• Union Pacific average gross margin for 2023 was 57.02%, a 4.31% increase from 2022.
• Union Pacific average gross margin for 2022 was 59.59%, a 5.08% decline from 2021.
• Union Pacific average gross margin for 2021 was 62.78%, a 2.33% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.