Union Pacific reported first-quarter 2026 net income of $1.7 billion, up from $1.6 billion a year earlier, with diluted earnings per share rising to $2.87 from $2.70. Adjusted diluted EPS came in at $2.93 versus $2.70 in the prior-year quarter.
Operating revenue increased 3% to $6.2 billion. Within that, freight revenue rose 4%, while freight revenue excluding fuel surcharge increased 3%. The company said the revenue gain was driven by core pricing gains, fuel surcharge revenue and business mix, partly offset by 1% fewer carloads and lower other revenue.
Operating income and net income both reached first-quarter records. Union Pacific said operating ratio improved to 60.5% from the year-ago period, a 20-basis-point improvement. Adjusted operating ratio improved to 59.9%, down 80 basis points from last year.
On the operating side, freight car velocity improved 9% to 235 daily miles per car. Average terminal dwell fell to 19.7 hours, an 11% improvement. Locomotive productivity increased 6% to 144 gross ton-miles per horsepower day. Fuel consumption rate improved 4% to 1.064 gallons per thousand gross ton-miles. Workforce productivity rose 7% to 1,163 car miles per employee.
The company also said its reportable personal injury rate and reportable derailment rate both improved, though it did not provide those figures in the release. Today the company's shares have moved -0.89% to a price of $239.19. Check out the company's full 8-K submission here.
