Stock Analysis on Net
Stock Analysis on Net

Union Pacific Corp. (NYSE:UNP)

$24.99

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

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2026 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
Other revenues
Operating revenues
Compensation and benefits
Purchased services and materials
Fuel
Depreciation
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: 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).

Analysis of the quarterly financial performance reveals a period of initial expansion followed by a phase of stabilization in both revenue and profitability. Operating revenues peaked in the third quarter of 2022 before settling into a consistent range between 6.0 billion and 6.2 billion US dollars through the first quarter of 2026.

Revenue Performance
Freight revenues exhibited a steady upward trajectory from 4.6 billion US dollars in March 2021, reaching a peak of 6.1 billion US dollars in September 2022. Following this peak, freight revenues experienced a moderate correction and subsequently stabilized, fluctuating between 5.6 billion and 5.9 billion US dollars. Other revenues showed a gradual decline from their 2021 peaks, moving from levels above 400 million US dollars to a range between 311 million and 369 million US dollars in the later periods.
Operating Expense Trends
Compensation and benefits expenses demonstrate a persistent long-term increase, rising from approximately 1.0 billion US dollars per quarter in 2021 to consistently exceeding 1.2 billion US dollars by 2024 and 2025. Similarly, purchased services and materials increased from 490 million US dollars in March 2021 to 673 million US dollars by March 2026, suggesting inflationary pressures or increased operational scale. Depreciation expenses followed a linear and predictable growth pattern, increasing by approximately 84 million US dollars over the analyzed timeframe.
Fuel Cost Volatility
Fuel expenditures exhibited significant volatility, peaking in mid-2022 with costs reaching 940 million US dollars in June and September of that year. A subsequent downward trend occurred, with fuel costs normalizing to a range between 576 million and 643 million US dollars from 2024 through 2026, which contributed to the stabilization of operating margins.
Profitability and Net Income
Operating income grew from 1.9 billion US dollars in March 2021 to a sustained level between 2.3 billion and 2.5 billion US dollars. This growth was maintained despite the increase in labor and material costs. Net income remained resilient, generally fluctuating between 1.5 billion and 1.8 billion US dollars, with a notable peak of 1.8 billion US dollars in June 2025. The stability in net income is further supported by a relatively consistent interest expense, which remained within the 312 million to 339 million US dollar range.