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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| David Vernon | Bernstein | 9 (0%) |
| Brandon Oglenski | Barclays | 7 (14%) |
| Brian Ossenbeck | JPMorgan | 7 (29%) |
| Tom Wadewitz | UBS | 7 (0%) |
| Ariel Rosa | Citigroup | 7 (14%) |
| Jon Chappell | Evercore ISI | 7 (57%) |
| Ken Hoexter | Bank of America | 7 (29%) |
| Scott Group | Wolfe Research | 7 (14%) |
| Chris Wetherbee | Wells Fargo | 7 (0%) |
| Jason Seidl | TD Cowen | 6 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $6.12B | -0.6% | $2.91 | +7.4% | 41.3% | 28.8% | $1.74B |
| FY2025 Q1 | $6.03B | -0.1% | $2.70 | +0.4% | 39.3% | 27.0% | $1.30B |
| FY2025 Q2 | $6.15B | +2.4% | $3.15 | +15.0% | 40.9% | 30.5% |
| Citigroup | 1 | 7 (14%) |
| Evercore ISI | 1 | 7 (57%) |
| Bank of America | 1 | 7 (29%) |
| Jefferies | 2 | 7 (0%) |
Union Pacific delivered record Q1 financial results with operating revenue of $6.2B, up 3%, and EPS of $2.87, up 6% year-over-year, as operational excellence produced records across all six KPIs and core pricing gains exceeded inflation. The 2026 outlook for mid-single-digit reported EPS growth and operating ratio improvement was affirmed, and the NS merger revised application reflected stronger conviction. International intermodal volume continued declining, but broad strength in bulk (coal and grain) and domestic intermodal offset the weakness.
M&A | Competitive Dynamics | Demand | Pricing | Margin | Regulation Policy | Revenue Growth | Guidance Reliability | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 9 | 4 | 3 | 2 | 4 | 1 | |
| 2025Q1 | 2 | 2 | 3 | 2 | 1 | 3 | 4 | |
| 2025Q2 | 5 | 7 | 3 | 3 | 5 | 3 | 1 | |
| 2025Q3 | 10 | 5 | 2 | 4 | 1 | 1 | 1 | 3 |
| 2025Q4 | 7 | 4 | 3 | 2 | 4 | 1 | 2 | |
| 2026Q1 | 6 | 1 | 4 | 2 | 3 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| M&A | 5 | 10 | 7 | 6 | ||
| Competitive Dynamics | 3 | 2 | 7 | 5 | 4 | 1 |
| Demand | 9 | 2 | 3 | 2 | 4 | |
| Pricing | 4 | 3 | 4 | 3 | 2 | |
| Margin | 3 | 2 | 3 | 1 | 2 | 3 |
| Regulation Policy | 2 | 1 | 5 | 1 | 4 | |
| Revenue Growth | 4 | 3 | 3 | 1 | 1 | 1 |
| Guidance Reliability | 1 | 4 | 1 | 3 | 2 | 2 |
| $1.40B |
| FY2025 Q3 | $6.24B | +2.5% | $3.01 | +9.5% | 40.8% | 28.6% | $1.57B |
| FY2025 Q4 | $6.08B | -0.6% | $3.11 | +6.9% | 39.2% | 30.4% | $1.23B |
| FY2026 Q1 | $6.22B | +3.2% | $2.87 | +6.2% | 39.4% | 27.4% | $1.50B |
| FY2026 Q2 | $6.86B | +11.5% | $3.36 | +6.7% | 40.3% | 29.0% | $2.20B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What UNP and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“progressing through our merger application with UP”
Norfolk Southern is advancing its merger application with Union Pacific to create a single-line transcontinental railroad, a read-through on the pending UNP-NSC combination.
“absolutely Canadian Pacific would love to get access to the West Coast of the U.S.”
UNP's CEO argues rival Canadian Pacific (CPKC) is seeking West Coast access via merger-concession demands; a read-through on CP's strategic ambitions.
“Berkshire has the monetary capability with $300-plus billion in cash plus they have the capability to invest in the railroad and they're going to be a strong competitor for us after.”
UNP notes Berkshire's ~$300B cash gives its BNSF unit ample capacity to invest and compete post-merger; a read-through on Berkshire-backed rail competition.
“We are not competing against Burlington Northern Santa Fe. They're owned by Berkshire that this morning is over a $1 trillion company.”
UNP frames BNSF as its principal Western rail competitor, backed by Berkshire's balance sheet; a read-through on BNSF's competitive strength.
“The Norfolk Southern is a good railroad. They're good in how they think about their infrastructure, they're good in how they think about technology.”
UNP characterizes merger partner Norfolk Southern as a well-run railroad with good infrastructure and technology; a read-through on the pending UNP-NS combination.
“CSX reported yesterday, great results. I was impressed. They did a great job, okay? And they are going to compete hard and they will still be a competitor in the eastern part of our network.”
UNP's CEO praises CSX's quarterly results and frames CSX as a hard competitor in the East post-merger; a read-through on CSX's competitive posture.
“A great example is the Golden Triangle Polymers Company joint venture with CPChem, where we are encouraged by the upcoming start-up of this new world scale facility in the third quarter.”
UNP expects new petrochemical volumes from the CPChem-led Golden Triangle Polymers world-scale facility starting up in Q3; a read-through on the CPChem JV ramp.
“having one incremental volume with BMW offset some of the market softness.”
UNP won incremental automotive shipping volume with BMW, partially offsetting softer vehicle sales; a read-through on BMW's U.S. production/shipping.
“continued expansion into Mexico, such as Bartlett's new facility in Monterrey.”
UNP grain volumes benefit from customer Bartlett opening a new grain facility in Monterrey, Mexico; a read-through on Bartlett's Mexico expansion.
“new business with LCRA, which started in April of last year.”
Union Pacific cites new coal-hauling business with utility LCRA (started April 2025) as a driver of bulk-segment strength; a read-through on LCRA's coal-fired generation demand.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
UNP Union Pacific Corporation | 6 | +3.1% | |
| CSX CSX Corporation | 7 | +1.7% | |
| NSC Norfolk Southern Railway | 5 | +0.2% | |
| WAB Wabtec | 8 | +13.0% |