Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
A record fuel bill did not dent the margin
Fuel surcharges billed the cost back to customers, so operating margin edged up to 40.9% as fuel soared.
For investorsWhat has to hold for this margin to last?
For foundersWriting your input costs into your price
Revenue rose 15.3% while pay costs rose 4.1%, as fewer employees handled more car miles on longer trains.
Capital spending hit $1.02B, the most in eight quarters, and operating cash still covered it with $1.76B left.
Track and yards cost about the same full or half empty, so each added carload carries little fixed cost.
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Business Lens describes Union Pacific Corporation from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
