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)

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3 months ended: 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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Freight revenues
Other revenues
Operating revenues
Compensation and benefits
Purchased services and materials
Depreciation
Fuel
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: 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.