Road & Rail
Union Pacific delivered Q2 FY2026 diluted EPS of $3.36 (+6.7% YoY) on revenue of $6.864B (+11.5% YoY), as strong pricing and freight demand offset a higher operating ratio driven by a 60% jump in fuel prices and Norfolk Southern acquisition-related expenses.
Key risk: Rising Fuel Cost Exposure
Locomotive diesel fuel prices averaged $3.86 per gallon in Q2 2026 versus $2.42 in Q2 2025, a 60% increase driven by supply chain pressures, which was the primary driver of the 0.7-point deterioration in operating ratio despite fuel surcharge recovery mechanisms.
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