New York, Jan 21, 2026, 14:36 ET — Regular session underway.
- Union Pacific shares climbed roughly 3% in afternoon trading, following a wider surge across the rail sector
- The company will release its quarterly results on Jan. 27 before the bell
- Regulators have ordered Union Pacific and Norfolk Southern to submit a revised merger filing
Shares of Union Pacific Corp climbed roughly 3% to $228.42 Wednesday afternoon, pushing rail stocks higher. Investors shrugged off short-term deal chatter, setting their sights on earnings due next week.
Union Pacific’s stock rally takes on new weight as the company prepares to release fresh data. Investors are eager for insight on demand, pricing, and costs following a rocky start for industrials this year.
The company’s planned merger with Norfolk Southern has hit a procedural snag, forcing traders to reconsider if the timeline will stretch out—or if both firms can move quickly enough to satisfy regulators and maintain momentum.
Union Pacific plans to report its fourth-quarter 2025 earnings on Tuesday, Jan. 27, at 7:45 a.m. ET, followed by a conference call at 8:45 a.m. ET. 1
Other railroads also climbed. CSX and Norfolk Southern each picked up roughly 2.7%, while Canadian Pacific Kansas City was up about 1.7%, mirroring the broader market rebound on Wednesday. 2
Last week, the Surface Transportation Board unanimously dismissed the Union Pacific-Norfolk Southern merger application as incomplete, citing missing post-merger market-share projections and an unfinished merger agreement, among other deficiencies. The board instructed the companies to submit a letter by Feb. 17 stating if and when they plan to file an updated application. 3
Union Pacific and Norfolk Southern have proposed the roughly $85 billion merger as a coast-to-coast railroad uniting the two networks. However, this marks the first major rail deal subject to the STB’s stricter post-2001 rules, which demand clear evidence that the merger will boost competition. 4
Chief Executive Jim Vena described the deal as “a transformational merger” that would ramp up pressure on rivals. He said it would “inject more competition” and force competitors to “enhance their service, reduce their price, or do both.” 5
Next week’s report should provide a clearer catalyst for stock traders than the merger news. Investors usually zero in on volume trends, pricing relative to inflation, and the operating ratio—operating costs divided by revenue—as a swift measure of efficiency.
The downside is clear. Regulators might require more extensive reviews or impose stricter conditions, dragging out the process and potentially altering the deal’s financial appeal. Plus, if earnings reveal weaker freight demand or persistent costs, the stock’s gains could vanish quickly.
Union Pacific will report earnings on Jan. 27, with a call to follow. Then, on Feb. 17, the STB deadline looms for an update on the timing of a revised merger filing.
