• Union Pacific average operating margin for 2023 was 38.26%, a 7.29% increase from 2022.
• Union Pacific average operating margin for 2022 was 41.27%, a 0.53% decline from 2021.
• Union Pacific average operating margin for 2021 was 41.49%, a 2.85% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.