Common-Size Income Statement
Quarterly Data
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Union Pacific Corp., common-size consolidated income statement (quarterly data)
Based on: 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 have maintained a high and relatively stable proportion of total operating revenues across all periods, consistently around 93% to 94.7%, with a slight increasing tendency toward the later periods, peaking at 94.7% in September 2024 followed by a minor decline.
- Other Revenues
- Other revenues as a percentage of operating revenues demonstrate an inverse trend to freight revenues, fluctuating mostly between 5.3% and 7.6%. There is a noticeable decline from 7.61% at the end of 2021 down to values near 5.3% to 5.57% in the most recent quarters.
- Compensation and Benefits
- This expense category shows some volatility but generally ranges between 17.4% and 21.3%. There is no clear linear trend; for example, after a reduction to around 17.42% in early 2022, compensation expenses increased again, peaking at 21.28% in Q1 2023 before moderating in subsequent quarters near 20%.
- Purchased Services and Materials
- Purchased services and materials costs mostly stay within the 8.5% to 11.2% range. After early stability near 9.5%, there is a gradual upward trend around mid-2023, reaching peaks above 11% before a slight reversal toward the end of 2024.
- Depreciation
- Depreciation expenses have displayed a narrowing range, generally moving between approximately 8.5% and 12.9%. The highest relative values occurred around mid-2020, after which the ratio has been relatively stable, staying near 9.5% to 10.1% recently.
- Fuel
- Fuel costs exhibit significant fluctuations. Beginning at 8.3% of operating revenues in early 2020, there was an initial sharp decline to around 5.8% in mid-2020, followed by a steady increase to nearly 15% by early 2022. Subsequently, fuel costs decreased again and stabilized around 9.5% to 10.9% in late 2024, reflecting volatility likely connected to fuel price changes.
- Equipment and Other Rents
- This category fluctuates within a narrow band roughly from 3.3% to 4.3%. There is no significant upward or downward trend; values are stable and exhibit minor periodic variations.
- Other Operating Expenses
- Other operating expenses show more variability, with percentages ranging from about 4.6% to nearly 10%. The spike to nearly 10% at the end of 2020 stands out as an anomaly, after which the expense ratio settles back to a more consistent range near 5% to 6%.
- Operating Expenses
- Operating expenses as a whole vary between approximately 55% and 63%, with a general tendency to increase from 2020 to mid-2023, reaching levels over 63%. This indicates some pressure on operational cost control during that period, followed by slight improvement or stabilization closer to 60% toward late 2024.
- Operating Income
- Operating income remains robust, staying predominantly in the range of 36% to 44% of operating revenues. After peaking around mid-2021, there was a gradual decline through 2023, with signs of recovery toward the end of 2024, demonstrating moderate fluctuations in operational profitability.
- Other Income, Net
- Other income as a percentage of operating revenues shows notable variability, with a low of around 0.68% and a high approaching 3.1%. Despite fluctuations, the amount remains a small but positive contributor to overall profitability.
- Interest Expense
- Interest expenses demonstrate relative stability between 4.8% and 6.8% of operating revenues, with minor fluctuations and no clear long-term increasing or decreasing trend.
- Income Before Income Taxes
- Income before taxes generally parallels operating income trends, ranging approximately from 32.8% to 42%. After reaching a high in mid-2021, it decreased slightly and then showed modest recovery through 2024, indicating sustained profitability before tax considerations.
- Income Tax Expense
- Income tax expense as a percentage of operating revenues consistently ranges between 6.5% and 9.4%. There is a slight reduction in tax burden in early 2023 but generally remains proportional to pre-tax income patterns.
- Net Income
- Net income reflects fluctuations similar to operating and pre-tax incomes, with values mostly between 25.7% and 32.7%. The peak occurred in mid-2021, followed by a decline through 2023. There is an upward trend again from early to late 2024, indicating recovery in bottom-line profitability relative to operating revenues.