Union Pacific affirms 2026 reported EPS growth in the high single-digit range while lifting 2026 capex to $3.5B
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Vena is nearly certain the STB will approve the merger and would walk away from a bad deal
60% confidenceFuel expense grew 69% on a 64% rise in average fuel price, from $2.56 to $4.21 per gallon
60% confidenceFuel conservation improved 2% in the quarter
60% confidenceUP has 289 locomotives in storage and others ready to go; Vena expects first merged earnings roughly a year from now
60% confidenceUP will keep growing cash reserves ahead of closing the Norfolk Southern merger in 2H 2027
60% confidenceOver 500 customers have written letters of support for the merger
60% confidenceFewer cars missed plan while business is up, and fewer locomotives are operating
60% confidenceDomestic intermodal delivered a fifth consecutive record quarter; international intermodal expected to grow double digits in Q4
60% confidenceUP is affirming 2026 reported EPS growth in the high single-digit range versus 2025's $11.98, which included $0.30 from a Q4 land sale
60% confidenceUnion Pacific reported record financial results with net income of $2.1B and adjusted EPS up 15% to $3.53, on 6% volume growth
60% confidenceUP will price to what the market can support; intermodal bid season largely baked, with improvement expected end of year into early 2027
60% confidence2026 capital spend updated to $3.5B to invest for growth and pull ahead 2027 work
60% confidenceBerkshire has been clear it does not want a railroad merger; UP would walk away from a bad deal
60% confidenceUP can keep improving core operating ratio in 2026, but reported OR is challenged by fuel, with Q4 fuel expected around $4.85 per gallon
60% confidence