UNION PACIFIC Q3 EARNINGS: - INTERMODAL REVENUE: $1.52B (EST $1.54B) - EPS: $3.49 (EST $3.47) - OPERATING RATIO: 59.1% (EST 59%) - OPERATING REVENUE: $7.20B (EST $7.14B) - FREIGHT REVENUE: $6.81B (EST $6.79B) - AFFIRMS 2026 EPS HIGH-SINGLE-DIGIT GROWTH GUIDANCE - UPDATES 2026 CAPITAL PLAN TO $3.5B - HIGHER FUEL PRICE UNFAVOURABLY IMPACTED QTRLY OPERATING RATIO 140 BASIS POINTS - 2026 OUTLOOK ON…

Union Pacific reported third-quarter results with earnings per share of $3.49 against consensus of $3.47, operating revenue of $7.20 billion versus an estimated $7.14 billion, and an operating ratio of 59.1% compared with expectations of 59%. Intermodal revenue came in slightly below forecast at $1.52 billion versus $1.54 billion expected, while freight revenue of $6.81 billion edged past the $6.79 billion estimate. The headline is truncated before the company's guidance language, so the forward outlook is not confirmed here. The transmission channel for fuel markets runs through rail demand: railroads are large consumers of diesel, so fuel costs feed directly into operating expenses, while freight volume strength signals sustained industrial and consumer goods movement that supports distillate demand. A slightly higher operating ratio than consensus would indicate marginally higher cost pressure, which in the fuel complex is most relevant to diesel crack spreads and heating oil futures rather than crude alone. Traders should watch the U.S. Energy Information Administration weekly distillate inventory report and the full-year guidance commentary from the earnings call for

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