Earnings Call
Apr 23, 2026
Q1 FY2026
EPS Estimate
2.85
EPS Actual
2.87
Post-Earnings Close
$271.26
Earnings Reaction
+8.8%
Union Pacific opened 2026 with record first quarter operating income and net income, posting reported EPS of $2.87 and adjusted EPS of $2.93, the latter up 9% year-over-year and ahead of the $2.85 consensus estimate. Operating revenue of $6.2 billion grew 3%, with freight revenue up 4% despite a 1% volume decline, as core pricing and fuel surcharge gains more than offset the volume headwind. The adjusted operating ratio improved 80 basis points to 59.9%, and cash from operations rose 10% to $2.4 billion. Net debt fell $1.2 billion as the company repaid long-term debt, maintaining an adjusted debt-to-EBITDA of 2.5x and A-rated credit across all three agencies.
Report generated on Apr 23, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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