TTM
40.1%
YoY change
+0.09pp
Trough year (1986)
-12.9%
Peak year (2021)
42.8%
Latest annual
40.1%
Operating Margin history chart for Union Pacific (UNP) from 1985 to 2025
Latest: 40.1%
Operating Margin change chart for Union Pacific (UNP) from 1985 to 2025
Latest: +0.09pp
Operating Margin history table for Union Pacific (UNP) from 1985 to 2025
| 2025 | 40.1% | +0.09pp | ||
| 2024 | 40.1% | +2.40pp | ||
| 2023 | 37.7% | -2.21pp | ||
| 2022 | 39.9% | -2.96pp | ||
| 2021 | 42.8% | +2.72pp | ||
| 2020 | 40.1% | +0.70pp | ||
| 2019 | 39.4% | +2.10pp | ||
| 2018 | 37.3% | -0.65pp | ||
| 2017 | 38.0% | +1.48pp | ||
| 2016 | 36.5% | -0.45pp | ||
| 2015 | 36.9% | +0.42pp | ||
| 2014 | 36.5% | +2.59pp | ||
| 2013 | 33.9% | +1.67pp | ||
| 2012 | 32.2% | +2.96pp | ||
| 2011 | 29.3% | -0.09pp | ||
| 2010 | 29.4% | +5.47pp | ||
| 2009 | 23.9% | +1.21pp | ||
| 2008 | 22.7% | +1.95pp | ||
| 2007 | 20.7% | +2.21pp | ||
| 2006 | 18.5% | +5.29pp | ||
| 2005 | 13.2% | +2.62pp | ||
| 2004 | 10.6% | -7.86pp | ||
| 2003 | 18.5% | -0.14pp | ||
| 2002 | 18.6% | +1.30pp | ||
| 2001 | 17.3% | +1.28pp | ||
| 2000 | 16.0% | +0.02pp | ||
| 1999 | 16.0% | +17.62pp | ||
| 1998 | -1.6% | -12.93pp | ||
| 1997 | 11.3% | -6.14pp | ||
| 1996 | 17.4% | -0.47pp | ||
| 1995 | 17.9% | +5.00pp | ||
| 1994 | 12.9% | -0.05pp | ||
| 1993 | 13.0% | -2.13pp | ||
| 1992 | 15.1% | +13.50pp | ||
| 1991 | 1.6% | -12.08pp | ||
| 1990 | 13.7% | -0.09pp | ||
| 1989 | 13.8% | -2.02pp | ||
| 1988 | 15.8% | +0.46pp | ||
| 1987 | 15.3% | +28.26pp | ||
| 1986 | -12.9% | -22.55pp | ||
| 1985 | 9.6% | — |
- 202540.1%+0.09pp
- 202440.1%+2.40pp
- 202337.7%-2.21pp
- 202239.9%-2.96pp
- 202142.8%+2.72pp
- 202040.1%+0.70pp
- 201939.4%+2.10pp
- 201837.3%-0.65pp
- 201738.0%+1.48pp
- 201636.5%-0.45pp
- 201536.9%+0.42pp
- 201436.5%+2.59pp
- 201333.9%+1.67pp
- 201232.2%+2.96pp
- 201129.3%-0.09pp
- 201029.4%+5.47pp
- 200923.9%+1.21pp
- 200822.7%+1.95pp
- 200720.7%+2.21pp
- 200618.5%+5.29pp
- 200513.2%+2.62pp
- 200410.6%-7.86pp
- 200318.5%-0.14pp
- 200218.6%+1.30pp
- 200117.3%+1.28pp
- 200016.0%+0.02pp
- 199916.0%+17.62pp
- 1998-1.6%-12.93pp
- 199711.3%-6.14pp
- 199617.4%-0.47pp
- 199517.9%+5.00pp
- 199412.9%-0.05pp
- 199313.0%-2.13pp
- 199215.1%+13.50pp
- 19911.6%-12.08pp
- 199013.7%-0.09pp
- 198913.8%-2.02pp
- 198815.8%+0.46pp
- 198715.3%+28.26pp
- 1986-12.9%-22.55pp
- 19859.6%—
Operating Margin values are taken from Union Pacific's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About Operating Margin at Union Pacific (UNP)
According to Union Pacific's latest reported financial statements, the company's latest reported operating margin is 40.1%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
In 2025, Union Pacific (UNP) operating margin totalled 40.14% – expanded 0.1 percentage points year-over-year.
The highest annual operating margin of 42.83% was reported in 2021. The lowest in the available history was -12.94% in 1986.
Union Pacific Operating Margin by Year
Union Pacific Operating Margin 2025: 40.1%
2025's operating margin for Union Pacific came in at 40.14%, expanded 0.1 percentage points from 2024.
Union Pacific Operating Margin 2024: 40.1%
Union Pacific posted operating margin of 40.05% in 2024, expanded 2.4 percentage points from 2023.
Union Pacific Operating Margin 2023: 37.7%
In 2023, Union Pacific reported operating margin of 37.65%, contracted 2.2 percentage points from 2022.
Union Pacific Operating Margin 2022: 39.9%
Union Pacific operating margin in 2022 was 39.87%, contracted 3.0 percentage points from 2021.
Union Pacific Operating Margin 2021: 42.8%
Union Pacific operating margin in 2021 was 42.83%.
See more financial history for Union Pacific (UNP).
Sector peers by Operating Margin
Industrials peers of Union Pacific (UNP), ranked by their latest operating margin
| 18.5% | |
| 18.1% | |
| 17.9% | |
| 16.6% | |
| 14.9% | |
| 10.9% | |
| 9.9% | |
| -5.9% |
- 18.5%
- 17.9%
- 16.6%
- 10.9%
- -5.9%
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Union Pacific (UNP) Key Financials
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