# Union Pacific Stock Q3 2026: Volumes Rise 6% as Revenue Jumps 15%
> Union Pacific stock Q3 2026: revenue rose 15% to $7.2bn on 6% carload growth, EPS rose 16% to $3.49 and the Norfolk Southern review advanced. UNP earnings.

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## Facts
- Ticker: UNP
- QSILabs fair value: $193.73 USD
- Price: $307.00 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-22) and Form 10-Q filed 2026-10-22; price as of 2026-11-02 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/union-pacific-stock-q3-2026-earnings-volume-norfolk-southern/

## Short answer
Union Pacific stock Q3 2026 comes down to a quarter in which the railroad moved more freight and charged more for it, while fuel prices did a lot of the work on revenue. In the three months to 30 September 2026, revenue carloads rose 6% and operating revenue rose 15% to $7,197m, helped by higher fuel surcharges; operating income rose 15% to $2,943m and diluted earnings per share rose 16% to $3.49. Union Pacific called these "record financial results". The operating ratio, the railroad's measure of costs as a share of revenue, was 59.1%, and the company said higher fuel prices added 140 basis points to it. The review of the Norfolk Southern merger moved forward, with completion expected in the second half of 2027. Our discounted cash flow model gives $193.73 a share, against a $307.00 close on 2 November 2026; below we show which assumptions drive that gap and how far it moves when you change them.

## Key takeaways
- Volume grew 6%, revenue 15%. Revenue carloads were 2,293,000, up 6%, and operating revenue was $7,197m, up 15% from $6,244m. Freight revenue excluding fuel surcharge rose 6%.
- Fuel lifted revenue and costs. The average fuel price was $4.21 a gallon, against $2.56 a year earlier. Fuel expense rose 69% to $1,040m, and Union Pacific said higher fuel prices hurt the operating ratio by 140 basis points.
- Union Pacific reported records. The company said freight revenue, operating revenue, operating income and net income were records, and chief executive Jim Vena described "record financial results".
- Intermodal led the growth. Intermodal freight revenue rose 27% to $1,517m on 11% more shipments. Industrial revenue rose 14% and Bulk 10%.
- The merger review advanced. The Surface Transportation Board adopted a schedule in August and denied motions to dismiss the application in September. Union Pacific expects to complete the Norfolk Southern deal in the second half of 2027 and has paused share buybacks.
- Cash flow rose 17.5% in nine months. Cash from operations was $8,302m, against $7,065m, and debt fell to $30,324m from $31,814m at the end of 2025.
- Our value: $193.73 a share, against a $307.00 close on 2 November 2026. A two-stage cross-check gives $187.62 and a scenario with a single global railroad beta gives $244.93; analysts' average target is $331.38.
- What to watch. Fuel prices and surcharges, whether volume growth holds into 2027, service levels, the capital plan for 2027 and each step of the merger review.

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