Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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

US$ in millions

3 months ended:	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	5,759)	5,927)	5,843)	5,691)	5,789)	5,768)	5,638)	5,616)	5,801)	5,545)	5,569)	5,656)	5,768)	6,109)	5,842)	5,440)	5,297)	5,166)	5,132)	4,649)
Other revenues	326)	317)	311)	336)	332)	323)	369)	415)	358)	396)	394)	400)	412)	457)	427)	420)	436)	400)	372)	352)
Operating revenues	6,085)	6,244)	6,154)	6,027)	6,121)	6,091)	6,007)	6,031)	6,159)	5,941)	5,963)	6,056)	6,180)	6,566)	6,269)	5,860)	5,733)	5,566)	5,504)	5,001)
Compensation and benefits	(1,222)	(1,214)	(1,249)	(1,212)	(1,261)	(1,228)	(1,187)	(1,223)	(1,169)	(1,201)	(1,269)	(1,179)	(1,174)	(1,278)	(1,092)	(1,101)	(1,070)	(1,040)	(1,022)	(1,026)
Purchased services and materials	(670)	(683)	(642)	(631)	(619)	(644)	(644)	(613)	(645)	(668)	(650)	(653)	(633)	(626)	(622)	(561)	(538)	(510)	(478)	(490)
Depreciation	(624)	(618)	(613)	(610)	(606)	(602)	(596)	(594)	(589)	(580)	(577)	(572)	(569)	(563)	(559)	(555)	(556)	(553)	(550)	(549)
Fuel	(595)	(616)	(576)	(603)	(581)	(610)	(625)	(658)	(759)	(702)	(664)	(766)	(853)	(932)	(940)	(714)	(597)	(544)	(497)	(411)
Equipment and other rents	(229)	(212)	(230)	(241)	(248)	(237)	(219)	(216)	(229)	(235)	(248)	(235)	(238)	(215)	(230)	(215)	(230)	(217)	(200)	(212)
Other	(344)	(352)	(319)	(359)	(281)	(354)	(336)	(355)	(361)	(378)	(351)	(357)	(301)	(319)	(331)	(337)	(302)	(270)	(284)	(320)
Operating expenses	(3,684)	(3,695)	(3,629)	(3,656)	(3,596)	(3,675)	(3,607)	(3,659)	(3,752)	(3,764)	(3,759)	(3,762)	(3,768)	(3,933)	(3,774)	(3,483)	(3,293)	(3,134)	(3,031)	(3,008)
Operating income	2,401)	2,549)	2,525)	2,371)	2,525)	2,416)	2,400)	2,372)	2,407)	2,177)	2,204)	2,294)	2,412)	2,633)	2,495)	2,377)	2,440)	2,432)	2,473)	1,993)
Other income, net	332)	96)	123)	78)	68)	87)	103)	92)	108)	106)	93)	184)	92)	124)	163)	47)	83)	38)	125)	51)
Interest expense	(325)	(327)	(335)	(322)	(312)	(314)	(319)	(324)	(331)	(334)	(339)	(336)	(333)	(315)	(316)	(307)	(295)	(290)	(282)	(290)
Income before income taxes	2,408)	2,318)	2,313)	2,127)	2,281)	2,189)	2,184)	2,140)	2,184)	1,949)	1,958)	2,142)	2,171)	2,442)	2,342)	2,117)	2,228)	2,180)	2,316)	1,754)
Income tax expense	(560)	(530)	(437)	(501)	(519)	(518)	(511)	(499)	(532)	(421)	(389)	(512)	(533)	(547)	(507)	(487)	(517)	(507)	(518)	(413)
Net income	1,848)	1,788)	1,876)	1,626)	1,762)	1,671)	1,673)	1,641)	1,652)	1,528)	1,569)	1,630)	1,638)	1,895)	1,835)	1,630)	1,711)	1,673)	1,798)	1,341)

Operating revenues demonstrate a generally increasing trend over the observed period, beginning at US$5,001 million in March 2021 and reaching US$6,244 million by September 2025. However, this growth is not consistently linear, with fluctuations observed in later periods. Specifically, revenues decreased from US$6,566 million in September 2022 to US$6,180 million in December 2022, and again from US$6,154 million in June 2025 to US$6,085 million in September 2025. Freight revenues constitute the vast majority of operating revenues, exhibiting a similar pattern of growth and fluctuation. Other revenues contribute a smaller, but relatively stable, portion of the total.

Operating expenses have consistently increased throughout the period, rising from US$3,008 million in March 2021 to US$3,695 million in September 2025. The most significant increases are observed in fuel costs, which more than doubled from US$411 million in March 2021 to US$616 million in September 2025. Compensation and benefits also represent a substantial and growing expense, increasing from US$1,026 million to US$1,222 million over the same timeframe. Purchased services and materials also show a consistent upward trend.

Despite the increasing operating expenses, operating income generally increased from US$1,993 million in March 2021 to US$2,549 million in September 2025. However, similar to operating revenues, operating income experienced declines in late 2022 and mid-2025. Net income follows a similar trajectory, increasing from US$1,341 million in March 2021 to US$1,848 million in September 2025, with comparable fluctuations.

Revenue Growth: The period between March 2021 and June 2022 shows robust revenue growth, with operating revenues increasing from US$5,001 million to US$6,269 million. Growth slows considerably in the latter half of 2022 and throughout 2023 and 2024, indicating potential market saturation or economic headwinds. A slight resurgence is observed in the first half of 2025, but the trend remains less pronounced than in the earlier period.
Expense Management: While operating revenues fluctuate, operating expenses demonstrate a more consistent upward trend. This suggests a limited ability to control costs, particularly in areas like fuel and compensation. The increasing proportion of fuel costs relative to operating revenues is a notable concern, potentially impacting profitability if fuel prices continue to rise.
Profitability: Net income generally increased, but the rate of increase slowed in later periods. The fluctuations in operating income and net income correlate with the fluctuations in operating revenues, indicating a strong relationship between revenue generation and overall profitability. Other income, net, provides a supplemental, though variable, contribution to income before taxes.
Tax Rate: The effective tax rate varies across the observed period, ranging from approximately 23.7% to 28.8%. This variability could be attributed to changes in tax laws or adjustments to tax credits and deductions. The tax expense generally increases with income before income taxes, but the fluctuating tax rate impacts the final net income figure.

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Union Pacific Corp. (NYSE:UNP)

Income Statement Quarterly Data

Income Statement
Quarterly Data