Net Profit Margin
since 2005
Calculation
Union Pacific Corp., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income1 | ÷ | Operating revenues1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | 29.12% | = | 100 | × | 7,138) | ÷ | 24,510) |
| Dec 31, 2024 | 27.82% | = | 100 | × | 6,747) | ÷ | 24,250) |
| Dec 31, 2023 | 26.45% | = | 100 | × | 6,379) | ÷ | 24,119) |
| Dec 31, 2022 | 28.13% | = | 100 | × | 6,998) | ÷ | 24,875) |
| Dec 31, 2021 | 29.92% | = | 100 | × | 6,523) | ÷ | 21,804) |
| Dec 31, 2020 | 27.38% | = | 100 | × | 5,349) | ÷ | 19,533) |
| Dec 31, 2019 | 27.27% | = | 100 | × | 5,919) | ÷ | 21,708) |
| Dec 31, 2018 | 26.13% | = | 100 | × | 5,966) | ÷ | 22,832) |
| Dec 31, 2017 | 50.43% | = | 100 | × | 10,712) | ÷ | 21,240) |
| Dec 31, 2016 | 21.23% | = | 100 | × | 4,233) | ÷ | 19,941) |
| Dec 31, 2015 | 21.88% | = | 100 | × | 4,772) | ÷ | 21,813) |
| Dec 31, 2014 | 21.59% | = | 100 | × | 5,180) | ÷ | 23,988) |
| Dec 31, 2013 | 19.98% | = | 100 | × | 4,388) | ÷ | 21,963) |
| Dec 31, 2012 | 18.84% | = | 100 | × | 3,943) | ÷ | 20,926) |
| Dec 31, 2011 | 16.83% | = | 100 | × | 3,292) | ÷ | 19,557) |
| Dec 31, 2010 | 16.39% | = | 100 | × | 2,780) | ÷ | 16,965) |
| Dec 31, 2009 | 13.42% | = | 100 | × | 1,898) | ÷ | 14,143) |
| Dec 31, 2008 | 13.01% | = | 100 | × | 2,338) | ÷ | 17,970) |
| Dec 31, 2007 | 11.39% | = | 100 | × | 1,855) | ÷ | 16,283) |
| Dec 31, 2006 | 10.31% | = | 100 | × | 1,606) | ÷ | 15,578) |
| Dec 31, 2005 | 7.56% | = | 100 | × | 1,026) | ÷ | 13,578) |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The net profit margin exhibited a generally positive trend from 2005 through 2025, although with significant fluctuations. Initial values were in the mid-single digits, increasing consistently to reach a peak in the latter half of the period. A particularly notable surge occurred in 2017, followed by a return to more moderate levels, and then a subsequent rise again towards the end of the analyzed timeframe.
- Overall Trend
- From 2005 to 2017, the net profit margin demonstrated a consistent upward trajectory, increasing from 7.56% to 50.43%. This represents a substantial improvement in profitability. Following the peak in 2017, the margin experienced a considerable decline to 26.13% in 2018, before stabilizing and gradually increasing again.
- Early Growth Phase (2005-2010)
- Between 2005 and 2010, the net profit margin increased from 7.56% to 16.39%. This period reflects a steady improvement in the company’s ability to convert revenue into profit. The rate of increase accelerated in the later years of this phase.
- Continued Improvement (2011-2016)
- The years 2011 through 2016 saw continued growth in the net profit margin, rising from 16.83% to 21.88%. While the rate of increase slowed compared to the previous period, the margin consistently remained above 16%, indicating sustained profitability.
- Exceptional Performance & Subsequent Adjustment (2017-2019)
- 2017 marked a significant outlier with a net profit margin of 50.43%, substantially higher than any other year in the analyzed period. This was followed by a decrease to 26.13% in 2018 and 27.27% in 2019. This suggests a potentially non-recurring event or a significant change in the company’s cost structure or revenue mix in 2017, followed by a correction in subsequent years.
- Recent Performance (2020-2025)
- From 2020 to 2025, the net profit margin fluctuated between approximately 27% and 30%. This indicates a period of relative stability in profitability, with the margin remaining at a healthy level. The final recorded value in 2025 is 29.12%, slightly higher than the value in 2020.
In summary, the net profit margin demonstrates a long-term positive trend, punctuated by a substantial peak in 2017 and a subsequent adjustment. The recent period (2020-2025) suggests a stabilization of profitability at a consistently strong level.
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Comparison to Competitors
Union Pacific Corp., net profit margin, long-term trends, comparison to competitors
| Union Pacific Corp. | FedEx Corp. | Uber Technologies Inc. | United Airlines Holdings Inc. | United Parcel Service Inc. | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 29.12% | 4.65% | 19.33% | 5.68% | 6.28% |
| Dec 31, 2024 | 27.82% | 4.94% | 22.41% | 5.52% | 6.35% |
| Dec 31, 2023 | 26.45% | 4.41% | 5.06% | 4.87% | 7.37% |
| Dec 31, 2022 | 28.13% | 4.09% | -28.68% | 1.64% | 11.51% |
| Dec 31, 2021 | 29.92% | 6.23% | -2.84% | -7.97% | 13.25% |
| Dec 31, 2020 | 27.38% | 1.86% | -60.76% | -46.04% | 1.59% |
| Dec 31, 2019 | 27.27% | 0.77% | -60.13% | 6.96% | 5.99% |
| Dec 31, 2018 | 26.13% | 6.99% | — | 5.15% | 6.67% |
| Dec 31, 2017 | 50.43% | 4.97% | — | 5.65% | 7.45% |
| Dec 31, 2016 | 21.23% | 3.61% | — | 6.19% | 5.63% |
| Dec 31, 2015 | 21.88% | 2.21% | — | 19.39% | 8.30% |
| Dec 31, 2014 | 21.59% | 4.60% | — | 2.91% | 5.21% |
| Dec 31, 2013 | 19.98% | 3.52% | — | 1.49% | 7.89% |
| Dec 31, 2012 | 18.84% | 4.76% | — | -1.95% | 1.49% |
| Dec 31, 2011 | 16.83% | 3.69% | — | 2.26% | 7.16% |
| Dec 31, 2010 | 16.39% | 3.41% | — | 1.09% | 7.04% |
| Dec 31, 2009 | 13.42% | 0.28% | — | -3.99% | 4.75% |
| Dec 31, 2008 | 13.01% | 2.96% | — | -26.48% | 5.83% |
| Dec 31, 2007 | 11.39% | 5.72% | — | 2.00% | 0.77% |
| Dec 31, 2006 | 10.31% | 5.59% | — | 118.28% | 8.84% |
| Dec 31, 2005 | 7.56% | 4.93% | — | -121.85% | 9.09% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Transportation)
Union Pacific Corp., net profit margin, long-term trends, comparison to sector (transportation)
| Union Pacific Corp. | Transportation | |
|---|---|---|
| Dec 31, 2025 | 29.12% | 9.68% |
| Dec 31, 2024 | 27.82% | 9.82% |
| Dec 31, 2023 | 26.45% | 7.28% |
| Dec 31, 2022 | 28.13% | 4.73% |
| Dec 31, 2021 | 29.92% | 9.05% |
| Dec 31, 2020 | 27.38% | -2.93% |
| Dec 31, 2019 | 27.27% | 2.42% |
| Dec 31, 2018 | 26.13% | 8.67% |
| Dec 31, 2017 | 50.43% | 11.21% |
| Dec 31, 2016 | 21.23% | 7.00% |
| Dec 31, 2015 | 21.88% | 10.88% |
| Dec 31, 2014 | 21.59% | 6.86% |
| Dec 31, 2013 | 19.98% | 6.81% |
| Dec 31, 2012 | 18.84% | 3.91% |
| Dec 31, 2011 | 16.83% | 6.30% |
| Dec 31, 2010 | 16.39% | 6.19% |
| Dec 31, 2009 | 13.42% | 3.14% |
| Dec 31, 2008 | 13.01% | 0.88% |
| Dec 31, 2007 | 11.39% | 3.84% |
| Dec 31, 2006 | 10.31% | 26.57% |
| Dec 31, 2005 | 7.56% | -14.41% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
Union Pacific Corp., net profit margin, long-term trends, comparison to industry (industrials)
| Union Pacific Corp. | Industrials | |
|---|---|---|
| Dec 31, 2025 | 29.12% | 9.59% |
| Dec 31, 2024 | 27.82% | 8.06% |
| Dec 31, 2023 | 26.45% | 8.32% |
| Dec 31, 2022 | 28.13% | 5.04% |
| Dec 31, 2021 | 29.92% | 5.85% |
| Dec 31, 2020 | 27.38% | 0.09% |
| Dec 31, 2019 | 27.27% | 4.11% |
| Dec 31, 2018 | 26.13% | 4.75% |
| Dec 31, 2017 | 50.43% | 5.79% |
| Dec 31, 2016 | 21.23% | 7.43% |
| Dec 31, 2015 | 21.88% | 6.48% |
| Dec 31, 2014 | 21.59% | 8.76% |
| Dec 31, 2013 | 19.98% | 8.23% |
| Dec 31, 2012 | 18.84% | 7.39% |
| Dec 31, 2011 | 16.83% | 8.26% |
| Dec 31, 2010 | 16.39% | 7.48% |
| Dec 31, 2009 | 13.42% | 5.76% |
| Dec 31, 2008 | 13.01% | 7.27% |
| Dec 31, 2007 | 11.39% | 9.56% |
| Dec 31, 2006 | 10.31% | 14.87% |
| Dec 31, 2005 | 7.56% | 3.55% |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).