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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- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
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Union Pacific Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
- Revenue Trends
- Freight revenues experienced initial volatility, dropping sharply from 4,880 million USD in March 2020 to 3,972 million USD in June 2020, likely impacted by external conditions during that period. Subsequently, a recovery trend is observable, with revenues generally increasing through 2021 and peaking at 6,109 million USD in September 2022. However, a slight softening occurred thereafter, with values fluctuating around the 5,600 to 5,800 million USD mark through early 2025.
- Other revenues followed a similar pattern, decreasing in the early quarters of 2020 before gradually improving with fluctuations. Peak values occurred in December 2021 at 436 million USD, followed by a gradual decline to approximately 330 million USD by early 2025.
- Operating revenues reflected the combined effect of freight and other revenues, showing an initial decline in mid-2020, then a steady increase reaching a high of 6,566 million USD in September 2022 before stabilizing around 6,000 million USD in subsequent periods.
- Expenses and Cost Analysis
- Compensation and benefits costs generally increased over time, starting at approximately 1,059 million USD in early 2020, peaking notably at 1,278 million USD in September 2022, before showing some moderation and ending at about 1,212 million USD in March 2025.
- Purchased services and materials demonstrated a gradual upward trend, increasing from 521 million USD in early 2020 to a range between 630 and 670 million USD during 2022 and 2023, with minor decreases towards early 2025.
- Depreciation costs were relatively stable, showing a slight incremental pattern over the entire period, from 547 million USD in early 2020 to approximately 610 million USD by early 2025.
- Fuel expenses rose sharply from 434 million USD in March 2020 to a peak of 940 million USD in March 2022, reflecting significant cost pressures. Following this peak, fuel expenses decreased substantially, falling to approximately 580 to 660 million USD from late 2022 through early 2025.
- Equipment and other rents fluctuated moderately but showed no strong upward or downward trend, hovering between 200 and 250 million USD throughout the period.
- Other operating expenses were variable, with an abrupt increase in Q4 2020 at 513 million USD before stabilizing in the range of 280 to 380 million USD in subsequent quarters.
- Total operating expenses rose steadily from 3,086 million USD in early 2020 to a peak of around 3,933 million USD in September 2022, followed by a slight decline and stabilization near 3,600 to 3,700 million USD towards early 2025.
- Profitability and Income Analysis
- Operating income fluctuated but maintained a relatively steady level throughout the timeframe. Starting from 2,143 million USD in March 2020, it dipped to around 1,654 million USD mid-2020, recovered to peaks slightly above 2,600 million USD in late 2022, and then hovered near 2,300 million USD towards early 2025.
- Other income net displayed variability with no clear trend, ranging between approximately 37 and 184 million USD. Notable spikes occurred in 2022 and early 2023.
- Interest expense remained relatively consistent, with a slight gradual increase from 278 million USD in early 2020 to about 336 million USD in late 2022, followed by minor fluctuations in later periods.
- Income before income taxes closely mirrored operating income trends, starting at 1,918 million USD, dipping in mid-2020, reaching peaks near 2,442 million USD in late 2022, then stabilizing near 2,100 to 2,200 million USD from 2023 onward.
- Income tax expense followed a pattern consistent with pretax income, increasing from about 444 million USD in early 2020 to near 547 million USD in late 2022, and fluctuating around 500 million USD subsequently.
- Net income showed a general recovery and growth trend following the COVID-19 disruption, rising from 1,474 million USD in March 2020 to a peak of 1,895 million USD in September 2022. After a decline in late 2022, net income stabilized around 1,600 to 1,700 million USD through early 2025, reflecting resilience and effective cost management amid variable revenue and expense conditions.