J P M O R G A N North America Equity Research 23 July 2026 Union Pacific First Look at 2Q26 Earnings Initial View – Neutral. We expect UNP to have a neutral reaction to the 2Q26 earnings beat considering expectations were rising into the print as the network continued to post solid operating metrics and volumes. Each rail discloses the impact of fuel a bit differently, and we expect the significant EPS tailwind at UP this quarter will dilute the headline beat, especially when compared to CSX, which disclose ...