UNP Union Pacific margins

Relative Growth: Rel. Growth: 53

Relative Strength: Rel. Strength: 69

Relative Valuation: Rel. Valuation: 44

Relative Profitability: Rel. Profitability: 90

Gross margin

74.8%

Operating margin

40%

EBITDA margin

52.4%

Net margin

28.8%

Based on the latest figures, Union Pacific reports a gross margin of 74.8%, an operating margin of 40%, an EBITDA margin of 52.4%, and a net margin of 28.8%. EBITDA margin headed the available margin improvements with a 0.6 percentage-point increase, while gross margin dropped by 1.2 percentage points.

UNP margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, Union Pacific recorded average margins of 74.91% gross, 39.43% operating, 51.14% EBITDA, and 27.78% net. At Union Pacific, operating, EBITDA, and net margins are above their three-year averages, while gross margin is below its three-year average.

UNP margin expansion

Year-over-year margin changes in percentage points

Union Pacific's EBITDA margin expanded by 0.6 percentage points and net margin by 0.4 percentage points, but gross margin contracted by 1.2 percentage points and operating margin by 0.3 percentage points.

Gross margin expansion

-1.2pp

Operating margin expansion

-0.3pp

EBITDA margin expansion

0.6pp

Net margin expansion

0.4pp

UNP Gross margin

Over the last 3 years, the average gross margin for Union Pacific was 74.91%. The latest gross margin for Union Pacific is 74.8%, 0.1 percentage points below its three-year average. Union Pacific's gross margin ranged from a low of 72.9% in Sep 2023 to a high of 76% in Sep 2025.

UNP Operating margin

The average operating margin for Union Pacific was 39.43% over the last 3 years. Union Pacific currently reports an operating margin of 40%, 0.6 percentage points above its three-year average. The operating margin for Union Pacific moved between 37.6% in Sep 2023 and 40.6% in Sep 2025.

UNP EBITDA margin

The average EBITDA margin for Union Pacific was 51.14% in the last 3 years. Against its three-year average, Union Pacific's EBITDA margin is currently 52.4%, 1.3 percentage points above its three-year average. The EBITDA margin for Union Pacific moved between 49.1% in Sep 2023 and 52.9% in Mar 2026.

UNP Net margin

Across the last 3 years, Union Pacific's net margin averaged 27.78%. Against its three-year average, Union Pacific's net margin is currently 28.8%, 1 percentage points above its three-year average. Net margin was highest at 29.2% in Mar 2026 and lowest at 26.4% in Sep 2023.

UNP margin group comparison

Margins compared with peer-group, industry and sector averages

Union Pacific's gross margin of 74.8% is higher than the Industrials sector and the industry average. Looking at the Industrials sector average of 32.9%, Union Pacific's gross margin is 127% higher.

UNP margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Union Pacific's gross margin?

For the period ending Jun 30, 2026, UNP recorded a gross margin of 74.8%.

What is Union Pacific's operating margin?

The current operating margin for UNP is 40% as of Jun 30, 2026.

What is Union Pacific's EBITDA margin?

As of Jun 30, 2026, UNP has an EBITDA margin of 52.4%.

What is Union Pacific's net margin?

For the period ending Jun 30, 2026, UNP recorded a net margin of 28.8%.

What are the average margins of UNP?

Union Pacific's average margins over the last 3 years were 74.9% gross, 39.4% operating, 51.1% EBITDA, and 27.8% net.

What are the highest historical margins of UNP?

Looking back across 5 years, UNP reached 78.3% gross in Sep 2021, 42.9% operating in Mar 2022, 54.3% EBITDA in Dec 2021, and 30.1% net in Mar 2022.

What are the lowest historical margins of UNP?

In the last 5 years, the lowest margins reported by UNP were 72.3% gross in Mar 2023, 37.6% operating in Sep 2023, 49.1% EBITDA in Sep 2023, and 26.4% net in Sep 2023.