Common-Size Income Statement
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).
- Revenue Composition
- Freight revenues as a percentage of operating revenues showed a gradual increasing trend, rising from 93.44% in 2020 to 94.07% in 2024, indicating a growing reliance on freight operations. Conversely, other revenues decreased steadily from 6.56% in 2020 to 5.93% in 2024, reflecting a relative decline in non-freight revenue sources.
- Operating Expenses
- Operating expenses as a percentage of operating revenues fluctuated throughout the period, initially decreasing from -59.89% in 2020 to -57.17% in 2021, then increasing to a peak of -62.35% in 2023 before falling again to -59.95% in 2024. Notably, compensation and benefits costs experienced mild fluctuations, decreasing from -20.44% in 2020 to -18.67% in 2022, before rising again toward -20.2% in 2024.
- Purchased services and materials generally increased, reaching -10.85% in 2023 after a dip in 2021, before slightly decreasing to -10.39% in 2024. Fuel expenses exhibited significant volatility, rising sharply from -6.73% in 2020 to a high of -13.83% in 2022, then declining to -10.2% in 2024. Depreciation costs steadily decreased from -11.31% in 2020 to a low of -9.03% in 2022, then rose moderately to -9.89% in 2024.
- Equipment and other rents maintained a relatively stable trend, fluctuating slightly between -4.48% and -3.61%, while other operating expenses showed a general decline from -6.89% in 2020 to -5.47% in 2024.
- Profitability Metrics
- Operating income as a percentage of operating revenues displayed some variability, increasing from 40.11% in 2020 to 42.83% in 2021, followed by a decline to 37.65% in 2023, before recovering slightly to 40.05% in 2024. Net income followed a similar pattern, rising to a peak of 29.92% in 2021, then decreasing to 26.45% in 2023, and rebounding to 27.82% in 2024.
- Other Income and Expenses
- Real estate income demonstrated a modest upward trend until 2023, reaching 1.72%, before decreasing to 1.08% in 2024. Net other income increased over the years, peaking at 2.04% in 2023, then declined to 1.44% in 2024. Interest income rose from negligible amounts to 0.21% in 2024, while interest expense decreased slightly from -5.84% in 2020 to -5.23% in 2024, indicating improved interest cost management.
- Income Taxes and Pre-Tax Income
- Income before income taxes mirrored operating income trends, with a peak in 2021 at 38.88%, followed by a low of 34.13% in 2023 and partial recovery to 36.26% in 2024. Income tax expense as a percentage of operating revenues remained relatively stable, fluctuating around -8% over the period.
- Summary
- The financial data reveals that the company maintained strong profitability with consistent operating income around 40% of operating revenues. Freight remains the dominant source of revenue, while operating expenses have experienced variability with notable volatility in fuel costs. The overall trend reflects effective cost control in areas such as depreciation and interest expenses, offset by fluctuations in other components. The return to improved profit margins in 2024 suggests positive responsiveness to operational challenges in prior years.