Revenue flow

Margins

Stage	UNP	% of rev	CP	% of rev	Gap · A − B
Revenue	$7.2B	100.00%	$3.0B	100.00%	UNP ×2.42
Gross profit	$5.2B	72.32%	$2.0B	67.34%	UNP +5.0pp
Operating income	$2.9B	40.89%	$1.0B	35.25%	UNP +5.6pp
Pre-tax income	$2.7B	37.88%	$960M	32.33%	UNP +5.5pp
Net income	$2.1B	28.85%	$645M	21.71%	UNP +7.1pp

Stage	UNP	CP	Gap · A − B
Revenue	$7.2B100.00%	$3.0B100.00%	UNP ×2.42
Gross profit	72.32%$5.2B	67.34%$2.0B	UNP +5.0pp
Operating income	40.89%$2.9B	35.25%$1.0B	UNP +5.6pp
Pre-tax income	37.88%$2.7B	32.33%$960M	UNP +5.5pp
Net income