Union Pacific grows earnings as freight volumes rise
Union Pacific ($UNP) reported third-quarter 2026 net income of $2.1 billion, up 16%, with GAAP earnings of $3.49 per share. Adjusted earnings increased 15% to $3.53. Revenue rose 15% to $7.2 billion as carloads increased 6%, supported by core pricing gains and higher fuel surcharges. Freight revenue excluding fuel surcharges also increased 6%. The reported operating ratio improved slightly to 59.1%, while the adjusted ratio was 58.8%. Higher fuel prices added 140 basis points to the ratio, illus
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