Union Pacific Corp (NYSE:UNP) reported first-quarter 2026 diluted EPS of $2.87 and adjusted diluted EPS of $2.93 on Thursday, beating analyst estimates of $2.86. Shares were trading higher following the release.

Net income increased 5% to $1.7 billion from $1.6 billion a year earlier, including $36 million in merger-related costs, or 6 cents per share.

• Union Pacific stock is approaching key resistance levels. Why are UNP shares at highs?

Revenue and Operating Performance

Operating revenue rose 3% year over year to $6.217 billion, exceeding estimates of $6.199 billion. Freight revenue increased 4% on pricing gains, fuel surcharge revenue and favorable business mix, partially offset by a 1% decline in carloads.

The company posted record first-quarter operating revenue, operating income, net income and freight revenue. Operating ratio improved to 60.5%, with adjusted operating ratio at 59.9%.

"Our safety, service, and operating momentum continued in the first quarter as we further challenged ‘what’s possible’ from our great railroad," said Jim Vena, Union Pacific CEO.

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