Union Pacific is trading higher Thursday, April 23, 2026 after reporting first-quarter results that came in ahead of expectations. The company delivered net income of about $1.7 billion, or $2.87 per diluted share (adjusted $2.93), supported by record operating revenue of $6.22 billion and improved operating efficiency metrics, while merger-related costs associated with the proposed Norfolk Southern transaction weighed modestly on results. (stocktitan.net)

The quarter featured mid-single-digit EPS growth and revenue growth of roughly 3% year over year, with core pricing and mix helping offset slightly lower carloads and higher operating costs. Investors are also focusing on operational improvements, including an operating ratio around the low-60% range reported for the quarter, reinforcing the view that productivity initiatives are continuing to translate into earnings leverage. (investing.com)

Alongside the quarterly beat, Union Pacific reaffirmed its 2026 outlook, including expectations for mid-single-digit reported EPS growth and further operating ratio improvement, while it advances the regulatory process for its proposed acquisition of Norfolk Southern. The combination of steady guidance and improving efficiency is helping investors look through near-term merger costs and uncertainty around timing and approvals. (stocktitan.net)