Analysis of Revenues
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Revenues as Reported
Union Pacific Corp., income statement, revenues
US$ in millions
| 12 months ended: | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Bulk | |||||||||||
| Industrial | |||||||||||
| Premium | |||||||||||
| Freight revenues | |||||||||||
| Other subsidiary revenues | |||||||||||
| Accessorial revenues | |||||||||||
| Other | |||||||||||
| Operating revenues |
Based on: 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), 10-K (reporting date: 2020-12-31).
The analysis of the annual revenue data reveals several notable trends in the various revenue streams over the five-year period.
- Bulk Revenues
- Bulk revenues showed a consistent increase from 2020 to 2022, growing from 5,960 million US dollars to 7,537 million US dollars. However, from 2022 onwards, there is a slight decline observed, with revenues decreasing to 7,358 million in 2023 and further to 7,207 million in 2024, indicating a potential plateau or contraction in this segment.
- Industrial Revenues
- Industrial revenues demonstrated a steady upward trajectory throughout the entire period, rising from 6,622 million US dollars in 2020 to 8,440 million US dollars in 2024. This consistent growth suggests strong demand and expansion in the industrial sector.
- Premium Revenues
- Premium revenues increased markedly from 5,669 million US dollars in 2020 to a peak of 7,417 million in 2022, followed by a decline in 2023 to 6,975 million. In 2024, there is a modest recovery to 7,164 million, suggesting some volatility in this segment with signs of stabilization towards the end of the period.
- Freight Revenues
- Freight revenues, which aggregate the core revenue segments, increased from 18,251 million US dollars in 2020 to 23,159 million in 2022. A mild decline followed in 2023 to 22,571 million, with a slight increase to 22,811 million in 2024. This overall pattern reflects the underlying trends of the bulk and premium categories and suggests some market adjustments after strong growth.
- Other Subsidiary Revenues
- Other subsidiary revenues remained relatively stable, hovering around the mid-700 million range, peaking at 884 million in 2022 and declining thereafter to 788 million in 2024. This indicates limited volatility and a relatively steady performance in this revenue stream.
- Accessorial Revenues
- Accessorial revenues saw notable growth from 473 million in 2020 to a peak of 779 million in 2022, but experienced a sharp decline thereafter to 584 million in 2023 and 554 million in 2024. The drop may point to reduced demand for ancillary services or increased pricing pressures.
- Other Revenues
- Other revenues were minimal but showed a slight increase over time from 66 million in 2020 to 97 million in 2024, indicating marginal growth in miscellaneous income streams.
- Operating Revenues
- Operating revenues, encompassing all main revenue sources, increased steadily from 19,533 million US dollars in 2020 to a high of 24,875 million in 2022. This was followed by a slight decline to 24,119 million in 2023, with a modest rise to 24,250 million in 2024. The overall trend suggests robust revenue growth over the period, tempered by a minor pullback in the most recent years.