Stock Analysis on Net
Stock Analysis on Net

Union Pacific Corp. (NYSE:UNP)

$24.99

Operating Profit Margin
since 2005

Microsoft Excel

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Calculation

Union Pacific Corp., operating profit margin, long-term trends, calculation

Microsoft Excel
Operating profit margin = 100 × Operating income1 ÷ Operating revenues1
Dec 31, 2025 = 100 × ÷
Dec 31, 2024 = 100 × ÷
Dec 31, 2023 = 100 × ÷
Dec 31, 2022 = 100 × ÷
Dec 31, 2021 = 100 × ÷
Dec 31, 2020 = 100 × ÷
Dec 31, 2019 = 100 × ÷
Dec 31, 2018 = 100 × ÷
Dec 31, 2017 = 100 × ÷
Dec 31, 2016 = 100 × ÷
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Dec 31, 2014 = 100 × ÷
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Dec 31, 2012 = 100 × ÷
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Dec 31, 2009 = 100 × ÷
Dec 31, 2008 = 100 × ÷
Dec 31, 2007 = 100 × ÷
Dec 31, 2006 = 100 × ÷
Dec 31, 2005 = 100 × ÷

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 operating profit margin exhibited a generally positive trend over the period from 2005 to 2025, although with some fluctuations. Initial values indicated a substantial increase from 2005 to 2009, followed by a period of relative stability and then further growth through 2021. A slight decline was observed in 2022, followed by a recovery in 2023 and 2024, with a marginal increase in 2025.

Initial Growth (2005-2009)
From 2005 to 2009, the operating profit margin increased from 13.22% to 23.98%. This represents a significant improvement in profitability, potentially driven by revenue growth, cost management, or a combination of both. The increase was not linear, with varying rates of improvement year-over-year.
Period of Stability and Further Expansion (2010-2021)
Following 2009, the operating profit margin remained relatively stable between approximately 29% and 30% for several years before experiencing a period of expansion from 2017 onwards. By 2021, the margin reached a peak of 42.83%, indicating a substantial enhancement in operational efficiency and profitability. This period coincided with increasing operating revenues.
Recent Fluctuations (2022-2025)
A slight decrease in the operating profit margin was observed in 2022, falling to 39.87% from the high of 42.83% in 2021. This suggests potential pressures on profitability, such as increased costs or slower revenue growth. However, the margin recovered to 40.05% in 2023 and 40.17% in 2025, indicating resilience and a return to a more favorable profitability level. The increase from 2024 to 2025 was minimal.
Overall Trend
Despite short-term fluctuations, the overall trend in the operating profit margin is upward. The company demonstrated an ability to improve its profitability over the long term, although recent years suggest a potential stabilization of this trend. The operating profit margin consistently remained above 36% from 2014 onwards, indicating a sustained level of operational efficiency.

The operating income also generally increased over the period, mirroring the trend in the operating profit margin. This suggests a strong correlation between revenue generation and the ability to convert those revenues into profits.

Comparison to Competitors

Union Pacific Corp., operating profit margin, long-term trends, comparison to competitors

Microsoft Excel
Union Pacific Corp. FedEx Corp. Uber Technologies Inc. United Airlines Holdings Inc. United Parcel Service Inc.
Dec 31, 2025
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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).