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:	Jun 30, 2026	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	6,518)	5,893)	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	346)	324)	326)	317)	311)	336)	332)	323)	369)	415)	358)	396)	394)	400)	412)	457)	427)	420)	436)	400)	372)	352)
Operating revenues	6,864)	6,217)	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	(1,240)	(1,227)	(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)
Fuel	(938)	(643)	(595)	(616)	(576)	(603)	(581)	(610)	(625)	(658)	(759)	(702)	(664)	(766)	(853)	(932)	(940)	(714)	(597)	(544)	(497)	(411)
Purchased services and materials	(709)	(673)	(670)	(683)	(642)	(631)	(619)	(644)	(644)	(613)	(645)	(668)	(650)	(653)	(633)	(626)	(622)	(561)	(538)	(510)	(478)	(490)
Depreciation	(638)	(633)	(624)	(618)	(613)	(610)	(606)	(602)	(596)	(594)	(589)	(580)	(577)	(572)	(569)	(563)	(559)	(555)	(556)	(553)	(550)	(549)
Equipment and other rents	(214)	(219)	(229)	(212)	(230)	(241)	(248)	(237)	(219)	(216)	(229)	(235)	(248)	(235)	(238)	(215)	(230)	(215)	(230)	(217)	(200)	(212)
Other	(362)	(364)	(344)	(352)	(319)	(359)	(281)	(354)	(336)	(355)	(361)	(378)	(351)	(357)	(301)	(319)	(331)	(337)	(302)	(270)	(284)	(320)
Operating expenses	(4,101)	(3,759)	(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	2,763)	2,458)	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	105)	91)	332)	96)	123)	78)	68)	87)	103)	92)	108)	106)	93)	184)	92)	124)	163)	47)	83)	38)	125)	51)
Interest expense	(313)	(320)	(325)	(327)	(335)	(322)	(312)	(314)	(319)	(324)	(331)	(334)	(339)	(336)	(333)	(315)	(316)	(307)	(295)	(290)	(282)	(290)
Income before income taxes	2,555)	2,229)	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	(562)	(528)	(560)	(530)	(437)	(501)	(519)	(518)	(511)	(499)	(532)	(421)	(389)	(512)	(533)	(547)	(507)	(487)	(517)	(507)	(518)	(413)
Net income	1,993)	1,701)	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 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.

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Union Pacific Corp. (NYSE:UNP)

Income StatementQuarterly Data

Income Statement
Quarterly Data