UNP · Union Pacific Corporation Q2 FY2026 earnings call record财报电话会记录

“Let's begin with our second quarter income statement on slide six, where operating revenue of $6.9 billion increased 12% versus last year, and freight revenue also grew 12% to $6.5 billion.”

“Fuel surcharge revenue added 750 basis points and increased roughly $460 million, reflecting the impact of higher year-over-year fuel prices and volume.”

“We also paid down $1.5 billion of long-term debt in the first half of the year, resulting in an adjusted debt to EBITDA ratio of 2.5x.”

“From that focused approach, we have generated reported EPS growth of 6% year-to-date, in line with our January outlook.”

“Looking to the remainder of the year, we are raising our 2026 outlook to reported EPS growth in the high single-digit range as we continue to efficiently move increased volume on our network.”

“We also expect to continue delivering operating ratio improvement and maintain our position of industry leadership, even against ongoing margin pressure from fuel.”

“Overall, a strong first half of 2026, coupled with an improved outlook, highlight our ability to grow volumes, deliver for customers, and manage costs, a strategy that delivers value for all of our stakeholders.”

“Premium revenue for the quarter increased 21% on a 4% increase in volume and a 16% increase in average revenue per car, reflecting higher fuel surcharge, core pricing, and improved business mix.”

“Would I like to make a, the problem we have is, because we do not have a whole bunch of overlap, we've basically dealt with our 2-1 and 3-2 customers even.”

“Can you give us any kind of framing of, we say, 3-2, 2-1 customers when you consider the customers on St.”

“Out of all our customers, we said that we would fix the 2-1s, we have a remedy even for the 3-2s, which truly is, let's get serious.”

“As we look then to the second half with domestic intermodal likely staying very strong and maybe some upside on the international side, we'll probably see a little bit more pressure on that mix side.”