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

Union Pacific has disclosed Operating Margin across 18 years of filings, most recently posting 39.54% for Q1 2026.

• Operating Margin for Q1 2026 came in at 39.54%, up 20.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 40.21% (up 16.0% YoY), and the FY2025 annual result was 40.17%, up 12.0% from the prior year.
• Operating Margin came in at 39.54% for Q1 2026 at Union Pacific, roughly flat from 39.46% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 41.25% in Q4 2024 to a low of 36.64% in Q3 2023.
• The 5-year median for Operating Margin is 39.54% (2026), against an average of 39.44%.
• Across the five-year window, Operating Margin tumbled 513 bps in 2022 and soared 302 bps in 2024, its largest moves.
• Union Pacific's Operating Margin stood at 39.03% in 2022, then gained by 0 bps to 39.08% in 2023, then grew by 6 bps to 41.25% in 2024, then declined by 4 bps to 39.46% in 2025, then grew by 0 bps to 39.54% in 2026.
• The last three Operating Margin figures came in at 39.54% (Q1 2026), 39.46% (Q4 2025), and 40.82% (Q3 2025), per Business Quant data.