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.
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- Statement of Comprehensive Income
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Union Pacific Corp., consolidated income statement (quarterly data)
US$ in millions
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).
Operating revenues demonstrate a consistent upward trajectory over the analyzed period, increasing from 5,001 million USD in March 2021 to a peak of 6,864 million USD by June 2026. This growth is primarily driven by freight revenues, which exhibit general expansion despite intermittent quarterly fluctuations. Other revenues have remained relatively stagnant or experienced a slight decline, suggesting that growth is almost exclusively tied to core freight operations.
- Expense Dynamics
- Operating expenses show significant volatility, largely influenced by fuel costs. Fuel expenditures peaked in mid-2022 at 940 million USD and experienced another sharp increase to 938 million USD in June 2026. Compensation and benefits expenses have trended upward steadily, moving from 1,026 million USD in early 2021 to a range exceeding 1,200 million USD in later periods, indicating rising labor costs. Depreciation has followed a linear growth pattern, reflecting continuous capital investment in infrastructure and equipment.
- Operating Performance
- Operating income has remained resilient, generally trending upward from 1,993 million USD in March 2021 to 2,763 million USD by June 2026. While revenue growth has been strong, the operating margin has been periodically impacted by surges in fuel and labor costs. However, the maintenance of operating income above 2,000 million USD for the vast majority of the analyzed timeframe suggests strong operational efficiency and pricing power.
- Bottom-Line Profitability
- Net income shows a positive overall growth trend, starting at 1,341 million USD and reaching 1,993 million USD by the end of the series. This growth is supported by stable interest expenses, which have remained within a narrow band between 282 million USD and 339 million USD, indicating a controlled debt service burden. Income tax expenses have fluctuated in alignment with pre-tax income, maintaining a relatively consistent effective tax rate over the long term.
- Revenue and Expense Correlation
- A notable correlation exists between the sharp increase in operating revenues and the surge in operating expenses during the final recorded quarter of June 2026. The increase in freight revenue to 6,518 million USD coincided with a peak in fuel costs (938 million USD) and purchased services (709 million USD), suggesting that the volume or nature of the growth in that period carried higher variable costs.