Common-Size Income Statement
Quarterly Data
Union Pacific Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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).
The operating revenue structure exhibits a steady increase in the concentration of freight revenues, which grew from 92.96% in March 2021 to 94.96% by June 2026. This trend is mirrored by a corresponding decline in other revenues, which decreased from 7.04% to 5.04% over the same period, indicating a greater reliance on core freight operations.
- Operating Expense Dynamics
- Compensation and benefits constitute the largest single operating cost, generally fluctuating between 17% and 21% of operating revenues. While this expense remained relatively stable, a notable decrease to 18.07% is observed in the final quarter of the analyzed period.
- Fuel expenses demonstrate the highest volatility among all cost components. Costs peaked at 14.99% in June 2022 and experienced another significant spike to 13.67% in June 2026, reflecting a strong sensitivity to external commodity price fluctuations.
- Purchased services and materials, along with depreciation, show consistent patterns, typically remaining within a narrow band of 8.5% to 11% of operating revenues throughout the five-year window.
- Profitability and Margin Analysis
- Operating income margins remained robust, although they experienced a period of compression. From a peak of 44.93% in June 2021, margins trended downward to a low of 36.64% in September 2023 before recovering to 40.25% by June 2026.
- Total operating expenses as a percentage of revenue remained largely stable, oscillating between 55% and 63%, with the most recent quarter showing an expense ratio of 59.75%.
- Net income margins have shown resilience, consistently maintaining a range between 25.72% and 32.67%. The most recent figures indicate a stabilized net income margin of approximately 29%.
- Financial Obligations and Taxation
- Interest expenses as a percentage of operating revenues have remained stable, typically hovering between 4.5% and 5.8%, suggesting a consistent debt service burden relative to revenue.
- Income tax expenses have fluctuated between 6.52% and 9.41% of operating revenues, tracking closely with the volatility in income before taxes.
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