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08:45
Jul 23 ◎

UNP FY2026 Q2 Watch

Union Pacific Corporation (UNP) FY2026 Q2 Earnings Call

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Jim Vena

Management raised full-year EPS guidance to high single-digit growth, driven by strong volume, pricing, and operational efficiency, despite fuel headwinds.

"We are raising to full-year reported EPS growth in the high single-digit range."

UNP WATCH

Jim Vena

Union Pacific is pursuing a merger with Norfolk Southern; progress is being made with regulatory approvals and voluntary commitments, signaling long-term strategic alignment.

"I'd like to quickly summarize what you've heard and provide an update on our merger with Norfolk Southern."

NSC WATCH

Jim Vena

CN and UNP reached a settlement agreement that grants CN access to Mexico via UNP's line and UNP access to CN's Chicago east-west routes, reducing regulatory friction and opening growth opportunities.

"Also yesterday, we announced that we reached a merger settlement agreement with the railroad I used to work for, Canadian National."

CNI WATCH

HIGH

08:45
Apr 23 ◎

UNP FY2026 Q1 Watch

Union Pacific Corporation (UNP) FY2026 Q1 Earnings Call

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Jim Venna

Management expresses positive view on merger partner, reinforcing conviction in the combination and integration feasibility.

"Norfolk Southern is a good railroad. They're good in how they think about their infrastructure. They're good in how they think about technology."

NSC WATCH

Jim Venna

Management strikes a confident tone on both near- and long-term outlook, citing record results, operational improvements, and reaffirmed guidance despite macro uncertainties and fuel headwinds.

"we are doing what we said we would, leading the industry in safety service and operational excellence. And that further translates into affirming our long-term guidance of high single-digit to low double-digit CAGR through 2027."

UNP WATCH

Kenny Rocker

Indicates business development success with an automotive OEM, helping to soften auto headwinds.

"having won incremental volume with BMW offset some of the market softness."

BMWYY WATCH

Jim Venna

Union Pacific currently operates with >100 fewer locomotives on the main line versus historical levels due to velocity gains, representing latent capacity that can absorb 10%+ volume growth with little incremental cost. — This physical slack means Union Pacific can win truck conversion volumes without needing major capex, pressuring truckload carriers' pricing and market share.

"we're operating with over 100 locomotives on the main line less just because of our speed and what we've been able to improve. So we've parked them. They give us a nice buffer."

JBHT WATCH ODFL WATCH

Kenny Rocker

The Golden Triangle Polymers joint venture between CP Chem (Chevron/Phillips 66) is scheduled to start up in Q3 2026, which will bring significant new chemical volumes onto the Union Pacific network. — This large new source of petrochemical traffic will boost Union Pacific's industrial volumes and demonstrates the multi-year tailwind from shipper investment in Gulf Coast chemical plants.

"A great example is the Golden Triangle Polymers Company joint venture with CP Chem, where we are encouraged by the upcoming startup of this new world-scale facility in the third quarter."

CVX WATCH PSX WATCH

HIGH

08:45
Jan 27 ◎

UNP FY2025 Q4 Watch

Union Pacific Corporation (UNP) FY2025 Q4 Earnings Call

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Kenny Rocker

Union Pacific's domestic intermodal volumes hit a record in 2025, winning over-the-road conversions from trucking, including with Uber Freight, as service reliability reaches 100%. — This suggests structural truck-to-rail shift that could pressure less-than-truckload and truckload carriers long term.

"Hub has come out, Swift has come out, O&E has come out, and what those Intermodal customers see are the investments that Eric and this management team have made."

HUBG WATCH KNX WATCH UBER WATCH

Jim Venner

Canadian Pacific is a competitor in Mexico cross-border traffic, but Union Pacific continues to compete effectively despite CP's integrated network.

"We still ship with Canadian Pacific into Mexico, and we ship with the FXC into Mexico both northbound and southbound."

CP WATCH

Jennifer Heyman

Management's 2026 guidance of mid-single-digit EPS growth reflects cautious macro assumptions but confidence in operational outperformance, leading to a neutral overall tone.

"Our current plans do not anticipate a significant economic upswing. We are, however, confident in our operational capabilities as our network is running better than ever."

UNP WATCH

HIGH

08:45
Oct 23 ◎

UNP FY2025 Q3 Watch

Union Pacific Corporation (UNP) FY2025 Q3 Earnings Call

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Jim Vena

International intermodal volumes declined 17% year over year due to tough comps and softer West Coast imports, but domestic intermodal set record volumes. — The divergence between international and domestic intermodal highlights shifting trade patterns and the importance of the domestic franchise.

"we have a historic opportunity ahead, the focus remains on today further optimizing the best real franchise in North America."

NSC WATCH

Jim Vena

Jim Vena dismisses BN's opposition to the merger, implying Berkshire's resources don't change the competitive dynamics, and that BN's stance is self-serving.

"they're a subsidiary of Behemoth called Berkshire, you know, with $350 billion. So they can do whatever they want, whether they want to buy something or not buy something."

BRK.B WATCH

Jennifer Heyman

Management reaffirms long-term growth targets despite near-term volume headwinds, signaling confidence in underlying execution but no upgrade to guidance.

"despite the somewhat challenging close to the year, we still expect to achieve our three-year EPS CAGR view of high single to low double-digit growth."

UNP WATCH

Kenny Rocker

Truck production is down about 28%, which could lead to a tightening of truck capacity and eventually support intermodal pricing and volume. — A structural reduction in truck supply could shift freight back to rail, benefiting intermodal networks across the industry.

"we have the Falcon out there with Canadian National that's working well"

CNI WATCH CSX WATCH

Jim Vena

Management references CP as part of the broader rail network they compete and cooperate with.

"whether it's Canadian National or Canadian Pacific"

CP WATCH

HIGH

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