Union Pacific annual operating margin
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2025
Union Pacific Operating Margin Growth & History (UNP)
Union Pacific's operating margin was 40.17% for fiscal 2025.
View full Union Pacific company overviewUnion Pacific annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 40.17% | +0.12 pp |
| 2024 | 2024-12-31 | 40.05% | +2.40 pp |
| 2023 | 2023-12-31 | 37.65% | −2.21 pp |
| 2022 | 2022-12-31 | 39.87% | −2.96 pp |
| 2021 | 2021-12-31 | 42.83% | +2.72 pp |
| 2020 | 2020-12-31 | 40.11% | +0.70 pp |
| 2019 | 2019-12-31 | 39.40% | +2.10 pp |
| 2018 | 2018-12-31 | 37.30% | −0.86 pp |
| 2017 | 2017-12-31 | 38.16% | +1.84 pp |
| 2016 | 2016-12-31 | 36.32% | −0.59 pp |
| 2015 | 2015-12-31 | 36.91% | +0.42 pp |
| 2014 | 2014-12-31 | 36.49% | +2.59 pp |
| 2013 | 2013-12-31 | 33.90% | +1.67 pp |
| 2012 | 2012-12-31 | 32.23% | +2.96 pp |
| 2011 | 2011-12-31 | 29.27% | −0.09 pp |
| 2010 | 2010-12-31 | 29.36% | +5.47 pp |
| 2009 | 2009-12-31 | 23.89% | +1.24 pp |
| 2008 | 2008-12-31 | 22.65% | +1.92 pp |
| 2007 | 2007-12-31 | 20.73% | — |
Union Pacific quarterly operating margin
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Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 40.25% | −0.78 pp |
| Q1 2026 | 2026-03-31 | 39.54% | +0.20 pp |
| Q4 2025 | 2025-12-31 | 39.46% | −1.79 pp |
| Q3 2025 | 2025-09-30 | 40.82% | +1.16 pp |
| Q2 2025 | 2025-06-30 | 41.03% | +1.08 pp |
| Q1 2025 | 2025-03-31 | 39.34% | +0.01 pp |
| Q4 2024 | 2024-12-31 | 41.25% | +2.17 pp |
| Q3 2024 | 2024-09-30 | 39.67% | +3.02 pp |
| Q2 2024 | 2024-06-30 | 39.95% | +2.99 pp |
| Q1 2024 | 2024-03-31 | 39.33% | +1.45 pp |
| Q4 2023 | 2023-12-31 | 39.08% | +0.05 pp |
| Q3 2023 | 2023-09-30 | 36.64% | −3.46 pp |
| Q2 2023 | 2023-06-30 | 36.96% | −2.84 pp |
| Q1 2023 | 2023-03-31 | 37.88% | −2.68 pp |
| Q4 2022 | 2022-12-31 | 39.03% | −3.53 pp |
| Q3 2022 | 2022-09-30 | 40.10% | −3.59 pp |
| Q2 2022 | 2022-06-30 | 39.80% | −5.13 pp |
| Q1 2022 | 2022-03-31 | 40.56% | +0.71 pp |
| Q4 2021 | 2021-12-31 | 42.56% | +9.59 pp |
| Q3 2021 | 2021-09-30 | 43.69% | −0.50 pp |
| Q2 2021 | 2021-06-30 | 44.93% | +3.29 pp |
| Q1 2021 | 2021-03-31 | 39.85% | −4.06 pp |
| Q4 2020 | 2020-12-31 | 32.97% | −0.28 pp |
| Q3 2020 | 2020-09-30 | 44.19% | +0.78 pp |
| Q2 2020 | 2020-06-30 | 41.64% | −1.52 pp |
| Q1 2020 | 2020-03-31 | 43.91% | +4.79 pp |
| Q4 2019 | 2019-12-31 | 33.25% | −0.85 pp |
| Q3 2019 | 2019-09-30 | 43.41% | +2.59 pp |
| Q2 2019 | 2019-06-30 | 43.16% | +3.69 pp |
| Q1 2019 | 2019-03-31 | 39.12% | +3.71 pp |
| Q4 2018 | 2018-12-31 | 34.09% | −7.13 pp |
| Q3 2018 | 2018-09-30 | 40.82% | +2.49 pp |
| Q2 2018 | 2018-06-30 | 39.48% | +1.42 pp |
| Q1 2018 | 2018-03-31 | 35.42% | +0.58 pp |
| Q4 2017 | 2017-12-31 | 41.23% | +3.77 pp |
| Q3 2017 | 2017-09-30 | 38.33% | +0.45 pp |
| Q2 2017 | 2017-06-30 | 38.06% | +3.26 pp |
| Q1 2017 | 2017-03-31 | 34.84% | −0.09 pp |
| Q4 2016 | 2016-12-31 | 37.46% | +0.63 pp |
| Q3 2016 | 2016-09-30 | 37.88% | −1.82 pp |
| Q2 2016 | 2016-06-30 | 34.80% | −1.10 pp |
| Q1 2016 | 2016-03-31 | 34.93% | −0.28 pp |
| Q4 2015 | 2015-12-31 | 36.83% | −1.74 pp |
| Q3 2015 | 2015-09-30 | 39.70% | +2.01 pp |
| Q2 2015 | 2015-06-30 | 35.90% | −0.61 pp |
| Q1 2015 | 2015-03-31 | 35.22% | +2.33 pp |
| Q4 2014 | 2014-12-31 | 38.57% | +3.52 pp |
| Q3 2014 | 2014-09-30 | 37.69% | +2.48 pp |
| Q2 2014 | 2014-06-30 | 36.51% | +2.18 pp |
| Q1 2014 | 2014-03-31 | 32.88% | +2.01 pp |
| Q4 2013 | 2013-12-31 | 35.04% | +2.19 pp |
| Q3 2013 | 2013-09-30 | 35.21% | +1.78 pp |
| Q2 2013 | 2013-06-30 | 34.33% | +1.31 pp |
| Q1 2013 | 2013-03-31 | 30.87% | +1.33 pp |
| Q4 2012 | 2012-12-31 | 32.86% | +1.20 pp |
| Q3 2012 | 2012-09-30 | 33.43% | +2.49 pp |
| Q2 2012 | 2012-06-30 | 33.02% | +4.37 pp |
| Q1 2012 | 2012-03-31 | 29.54% | +4.22 pp |
| Q4 2011 | 2011-12-31 | 31.66% | +1.88 pp |
| Q3 2011 | 2011-09-30 | 30.94% | −0.85 pp |
| Q2 2011 | 2011-06-30 | 28.65% | −1.93 pp |
| Q1 2011 | 2011-03-31 | 25.32% | +0.40 pp |
| Q4 2010 | 2010-12-31 | 29.77% | +3.16 pp |
| Q3 2010 | 2010-09-30 | 31.78% | +5.60 pp |
| Q2 2010 | 2010-06-30 | 30.58% | +7.94 pp |
| Q1 2010 | 2010-03-31 | 24.92% | +5.27 pp |
| Q4 2009 | 2009-12-31 | 26.61% | +1.54 pp |
| Q3 2009 | 2009-09-30 | 26.18% | +5.80 pp |
| Q2 2009 | 2009-06-30 | 22.65% | — |
| Q1 2009 | 2009-03-31 | 19.65% | — |
| Q3 2008 | 2008-09-30 | 25.07% | — |
| Q2 2008 | 2008-06-30 | 20.38% | — |
Union Pacific operating margin trends
Over the last five reported fiscal years, Union Pacific's operating margin increased from 40.11% to 40.17%, a change of +0.06 percentage points. The latest reported quarter, Q2 2026, shows 40.25%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Union Pacific filings at SEC.gov ↗