Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Analysis of Revenues
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Union Pacific Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Freight Revenues
- Freight revenues as a percentage of operating revenues remained relatively stable over the periods, fluctuating narrowly between approximately 92.39% and 94.95%. A slight upward trend was observed towards the later periods, peaking near 94.95% in December 2024, indicating a growing contribution of freight services within total operating revenue.
- Other Revenues
- Other revenues exhibited an inverse pattern to freight revenues, generally decreasing over time from just above 7% in some periods of 2021 down to near 5% in 2025. This suggests a decreasing dependence on revenues outside of freight operations as a share of total operating revenues.
- Compensation and Benefits
- The proportion of compensation and benefits costs to operating revenues showed some volatility but generally remained between approximately -17.4% and -21.3%. Noticeably, there was a decrease in this ratio around mid-2021, followed by an increase later, indicating varying labor cost efficiency or adjustments in workforce expenses relative to revenues.
- Purchased Services and Materials
- This cost category fluctuated between about -8.7% and -11.2%, with a tendency to increase in the later periods, suggesting rising costs for external services and materials which could impact overall operating expense control.
- Depreciation
- Depreciation expenses as a percentage of operating revenues generally declined over the timeline from roughly -12.98% early on to a range around -9.5%, reflecting potential changes in asset base, capital expense timing, or efficiency gains in asset utilization.
- Fuel
- Fuel costs showed a marked increase through the periods, climbing from negative values near -5.82% in early 2020 to a peak around -14.99% in mid-2022, followed by a gradual decline to near -9.36% by late 2025. This trend likely reflects volatility in fuel prices and usage efficiency over time, with a significant cost surge evident in mid-2022 before easing.
- Equipment and Other Rents
- Equipment and rent expenses were relatively stable, fluctuating between approximately -3.27% and -4.97%, indicating consistent rental costs relative to operating revenues.
- Other Operating Expenses
- Other operating expenses demonstrated some variability, with percentages ranging between about -4.59% and -9.98%. A notable spike appeared in late 2020 followed by gradual normalization, suggesting one-time charges or exceptional factors affecting costs in that period.
- Operating Expenses
- Total operating expenses as a percentage of revenues maintained a range mostly between -55% and -63%, with some fluctuation. The general level suggests consistent cost management relative to operating revenue, though minor increases in expense ratios in some later periods hint at rising cost pressures.
- Operating Income
- Operating income as a percentage of operating revenues fluctuated between roughly 36.6% and 44.9%, showing some cyclicality. Higher margins were recorded in 2021 compared to early 2020, followed by a modest decline and stabilization around 39-41% in subsequent years, indicating resilient profitability amid fluctuating expenses.
- Other Income, Net
- Other income exhibited variability but remained positive throughout, generally between 0.68% and 3.09%. Peaks in mid-2020 and early 2023 suggest episodic gains or favorable non-operating income components supporting overall profitability.
- Interest Expense
- Interest expense as a percentage of operating revenues showed modest fluctuations, ranging from about -4.8% to -6.8%, with a slight tendency toward reduction in recent periods, signaling possible improvements in debt management or refinancing activities.
- Income Before Income Taxes
- Pre-tax income margins mostly fluctuated between approximately 32.8% and 42.1%. The highest margins appeared in mid-2021, consistent with the peak in operating income, while dips in certain periods indicate sensitivity to operating and non-operating income variations.
- Income Tax Expense
- Income tax expense as a percentage of operating revenues generally ranged from about -6.5% to -9.4%, with a notable decrease in tax burden percentage around early 2023. This may reflect changes in tax rates, credits, or effective tax planning initiatives.
- Net Income
- Net income margins closely mirrored operating income and pre-tax income trends, ranging mostly from 25.7% to 32.7%. Periods of higher profitability in 2021 followed by some moderation and recovery towards 2025 indicate stable net earnings generation amid fluctuating costs and revenues.