Common-Size Income Statement
Quarterly Data
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Union Pacific Corp. pages available for free this week:
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Union Pacific Corp., common-size consolidated income statement (quarterly data)
Based on: 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), 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).
The analysis of the quarterly financial data reveals several notable patterns and trends within the company's operations and financial performance over the observed periods.
- Revenue Composition
- Freight revenues consistently constitute the largest portion of operating revenues, generally maintaining a range between approximately 92% and 95%. There has been a gradual increase in freight revenue share beginning around the end of 2022, peaking near 95% in late 2025. Other revenues, conversely, have trended downward, decreasing from around 7% to close to 5% over the same timeframe, signifying a narrowing revenue base focused more heavily on freight.
- Operating Expenses
- Total operating expenses as a percentage of operating revenues fluctuate between approximately 55% and 63%. The most significant components within operating expenses include compensation and benefits, purchased services and materials, depreciation, fuel, equipment and other rents, and other miscellaneous costs. Compensation and benefits exhibit variability, ranging mostly between 17% and 21%, without a clear directional trend but with some upward spikes. Purchased services and materials show a modest increase after mid-2021, moving towards a range generally above 9% and nearing 11% by late 2025.
- Depreciation expenses remain relatively stable, hovering close to 9% to 10% of operating revenues across all quarters. Fuel expense displays strong fluctuations: starting lower around 5-6% in early 2020, the proportion surges steadily to a peak approaching 15% by mid-2022, before gradually diminishing to around 9-10% in subsequent periods. This indicates sensitivity to fuel cost volatility during the timeframe analyzed.
- Equipment and other rents remain fairly stable between roughly 3.3% and 4.3%. The category labeled "Other" operating expenses features some variability, with notable peaks and troughs; it generally remains in the 4.5% to 6% band.
- Operating Income and Profitability
- Operating income as a percentage of operating revenues mostly ranges between 36% and 44%. There is a visible dip in profitability percentages during several quarters in 2022 and 2023, followed by a recovery trend. The highest operating income ratio appears around mid-2021, coinciding with relatively lower operating expenses and elevated freight revenue shares.
- Other Income and Interest Expense
- Other income fluctuates between about 0.7% and 3% of operating revenues, showing occasional spikes but no solid long-term trend. Interest expense remains relatively stable, ranging between approximately 4.8% and 6.8%, with slight fluctuations but no distinct increasing or decreasing pattern.
- Income Before Taxes, Income Taxes, and Net Income
- Income before income taxes tends to range between 32% and 42%, following a pattern broadly aligned with operating income but reflecting the net effect of other income and interest expense. Income tax expense as a percentage of operating revenues varies mostly between 6.5% and 9.5%, with a notable dip in early 2023.
- Net income shows a similar trend to income before taxes, generally fluctuating between approximately 25% and 32% of operating revenues. Several periods, notably around mid-2021 and mid-2025, demonstrate stronger bottom-line performance relative to other quarters. The net income margin appears resilient despite variability in expenses such as fuel and purchased services.
Overall, the company's quarterly financial data reflect a stable revenue structure primarily driven by freight, with operating expenses generally maintained within consistent percentage ranges relative to operating revenues. Fluctuations in fuel costs significantly impact expense composition, influencing operating income and net profitability. The incremental increase in the share of freight revenues and corresponding decrease in other revenues might signal a strategic shift or changing business conditions. Profitability margins have experienced periods of contraction and rebound but remain robust, demonstrating operational resilience amid varying cost pressures.