How much did Union Pacific profit from fuel surcharges in Q2, and how does that compare to its rivals?

Union Pacific collected $91.1 million more in fuel surcharge revenue than it paid for fuel during the second quarter, boosting profits by $83.2 million, or 14 cents per share — a result that 'far outpaced rivals' and spurred concerns that fuel recovery charges are generating profit rather than merely offsetting costs.

What are the current fuel surcharge percentages for UPS and FedEx, and how have they changed since 2021?

As of the latest data cited, UPS applies a 24.25% fuel surcharge and FedEx a 23.75% surcharge on base shipping rates — up sharply from about 9% for UPS in August 2021 when diesel averaged $3.35 per gallon, according to AFS Logistics analysis; neither company explained the reason for the steep increase.

Iran War Drives US Transport Fuel Surcharges and Industry Profits

Aug 28, 2026

Geopolitical tensions from the Iran war have increased fuel costs, prompting major transport firms like Union Pacific and Maersk to raise surcharges that exceed expenses, boosting profits amid supply chain inflation concerns.

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