Stock Analysis on Net
Stock Analysis on Net

Union Pacific Corp. (NYSE:UNP)

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Common-Size Income Statement
Quarterly Data

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Union Pacific Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Freight revenues
Other revenues
Operating revenues
Compensation and benefits
Purchased services and materials
Fuel
Depreciation
Equipment and other rents
Other
Operating expenses
Operating income
Other income, net
Interest expense
Income before income taxes
Income tax expense
Net income

Based on: 10-Q (reporting date: 2026-03-31), 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).

Analysis of the common-size income statement reveals a stable revenue structure with a gradual shift toward an increased reliance on freight revenues. Operating margins remain robust, although they have been subject to volatility driven primarily by fluctuating energy costs and material inputs.

Revenue Composition
Freight revenues consistently represent the primary income source, showing a gradual upward trend from 92.96% in early 2021 to peaks near 94.95% by mid-2025. This increase is mirrored by a corresponding decline in other revenues, which decreased from a high of 7.61% in late 2021 to approximately 5.05% by mid-2025, indicating a narrowing of revenue streams.
Operating Expense Dynamics
Total operating expenses have generally fluctuated between 58% and 63% of operating revenues. A significant driver of this volatility is fuel expense, which experienced a sharp increase peaking at 14.99% in June 2022 before stabilizing in the 9% to 11% range during 2024 and 2025. Compensation and benefits costs remain the most substantial expense item, typically oscillating between 17% and 21% of revenues. Additionally, purchased services and materials exhibited a slight long-term increase in their share of revenues, rising from approximately 9% in 2021 to roughly 11% by 2025.
Profitability and Margins
Operating income margins demonstrated resilience, though they were subject to cyclicality, peaking at 44.93% in June 2021 and reaching a low of 36.64% in September 2023. A recovery trend followed, with margins stabilizing between 39% and 41% through 2024 and early 2025. Net income margins have remained strong, generally staying within the 25% to 32% range, with most recent figures centering around 27% to 30%.
Non-Operating Items and Taxation
Interest expenses have remained remarkably consistent, fluctuating within a narrow band between 4.80% and 5.80% of operating revenues. Income tax expenses typically represent 7% to 9% of revenues, maintaining a steady impact on the bottom line throughout the period analyzed.