Union Pacific

Union Pacific runs the Union Pacific Railroad, a freight railroad with 32,889 route miles in 23 western states of the United States. It connects ports on the Pacific Coast and the Gulf Coast with the Midwest, and it has gateways to Mexico and Canada. It carries bulk goods such as coal, grain and chemicals, industrial goods, and containers and trucks for international and domestic shippers. Its main competitor in the West is BNSF Railway.

Revenue was $24.5 billion in 2025 and $20.3 billion in the first nine months of 2026. In July 2025, Union Pacific agreed to buy Norfolk Southern, an eastern railroad, to form the first railroad from coast to coast in the United States. The Surface Transportation Board (STB) must approve the deal.

Union Pacific trades at a premium because investors pay for a railroad with few competitors, high margins and steady price increases. It is one of two large railroads in the western United States, and its operating ratio was 59.1% in Q3 2026, the best in the industry by its own measure. Revenue carloads grew 6% in Q3 2026, and diluted EPS rose 16% to $3.49. Investors also pay for the purchase of Norfolk Southern.

The deal can create the first railroad from coast to coast, with single-line service on about 10,000 lanes that now use two railroads. For the premium to be earned, four things must be true. The STB must approve the merger without conditions that remove much of its value. Union Pacific expects the deal to close in the second half of 2027.

EPS must keep growing at the 3-year target of a high-single-digit to low-double-digit rate through 2027. The operating ratio must improve in the core business, although fuel prices raise it now. After the close, the combined company must carry about $20 billion of new debt and still grow. Comments on the merger are due at the STB on November 18, 2026, and responses on February 16, 2027.

The Q4 2026 report, expected in late January 2027, is the next earnings test. The premium can shrink if the STB rejects the merger or adds heavy conditions, if freight volumes fall, or if the integration costs more than planned.

1. Nov 18, 2026Pending

   STB comments on the merger dueComments with few requests for conditions from large shippers and railroads pass; strong opposition or requests for large divestitures fail.
2. Jan 22, 2027 · est.Pending

   Q4 2026 results and 2027 outlook2026 EPS growth in the high single digits and a 2027 outlook in line with the 3-year EPS target pass; lower volumes or a weaker outlook fail.
3. 2027 · est.Pending

   STB decision on the Norfolk Southern mergerApproval with conditions that keep most of the expected benefits passes; a rejection or heavy conditions fail.

Every passed and failed checkpoint across all picks

• October 22, 2026Union Pacific reported Q3 2026 results. Revenue rose 15% to $7.2 billion, with 6% more revenue carloads and a higher fuel surcharge. Net income rose 16% to $2.1 billion, and diluted EPS rose 16% to $3.49. The operating ratio was 59.1%; higher fuel prices added 1.4 percentage points. Union Pacific kept its outlook for high-single-digit EPS growth in 2026 and set its 2026 capital plan at $3.5 billion.
• October 16, 2026Union Pacific said that Jennifer Hamann plans to retire as Executive Vice President and Chief Financial Officer in early 2027.
• September 18, 2026The STB denied motions from several parties that asked it to dismiss the merger application.

Last earnings

October 22, 2026 (8-K on sec.gov)

Next earnings

Expected about January 22, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 22, 2026 · unp-20260930
• 8-KEarnings releaseFiled October 22, 2026 · unp-20261022
• 8-KChange of directors or officers and Investor disclosureFiled October 16, 2026 · unp-20261016
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 23, 2026 · unp-20260630
• 8-KEarnings releaseFiled July 23, 2026 · unp-20260723
• 8-KShareholder vote resultsFiled May 18, 2026 · unp-20260514
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 23, 2026 · unp-20260331
• 8-KEarnings releaseFiled April 23, 2026 · unp-20260423
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 6, 2026 · unp-20251231
• 8-KEarnings releaseFiled January 27, 2026 · unp-20260127

Every filing on SEC EDGAR (CIK 100885)

• The STB must approve the Norfolk Southern merger. Shippers, other railroads and unions can oppose it or ask for conditions. A rejection can cost a termination fee of $2.5 billion in some cases, and heavy conditions can lower the value of the deal.
• The merger needs about $20 billion of cash and about 225 million new shares. New debt makes the balance sheet weaker, and the integration of two large railroads can disrupt service.
• Freight volumes move with the economy, trade and coal demand. Tariffs or a recession can lower carloads. Carloads fell 4% in Q4 2025 and 1% in Q1 2026 before they rose again.
• Fuel costs rose 69% in Q3 2026. The fuel surcharge recovers most of this cost with a delay, but high fuel prices raise the operating ratio.
• A large derailment or a release of hazardous materials can cause large costs and new rules.

Union Pacific funds itself mainly with long-term notes. Debt was $30.3 billion at September 30, 2026, down from $31.8 billion at December 31, 2025, and $1.3 billion of it is due within one year. Read more

Dividend yield

1.9% (last 12 months, at today’s price of $297.01)

Paid per share

$5.56 in the last 12 months (4 payments)

Current annual rate

$5.68 ($1.42 × 4 a year)

Payout ratio

45% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 31, 2026, $1.42 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 6.4% a year. Over the last 10 years, the dividend grew by about 9.7% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.