Union Pacific reported first quarter 2026 operating revenue of $6.2 billion, up 3% year-over-year, and diluted EPS of $2.87, a 6% increase. Adjusted diluted EPS, which excludes merger costs, was $2.93. The company saw improvements in operational efficiency, though total carloads declined slightly.

Key Highlights

  • Freight revenue increased 4% year-over-year, driven by core pricing gains and fuel surcharges, which offset a 1% decline in total carloads.
  • The reported operating ratio improved to 60.5% from 60.7% a year ago, while the adjusted operating ratio improved 80 basis points to 59.9%.
  • Key service metrics showed strong gains, with average terminal dwell time improving 11% to 19.7 hours and freight car velocity increasing 9% to 235 daily miles per car.