Union Pacific (UNP) Operating Margin (2009 - 2026)
Union Pacific's Operating Margin was 40.89% in Q3 2026, up 0.07 percentage points from 40.82% a year earlier and up 0.64 percentage points from the prior quarter.
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Analysis
Union Pacific (UNP) Operating Margin (2009 - 2026) Analysis & Trends
On a trailing twelve-month basis, Union Pacific's Operating Margin was 40.08% through Sep 30, 2026, down 0.54 percentage points year-over-year; for FY2025, it was 40.17%, up 0.12 percentage points from FY2024.
- Operating Margin shows a five-year change of +0.06 percentage points (FY2020 to FY2025).
- In earlier years, Operating Margin was 40.05% in FY2024 (+2.40 pp), 37.65% in FY2023 (-2.21 pp), 39.87% in FY2022 (-2.96 pp) and 42.83% in FY2021 (+2.72 pp).
- The Q3 2026 figure marks the highest quarterly Operating Margin since Q2 2025.
- Compared with a year earlier, Operating Margin was higher in six of the last eight quarters, with an average year-over-year change of +0.26 percentage points.
- The best year-over-year quarter for Operating Margin over five years was Q4 2021 (a gain of 3.54 percentage points); the worst was Q2 2022 (a drop of 5.13 percentage points).
- Per Business Quant data, UNP's Operating Margin in the three quarters before Q3 2026 was 40.25% (Q2 2026), 39.54% (Q1 2026) and 39.46% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 175.32 Bn | 167.57 Bn | - | 40.89% |
| 2 | United Parcel Service | 94.41 Bn | 71.23 Bn | - | 7.63% |
| 3 | Csx | 92.11 Bn | 87.33 Bn | - | 39.08% |
| 4 | Canadian Pacific Kansas City | 82.90 Bn | 81.93 Bn | - | 35.25% |
| 5 | Fedex | 75.65 Bn | 41.84 Bn | - | 6.20% |
| 6 | Norfolk Southern | 73.02 Bn | 67.48 Bn | - | 32.61% |
| 7 | Delta Air Lines | 59.68 Bn | 41.87 Bn | - | 7.20% |
| 8 | United Airlines Holdings | 38.90 Bn | -18.80 Bn | - | 8.09% |
| 9 | Old Dominion Freight Line | 35.16 Bn | 34.00 Bn | - | 28.46% |
| 10 | Ryanair Holdings | 32.29 Bn | 16.55 Bn | - | 31.94% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 40.89% |
| Jun 30, 2026 | 40.25% |
| Mar 31, 2026 | 39.54% |
| Dec 31, 2025 | 39.46% |
| Sep 30, 2025 | 40.82% |
| Jun 30, 2025 | 41.03% |
| Mar 31, 2025 | 39.34% |
| Dec 31, 2024 | 41.25% |
| Sep 30, 2024 | 39.67% |
| Jun 30, 2024 | 39.95% |
| Mar 31, 2024 | 39.33% |
| Dec 31, 2023 | 39.08% |
| Sep 30, 2023 | 36.64% |
| Jun 30, 2023 | 36.96% |
| Mar 31, 2023 | 37.88% |
| Dec 31, 2022 | 39.03% |
| Sep 30, 2022 | 40.10% |
| Jun 30, 2022 | 39.80% |
| Mar 31, 2022 | 40.56% |
| Dec 31, 2021 | 42.56% |
API Access
Union Pacific Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=UNP&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "UNP", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=UNP&period=max&api_key=YOUR_API_KEY");
const data = await res.json();