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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Union Pacific
Union Pacific (UNP) investor relations material
Union Pacific Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary22 Oct, 2026
Executive summary
Record Q3 operating revenue, operating income, and net income, supported by 6% carload growth, pricing gains, and operating execution.
Diluted EPS rose 16% to $3.49; adjusted diluted EPS increased 15% to $3.53.
Core pricing and productivity helped offset higher fuel costs and inflation; growth in Intermodal, Industrial, Energy & Specialized, and Grain partly offset lower Coal carloads.
Financial highlights
Operating revenue was $7.197B, up 15% YoY; freight revenue was $6.813B, up 15%, and other revenue was $384M, up 21%.
Operating income rose 15% to $2.943B; net income increased 16% to $2.076B. Adjusted net income was $2.098B, up 15%.
Reported diluted EPS was $3.49, up 16%; adjusted diluted EPS was $3.53, up 15%.
Operating expenses increased 15% to $4.254B, driven by higher fuel prices, volume-related costs, inflation, and depreciation; productivity partly offset the increase.
Freight revenue excluding fuel surcharge rose 6%; fuel surcharge revenue was $1.171B.
Outlook and guidance
FY2026 reported EPS growth guidance affirmed in the high-single-digit range, consistent with the high-single- to low-double-digit three-year CAGR target through 2027.
Core-business operating ratio improvement remains an objective; high fuel prices and Q4 seasonality may pressure the reported ratio, while core OR is expected to improve YoY.
FY2026 capital plan set at $3.5B; pricing dollars are expected to exceed inflation, with strong cash generation and annual dividend increases remaining targets.
Q4 volume outlook cited export grain and renewable-fuels policy, industrial development and plant expansions, intermodal conversions and wins, and automotive wins offsetting softer vehicle sales.
Q4 fuel projected at $4.85 per gallon versus $4.21 in Q3, with a greater operating-ratio impact than Q3's 140-bp drag if prices hold.
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Latest events from Union Pacific
- A Norfolk Southern merger proposal pairs coast-to-coast service with a $2.0B integration plan.UNP
Corporate presentation - Volumes and productivity up, merger advances with $3.5B savings, fuel costs pressure margins.UNPMorgan Stanley's 14th Annual Laguna Conference
- Merger promises $3.5B in annual savings, sustainability gains, and stronger rail competition.UNPFireside chat
- Record Q2 2026 results, 13% adjusted EPS growth, and merger progress amid strong operations.UNPQ2 2026
- Net income up 7% to $1.8B, adjusted EPS $3.08, merger and intermodal challenges persist.UNPQ3 2025
- Transcontinental rail merger targets growth, competition, and operational excellence, pending approval.UNPMorgan Stanley’s 13th Annual Laguna Conference
- Q2 2025 saw 12% net income growth, record productivity, and improved operating ratios.UNPQ2 2025
- Three-year plan targets growth, innovation, and industry-leading returns through operational excellence.UNPInvestor Day 2024
- Q2 net income and EPS rose 7% as efficiency and pricing offset coal and weather headwinds.UNPQ2 2024
Next Union Pacific earnings date
Q4 202626 Jan, 2027
Union Pacific
Next Union Pacific earnings date
Q4 202626 Jan, 2027
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Frequently asked questions
American Railroad Giant
Union Pacific Corporation is one of the largest railroad companies in the United States. The company plays a crucial role in the nation's freight transportation sector and primarily operates in the western two-thirds of the country. Its rail network spans approximately 32,000 miles, facilitating the movement of a diverse range of commodities including agricultural products, automotive goods, and energy resources. Union Pacific is headquartered in Omaha, Nebraska, and its shares are listed on the NYSE.
Pacific Railway Act
Union Pacific was established in 1862 under the Pacific Railway Act signed by President Abraham Lincoln, primarily to build part of the first transcontinental railroad. This ambitious project aimed to connect the eastern and western parts of the country, fostering economic growth and expansion. Over the years, Union Pacific expanded through the acquisition of various smaller railroads, consolidating its presence in the American transportation sector. Today, Union Pacific remains a key player in North American freight transportation and is one of the largest American companies in the sector together with Canadian National, CSX Corporation, and Norfolk Southern.
A Key Player Within Transportation
Union Pacific Railroad stands as a giant in the North American transportation industry, both in terms of operational scale and financial magnitude. It covers a vast network, stretching over approximately 32,000 miles of track across 23 states. The company employs thousands and owns a large number of locomotives, freight cars, and technology infrastructure. This combination of extensive physical infrastructure and financial strength positions Union Pacific as a key player in the North American transportation sector.
Enabling Commerce
Union Pacific Railroad plays a crucial role in transporting a diverse array of commodities essential to the economy. Its freight includes agricultural products like grain and produce, automotive components and finished vehicles, as well as things such as coal and chemicals. Additionally, it handles industrial products and intermodal containers, which carry a variety of goods for consumer and business markets.