Revenue flow

Margins

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

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