Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
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Union Pacific Corp., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The statement of comprehensive income reveals fluctuations in components beyond net income over the five-year period. Net income demonstrates a generally positive trend, though not consistently increasing year-over-year. Comprehensive income, which incorporates net income and other comprehensive income items, mirrors this pattern but is influenced significantly by the volatility of those additional components.
- Net Income
- Net income increased from US$6,523 million in 2021 to US$6,998 million in 2022, representing a growth of approximately 7.2%. A subsequent decrease was observed in 2023, falling to US$6,379 million. This was followed by a recovery to US$6,747 million in 2024 and further growth to US$7,138 million in 2025, indicating a return to an upward trajectory. Overall, net income increased by roughly 9.4% from 2021 to 2025.
- Defined Benefit Plans
- The impact of defined benefit plan adjustments on comprehensive income is notable. A positive impact of US$723 million was recorded in 2021, decreasing substantially to US$280 million in 2022. This trend reversed in 2023, resulting in a negative impact of US$106 million. Further negative impacts were seen in 2024 (US$-14 million) before a modest positive impact of US$71 million in 2025. This suggests increasing volatility and potential restructuring or changes in actuarial assumptions related to these plans.
- Foreign Currency Translation
- Foreign currency translation adjustments exhibit considerable fluctuation. A negative impact of US$-44 million was recorded in 2021, followed by a positive impact of US$52 million in 2022 and US$58 million in 2023. A significant negative impact of US$-95 million was observed in 2024, followed by a recovery to US$62 million in 2025. These variations likely reflect changes in exchange rates and the company’s international operations.
- Derivative Instruments
- The impact from derivative instruments was minimal until 2023, where a positive impact of US$16 million was recorded. This component showed a negative impact of US$-1 million in 2025, suggesting limited but present activity in derivative usage.
- Other Comprehensive Income (Loss)
- Other comprehensive income, net of deferred taxes, demonstrates significant variability. A positive impact of US$679 million was recorded in 2021, decreasing to US$332 million in 2022. A negative impact of US$-32 million was observed in 2023, followed by a more substantial negative impact of US$-109 million in 2024. This was followed by a positive impact of US$132 million in 2025. This volatility significantly influences the overall comprehensive income.
- Comprehensive Income
- Comprehensive income generally follows the trend of net income, but is affected by the fluctuations in other comprehensive income components. It increased from US$7,202 million in 2021 to US$7,330 million in 2022, decreased to US$6,347 million in 2023, recovered to US$6,638 million in 2024, and increased to US$7,270 million in 2025. The largest divergence from net income occurs in 2023 and 2024, driven by the negative impacts from defined benefit plans, foreign currency translation, and other comprehensive income.
In summary, while net income shows a general upward trend, comprehensive income is subject to considerable volatility due to fluctuations in defined benefit plan adjustments, foreign currency translation, and other comprehensive income items. These factors warrant further investigation to understand the underlying drivers and potential risks.