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: 2025-06-30), 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), 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 distinct trends over the observed periods.
- Net Fixed Asset Turnover
- This ratio demonstrates a generally positive trend from March 2021 through December 2022, increasing from 0.36 to a peak of 0.45. Following this peak, there is a slight decline and stabilization with values oscillating around 0.41 to 0.44 into mid-2025. This indicates that asset utilization efficiency initially improved significantly but then plateaued toward the later periods.
- Net Fixed Asset Turnover Including Operating Lease (Right-of-Use Asset)
- A similar trend to the net fixed asset turnover is observed, with an increase from 0.35 in the first recorded quarter to a high near 0.43 by the end of 2022. Afterward, the ratio exhibits a mild decline and stabilizes around 0.41 through to mid-2025. The inclusion of lease assets slightly moderates the peak value compared to the traditional fixed asset turnover, but the pattern remains consistent.
- Total Asset Turnover
- The total asset turnover ratio shows a steady upward movement starting at 0.31 in early 2021, reaching 0.38 by the last quarter of 2022. Post this high, the ratio slightly declines but remains fairly constant around 0.35 to 0.36 going forward. This trend suggests a gradual improvement in overall asset efficiency which subsequently levels off in the later periods.
- Equity Turnover
- This ratio displays a more variable pattern with a sharp increase from 1.15 in early 2021 to a peak of 2.08 in the fourth quarter of 2021. Following that peak, the equity turnover declines steadily across subsequent quarters, settling between 1.44 and 1.51 from late 2024 into mid-2025. The initial growth indicates enhanced use of shareholder equity to generate revenue, but the decline hints at a reduction in this efficiency or a change in equity structure in later periods.
Overall, the financial ratios reveal that asset utilization improved significantly during 2021 and 2022, with minor decreases and stabilization afterward. Equity turnover experienced a pronounced peak followed by a steady decrease, possibly reflecting shifts in financing or operational strategies in recent years.
Net Fixed Asset Turnover
Union Pacific Corp., net fixed asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating revenues | 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) | 5,141) | 4,919) | 4,244) | 5,229) | |||||||
| Properties, net | 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) | 54,161) | 54,375) | 54,270) | 54,121) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Net fixed asset turnover1 | 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 | 0.36 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 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 | 2.06 | — | — | — | |||||||
| Uber Technologies Inc. | 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 | 6.14 | — | — | — | |||||||
| United Airlines Holdings Inc. | 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 | 0.49 | — | — | — | |||||||
| United Parcel Service Inc. | 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 | 2.62 | — | — | — | |||||||
Based on: 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), 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 Q2 2025 Calculation
Net fixed asset turnover
= (Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024)
÷ Properties, net
= (6,154 + 6,027 + 6,121 + 6,091)
÷ 59,017 = 0.41
2 Click competitor name to see calculations.
The financial data reveals several notable trends regarding operating revenues, net property values, and net fixed asset turnover ratios over the specified periods.
- Operating Revenues
- Operating revenues displayed a fluctuating pattern, beginning with a decrease from 5,229 million US dollars in the first quarter of 2020 to 4,244 million in the second quarter of 2020. This dip was followed by a recovery through the remainder of 2020 and into 2021, reaching a peak of 6,269 million in the second quarter of 2022. However, after this peak, revenues showed a slight overall decline and stabilization, oscillating around the 6,000 million mark from late 2022 through mid-2025, with no clear sustained growth trend during this latter period.
- Properties, Net
- The net value of properties exhibited a steady upward trend throughout the timeline. Starting at 54,121 million US dollars in the first quarter of 2020, the asset base consistently increased quarter over quarter, reaching 59,017 million by the second quarter of 2025. This steady rise indicates ongoing investments or appreciation in fixed assets without any evident periods of decline.
- Net Fixed Asset Turnover Ratio
- Data for the net fixed asset turnover ratio begins in the middle of 2020, starting at 0.36 and showing a gradual increase during 2020 and 2021, peaking at 0.45 by early 2022. Following this peak, the ratio experienced a mild decline and then stabilized around 0.41-0.42 through mid-2025. This suggests that the efficiency with which the company utilized its fixed assets to generate revenue improved initially but then plateaued, reflecting consistent asset utilization in recent periods.
In summary, the company demonstrated resilience in recovering operating revenues after an initial dip in early 2020, supported by a steadily expanding asset base. Despite increased property investments, the turnover ratio stabilized, implying that asset growth has not translated into proportional increases in asset efficiency beyond 2022. This pattern could indicate maturating operations, where further revenue growth depends less on asset expansion and more on other operational factors.
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)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating revenues | 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) | 5,141) | 4,919) | 4,244) | 5,229) | |||||||
| Properties, net | 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) | 54,161) | 54,375) | 54,270) | 54,121) | |||||||
| Operating lease assets | 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) | 1,610) | 1,642) | 1,700) | 1,773) | |||||||
| Properties, net (including operating lease, right-of-use asset) | 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) | 55,771) | 56,017) | 55,970) | 55,894) | |||||||
| 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 | 0.42 | 0.43 | 0.43 | 0.43 | 0.41 | 0.40 | 0.38 | 0.38 | 0.37 | 0.35 | 0.35 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 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 | 1.46 | — | — | — | |||||||
| Uber Technologies Inc. | 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 | 3.61 | — | — | — | |||||||
| United Airlines Holdings Inc. | 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 | 0.43 | — | — | — | |||||||
| United Parcel Service Inc. | 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 | 2.40 | — | — | — | |||||||
Based on: 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), 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 Q2 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024)
÷ Properties, net (including operating lease, right-of-use asset)
= (6,154 + 6,027 + 6,121 + 6,091)
÷ 60,210 = 0.41
2 Click competitor name to see calculations.
The financial data reveals several notable trends and fluctuations over the observed quarters. Operating revenues demonstrate a fluctuating yet generally upward movement over the given periods. Initially, there is a decline in revenues in the early quarters of 2020, reaching a low point in June 2020. However, from mid-2020 onward, revenues recover steadily with some seasonal variations, peaking towards the end of 2022. Subsequently, a modest decline appears in 2023, followed by stabilization and slight variation into early 2025, yet maintaining levels higher than those seen in early 2020.
Regarding the net properties value, encompassing operating lease and right-of-use assets, a consistent incremental growth trend is evident throughout the entire timeline. The net fixed asset value starts around 55,894 million US dollars in the first quarter of 2020 and gradually increases each quarter, reflecting ongoing asset acquisition or capital investment. This steady upward trajectory indicates continuous asset base strengthening, reaching over 60,000 million US dollars by mid-2025.
The net fixed asset turnover ratio shows missing data for the early quarters but becomes available from late 2020 onwards. This ratio exhibits a gradual upward trend in the subsequent quarters, moving from 0.35 to approximately 0.43 by the end of 2022, suggesting improving efficiency in the use of fixed assets to generate revenues. After peaking, the ratio experiences a slight decrease in 2023 and stabilizes around 0.41 throughout 2024 and into 2025, indicating a maintenance of asset utilization efficiency at a relatively consistent level.
- Operating Revenues
- Displayed initial volatility with a low in mid-2020, followed by steady recovery and sustained levels above early 2020 figures despite some decline in 2023.
- Net Properties
- Exhibited continuous incremental growth over the entire period, reflecting ongoing investment in fixed assets and lease-related resources.
- Net Fixed Asset Turnover Ratio
- Showed improving asset efficiency through late 2022, then stabilization of turnover at a consistent level through 2023 to mid-2025.
Total Asset Turnover
Union Pacific Corp., total asset turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating revenues | 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) | 5,141) | 4,919) | 4,244) | 5,229) | |||||||
| Total assets | 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) | 62,398) | 63,714) | 63,555) | 62,216) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Total asset turnover1 | 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 | 0.31 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 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 | 0.94 | — | — | — | |||||||
| Uber Technologies Inc. | 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 | 0.33 | — | — | — | |||||||
| United Airlines Holdings Inc. | 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 | 0.26 | — | — | — | |||||||
| United Parcel Service Inc. | 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 | 1.36 | — | — | — | |||||||
Based on: 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), 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 Q2 2025 Calculation
Total asset turnover
= (Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024)
÷ Total assets
= (6,154 + 6,027 + 6,121 + 6,091)
÷ 68,576 = 0.36
2 Click competitor name to see calculations.
The financial data over the reported periods reveals several notable trends in operating revenues, total assets, and total asset turnover ratios.
- Operating Revenues
- Operating revenues exhibited fluctuations throughout the quarters. Initially, revenues decreased from 5,229 million USD in March 2020 to 4,244 million USD in June 2020, reflecting a significant short-term decline. Subsequently, revenues recovered modestly, reaching 5,733 million USD by December 2021. From 2022 onwards, revenues continued to rise, peaking at 6,566 million USD in September 2022, before experiencing a moderate decline towards 5,941 million USD in September 2023. The last observed periods show slight fluctuations, with revenues stabilizing around 6,000 million USD. Overall, the trend suggests recovery after an early drop, followed by general growth with some variability in recent quarters.
- Total Assets
- Total assets maintained a relatively stable and gradually increasing trend over the timeframe. Starting at 62,216 million USD in March 2020, assets experienced minor fluctuations but generally increased to 68,576 million USD by June 2025. The growth was steady, without abrupt changes, indicating consistent investment or asset accumulation over the reported periods.
- Total Asset Turnover
- The total asset turnover ratio, which measures the efficiency of asset utilization in generating revenues, improved from 0.31 in late 2020 to 0.38 by mid-2022 and remained fairly constant around 0.36-0.38 in subsequent quarters. This incremental increase demonstrates enhanced efficiency in using assets to generate operating revenues over time. The stabilization of turnover ratios in later periods suggests the company has reached a more consistent operational efficiency level.
In summary, the data outlines a recovery and growth phase in operating revenues following an initial decline, a gradual but consistent increase in total assets, and an improving asset turnover ratio that stabilizes in recent periods. These patterns collectively indicate enhanced operational performance and effective asset management over the analyzed timeframe.
Equity Turnover
Union Pacific Corp., equity turnover calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Operating revenues | 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) | 5,141) | 4,919) | 4,244) | 5,229) | |||||||
| Common shareholders’ equity | 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) | 16,958) | 17,199) | 16,452) | 15,991) | |||||||
| Long-term Activity Ratio | |||||||||||||||||||||||||||||
| Equity turnover1 | 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 | 1.15 | — | — | — | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 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 | 3.78 | — | — | — | |||||||
| Uber Technologies Inc. | 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 | 0.91 | — | — | — | |||||||
| United Airlines Holdings Inc. | 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 | 2.58 | — | — | — | |||||||
| United Parcel Service Inc. | 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 | 128.81 | — | — | — | |||||||
Based on: 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), 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 Q2 2025 Calculation
Equity turnover
= (Operating revenuesQ2 2025
+ Operating revenuesQ1 2025
+ Operating revenuesQ4 2024
+ Operating revenuesQ3 2024)
÷ Common shareholders’ equity
= (6,154 + 6,027 + 6,121 + 6,091)
÷ 16,258 = 1.50
2 Click competitor name to see calculations.
- Operating revenues
- Operating revenues exhibited a fluctuating pattern over the reported periods. Initial values in 2020 showed a decline in the second quarter, followed by a steady recovery and growth into 2021. Revenues peaked around mid to late 2022, reaching above 6,500 million US dollars, but subsequently experienced a slight decline and stabilization around the 6,000 to 6,200 million dollar range through to mid-2025. The general trend indicates recovery and growth post-2020 downturn, with some volatility in the most recent quarters.
- Common shareholders’ equity
- Common shareholders’ equity showed a decreasing trend from early 2020 towards mid-2021, reaching a low point below 14,000 million US dollars. From late 2021 onwards, equity rebounded steadily, increasing consistently through late 2023 and across 2024, peaking close to 16,500 million US dollars. However, this growth slightly tapered off and stabilized around the 16,000 million range in mid-2025. This pattern suggests recovery and strengthening of equity after a period of decline, with a plateau in recent periods.
- Equity turnover
- Equity turnover began at relatively low levels in early periods where data was available, increasing notably from 1.15 in late 2020 up to a high near 2.08 by the end of 2022. After this peak, the ratio exhibited a downward trend, declining gradually through 2023 and 2024 to values between 1.44 and 1.51 by mid-2025. The upward trend initially suggests improved efficiency in using equity to generate revenue, while the subsequent decline indicates a moderation in this efficiency metric in more recent periods.