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.
Long-term Activity Ratios (Summary)
Union Pacific Corp., long-term (investment) activity ratios (quarterly data)
Based on: 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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibited a generally upward trend from March 2021 through the end of 2022, increasing from 0.36 to a peak of 0.45 in the first quarter of 2023. Following this peak, the ratio experienced a slight decline and then stabilized around 0.42 through the remainder of the observed periods up to the third quarter of 2025. This pattern suggests initial improvements in the efficiency of fixed asset utilization which later plateaued.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- When including operating lease right-of-use assets, the net fixed asset turnover ratio showed a comparable increasing trend from 0.35 in early 2021 to 0.43 in late 2022. Similar to the standard net fixed asset turnover, this ratio remained stable around 0.41 from early 2023 through to the third quarter of 2025. The parallel movement with the standard ratio indicates consistent operational efficiency when incorporating leased assets.
- Total Asset Turnover
- Total asset turnover gradually improved from 0.31 in the first quarter of 2021 to 0.38 by the end of 2022, reflecting enhanced overall asset utilization. The ratio held steady at about 0.36 to 0.38 throughout 2023 and into mid-2025, showing a plateau with minor fluctuations. This stability suggests that asset utilization efficiencies achieved by late 2022 were maintained, but no significant further improvements occurred afterward.
- Equity Turnover
- Equity turnover displayed a more volatile pattern, beginning at 1.19 in early 2021 and rising sharply to 2.08 by the third quarter of 2022. After this peak, the ratio steadily declined to around 1.42 by the third quarter of 2025. This fluctuation indicates a period of increased equity utilization efficiency followed by a gradual reduction, possibly reflecting changing capital structure strategies or variations in net sales relative to shareholder equity over time.
Net Fixed Asset Turnover
Union Pacific Corp., net fixed asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating revenues | 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) | ||||||
| Properties, net | 59,392) | 59,017) | 58,710) | 58,343) | 58,036) | 57,835) | 57,590) | 57,398) | 57,010) | 56,641) | 56,274) | 56,038) | 55,689) | 55,315) | 55,064) | 54,871) | 54,362) | 54,148) | 54,062) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover1 | 0.41 | 0.41 | 0.41 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.42 | 0.44 | 0.45 | 0.44 | 0.44 | 0.42 | 0.41 | 0.40 | 0.39 | 0.38 | 0.36 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 2.14 | 2.13 | 2.12 | 2.11 | 2.11 | 2.12 | 2.15 | 2.22 | 2.32 | 2.37 | 2.44 | 2.45 | 2.45 | 2.41 | 2.37 | 2.35 | 2.25 | 2.16 | 2.09 | ||||||
| Uber Technologies Inc. | 25.70 | 24.30 | 23.38 | 22.53 | 21.17 | 19.69 | 18.98 | 17.98 | 17.12 | 16.54 | 15.80 | 15.31 | 14.96 | 13.73 | 11.55 | 9.42 | 8.33 | 7.21 | 6.14 | ||||||
| United Airlines Holdings Inc. | 1.30 | 1.32 | 1.33 | 1.33 | 1.34 | 1.37 | 1.35 | 1.35 | 1.37 | 1.37 | 1.36 | 1.31 | 1.25 | 1.12 | 0.91 | 0.77 | 0.62 | 0.45 | 0.33 | ||||||
| United Parcel Service Inc. | 2.37 | 2.39 | 2.44 | 2.45 | 2.43 | 2.41 | 2.41 | 2.46 | 2.58 | 2.71 | 2.83 | 2.89 | 3.01 | 2.99 | 2.94 | 2.91 | 2.87 | 2.83 | 2.76 | ||||||
Based on: 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).
1 Q3 2025 Calculation
Net fixed asset turnover
= (Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024)
÷ Properties, net
= (6,244 + 6,154 + 6,027 + 6,121)
÷ 59,392 = 0.41
2 Click competitor name to see calculations.
- Operating Revenues
- Operating revenues exhibit a general upward trend from March 2021 through June 2024. Starting at approximately 5,001 million USD in the first quarter of 2021, revenues rose steadily to a peak near 6,269 million USD by mid-2022. After this peak, a moderate decline occurred towards the end of 2022, followed by fluctuations around the 6,000 million USD level through 2023 and mid-2024. The revenues indicate some resilience despite volatility, with a moderate rebound towards the end of the observation period reaching approximately 6,244 million USD by the third quarter of 2025.
- Properties, Net
- The net properties value demonstrates consistent growth over the entire period. Starting at 54,062 million USD in the first quarter of 2021, it steadily increases each quarter, reaching nearly 59,392 million USD by the third quarter of 2025. This indicates ongoing investments or capital expenditures in fixed assets, contributing to the company's asset base expansion.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio shows a gradual improvement from 0.36 in March 2021 to a peak of about 0.45 in early 2023, reflecting improved efficiency in using fixed assets to generate revenues. However, from early 2023 onward, the ratio stabilizes and then slightly decreases to a range around 0.41 by late 2025. This suggests that despite the continued growth in fixed assets, the revenue generation per unit of fixed assets has plateaued and slightly declined, signaling potential diminishing returns or a slower revenue growth pace relative to asset base expansion.
- Overall Analysis
- The examined data illustrate a scenario of robust asset growth supported by generally increasing operating revenues, especially from 2021 through mid-2022. The decline and volatility in revenues after mid-2022 may indicate market challenges or operational factors affecting revenue performance. The net fixed asset turnover ratio's peak and subsequent modest decline imply an initial improvement in asset utilization efficiency, which has since stabilized, raising consideration for future strategies to maximize asset productivity. The steady rise in net properties aligns with sustained investment in infrastructure or equipment, which should be monitored in relation to revenue trends to assess long-term operational effectiveness.
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)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating revenues | 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) | ||||||
| Properties, net | 59,392) | 59,017) | 58,710) | 58,343) | 58,036) | 57,835) | 57,590) | 57,398) | 57,010) | 56,641) | 56,274) | 56,038) | 55,689) | 55,315) | 55,064) | 54,871) | 54,362) | 54,148) | 54,062) | ||||||
| Operating lease assets | 1,090) | 1,193) | 1,142) | 1,297) | 1,345) | 1,386) | 1,453) | 1,643) | 1,670) | 1,651) | 1,700) | 1,672) | 1,703) | 1,706) | 1,727) | 1,787) | 1,630) | 1,635) | 1,581) | ||||||
| Properties, net (including operating lease, right-of-use asset) | 60,482) | 60,210) | 59,852) | 59,640) | 59,381) | 59,221) | 59,043) | 59,041) | 58,680) | 58,292) | 57,974) | 57,710) | 57,392) | 57,021) | 56,791) | 56,658) | 55,992) | 55,783) | 55,643) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.41 | 0.42 | 0.43 | 0.43 | 0.43 | 0.41 | 0.40 | 0.38 | 0.38 | 0.37 | 0.35 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 1.53 | 1.51 | 1.50 | 1.50 | 1.50 | 1.50 | 1.51 | 1.55 | 1.62 | 1.65 | 1.69 | 1.71 | 1.70 | 1.68 | 1.67 | 1.64 | 1.58 | 1.51 | 1.47 | ||||||
| Uber Technologies Inc. | 16.23 | 15.26 | 14.62 | 14.14 | 13.23 | 12.46 | 11.88 | 11.25 | 10.70 | 10.26 | 9.73 | 9.03 | 8.68 | 7.65 | 6.50 | 5.39 | 4.95 | 4.25 | 3.57 | ||||||
| United Airlines Holdings Inc. | 1.17 | 1.20 | 1.21 | 1.22 | 1.23 | 1.25 | 1.24 | 1.23 | 1.24 | 1.24 | 1.22 | 1.17 | 1.11 | 0.98 | 0.79 | 0.67 | 0.54 | 0.40 | 0.29 | ||||||
| United Parcel Service Inc. | 2.13 | 2.17 | 2.20 | 2.20 | 2.18 | 2.17 | 2.17 | 2.20 | 2.32 | 2.42 | 2.53 | 2.61 | 2.73 | 2.71 | 2.66 | 2.63 | 2.60 | 2.55 | 2.52 | ||||||
Based on: 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).
1 Q3 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024)
÷ Properties, net (including operating lease, right-of-use asset)
= (6,244 + 6,154 + 6,027 + 6,121)
÷ 60,482 = 0.41
2 Click competitor name to see calculations.
- Operating Revenues
- The operating revenues exhibit a generally increasing trend from March 31, 2021, to December 31, 2025. Beginning at approximately 5,001 million US dollars in Q1 2021, revenues increased steadily, peaking around mid-2022 before experiencing some fluctuations. There is a noticeable dip in Q4 2022, followed by moderate recovery through 2023 and 2024. Overall, the revenues remain relatively stable with a slight upward drift towards the end of the observed period, reaching about 6,244 million US dollars by Q3 2025.
- Properties, Net (including operating lease, right-of-use asset)
- The net properties asset base shows a slow but consistent increase over the period analyzed. Starting at approximately 55,643 million US dollars in Q1 2021, the asset value advances steadily each quarter without significant volatility, reaching roughly 60,482 million US dollars by Q3 2025. This trend indicates ongoing investment or capital retention in property assets, suggesting efforts to maintain or enhance operational capacity.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio improves from 0.35 in early 2021 to a peak of 0.43 by the end of 2021 and mid-2022, representing an increase in operating revenue generated per unit of fixed assets. However, this improvement stabilizes and slightly declines to around 0.41 from mid-2023 onward, remaining consistent through to the end of 2025. The plateau in turnover ratio suggests that while asset base growth continues, efficiency in utilizing these assets to generate revenue has reached a steady state without further gains.
Total Asset Turnover
Union Pacific Corp., total asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating revenues | 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) | ||||||
| Total assets | 68,647) | 68,576) | 68,492) | 67,715) | 67,570) | 67,817) | 67,266) | 67,132) | 66,540) | 66,033) | 65,968) | 65,449) | 65,343) | 64,440) | 64,051) | 63,525) | 62,360) | 62,073) | 61,793) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Total asset turnover1 | 0.36 | 0.36 | 0.35 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.36 | 0.38 | 0.38 | 0.38 | 0.37 | 0.36 | 0.35 | 0.34 | 0.34 | 0.33 | 0.31 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 1.03 | 1.02 | 1.01 | 1.01 | 1.02 | 1.00 | 1.01 | 1.03 | 1.08 | 1.10 | 1.10 | 1.09 | 1.09 | 1.06 | 1.06 | 1.01 | 0.95 | 0.92 | 0.92 | ||||||
| Uber Technologies Inc. | 0.78 | 0.85 | 0.86 | 0.86 | 0.89 | 0.96 | 0.97 | 0.96 | 1.00 | 1.03 | 1.04 | 0.99 | 0.93 | 0.82 | 0.65 | 0.45 | 0.40 | 0.35 | 0.31 | ||||||
| United Airlines Holdings Inc. | 0.76 | 0.75 | 0.76 | 0.77 | 0.77 | 0.76 | 0.76 | 0.76 | 0.72 | 0.69 | 0.69 | 0.67 | 0.59 | 0.51 | 0.42 | 0.36 | 0.29 | 0.21 | 0.17 | ||||||
| United Parcel Service Inc. | 1.25 | 1.27 | 1.33 | 1.30 | 1.33 | 1.29 | 1.33 | 1.28 | 1.32 | 1.37 | 1.37 | 1.41 | 1.45 | 1.43 | 1.41 | 1.40 | 1.44 | 1.43 | 1.41 | ||||||
Based on: 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).
1 Q3 2025 Calculation
Total asset turnover
= (Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024)
÷ Total assets
= (6,244 + 6,154 + 6,027 + 6,121)
÷ 68,647 = 0.36
2 Click competitor name to see calculations.
- Operating Revenues
- Operating revenues exhibit an overall upward trend from March 2021 through December 2025, starting at approximately $5,001 million and rising to about $6,244 million. There are fluctuations within this period, notably a peak in September 2022 at $6,566 million followed by a decline toward December 2022. Revenues then stabilize around the $6,000 million to $6,100 million range through 2023 and 2024, with a modest increase towards the end of the observed period. This pattern suggests some seasonality and volatility but demonstrates resilience and growth across the longer term.
- Total Assets
- Total assets show a gradual increase over the period analyzed, rising from around $61,793 million in March 2021 to approximately $68,647 million by September 2025. The asset base expands steadily each quarter with no significant contractions, indicating consistent investment or asset accumulation. This gradual growth in total assets may support ongoing business activities and revenue generation.
- Total Asset Turnover Ratio
- The total asset turnover ratio, measuring efficiency in using assets to generate revenue, shows improvement from 0.31 in early 2021 to peaks of 0.38 in late 2021 and early 2023. After peaking, the ratio slightly declines and stabilizes around 0.35 to 0.36 through 2024 and into 2025. This indicates that while efficiency improved significantly in the initial years, it has somewhat leveled off. Despite the expansion in assets, the company maintains a relatively consistent efficiency level in asset utilization over the longer term.
- Summary of Trends
- Overall, the financial data reflect steady growth in both operating revenues and total assets, accompanied by a generally improving but stabilizing asset turnover ratio. Revenue trends suggest some short-term variability, but the longer-term pattern is positive. Asset growth is consistent and supports the scale of operations. The efficiency ratio indicates the company effectively leverages its assets to generate revenues, although gains in efficiency have plateaued in recent quarters. These trends collectively point to stable operational performance with room for improved asset utilization in future periods.
Equity Turnover
Union Pacific Corp., equity turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating revenues | 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) | ||||||
| Common shareholders’ equity | 17,304) | 16,258) | 16,039) | 16,890) | 16,584) | 16,489) | 15,665) | 14,788) | 14,004) | 13,194) | 12,454) | 12,163) | 11,743) | 12,710) | 11,897) | 14,161) | 13,917) | 14,303) | 16,254) | ||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||
| Equity turnover1 | 1.42 | 1.50 | 1.51 | 1.44 | 1.46 | 1.46 | 1.54 | 1.63 | 1.72 | 1.88 | 2.01 | 2.05 | 2.08 | 1.84 | 1.90 | 1.54 | 1.52 | 1.44 | 1.19 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||
| FedEx Corp. | 3.29 | 3.30 | 3.22 | 3.18 | 3.32 | 3.29 | 3.34 | 3.46 | 3.74 | 3.90 | 3.77 | 3.75 | 3.74 | 3.59 | 3.56 | 3.47 | 3.58 | 3.55 | 3.67 | ||||||
| Uber Technologies Inc. | 1.76 | 2.09 | 2.07 | 2.04 | 2.84 | 3.24 | 3.49 | 3.31 | 3.84 | 4.04 | 4.51 | 4.34 | 4.65 | 3.84 | 2.40 | 1.21 | 1.07 | 0.90 | 0.79 | ||||||
| United Airlines Holdings Inc. | 4.08 | 4.34 | 4.58 | 4.50 | 4.90 | 5.29 | 5.97 | 5.76 | 5.93 | 6.60 | 7.32 | 6.52 | 8.32 | 8.99 | 8.00 | 4.90 | 3.66 | 2.98 | 2.04 | ||||||
| United Parcel Service Inc. | 5.66 | 5.73 | 5.81 | 5.45 | 5.38 | 5.26 | 5.31 | 5.26 | 4.86 | 4.80 | 4.93 | 5.07 | 5.96 | 6.15 | 6.41 | 6.83 | 7.84 | 8.56 | 12.52 | ||||||
Based on: 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).
1 Q3 2025 Calculation
Equity turnover
= (Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024)
÷ Common shareholders’ equity
= (6,244 + 6,154 + 6,027 + 6,121)
÷ 17,304 = 1.42
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the company's performance over the given periods.
- Operating Revenues
- Operating revenues showed a steady increase from early 2021 through mid-2022, rising from approximately $5,001 million in March 2021 to a peak of $6,566 million in September 2022. Following this peak, revenues experienced a decline towards the end of 2022, falling to $6,180 million by December 2022. In 2023 and the subsequent periods into early 2025, operating revenues fluctuated moderately but remained relatively stable, oscillating between a low of about $5,941 million and a high near $6,244 million. The data indicates some volatility but no sustained upward or downward momentum after the initial growth phase.
- Common Shareholders’ Equity
- The common shareholders’ equity displayed fluctuations with an overall trend of recovery and growth after an initial decline. Beginning at approximately $16,254 million in March 2021, equity declined steadily through mid-2022, reaching a low point near $11,743 million in September 2022. Subsequently, the equity base exhibited a strong recovery from late 2022 onward, climbing consistently to reach about $17,304 million by September 2025. This suggests a rebuilding of shareholders’ equity, potentially indicative of retained earnings, capital injections, or both.
- Equity Turnover
- Equity turnover, defined as the ratio of operating revenues to common shareholders’ equity, demonstrated an initial upward trend through late 2021 and into 2022, peaking around 2.08 in September 2022. This peak coincides with the lowest point of common equity and one of the highest revenue figures. Following this peak, the ratio decreased steadily through 2023 and stabilized around 1.4 to 1.5 in the ensuing quarters up to 2025. This decline suggests that the company’s revenues grew less rapidly compared to the equity base following the 2022 peak, indicating reduced efficiency in using equity to generate revenues over the later periods.
In summary, the company experienced a period of growth in operating revenues and a simultaneous decline in equity through mid to late 2022, resulting in a high equity turnover ratio. From late 2022 onward, operating revenues stabilized while common shareholders’ equity increased notably, which in turn resulted in a decreased equity turnover ratio. The data suggests that the company enhanced its equity base substantially after mid-2022 but generated relatively consistent revenues without marked growth from 2023 to early 2025.