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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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
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Long-term Activity Ratios (Summary)
Union Pacific Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 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).
The long-term investment activity ratios exhibit varied trends over the observed period. Generally, the ratios demonstrate a degree of stability, with some indicators suggesting a gradual shift in asset utilization and equity efficiency.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio remained relatively stable between 0.40 and 0.45 throughout the period. An initial increase from 0.41 in March 2022 to 0.44 in September 2022 was followed by a plateau around 0.42 to 0.44 for the subsequent six quarters. A slight decline to 0.41 is observed in the final four quarters, suggesting a marginally decreasing efficiency in generating revenue from fixed assets. The inclusion of operating lease right-of-use assets shows a similar pattern, consistently slightly lower than the standard net fixed asset turnover, and also declining to 0.40 by December 2025.
- Total Asset Turnover
- The total asset turnover ratio shows a modest upward trend from 0.35 in March 2022 to 0.38 in December 2022. This was followed by a consistent decline, reaching 0.35 by December 2025. This indicates a decreasing ability to generate sales from all assets held by the company, potentially due to asset growth outpacing revenue growth or a shift in asset composition. The ratio remained consistently at 0.36 for several quarters between September 2023 and December 2024.
- Equity Turnover
- The equity turnover ratio experienced a more pronounced downward trend. Starting at 1.90 in March 2022, it decreased to 1.33 by March 2025, with a slight recovery to 1.50 in June 2025 before falling again to 1.33 in December 2025. This suggests a decreasing efficiency in utilizing equity to generate revenue. The decline indicates that the company is generating less revenue for each dollar of equity invested, potentially due to factors such as reduced profitability or increased equity base.
Overall, the observed trends suggest a potential weakening in asset utilization efficiency and equity efficiency over the analyzed timeframe. While the net fixed asset turnover remained relatively stable, the declines in total asset turnover and, more significantly, equity turnover warrant further investigation to understand the underlying drivers and potential implications for future performance.
Net Fixed Asset Turnover
Union Pacific Corp., net fixed asset turnover calculation (quarterly data)
| 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-K (reporting date: 2025-12-31), 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).
1 Q4 2025 Calculation
Net fixed asset turnover
= (Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025)
÷ Properties, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits a generally stable pattern over the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values indicate a gradual increase followed by a period of relative consistency, and then a slight decline.
- Initial Trend (Mar 31, 2022 – Dec 31, 2022)
- The ratio began at 0.41 in March 2022 and increased to 0.44 by December 2022. This suggests an improving efficiency in generating revenue from fixed assets during this timeframe. The increase, while modest, indicates that the company was becoming more effective at utilizing its property, plant, and equipment to produce sales.
- Period of Stability (Mar 31, 2023 – Dec 31, 2024)
- From March 2023 through December 2024, the ratio remained largely unchanged, fluctuating between 0.42 and 0.45. This indicates a stabilization in the relationship between operating revenues and net fixed assets. The consistency suggests that the company maintained a relatively constant level of efficiency in asset utilization during this period.
- Recent Trend (Mar 31, 2025 – Dec 31, 2025)
- The final four quarters show a slight downward trend, with the ratio decreasing from 0.41 in March 2025 to 0.41 in December 2025. While the decrease is minimal, it warrants monitoring to determine if it signals a potential decline in asset utilization efficiency. This could be due to factors such as slower revenue growth or increased investment in fixed assets without a corresponding increase in sales.
- Overall Observation
- Throughout the analyzed period, the net fixed asset turnover ratio remained within a narrow range. The initial increase suggests improved efficiency, followed by a period of stability, and a very slight recent decline. The overall values suggest a moderate level of efficiency in utilizing fixed assets to generate revenue.
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)
| 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-K (reporting date: 2025-12-31), 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).
1 Q4 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025)
÷ Properties, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio, incorporating operating leases and right-of-use assets, demonstrates a generally stable pattern over the observed period spanning from March 31, 2022, to December 31, 2025. Initial values indicate a slight upward movement followed by a period of relative consistency, and a minor decline towards the end of the analyzed timeframe.
- Initial Trend (Mar 31, 2022 – Sep 30, 2022)
- The ratio began at 0.40 in March 2022 and increased to 0.43 by September 2022. This suggests an improving efficiency in generating revenue from the company’s net fixed assets during this period. The increase indicates that the company was utilizing its assets more effectively to produce sales.
- Period of Stability (Dec 31, 2022 – Sep 30, 2024)
- Following the initial increase, the ratio stabilized, fluctuating between 0.41 and 0.43 for approximately eighteen months. This consistency suggests a sustained level of asset utilization. There were no significant changes in the relationship between revenue and net fixed assets during this time.
- Recent Trend (Dec 31, 2024 – Dec 31, 2025)
- A slight downward trend is observed in the most recent periods. The ratio decreased from 0.41 in December 2024 to 0.40 in December 2025. This could indicate a decreasing efficiency in asset utilization, potentially due to slower revenue growth relative to asset investment, or an increase in the asset base without a corresponding increase in revenue.
- Operating Revenues
- Operating revenues experienced fluctuations throughout the period, ranging from US$5.860 billion to US$6.244 billion. While revenues generally remained within a relatively narrow band, they do not appear to directly correlate with the minor fluctuations observed in the net fixed asset turnover ratio.
- Net Fixed Assets
- Properties, net (including operating lease, right-of-use asset) consistently increased over the analyzed period, moving from US$56.791 billion to US$60.681 billion. This consistent growth in the asset base, coupled with the slight decline in the turnover ratio towards the end of the period, reinforces the possibility that asset investment is not translating into proportional revenue gains.
Overall, the net fixed asset turnover ratio indicates a generally efficient use of assets, but the recent slight decline warrants further investigation to determine the underlying causes and potential implications for future performance.
Total Asset Turnover
Union Pacific Corp., total asset turnover calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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-K (reporting date: 2025-12-31), 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).
1 Q4 2025 Calculation
Total asset turnover
= (Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The total asset turnover ratio for the analyzed period demonstrates a generally stable pattern with minor fluctuations. Initially, the ratio exhibits an increasing trend, followed by a period of relative consistency, and a slight decline towards the end of the observed timeframe.
- Initial Trend (Mar 31, 2022 – Dec 31, 2022)
- The total asset turnover ratio increased from 0.35 in March 2022 to 0.38 by December 2022. This indicates improving efficiency in utilizing assets to generate revenue during this period. The company was generating more revenue per dollar of assets.
- Period of Stability (Mar 31, 2023 – Dec 31, 2024)
- Following the initial increase, the ratio stabilized, fluctuating between 0.36 and 0.38 for eight consecutive quarters, from March 2023 through December 2024. This suggests a consistent level of asset utilization during this timeframe, with no significant improvements or declines in efficiency.
- Recent Trend (Mar 31, 2025 – Dec 31, 2025)
- In the final four quarters of the analyzed period, a slight downward trend is observed. The ratio decreased from 0.35 in March 2025 to 0.35 in December 2025. While the decrease is modest, it suggests a potential reduction in the efficiency of asset utilization towards the end of the period.
Overall, the total asset turnover ratio remained within a narrow range throughout the analyzed period. The initial improvement was followed by a prolonged period of stability, with a minor decrease observed in the most recent quarters. Further investigation may be warranted to understand the factors contributing to the recent slight decline and to assess its potential impact on future performance.
Equity Turnover
Union Pacific Corp., equity turnover calculation (quarterly data)
| 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-K (reporting date: 2025-12-31), 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).
1 Q4 2025 Calculation
Equity turnover
= (Operating revenuesQ4 2025
+ Operating revenuesQ3 2025
+ Operating revenuesQ2 2025
+ Operating revenuesQ1 2025)
÷ Common shareholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The equity turnover ratio for the analyzed period demonstrates a consistent downward trend. Initially, the ratio fluctuated around the 1.8 to 2.1 range, but progressively declined over the observed timeframe.
- Overall Trend
- A clear decreasing trend in equity turnover is evident. The ratio began at 1.90 and concluded at 1.33, representing a substantial reduction over the period. This suggests a diminishing ability to generate revenue relative to shareholder equity.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The ratio exhibited some volatility during this period, ranging from 1.84 to 2.08. While fluctuations occurred, the ratio remained relatively stable, indicating a consistent, though not dramatically high, level of revenue generation per dollar of equity. A slight decrease is observed from 1.90 to 2.05, then to 2.08, before settling at 2.05.
- Transitional Phase (Mar 31, 2023 – Dec 31, 2023)
- A more pronounced downward trend began in the latter part of 2023. The ratio decreased from 2.01 in March 2023 to 1.63 by December 2023. This suggests a weakening relationship between operating revenues and common shareholders’ equity during this period.
- Accelerated Decline (Mar 31, 2024 – Dec 31, 2025)
- The rate of decline accelerated in the later quarters. The ratio moved from 1.54 in March 2024 to 1.33 in December 2025. This continued decrease indicates that the company is generating less revenue for each dollar of equity invested, potentially signaling reduced efficiency or increased equity levels without corresponding revenue growth.
- Recent Performance
- The most recent values, 1.51 and 1.50 for March and June 2025 respectively, show a slight stabilization, but remain significantly lower than the initial values. The final value of 1.33 suggests a continued, albeit potentially slowing, decline in the efficiency of equity utilization.
The consistent decrease in equity turnover warrants further investigation to determine the underlying causes. Potential factors could include changes in asset utilization, profitability, or equity structure.