | industrial |
| Schema template | industrial (freight railroad): operating revenues (freight and other), operating expenses by category as the income statement prints them, operating income, other income, interest, income tax, net income, EPS and weighted shares; full balance sheet with total debt; operating, investing and financing cash flow with capital investments and free cash flow; dividends and share repurchases; freight revenue by commodity group; and railroad operating statistics (carloads, average revenue per car, ton-miles, operating ratio, employees) |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual US dollars (not millions); per-share amounts in dollars; share counts in actual shares; carloads, ton-miles and employees in actual units; operating ratio in percent; average revenue per car in dollars |
UNP annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| Period end | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 10-K | 10-K | 10-K |
| Source form | 10-K | 10-K | 10-K |
| Income statement | |||
| Freight revenues | 23,220,000,000 | 22,811,000,000 | 22,571,000,000 |
| Other revenues | 1,290,000,000 | 1,439,000,000 | 1,548,000,000 |
| Total operating revenues | 24,510,000,000 | 24,250,000,000 | 24,119,000,000 |
| Compensation and benefits | 4,897,000,000 | 4,899,000,000 | 4,818,000,000 |
| Purchased services and materials | 2,626,000,000 | 2,520,000,000 | 2,616,000,000 |
| Depreciation | 2,465,000,000 | 2,398,000,000 | 2,318,000,000 |
| Fuel | 2,390,000,000 | 2,474,000,000 | 2,891,000,000 |
| Equipment and other rents | 912,000,000 | 920,000,000 | 947,000,000 |
| Other operating expenses | 1,374,000,000 | 1,326,000,000 | 1,447,000,000 |
| Total operating expenses | 14,664,000,000 | 14,537,000,000 | 15,037,000,000 |
| Operating income | 9,846,000,000 | 9,713,000,000 | 9,082,000,000 |
| Other income net | 629,000,000 | 350,000,000 | 491,000,000 |
| Interest expense | -1,309,000,000 | -1,269,000,000 | -1,340,000,000 |
| Income before income taxes | 9,166,000,000 | 8,794,000,000 | 8,233,000,000 |
| Income tax expense | -2,028,000,000 | -2,047,000,000 | -1,854,000,000 |
| Net income | 7,138,000,000 | 6,747,000,000 | 6,379,000,000 |
| Basic EPS | 12.00 | 11.10 | 10.47 |
| Diluted EPS | 11.98 | 11.09 | 10.45 |
| Basic shares | 595,000,000 | 607,600,000 | 609,200,000 |
| Diluted shares | 595,900,000 | 608,600,000 | 610,200,000 |
| Balance sheet | |||
| Cash and cash equivalents | 1,266,000,000 | 1,016,000,000 | |
| Short term investments | 250,000,000 | 20,000,000 | |
| Accounts receivable net | 1,860,000,000 | 1,894,000,000 | |
| Materials and supplies | 787,000,000 | 769,000,000 | |
| Other current assets | 392,000,000 | 322,000,000 | |
| Total current assets | 4,555,000,000 | 4,021,000,000 | |
| Investments | 2,885,000,000 | 2,664,000,000 | |
| Properties net | 59,645,000,000 | 58,343,000,000 | |
| Operating lease assets | 1,036,000,000 | 1,297,000,000 | |
| Other assets | 1,577,000,000 | 1,390,000,000 | |
| Total assets | 69,698,000,000 | 67,715,000,000 | |
| Accounts payable and other current liabilities | 3,494,000,000 | 3,829,000,000 | |
| Debt due within one year | 1,520,000,000 | 1,425,000,000 | |
| Total current liabilities | 5,014,000,000 | 5,254,000,000 | |
| Debt due after one year | 30,294,000,000 | 29,767,000,000 | |
| Operating lease liabilities | 738,000,000 | 925,000,000 | |
| Deferred income taxes | 13,421,000,000 | 13,151,000,000 | |
| Other long term liabilities | 1,764,000,000 | 1,728,000,000 | |
| Total liabilities | 51,231,000,000 | 50,825,000,000 | |
| Common shares at par | 2,783,000,000 | 2,783,000,000 | |
| Paid in surplus | 5,589,000,000 | 5,334,000,000 | |
| Retained earnings | 69,529,000,000 | 65,628,000,000 | |
| Treasury stock | -58,843,000,000 | -56,132,000,000 | |
| Accumulated other comprehensive loss | -591,000,000 | -723,000,000 | |
| Total shareholders equity | 18,467,000,000 | 16,890,000,000 | |
| Total liabilities and shareholders equity | 69,698,000,000 | 67,715,000,000 | |
| Total debt | 31,814,000,000 | 31,192,000,000 | |
| Common shares outstanding | 593,245,884 | 604,241,260 | |
| Cash flow | |||
| Depreciation | 2,465,000,000 | 2,398,000,000 | 2,318,000,000 |
| Operating cash flow | 9,290,000,000 | 9,346,000,000 | 8,379,000,000 |
| Capital expenditures | -3,791,000,000 | -3,452,000,000 | -3,606,000,000 |
| Other investing activities net | 29,000,000 | 127,000,000 | -61,000,000 |
| Investing cash flow | -3,762,000,000 | -3,325,000,000 | -3,667,000,000 |
| Dividends paid | -3,236,000,000 | -3,213,000,000 | -3,173,000,000 |
| Share repurchases | -2,679,000,000 | -1,505,000,000 | -705,000,000 |
| Debt issued | 1,995,000,000 | 800,000,000 | 1,599,000,000 |
| Debt repaid | -1,428,000,000 | -2,226,000,000 | -2,190,000,000 |
| Other financing activities net | 72,000,000 | 77,000,000 | -156,000,000 |
| Financing cash flow | -5,276,000,000 | -6,067,000,000 | -4,625,000,000 |
| Net change in cash and restricted cash | 252,000,000 | -46,000,000 | 87,000,000 |
| Cash and restricted cash end of period | 1,280,000,000 | 1,028,000,000 | 1,074,000,000 |
| Free cash flow | 5,499,000,000 | 5,894,000,000 | 4,773,000,000 |
| Free cash flow company definition | 2,292,000,000 | 2,808,000,000 | 1,539,000,000 |
| Revenue by commodity group | |||
| Bulk | 7,586,000,000 | 7,207,000,000 | 7,358,000,000 |
| Industrial | 8,604,000,000 | 8,440,000,000 | 8,238,000,000 |
| Premium | 7,030,000,000 | 7,164,000,000 | 6,975,000,000 |
| Total freight revenues | 23,220,000,000 | 22,811,000,000 | 22,571,000,000 |
| Other subsidiary revenues | 718,000,000 | 788,000,000 | 872,000,000 |
| Accessorial revenues | 475,000,000 | 554,000,000 | 584,000,000 |
| Other | 97,000,000 | 97,000,000 | 92,000,000 |
| Total operating revenues | 24,510,000,000 | 24,250,000,000 | 24,119,000,000 |
| Operating metrics | |||
| Operating ratio % | 59.8% | 59.9% | 62.3% |
| Revenue carloads | 8,447,000 | 8,334,000 | 8,112,000 |
| Revenue carloads bulk | 2,056,000 | 1,942,000 | 2,031,000 |
| Revenue carloads industrial | 2,241,000 | 2,211,000 | 2,233,000 |
| Revenue carloads premium | 4,150,000 | 4,181,000 | 3,848,000 |
| Revenue carloads intermodal | 3,357,000 | 3,357,000 | 3,028,000 |
| Average revenue per car | 2,749 | 2,737 | 2,782 |
| Gross ton miles | 873,600,000,000 | 847,400,000,000 | 837,500,000,000 |
| Revenue ton miles | 426,900,000,000 | 409,700,000,000 | 413,300,000,000 |
| Freight car velocity daily miles per car | 225 | 208 | 204 |
| Average terminal dwell hours | 20.9 | 22.6 | 23.4 |
| Train length feet | 9,678 | 9,469 | 9,356 |
| Workforce productivity car miles per employee | 1,132 | 1,062 | 1,000 |
| Average employees | 29,287 | 30,336 | 31,490 |
| Dividends | |||
| Dividends declared per share | 5.44 | 5.28 | 5.20 |
| Dividends declared | 3,237,000,000 | 3,212,000,000 | 3,173,000,000 |
UNP quarterly income statement, balance sheet and cash flow
| Q3 FY2026 | Q3 FY2025 | |
|---|---|---|
| Fiscal quarter | 3 | 3 |
| Period start | 2026-07-01 | 2025-07-01 |
| Period end | 2026-09-30 | 2025-09-30 |
| Period type | three months | three months |
| Source accession | 10-Q | 10-Q |
| Source form | 10-Q | 10-Q |
| Income statement | ||
| Freight revenues | 6,813,000,000 | 5,927,000,000 |
| Other revenues | 384,000,000 | 317,000,000 |
| Total operating revenues | 7,197,000,000 | 6,244,000,000 |
| Compensation and benefits | 1,264,000,000 | 1,214,000,000 |
| Purchased services and materials | 746,000,000 | 683,000,000 |
| Depreciation | 643,000,000 | 618,000,000 |
| Fuel | 1,040,000,000 | 616,000,000 |
| Equipment and other rents | 206,000,000 | 212,000,000 |
| Other operating expenses | 355,000,000 | 352,000,000 |
| Total operating expenses | 4,254,000,000 | 3,695,000,000 |
| Operating income | 2,943,000,000 | 2,549,000,000 |
| Other income net | 95,000,000 | 96,000,000 |
| Interest expense | -312,000,000 | -327,000,000 |
| Income before income taxes | 2,726,000,000 | 2,318,000,000 |
| Income tax expense | -650,000,000 | -530,000,000 |
| Net income | 2,076,000,000 | 1,788,000,000 |
| Basic EPS | 3.50 | 3.02 |
| Diluted EPS | 3.49 | 3.01 |
| Basic shares | 593,700,000 | 592,400,000 |
| Diluted shares | 594,500,000 | 593,200,000 |
| Balance sheet | ||
| Cash and cash equivalents | 2,211,000,000 | |
| Short term investments | 875,000,000 | |
| Accounts receivable net | 2,140,000,000 | |
| Materials and supplies | 985,000,000 | |
| Other current assets | 306,000,000 | |
| Total current assets | 6,517,000,000 | |
| Investments | 3,030,000,000 | |
| Properties net | 60,626,000,000 | |
| Operating lease assets | 801,000,000 | |
| Other assets | 1,635,000,000 | |
| Total assets | 72,609,000,000 | |
| Accounts payable and other current liabilities | 4,316,000,000 | |
| Debt due within one year | 1,289,000,000 | |
| Total current liabilities | 5,605,000,000 | |
| Debt due after one year | 29,035,000,000 | |
| Operating lease liabilities | 563,000,000 | |
| Deferred income taxes | 13,640,000,000 | |
| Other long term liabilities | 1,748,000,000 | |
| Total liabilities | 50,591,000,000 | |
| Common shares at par | 2,783,000,000 | |
| Paid in surplus | 5,743,000,000 | |
| Retained earnings | 72,816,000,000 | |
| Treasury stock | -58,785,000,000 | |
| Accumulated other comprehensive loss | -539,000,000 | |
| Total shareholders equity | 22,018,000,000 | |
| Total liabilities and shareholders equity | 72,609,000,000 | |
| Total debt | 30,324,000,000 | |
| Common shares outstanding | 594,223,957 | |
| Revenue by commodity group | ||
| Bulk | 2,116,000,000 | 1,930,000,000 |
| Industrial | 2,509,000,000 | 2,194,000,000 |
| Premium | 2,188,000,000 | 1,803,000,000 |
| Total freight revenues | 6,813,000,000 | 5,927,000,000 |
| Other subsidiary revenues | 201,000,000 | 172,000,000 |
| Accessorial revenues | 157,000,000 | 124,000,000 |
| Other | 26,000,000 | 21,000,000 |
| Total operating revenues | 7,197,000,000 | 6,244,000,000 |
| Operating metrics | ||
| Operating ratio % | 59.1% | 59.2% |
| Revenue carloads | 2,293,000 | 2,163,000 |
| Revenue carloads bulk | 529,000 | 530,000 |
| Revenue carloads industrial | 606,000 | 574,000 |
| Revenue carloads premium | 1,158,000 | 1,059,000 |
| Revenue carloads intermodal | 956,000 | 860,000 |
| Average revenue per car | 2,971 | 2,740 |
| Gross ton miles | 232,500,000,000 | 223,000,000,000 |
| Revenue ton miles | 114,100,000,000 | 108,900,000,000 |
| Freight car velocity daily miles per car | 228 | 226 |
| Average terminal dwell hours | 19.9 | 20.4 |
| Train length feet | 9,969 | 9,801 |
| Workforce productivity car miles per employee | 1,219 | 1,165 |
| Average employees | 28,540 | 28,871 |
| Non GAAP | ||
| Acquisition related expense | 22,000,000 | 41,000,000 |
| Adjusted operating expenses | 4,232,000,000 | 3,654,000,000 |
| Adjusted operating income | 2,965,000,000 | 2,590,000,000 |
| Adjusted income tax expense | -650,000,000 | -530,000,000 |
| Adjusted net income | 2,098,000,000 | 1,829,000,000 |
| Adjusted diluted EPS | 3.53 | 3.08 |
| Adjusted operating ratio % | 58.8% | 58.5% |
| Non GAAP source accession | 0000100885-26-000319 | 0000100885-26-000319 |
| Dividends | ||
| Dividends declared per share | 1.42 | 1.38 |
| Dividends declared | 844,000,000 | 819,000,000 |
UNP year-to-date income statement and cash flow
| Nine months ended September 30, 2026 | Nine months ended September 30, 2025 | |
|---|---|---|
| Period start | 2026-01-01 | 2025-01-01 |
| Period end | 2026-09-30 | 2025-09-30 |
| Period type | nine months | nine months |
| Source accession | 10-Q | 10-Q |
| Source form | 10-Q | 10-Q |
| Income statement | ||
| Freight revenues | 19,224,000,000 | 17,461,000,000 |
| Other revenues | 1,054,000,000 | 964,000,000 |
| Total operating revenues | 20,278,000,000 | 18,425,000,000 |
| Compensation and benefits | 3,731,000,000 | 3,675,000,000 |
| Purchased services and materials | 2,128,000,000 | 1,956,000,000 |
| Depreciation | 1,914,000,000 | 1,841,000,000 |
| Fuel | 2,621,000,000 | 1,795,000,000 |
| Equipment and other rents | 639,000,000 | 683,000,000 |
| Other operating expenses | 1,081,000,000 | 1,030,000,000 |
| Total operating expenses | 12,114,000,000 | 10,980,000,000 |
| Operating income | 8,164,000,000 | 7,445,000,000 |
| Other income net | 291,000,000 | 297,000,000 |
| Interest expense | -945,000,000 | -984,000,000 |
| Income before income taxes | 7,510,000,000 | 6,758,000,000 |
| Income tax expense | -1,740,000,000 | -1,468,000,000 |
| Net income | 5,770,000,000 | 5,290,000,000 |
| Basic EPS | 9.72 | 8.88 |
| Diluted EPS | 9.71 | 8.87 |
| Basic shares | 593,400,000 | 595,800,000 |
| Diluted shares | 594,000,000 | 596,700,000 |
| Cash flow | ||
| Depreciation | 1,914,000,000 | 1,841,000,000 |
| Operating cash flow | 8,302,000,000 | 7,065,000,000 |
| Capital expenditures | -2,834,000,000 | -2,792,000,000 |
| Other investing activities net | 3,000,000 | 1,000,000 |
| Investing cash flow | -3,456,000,000 | -2,791,000,000 |
| Dividends paid | -2,484,000,000 | -2,418,000,000 |
| Share repurchases | -26,000,000 | -2,679,000,000 |
| Debt issued | 0 | 1,995,000,000 |
| Debt repaid | -1,519,000,000 | -1,424,000,000 |
| Other financing activities net | 121,000,000 | 54,000,000 |
| Financing cash flow | -3,908,000,000 | -4,472,000,000 |
| Net change in cash and restricted cash | 938,000,000 | -198,000,000 |
| Cash and restricted cash end of period | 2,218,000,000 | 830,000,000 |
| Purchases of short term investments | -975,000,000 | 0 |
| Maturities of short term investments | 350,000,000 | 0 |
| Free cash flow | 5,468,000,000 | 4,273,000,000 |
| Free cash flow company definition | 2,362,000,000 | 1,856,000,000 |
| Revenue by commodity group | ||
| Bulk | 6,185,000,000 | 5,667,000,000 |
| Industrial | 7,086,000,000 | 6,488,000,000 |
| Premium | 5,953,000,000 | 5,306,000,000 |
| Total freight revenues | 19,224,000,000 | 17,461,000,000 |
| Other subsidiary revenues | 570,000,000 | 547,000,000 |
| Accessorial revenues | 412,000,000 | 349,000,000 |
| Other | 72,000,000 | 68,000,000 |
| Total operating revenues | 20,278,000,000 | 18,425,000,000 |
| Operating metrics | ||
| Operating ratio % | 59.7% | 59.6% |
| Revenue carloads | 6,539,000 | 6,374,000 |
| Revenue carloads bulk | 1,591,000 | 1,540,000 |
| Revenue carloads industrial | 1,752,000 | 1,680,000 |
| Revenue carloads premium | 3,196,000 | 3,154,000 |
| Revenue carloads intermodal | 2,601,000 | 2,551,000 |
| Average revenue per car | 2,940 | 2,740 |
| Gross ton miles | 678,300,000,000 | 656,100,000,000 |
| Revenue ton miles | 335,500,000,000 | 320,400,000,000 |
| Freight car velocity daily miles per car | 231 | 220 |
| Average terminal dwell hours | 19.8 | 21.3 |
| Train length feet | 9,871 | 9,661 |
| Workforce productivity car miles per employee | 1,186 | 1,126 |
| Average employees | 28,658 | 29,576 |
| Non GAAP | ||
| Acquisition related expense | 93,000,000 | 42,000,000 |
| Adjusted operating expenses | 12,021,000,000 | 10,883,000,000 |
| Adjusted operating income | 8,257,000,000 | 7,542,000,000 |
| Adjusted income tax expense | -1,740,000,000 | -1,596,000,000 |
| Adjusted net income | 5,863,000,000 | 5,259,000,000 |
| Adjusted diluted EPS | 9.87 | 8.82 |
| Adjusted operating ratio % | 59.3% | 59.1% |
| Deferred tax adjustment net income effect | -115,000,000 | |
| Crew staffing agreement charge | 55,000,000 | |
| Non GAAP source accession | 0000100885-26-000319 | 0000100885-26-000319 |
| Dividends | ||
| Dividends declared per share | 4.18 | 4.06 |
| Dividends declared | 2,483,000,000 | 2,417,000,000 |
UNP trailing twelve month income statement and cash flow
| Twelve months ended September 30, 2026 | |
|---|---|
| Period start | 2025-10-01 |
| Period end | 2026-09-30 |
| Period type | trailing twelve months (derived) |
| Source accession | 10-Q |
| Source accessions | 10-K, 10-Q |
| Income statement | |
| Freight revenues | 24,983,000,000 |
| Other revenues | 1,380,000,000 |
| Total operating revenues | 26,363,000,000 |
| Compensation and benefits | 4,953,000,000 |
| Purchased services and materials | 2,798,000,000 |
| Depreciation | 2,538,000,000 |
| Fuel | 3,216,000,000 |
| Equipment and other rents | 868,000,000 |
| Other operating expenses | 1,425,000,000 |
| Total operating expenses | 15,798,000,000 |
| Operating income | 10,565,000,000 |
| Other income net | 623,000,000 |
| Interest expense | -1,270,000,000 |
| Income before income taxes | 9,918,000,000 |
| Income tax expense | -2,300,000,000 |
| Net income | 7,618,000,000 |
| Cash flow | |
| Operating cash flow | 10,527,000,000 |
| Capital expenditures | -3,833,000,000 |
| Investing cash flow | -4,427,000,000 |
| Dividends paid | -3,302,000,000 |
| Free cash flow | 6,694,000,000 |
- Derivation. FY2025 (10-K) plus nine months 2026 less nine months 2025 (10-Q)
Adjustments
| Splits applied | none |
|---|---|
| ADR ratio | n/a |
| FX | none; Union Pacific reports in US dollars |
Notes
- Template: freight railroad (industrial). Union Pacific does not report cost of revenue or gross profit. Its income statement lists operating expenses by category (compensation and benefits, purchased services and materials, depreciation, fuel, equipment and other rents, other), and this record follows that layout. Railroad operating statistics, including the operating ratio, are recorded alongside the statements.
- Sources: fiscal years 2025, 2024 and 2023 come from the FY2025 10-K (accession 0000100885-26-000037). The 10-K prints three years of income statement and cash flow but balance sheets only at December 31, 2025 and 2024, so FY2023 carries no balance sheet. The third quarters of 2026 and 2025, the nine-month periods and the September 30, 2026 balance sheet come from the Q3 2026 10-Q (accession 0000100885-26-000321). The non-GAAP adjusted figures come from the third-quarter 2026 earnings release furnished as Exhibit 99.1 to the 8-K filed October 22, 2026 (accession 0000100885-26-000319). The GAAP figures that release prints match the 10-Q.
- Signs follow the filings: amounts the statements print in parentheses are stored as negative numbers. This covers interest expense, income tax expense, capital investments, share repurchases, debt repaid, dividends paid, net cash used in investing and financing activities, treasury stock and accumulated other comprehensive loss. Dividends declared are stored as positive amounts.
- capital_expenditures is the cash flow statement's 'Capital investments' line. For the first nine months of 2026 and 2025 it matches the 'Total cash capital investments' table in the 10-Q's MD&A ($2,834 million and $2,792 million). The 10-Q notes these include locomotive and freight car early lease buyouts of $320 million in 2026 and $311 million in 2025.
- free_cash_flow is cash provided by operating activities less capital investments. Union Pacific defines its own non-GAAP 'free cash flow' differently: cash provided by operating activities, less cash used in investing activities, less dividends paid. That figure is recorded separately as free_cash_flow_company_definition, as the filings print it: $2,292 million, $2,808 million and $1,539 million for 2025, 2024 and 2023, and $2,362 million and $1,856 million for the first nine months of 2026 and 2025.
- total_debt is debt due within one year plus debt due after one year, as the balance sheet shows them. It matches total debt in Note 14 of the 10-K ($31,814 million at December 31, 2025; $31,192 million at December 31, 2024) and the debt figure in the 10-Q's MD&A ($30,324 million at September 30, 2026). Operating lease liabilities are not included.
- total_shareholders_equity is the line the filings print as 'Total common shareholders' equity'. Union Pacific has no preferred stock or noncontrolling interests on its balance sheet, so this is all of its equity. common_shares_outstanding is the outstanding count printed in the common shares caption of the balance sheet.
- The 10-Q's cash flow statement covers only the nine months ended September 30, and the earnings release also prints nine-month cash flows only. The quarterly entries therefore carry no cash flow figures. Cash flows appear in the annual, nine-month (year_to_date) and trailing-twelve-month blocks.
- The 10-Q compares the September 30, 2026 balance sheet with December 31, 2025, not with September 30, 2025, so the Q3 FY2025 entry has no balance sheet. The December 31, 2025 figures the 10-Q prints match the FY2025 10-K line for line.
- The trailing twelve months to September 30, 2026 are derived as fiscal 2025 (10-K) plus the nine months ended September 30, 2026, less the nine months ended September 30, 2025 (both from the 10-Q). The 10-Q's MD&A uses the same method and prints matching trailing-twelve-month figures for net income ($7,618 million), income tax expense ($2,300 million), depreciation ($2,538 million), interest expense ($1,270 million) and other income ($623 million). Neither filing prints per-share figures for this period, so the block has none.
- Dividends declared and dividends declared per share come from the statements of changes in common shareholders' equity, which print the per-share amount in the row caption. The 10-Q says the quarterly dividend increased from $1.38 to $1.42 per share in the third quarter of 2026.
- revenue_by_commodity_group is the revenue table in Note 1 of the 10-K and Note 3 of the 10-Q. Freight revenues are split into Bulk, Industrial and Premium, and the other revenue lines are listed beside them. The railroad is Union Pacific's one reportable segment, so these are revenue categories, not segments. In the operating statistics, intermodal carloads are part of Premium, and each intermodal container or trailer counts as one carload.
- operating_metrics come from the MD&A railroad performance and revenue tables of each filing. The operating ratio is operating expenses as a percentage of operating revenues, as the filings print it. It agrees, to one decimal place, with the income statement figures recorded here. Carloads, printed in thousands, and ton-miles, printed in billions, are stored in actual units. Average revenue per car is in dollars.
- The non_gaap block in each quarterly and nine-month entry holds Union Pacific's adjusted results as reconciled in its earnings release. The adjustment in every period shown is acquisition-related expense for the pending acquisition of Norfolk Southern: $22 million in Q3 2026, $41 million in Q3 2025, $93 million in the first nine months of 2026 and $42 million in the first nine months of 2025. The release shows no tax effect on this expense and says certain acquisition-related costs are non-deductible. The nine months of 2025 also exclude a $115 million reduction in deferred tax expense from Kansas tax legislation and a $55 million crew staffing agreement ratification charge ($42 million after tax). These adjusted figures are company-defined non-GAAP measures and are not part of the 10-Q's financial statements.
- No stock split occurred in the periods covered, and Union Pacific's shares are not ADRs, so per-share figures are stated as filed with no adjustment.
Uncertainties
- No three-month cash flow figures are recorded for either third quarter. Neither the 10-Q nor the earnings release prints them, and deriving them would need six-month figures that neither filing contains.
- The nine-month 2026 cash flow statement shows a $26 million outflow under 'Share repurchase programs', while Note 16 of the 10-Q reports no shares repurchased in 2026. The filing does not break that amount down. It is recorded as printed.
Company details
| Name | Union Pacific Corp |
|---|---|
| Ticker | UNP |
| CIK | 0000100885 |
| Exchange | NYSE |
| State | Nebraska |
| Incorporation | Utah |
| SIC | 4011 |
| Office | Energy & Transportation |
| Industry | Railroads, Line-Haul Operating |
Fiscal period
| Fiscal year | 2026 |
|---|---|
| Fiscal period | Q3 |
| Tag | FY26Q3 |
| Period end | 2026-09-30 |
| Form | 10-Q |
| Accession | 0000100885-26-000321 |
| Fiscal year end | 1231 |
| Source | facts |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Source |
|---|---|---|---|---|---|---|---|---|---|
| annual | no | 10-K | 2025 | FY | FY25 | 2025-12-31 | 2026-02-06 | 0000100885-26-000037 | reported |
| quarterly | yes | 10-Q | 2026 | Q3 | FY26Q3 | 2026-09-30 | 2026-10-22 | 0000100885-26-000321 | facts |
FAQ · Union Pacific financial statements
How much revenue did Union Pacific make in Q3 FY2026?
Union Pacific reported total operating revenues of $7.20 billion for Q3 FY2026, the quarter ended September 30, 2026, up 15.3% from $6.24 billion a year earlier. Higher fuel surcharges, more carloads and core pricing drove the increase.
What was Union Pacific's net income in Q3 FY2026?
Union Pacific earned net income of $2.08 billion in Q3 FY2026, the quarter ended September 30, 2026, up 16.1% from $1.79 billion in the same quarter a year earlier.
What were Union Pacific's earnings per share in Q3 FY2026?
Union Pacific earned $3.49 per diluted share in Q3 FY2026, the quarter ended September 30, 2026, compared with $3.01 in the same quarter a year earlier.
What was Union Pacific's operating ratio in Q3 FY2026?
Union Pacific's operating ratio, operating expenses as a share of operating revenues, was 59.1% in Q3 FY2026, compared with 59.2% a year earlier; a lower ratio means a more efficient railroad. Excluding acquisition-related costs, the adjusted operating ratio was 58.8% against 58.5%, up 0.3 points. Union Pacific said record locomotive fuel prices pushed its operating ratio up and that its core business improved the ratio.
Where can I get Union Pacific Corporation (UNP) financial data in machine-readable form?
Ticker Scout publishes Union Pacific Corporation's financial statements as JSON at https://tickerscout.ai/unp/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/unp/narrative.md and https://tickerscout.ai/unp/events.md. Union Pacific Corporation's SEC CIK is 0000100885. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does Union Pacific Corporation (UNP) next file with the SEC?
Union Pacific Corporation (UNP) is expected to file its next Form 10-K with the SEC on or around February 5, 2027. That date is a projection rather than a company-announced date: it is derived from Union Pacific Corporation's own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q3 FY2026, the period ended 2026-09-30, SEC accession 0000100885-26-000321.
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How this page was built
This page was built from three of Union Pacific Corporation's own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names two such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
Published by Ticker Scout, an independent publisher of company filings data. About Ticker Scout · Disclaimer
Built from Union Pacific Corporation's SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.