Analysis of Revenues
Revenues as Reported
Union Pacific Corp., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Operating revenues exhibited a general upward trend between 2021 and 2025, though with some fluctuations. Revenues increased from US$21,804 million in 2021 to US$24,510 million in 2025, representing an overall increase of approximately 12.4%. However, growth was not consistent year-over-year.
- Freight Revenues
- Freight revenues constitute the largest portion of operating revenues. These revenues increased from US$20,244 million in 2021 to a peak of US$23,159 million in 2022, representing substantial growth. However, they subsequently decreased to US$22,571 million in 2023 before stabilizing at US$22,811 million in 2024 and increasing slightly to US$23,220 million in 2025. The 2022 increase was notably higher than subsequent growth.
- Bulk Revenues
- Bulk revenues showed an initial increase from US$6,656 million in 2021 to US$7,537 million in 2022. Following this, a decrease to US$7,358 million was observed in 2023, with a further decline to US$7,207 million in 2024. Revenues recovered somewhat in 2025, reaching US$7,586 million. This segment demonstrates volatility over the period.
- Industrial Revenues
- Industrial revenues consistently increased from 2021 to 2025. Starting at US$7,323 million in 2021, they rose to US$8,604 million in 2025. This represents the most consistent growth among the reported revenue segments. The increases were relatively steady year-over-year.
- Premium Revenues
- Premium revenues increased from US$6,265 million in 2021 to US$7,417 million in 2022, but then decreased to US$6,975 million in 2023. A slight recovery to US$7,164 million occurred in 2024, followed by a further decrease to US$7,030 million in 2025. This segment exhibits fluctuations, but remains relatively stable compared to the bulk segment.
- Other Revenues
- Other subsidiary revenues experienced an increase from US$741 million in 2021 to US$884 million in 2022, followed by a slight decrease to US$872 million in 2023, and a further decline to US$718 million in 2025. Accessorial revenues decreased significantly from US$752 million in 2021 to US$475 million in 2025, indicating a consistent downward trend. Other revenues remained relatively stable, fluctuating between US$53 million and US$97 million throughout the period.
The combined effect of these trends resulted in overall operating revenue growth, despite the varying performance of individual revenue streams. The industrial segment appears to be a key driver of this growth, while accessorial revenues represent a declining component.