Union Pacific Q1 2026: EPS $2.93 Beats, Operating Ratio Improves — Snaps Double-Miss Streak

# Union Pacific Q1 2026: EPS $2.93 Beats, Operating Ratio Improves — Snaps Double-Miss Streak

> **Quick answer:** Union Pacific posted adjusted diluted EPS of $2.93 versus the $2.86 consensus estimate in Q1 2026, a clear beat driven by an 80-basis-point improvement in the adjusted operating ratio to 59.9% and a 9% surge in freight car velocity to 235 miles per day. Net income reached $1.7 billion. The company affirmed its full-year 2026 mid-single-digit EPS growth guidance and kept capex unchanged at $3.3 billion. Shares surged roughly 5.8% pre-market. This is not a financial advice article — see the disclaimer at the bottom.

Union Pacific Q1 2026 earnings UNP stock results landed before the open on April 23, 2026, and they were unambiguously good: the railroad snapped its Q4 2025 double-miss streak with adjusted EPS of $2.93, a best-ever quarterly operating ratio, and record operational efficiency across almost every metric. Here is the full breakdown — numbers, what drove them, what management said about tariffs and the Norfolk Southern merger, and what it means for investors.

## The Numbers: A Clean Beat Across the Board

Union Pacific delivered what Wall Street calls a "clean quarter" — beats on the metrics that matter most, in-line revenue, and no guidance cut to discount.

**Earnings per share:** Adjusted diluted EPS of $2.93 beat the $2.86 consensus estimate by 2.4%. GAAP diluted EPS of $2.87 also edged the $2.85 estimate. The $0.06 gap between GAAP and adjusted reflects merger-related costs associated with the pending Norfolk Southern acquisition.