Union Pacific

Q2 FY2026 EarningsQ2 FY2026 outperformed consensus across all key metrics: revenue of $6.86B beat expectations by 2.25%, and adjusted EPS of $3.41 exceeded the $3.23 estimate by 5.47%. Strong volume growth and core pricing gains drove record results, with freight revenue excluding fuel up 4% YoY. Despite high fuel prices unfavorably impacting the operating ratio (OR) by 120 bps, UNP achieved an adjusted OR of 59.2%. Management raised the FY2026 outlook for EPS growth to high-single digits, citing strong service and execution.