Common-Size Income Statement
Quarterly Data
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Union Pacific Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Union Pacific Corp., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
The common-size income statement reveals several noteworthy trends in the company’s financial performance between March 2021 and December 2025. Freight revenues consistently represent the vast majority of operating revenues, generally fluctuating between 92.39% and 94.95% over the observed period. Other revenues contribute a smaller, but still significant, portion, ranging from approximately 5.05% to 7.61%. Operating expenses demonstrate a consistent and substantial claim on operating revenues, generally between 55.07% and 63.36%, with a noticeable increase in recent periods.
- Revenue Composition
- The proportion of freight revenues to total operating revenues generally increased from 92.96% in March 2021 to 94.64% in September 2025, before rising to 94.92% in December 2025. Conversely, the contribution of other revenues decreased over the same period, from 7.04% to 5.36%, indicating a growing reliance on core freight services. This trend accelerated in the latter half of the period.
- Expense Analysis
- Compensation and benefits consistently represent the largest single operating expense, typically between 17.42% and 21.28% of operating revenues. Purchased services and materials also constitute a significant expense, ranging from 8.68% to 11.24%. Fuel costs experienced considerable volatility, peaking at 14.99% in June 2022, before declining to 9.78% by September 2025. Depreciation remains relatively stable, hovering around 9-11% of operating revenues. A clear upward trend is observed in operating expenses as a percentage of operating revenues, increasing from 55.07% in June 2021 to 60.54% in September 2025.
- Profitability
- Operating income as a percentage of operating revenues fluctuated, ranging from a low of 36.64% to a high of 44.93%. A general downward trend in operating income is apparent, particularly from 2023 onwards. Net income as a percentage of operating revenues followed a similar pattern, ranging from 25.72% to 32.67%, with a recent decline. Interest expense remained relatively consistent, generally between 4.80% and 5.80% of operating revenues. Other income, net, showed some volatility, with a notable increase to 5.46% in September 2025.
The period between March 2021 and December 2025 demonstrates a shift in revenue composition, with increasing dependence on freight revenues. Simultaneously, operating expenses have increased, contributing to a decline in both operating and net income margins. The increase in other income, net, in the most recent quarter partially offsets this decline, but the overall trend suggests increasing cost pressures and potentially decreasing profitability.