Revenue flow

Margins

Stage	HD	% of rev	UNP	% of rev	Gap · A − B
Revenue	$47.9B	100.00%	$7.2B	100.00%	HD ×6.65
Gross profit	$16.1B	33.67%	$5.2B	72.32%	UNP +38.7pp
Operating income	$6.8B	14.29%	$2.9B	40.89%	UNP +26.6pp
Pre-tax income	$6.3B	13.19%	$2.7B	37.88%	UNP +24.7pp
Net income	$4.8B	9.96%	$2.1B	28.85%	UNP +18.9pp

Stage	HD	UNP	Gap · A − B
Revenue	$47.9B100.00%	$7.2B100.00%	HD ×6.65
Gross profit	33.67%$16.1B	72.32%$5.2B	UNP +38.7pp
Operating income	14.29%$6.8B	40.89%$2.9B	UNP +26.6pp
Pre-tax income	13.19%$6.3B	37.88%$2.7B	UNP +24.7pp
Net income