Union Pacific just beat earnings and raised its dividend for the 20th straight year, but a looming merger is redirecting billions away from shareholders. Here is what income investors need to know before the deal closes in 2027.

CMH Wealth Management LLC decreased its holdings in Union Pacific Corporation (NYSE: UNP) by 18.4% during the undefined quarter, according to its most recent disclosure with the SEC. The firm owned 9,709 shares of the railroad operator's stock after selling 2,184 shares during the period. CMH Wealth Management LLC's holdings in Union Pacific

Union Pacific NYSE: UNP reported record third-quarter financial results as freight volume growth, operating productivity and intermodal demand supported higher revenue and earnings, while elevated diesel prices remained a significant cost headwind.

Union Pacific Corporation ( UNP ) Q3 2026 Earnings Call October 22, 2026 8:45 AM EDT Company Participants Vincenzo Vena - CEO & Director Jennifer Hamann - Executive VP & CFO Kenny Rocker - Executive Vice President of Marketing & Sales Eric Gehringer - Executive Vice President of Operations Conference Call Participants Christian Wetherbee - Wells Fargo Securities, LLC, Research Division Ken Hoexter - BofA Securities, Research Division Scott Group - Wolfe Research, LLC Jason Seidl - TD Cowen, Research Division Walter Spracklin - RBC Capital Markets, Research Division David Vernon - Bernstein Institutional Services LLC, Research Division Stephanie Benjamin Moore - Jefferies LLC, Research Division Jordan Alliger - Goldman Sachs Group, Inc., Research Division Ariel Rosa - Citigroup Inc., Research Division Brian Ossenbeck - JPMorgan Chase & Co, Research Division Thomas Wadewitz - UBS Investment Bank, Research Division Jonathan Chappell - Evercore ISI Institutional Equities, Research Division Richa Talwar - Deutsche Bank AG, Research Division Brandon Oglenski - Barclays Bank PLC, Research Division Presentation Unknown Attendee Thank you for accessing Union Pacific Corporation's 2026 Third Quarter Earnings Conference Call held at 8:45 a.m. Eastern Time on October 22, 2026, in Omaha, Nebraska.

US railroads pull ahead as high fuel costs hit truckers harder

Union Pacific's Q3 2026 earnings and revenues beat estimates, driven by strong freight demand, pricing gains and fuel surcharges despite rising operating costs.

The headline numbers for Union Pacific (UNP) give insight into how the company performed in the quarter ended September 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Union Pacific (UNP) came out with quarterly earnings of $3.53 per share, beating the Zacks Consensus Estimate of $3.47 per share. This compares to earnings of $3.08 per share a year ago.