• Union Pacific average return on tangible equity for 2023 was 51.85, a 3.95% decline from 2022.
• Union Pacific average return on tangible equity for 2022 was 53.98, a 41.68% decline from 2021.
• Union Pacific average return on tangible equity for 2021 was 38.1, a 16.84% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.