Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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Long-term Activity Ratios (Summary)
Union Pacific Corp., long-term (investment) activity ratios (quarterly data)
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).
The analysis of the quarterly financial ratios reveals several notable trends over the observed periods.
- Net Fixed Asset Turnover
- This ratio shows a general upward trajectory from March 31, 2020, through December 31, 2022, increasing from 0.36 to a peak of 0.45. Subsequently, the ratio exhibits a slight decline and stabilizes around 0.41-0.44 through March 31, 2025. This pattern suggests an improvement in the efficiency of using net fixed assets to generate revenue during the initial period, followed by a leveling off in later periods.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- A similar trend is observed with this adjusted measure. Starting at 0.35, the ratio increases steadily to 0.43 by the end of 2022. This is followed by a mild dip and stabilization at approximately 0.41 through the latest date reported. The parallel movement to the standard net fixed asset turnover indicates consistent operational efficiency even when considering leased assets.
- Total Asset Turnover
- The total asset turnover ratio starts at 0.31 and experiences a gradual increase, reaching 0.38 by December 31, 2022. Thereafter, a slight decline is noted, settling at about 0.35-0.36 toward the end of the period. This suggests the company's overall ability to generate revenue per unit of total assets improved moderately before facing a minor decrease and stabilization.
- Equity Turnover
- This ratio displays significant variation with an increasing trend from 1.15 on March 31, 2020, escalating sharply to a peak of 2.08 by December 31, 2021. Following this peak, the ratio consistently declines to about 1.44 by September 30, 2024, with a slight uptick to 1.51 in the subsequent quarter. This indicates that while equity was utilized increasingly efficiently through 2021, the efficiency diminished thereafter, possibly reflecting changes in equity base or revenue generation dynamics.
Overall, the turnover ratios imply an initial phase of improving asset utilization and equity efficiency through 2021-2022, followed by a period of plateauing or moderate decline. This may reflect changes in operational conditions, asset management strategies, or market environment affecting the company’s ability to generate revenues from its assets and equity investments.
Net Fixed Asset Turnover
Union Pacific Corp., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||||
| Properties, net | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||||
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).
1 Q1 2025 Calculation
Net fixed asset turnover
= (Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024
+ Operating revenuesQ2 2024)
÷ Properties, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenues
- Operating revenues demonstrate a general recovery and growth trend from the low point in the second quarter of 2020, where revenues dropped to 4,244 million US dollars. Following this trough, revenues steadily increased through 2021 and 2022, peaking at 6,566 million US dollars in the third quarter of 2022. However, from the fourth quarter of 2022 onward, revenues exhibit some volatility with moderate declines and modest recoveries, stabilizing around 6,000 million US dollars in early 2024 and slightly decreasing towards the first quarter of 2025, ending at 6,027 million US dollars.
- Properties, Net
- The net properties value displays a consistent upward trajectory throughout the entire period. Beginning at 54,121 million US dollars in the first quarter of 2020, this asset base gradually increased every quarter, reaching 58,710 million US dollars by the first quarter of 2025. This steady growth indicates ongoing investment and capitalization in fixed assets.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, available from the third quarter of 2020 onward, shows an initial gradual increase from 0.36 to a peak of 0.45 in the first quarter of 2022, suggesting improving efficiency in generating revenue from fixed assets. After this peak, the ratio dips slightly and stabilizes around 0.42 throughout 2022, 2023, and into 2024, with a minor decline to 0.41 by the end of the projection period in the first quarter of 2025. This indicates a plateau in fixed asset utilization efficiency after the initial improvement phase.
- Summary of Trends
- Overall, the financial data indicates a recovery and growth phase in operating revenues post-2020, with stabilization in recent periods. The consistent increase in net properties reflects ongoing capital investment, while the net fixed asset turnover ratio suggests that initial gains in asset efficiency have plateaued. These observations point to a company that has expanded its asset base steadily while achieving moderate improvements in asset productivity, though facing some recent challenges in revenue growth momentum.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Union Pacific Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||||
| Properties, net | ||||||||||||||||||||||||||||
| Operating lease assets | ||||||||||||||||||||||||||||
| Properties, net (including operating lease, right-of-use asset) | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||||
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).
1 Q1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024
+ Operating revenuesQ2 2024)
÷ Properties, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Operating Revenues
- Operating revenues exhibit fluctuations over the observed periods. Initially, there was a notable decline in the second quarter of 2020, followed by a recovery trend throughout the remainder of 2020 and into 2021. The revenues peaked in the third quarter of 2022, reaching 6,566 million US dollars, before experiencing a slight decrease and subsequent stabilization around the range of approximately 5,940 to 6,160 million US dollars from late 2022 through early 2024. The most recent data points for the first quarter of 2025 show revenues returning to approximately 6,027 million US dollars, indicating relative stability compared to previous quarters.
- Properties, Net (Including Operating Lease, Right-of-Use Asset)
- The net properties asset base shows a steady and gradual increase across the entire timeline. Starting from 55,894 million US dollars in the first quarter of 2020, it increases consistently each quarter, reaching 59,852 million US dollars by the first quarter of 2025. This suggests ongoing investments or capital additions to property, plant, and equipment, possibly including leased assets. The incremental growth appears steady without significant fluctuations, indicating stable asset expansion or maintenance.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- Data for net fixed asset turnover is only available starting from the fourth quarter of 2020. At this point, the ratio was 0.35 and increased slightly over the following quarters, peaking at 0.43 during the third and fourth quarters of 2022 and the first quarter of 2023. After this peak, the turnover ratio experiences a modest decline and remains relatively stable at around 0.41 through the end of the observed period in the first quarter of 2025. This pattern suggests an initial improvement in the efficiency of fixed asset utilization to generate revenues, followed by a plateau phase. The ratio stabilization may reflect a balance between asset base growth and revenue generation capacity.
Total Asset Turnover
Union Pacific Corp., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||||
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).
1 Q1 2025 Calculation
Total asset turnover
= (Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024
+ Operating revenuesQ2 2024)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and patterns over the observed periods.
- Operating Revenues
- The operating revenues demonstrate fluctuations throughout the reported quarters, showing a general upward trajectory from the early 2020 period through to mid-2023. Initially, revenues started at 5,229 million US dollars in March 2020, experienced a dip to 4,244 million US dollars by June 2020, and then gradually increased, peaking at 6,566 million US dollars in September 2022. Following this peak, a slight decline and stabilization occurred, with operating revenues oscillating around the 6,000 million US dollars mark through to March 2025. The pattern suggests recovery and growth after the initial 2020 downturn, followed by some variability in the later periods.
- Total Assets
- Total assets remained relatively stable with a modest increase over the extensive timeline. Starting at 62,216 million US dollars in March 2020, total assets fluctuated marginally, reflecting a slight upward trend to reach 68,492 million US dollars by March 2025. This slow growth indicates steady asset accumulation or retention with minimal volatility, signifying sound asset management over the periods.
- Total Asset Turnover
- Total asset turnover, introduced from September 2020 onward, shows a progressive improvement from 0.31 to a peak of 0.38 by September and December 2022, after which it hovers around 0.35 to 0.36 through early 2025. This gradual increase points to enhanced efficiency in utilizing assets to generate revenues. The stabilization after the peak could indicate a plateau in operational efficiency gains during the most recent periods.
Overall, the data portrays a company recovering from a mid-2020 revenue low, steadily increasing its asset base, and improving asset utilization efficiency until late 2022. Post-2022, revenues and efficiency metrics show stabilization, suggesting a period of consistent operational performance.
Equity Turnover
Union Pacific Corp., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Operating revenues | ||||||||||||||||||||||||||||
| Common shareholders’ equity | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| FedEx Corp. | ||||||||||||||||||||||||||||
| Uber Technologies Inc. | ||||||||||||||||||||||||||||
| United Airlines Holdings Inc. | ||||||||||||||||||||||||||||
| United Parcel Service Inc. | ||||||||||||||||||||||||||||
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).
1 Q1 2025 Calculation
Equity turnover
= (Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024
+ Operating revenuesQ2 2024)
÷ Common shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in the key metrics of the company over the observed periods.
- Operating Revenues
- The operating revenues exhibited fluctuations, initially declining from 5,229 million USD in March 2020 to a low of 4,244 million USD in June 2020, likely reflecting adverse external factors during that period. Subsequently, a recovery phase followed, with revenues rising steadily to reach a peak of 6,566 million USD in September 2022. However, post that peak, a general downward trend was observed, with revenues decreasing to 6,027 million USD by March 2025. The variations suggest cyclical influences or market dynamics affecting revenue generation, with notable strength in late 2021 through 2022 before a moderate decline.
- Common Shareholders’ Equity
- Shareholders’ equity demonstrated variability with an initial increase from 15,991 million USD in March 2020 to 17,199 million USD in September 2020. Thereafter, a decline occurred, reaching a low point of 11,743 million USD in September 2022. From this trough, a recovery trend was evident, as equity rose to 16,890 million USD by September 2024 before dropping slightly to 16,039 million USD by March 2025. These fluctuations may reflect equity adjustments due to earnings, dividend payouts, stock repurchases, or other comprehensive income components influencing the equity base.
- Equity Turnover Ratio
- The equity turnover ratio, which measures how effectively the company utilizes its equity to generate revenues, shows an upward movement from 1.15 in September 2020 to a high of 2.08 in December 2022. Following this peak, the ratio steadily declined to approximately 1.44 by September 2024, with a slight recovery to 1.51 in March 2025. This pattern indicates increasing efficiency in leveraging equity until late 2022, succeeded by a reduction in turnover efficiency, potentially due to rising equity or slowing revenue growth.
Overall, the data points to a period of initial disruption, recovery, and eventual stabilization across key financial metrics. Operating revenues and equity turnover showed strong improvement through 2022, coupled with a decrease in shareholders’ equity, suggesting heightened operational efficiency. However, later quarters reveal moderation or slight deterioration in these trends, pointing to potential challenges in maintaining growth momentum or shifts in capital structure.