• Union Pacific average return on tangible equity for 2024 was 42.47, a 18.09% decline from 2023.
• 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.

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.