Revenue flow

Margins

Stage	IR	% of rev	UNP	% of rev	Gap · A − B
Revenue	$2.1B	100.00%	$7.2B	100.00%	UNP ×3.49
Gross profit	$924M	44.76%	$5.2B	72.32%	UNP +27.6pp
Operating income	$783M	37.90%	$2.9B	40.89%	UNP +3.0pp
Pre-tax income	$725M	35.12%	$2.7B	37.88%	UNP +2.8pp
Net income	$672M	32.52%	$2.1B	28.85%	IR +3.7pp

Stage	IR	UNP	Gap · A − B
Revenue	$2.1B100.00%	$7.2B100.00%	UNP ×3.49
Gross profit	44.76%$924M	72.32%$5.2B	UNP +27.6pp
Operating income	37.90%$783M	40.89%$2.9B	UNP +3.0pp
Pre-tax income	35.12%$725M	37.88%$2.7B	UNP +2.8pp
Net income