• Union Pacific average ebitda margin for 2023 was 47.61%, a 5.96% increase from 2022.
• Union Pacific average ebitda margin for 2022 was 50.63%, a 2.97% decline from 2021.
• Union Pacific average ebitda margin for 2021 was 52.18%, a 1.74% decline from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.