Union Pacific Corp reported record operating revenue of $6.9 billion for the second quarter of 2026, a 12% increase year-over-year. Net income reached $2 billion, with adjusted earnings per share of $3.41, while the operating ratio improved 10 basis points to 59.2%. Freight revenue rose 12% to $6.5 billion, driven by a 21% surge in premium revenue and record domestic intermodal volume, though international intermodal volume fell 14%. Fuel expenses jumped 63% due to a 60% increase in average fuel price, and the company paid down $1.5 billion of long-term debt, bringing its adjusted debt-to-EBITDA ratio to 2.5 times.
Union Pacific CorporationRecord revenue and earnings beat, improved operating ratio, and debt reduction.