Union Pacific (UNP) Operating Margin (2009 - 2026)
Union Pacific (UNP) posted Operating Margin of 40.25% for Q2 2026, up 1.81% sequentially from 39.54% in Q1 2026, and down 78.0% YoY from 182.97% in Q2 2025.
Union Pacific (UNP) Operating Margin (2009 - 2026) Analysis & Trends
Union Pacific has reported Operating Margin for 18 years, with the latest figure at 40.25% in Q2 2026.
- Quarterly Operating Margin fell 78.0% year-over-year to 40.25% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 40.03% (down 30.0% YoY) and the FY2025 annual result came in at 40.17%, up 12.0% from the prior year.
- Operating Margin grew to 40.25% in Q2 2026 per UNP's latest filing, from 39.54% in the prior quarter.
- Over five years, Operating Margin peaked at 41.25% in Q4 2024 and troughed at 36.64% in Q3 2023.
- A 5-year average of 39.48% and a median of 39.6% in 2026 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2022 and 2024: Operating Margin tumbled 513 bps in 2022, then surged 302 bps in 2024.
- Over 5 years, Operating Margin stood at 39.03% in 2022, then climbed by 0 bps to 39.08% in 2023, then rose by 6 bps to 41.25% in 2024, then retreated by 4 bps to 39.46% in 2025, then increased by 2 bps to 40.25% in 2026.
- According to Business Quant data, Operating Margin over the past three periods registered 40.25%, 39.54%, and 39.46% for Q2 2026, Q1 2026, and Q4 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Union Pacific | 181.85 Bn | 179.73 Bn | 6.50 Bn | 40.25% |
| 2 | Csx | 95.40 Bn | 94.01 Bn | 3.29 Bn | 38.27% |
| 3 | Canadian Pacific Kansas City | 85.53 Bn | 85.26 Bn | 2.92 Bn | 35.35% |
| 4 | Canadian National Railway | 79.37 Bn | 79.37 Bn | - | - |
| 5 | Norfolk Southern | 78.52 Bn | 77.45 Bn | - | 32.44% |
| 6 | Westinghouse Air Brake Technologies | 50.19 Bn | 49.52 Bn | 1.16 Bn | 18.87% |
| 7 | Trinity Industries | 2.36 Bn | 2.20 Bn | 109.90 Mn | 41.19% |
| 8 | Greenbrier Companies | 1.42 Bn | 1.14 Bn | 81.10 Mn | 5.53% |
| 9 | Foster L B | 395.15 Mn | 389.37 Mn | 30.87 Mn | 4.44% |
| 10 | FreightCar America | 236.29 Mn | 171.99 Mn | - | - |
Historic Data
Download Data| Date | Value |
|---|---|
| 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% |
| Sep 30, 2021 | 43.69% |