How much more did Union Pacific collect in fuel surcharges than it spent on fuel in Q2 2026, and how does that compare to its peers?

Union Pacific collected $91.1 million more in fuel surcharges than it paid for fuel during the second quarter of 2026, far outpacing rivals; only Norfolk Southern ($3.6 million) and CSX ($8.4 million) also reported surcharge surpluses, while BNSF did not report a surplus and Union Pacific was the only major railroad to report fuel surcharge revenue exceeding fuel costs for the first half of 2026.

What role did fuel surcharges play in Union Pacific's Q2 2026 earnings, and how is the company justifying them?

Fuel surcharges added 14 cents per share to Union Pacific's Q2 2026 earnings, equating to $83.2 million in profit; the company stated that 'fuel surcharges are a component of the overall cost we negotiate with customers and something they take into consideration when choosing Union Pacific and the service we provide.'

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Union Pacific collected $91.1 million more in fuel surcharges than costs in Q2, drawing criticism from shippers while pursuing an $85 billion merger with Norfolk Southern.

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