Union Pacific (UNP) Gross Margin (2009 - 2026)

Union Pacific has disclosed Gross Margin across 18 years of filings, most recently posting 94.15% for Q1 2026.

• Gross Margin for Q1 2026 came in at 94.15%, up 10.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 96.47% (up 421.0% YoY), and the FY2025 annual result was 94.39%, down 14.0% from the prior year.
• Gross Margin came in at 94.15% for Q1 2026 at Union Pacific, down from 106.92% in the prior quarter.
• In the past five years, Gross Margin ranged from a high of 121.0% in Q4 2022 to a low of 85.01% in Q2 2022.
• The 5-year median for Gross Margin is 89.99% (2024), against an average of 93.1%.
• Across the five-year window, Gross Margin soared 1619 bps in 2022 and sank 3333 bps in 2023, its largest moves.
• Union Pacific's Gross Margin stood at 121.0% in 2022, then fell by 28 bps to 87.68% in 2023, then gained by 9 bps to 95.41% in 2024, then climbed by 12 bps to 106.92% in 2025, then retreated by 12 bps to 94.15% in 2026.
• The last three Gross Margin figures came in at 94.15% (Q1 2026), 106.92% (Q4 2025), and 94.36% (Q3 2025), per Business Quant data.