Every 10-Q that Union Pacific Corp. (UNP) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow UNP and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full UNP filings page.
Union Pacific Corporation reported higher Q2 2026 results, with total operating revenues of $6.864 billion versus $6.154 billion a year earlier and net income of $1.993 billion versus $1.876 billion. Diluted EPS was $3.36, and the operating ratio was 59.7%, 0.7 points worse as fuel costs rose.
Freight revenues increased 12% to $6.518 billion on 2% volume growth, led by double‑digit gains in intermodal, grain and grain products, and automotive. Fuel surcharge revenues climbed to $1.0 billion, helping offset a roughly 60% jump in diesel prices. Operating expenses grew 13%, including $35 million of Norfolk Southern acquisition-related costs.
The pending Norfolk Southern transaction would add about 225 million Union Pacific shares and approximately $20 billion of cash consideration, subject to Surface Transportation Board approval and other conditions, with completion currently expected in 2027. For the first six months, cash from operations was $5.516 billion, capital investments $1.810 billion, and adjusted debt-to-adjusted EBITDA 2.5x, alongside $1.6 billion of cash, $500 million of short-term investments, and an undrawn $2.0 billion credit facility.
Union Pacific Corporation delivered higher profit in the first quarter of 2026 while advancing its planned acquisition of Norfolk Southern. Net income rose to $1.7 billion from $1.6 billion a year earlier, with diluted earnings per share increasing to $2.87 from $2.70.
Total operating revenues grew 3% to $6.2 billion, led by a 4% increase in freight revenues as core pricing, fuel surcharges, and a favorable mix offset a 1% decline in carloads. Operating expenses rose 3%, but strong productivity kept the operating ratio slightly better at 60.5%.
Cash from operations was $2.4 billion, funding $937 million of capital investments and $821 million of dividends, with no share repurchases as buybacks are paused during the pending Norfolk Southern transaction. Union Pacific expects to issue about 225 million shares and pay roughly $20 billion in cash at closing, subject to Surface Transportation Board approval and other conditions, with completion currently expected in 2027.
Union Pacific (UNP) reported Q3 2025 results with total operating revenues of $6.244 billion, net income of $1.788 billion, diluted EPS of $3.01, and an operating ratio of 59.2% (improved 1.1 points year over year). Freight revenues rose 3% to $5.927 billion as core pricing and mix offset lower fuel surcharges, with strength in Bulk and Industrial and softer Premium due to a 17% decline in international intermodal.
Year to date, operating cash flow reached $7.065 billion, funding $2.792 billion of capital investments, $2.679 billion of share repurchases, and $2.418 billion of dividends. The company issued $2.0 billion of unsecured notes (5.100% due 2035 and 5.600% due 2054) under a $20.0 billion shelf authorization and ended the quarter with $68.647 billion in assets and $17.304 billion of equity. As of October 17, 2025, 593,160,889 common shares were outstanding.
Strategic update: UNP agreed to acquire Norfolk Southern, with each NSC share to receive one UNP share plus $88.82 in cash; approximately 224.8 million UNP shares and about $20 billion cash are expected, subject to shareholder approvals and Surface Transportation Board clearance. Special meetings are set for November 14, 2025, and share repurchases are paused pending the transaction.