Union Pacific CorporationNYSE: UNP
Industrials · Rail Transportation
$266.35
-1.16%
Vol: 1.5M
Research Digest
Friday, May 1, 2026
Union Pacific Q1 2026 EPS beats estimates at $2.93 and refiled $85B Norfolk Southern merger application with STB
Union Pacific reported Q1 2026 EPS of $2.93 (beat $2.86 estimate) with net income of $1.7B and 3% revenue growth to $6.2B. Company refiled merger application with Surface Transportation Board for $85B Norfolk Southern deal, expected completion in 2027. Union Pacific will issue ~225M shares and pay ~$20B cash at close. Board declared $1.38 dividend. Rail sector outlook remains stable despite merger opposition. Analyst consensus Buy with $275.55 average price target (+3.31% upside).
Previous Market Intelligence
13 daysApr 30Union Pacific refiles $85B Norfolk Southern merger application with 100% actual traffic data; Q1 revenue +3%Positive▶
Union Pacific and Norfolk Southern filed an amended merger application to the Surface Transportation Board on April 30, seeking approval for a transcontinental railroad combining the two carriers. The updated filing uses complete systemwide traffic data from all six North American Class I railroads for the first time in rail merger history (vs. sample data), addressing prior regulatory concerns. Companies project the merger will remove ~2.1M trucks from roads and save shippers $3.5B annually by modal shift. Union Pacific reported Q1 2026 operating revenue up 3% YoY to $6.2B, with improved operational metrics (freight car velocity +9% to 235 daily miles, terminal dwell -11% to 19.7 hours). Citi raised PT to $307 from $285 (Buy). Merger uncertainty and shipper opposition present near-term risks, but operational leverage and infrastructure consolidation thesis remain intact. Analyst consensus remains bullish on standalone logistics optionality.
Apr 29Union Pacific Q1 operating revenue +3% YoY to $6.2B; freight velocity up 9%, dwell down 11% on efficiency gainsPositive▶
Union Pacific delivered record first-quarter results with operating revenue up 3% YoY to $6.2B and freight revenue up 4% to $5.9B. Operational efficiency improved sharply with freight car velocity rising 9% to 235 daily miles per car and average terminal dwell improving 11% to 19.7 hours. Company was rated North America's best performing railroad for intermodal service in 2025 by Journal of Commerce. Signed $1.2B locomotive modernization deal with Wabtec and reached historic labor agreement guaranteeing jobs-for-life with American Train Dispatchers Association post-merger with Norfolk Southern. Multiple analysts raised price targets post-earnings: Citi +$22 to $307, Raymond James +$25 to $310, JPMorgan +$8 to $275. Stock closed at $267.74 on 4/28.
Apr 16Union Pacific and Wabtec sign $1.2 billion locomotive modernization agreement; Q1 2026 earnings due April 23Positive▶
Union Pacific Corporation (UNP) signed a landmark $1.2 billion agreement with Wabtec to modernize its AC4400 locomotive fleet, enhancing operational efficiency. The company filed a merger application with the Surface Transportation Board to combine with Norfolk Southern, creating America first transcontinental railroad. Union Pacific declared a quarterly dividend of $1.38 per share payable March 31, 2026. Both railroads were named to Fortune 2026 World Most Admired Companies list and UNP was rated North America best-performing railroad for intermodal service in 2025. Q1 2026 earnings release is scheduled for April 23. JPMorgan raised its price target to $267 from $265, and Citi raised its target to $285 from $270.
Apr 14JPMorgan raises PT to $267; Citi to $285; $1.2B Wabtec locomotive deal signedPositive▶
JPMorgan raised PT to $267, Citi to $285. Signed $1.2B Wabtec locomotive modernization agreement. Q1 EPS expected $2.85. Q1 earnings April 23.
Apr 13Norfolk Southern merger approval pending; Big Boy tour launch; labor agreements reachedPositive▶
Union Pacific and Norfolk Southern filed 7,000-page merger application seeking STB approval for transcontinental railroad. Big Boy steam locomotive launched coast-to-coast America 250 tour on April 10. ATDA reached jobs-for-life agreement. JPMorgan raised price target to $267 (April 7), Citi to $285. Q1 2026 earnings April 23. Stock at $251.15.
Apr 10Union Pacific Q1 earnings April 23; 16 of 24 analysts recommend Strong Buy; $276.14 price target.Positive▶
Union Pacific will release Q1 2026 results April 23. Analysts expect $2.85 EPS (up 5.6% YoY). Among 24 analysts, 16 recommend Strong Buy with mean price target of $276.14 (13.2% upside). Prime Capital Investment Advisors increased position 6.9%. Company finalized jobs-for-life agreement with American Train Dispatchers Association.
Apr 9Union Pacific-Norfolk Southern merger advances with train dispatcher job protections; Wabtec partnership announcedPositive▶
Union Pacific Railroad reached an agreement with the American Train Dispatchers Association guaranteeing jobs for life for union employees following the proposed merger with Norfolk Southern, creating America's first single-line coast-to-coast railroad. UNP and Wabtec signed a $1.2 billion landmark agreement to modernize AC4400 locomotives. UNP named to 2026 Fortune's World's Most Admired Companies list.
Apr 8Citigroup raises Union Pacific price target to $285; Q1 earnings April 23.Positive▶
Citigroup upgraded Union Pacific April 7, raising target from $270 to $285 maintaining Buy. Stock at $233.24 (+0.54%). Q1 2026 earnings April 23 at 7:45am ET. Bernstein target $293, Baird $311.
Apr 7Union Pacific advances Norfolk Southern merger with Surface Transportation Board filing and raises analyst price targets following labor agreements.Positive▶
Union Pacific filed 7,000-page merger application with Surface Transportation Board on December 19, seeking to combine with Norfolk Southern into transcontinental railroad serving 43 states, 100+ ports. Amtrak track agreement in Louisiana effective April 1 demonstrated railroad cooperation. Labor agreements guarantee jobs for life for union employees post-merger. Bernstein raised target from $289 to $293 (Outperform), Baird upgraded from Neutral to Outperform with $311 target. Q1 2026 earnings release April 23. Stock $244.71 with consensus Buy and $263.09 target implying 7.5% upside. 2025 revenue $24.51B (+1.07%), earnings $7.14B (+5.80%).
Apr 6Union Pacific Q1 2026 earnings April 23; $1.2B Wabtec locomotive modernization deal.Positive▶
UNP releases Q1 2026 earnings April 23 (analysts expect $2.85/share, +5.6% YoY). Signed $1.2B Wabtec deal to modernize AC4400 locomotives. American Train Dispatchers Association secured jobs-for-life agreement. Big Boy No. 4014 coast-to-coast tour celebrates America's 250th anniversary.
Apr 3Union Pacific secures sixth union job guarantee deal post-Norfolk Southern merger; Amtrak track agreement effective April 1.Positive▶
Union Pacific reached a major agreement with the American Train Dispatchers Association, guaranteeing lifetime jobs after the proposed Norfolk Southern merger. The company finalized Amtrak track usage agreement for Louisiana effective April 1. Union Pacific is investing $1.2 billion with Wabtec for AC4400 locomotive modernization. Analysts rate stock Buy with 12-month target of $262.77. Q1 earnings April 23.
Apr 1Union Pacific to report Q1 2026 earnings April 23; Norfolk Southern merger application filed with Surface Transportation Board.Neutral▶
Union Pacific will release Q1 2026 financial results on April 23, 2026. The company reported $2.86 EPS for the quarter ending January 27, 2026, missing consensus of $2.92. Union Pacific filed a merger application with the Surface Transportation Board to combine with Norfolk Southern, creating America's first transcontinental railroad. The Board declared a $1.38 quarterly dividend. UNP is rated Buy by 23 analysts with average price target of $262.77.
Mar 31Union Pacific and Wabtec complete $1.2B locomotive modernization deal enhancing efficiency.Positive▶
UNP and Wabtec $1.2B deal to modernize AC4400 locomotives reducing fuel 5%, increasing tractive effort 14%, improving reliability 80%. Quarterly dividend $1.38 (127 consecutive years). Pursuing Norfolk Southern merger. $3.3B 2026 capital plan. Baird upgraded to Buy.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| UNPUNION | $266.35 | -1.16% | +9.8% | 19.7x | 0.97 | $160.0B |
| CSXCSX | $45.09 | -0.76% | +9.5% | 21.1x | 1.25 | $84.4B |
| NSCNORFOLK | $316.44 | +0.19% | +9.6% | 23.4x | 1.31 | $70.9B |
| CATCATERPILLAR | $890.93 | +0.09% | +23.4% | 31.8x | 1.52 | $414.2B |
| GEGENERAL | $287.56 | -0.82% | +0.4% | 33.4x | 1.43 | $302.9B |
| GEVGE | $1,064.74 | -1.73% | +20.7% | 44.2x | 1.20 | $291.1B |
Key Fundamentals
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Price above both MAs — bullish structure.