Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Union Pacific Corp., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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 profitability profile of Union Pacific Corp. between March 2022 and June 2026 is characterized by a cyclical recovery in margins and a consistent, long-term decline in returns on equity. While operating and net margins experienced a period of contraction followed by a recovery, the return on assets remained remarkably stable, suggesting that the decline in return on equity is driven by changes in the capital structure rather than a collapse in asset productivity.
- Operating and Net Profit Margins
- Both margins exhibited a synchronized downward trend from early 2022, reaching a trough in September 2023, where the operating profit margin hit 37.64% and the net profit margin reached 26.37%. Following this period, a steady recovery was observed, with the operating margin returning to approximately 40% by late 2024 and remaining stable through June 2026. The net profit margin followed a similar trajectory, recovering to 29.12% by December 2025 before a slight correction to 28.85% in the final period.
- Return on Equity (ROE)
- A significant and sustained downward trajectory is evident in the ROE, which fell from a peak of 60.21% in September 2022 to 35.46% by June 2026. Despite a brief period of stabilization and a slight increase in early 2025, the overall trend indicates a substantial reduction in the returns generated on shareholder equity over the analyzed period.
- Return on Assets (ROA)
- In contrast to the volatility of ROE, the ROA demonstrated high stability, fluctuating within a narrow band between 9.50% and 10.82%. After a mild decline that bottomed out in March 2024, the ROA trended slightly upward, closing at 10.29% in June 2026. This stability suggests that the company's ability to generate earnings from its total asset base remained consistent regardless of the fluctuations in margin or equity returns.
- Comparative Analysis of Returns
- The divergence between the stable ROA and the declining ROE indicates a reduction in financial leverage over the period. Since the return on assets did not decline in proportion to the return on equity, the data suggests a shift toward a more conservative balance sheet, potentially through the reduction of debt or an increase in equity holdings, which effectively lowered the magnified return to shareholders.
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Return on Sales
Return on Investment
Operating Profit Margin
Union Pacific Corp., operating profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | 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 income | 2,763) | 2,458) | 2,401) | 2,549) | 2,525) | 2,371) | 2,525) | 2,416) | 2,400) | 2,372) | 2,407) | 2,177) | 2,204) | 2,294) | 2,412) | 2,633) | 2,495) | 2,377) | ||||||
| Operating revenues | 6,864) | 6,217) | 6,085) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Operating profit margin1 | 40.03% | 40.21% | 40.17% | 40.62% | 40.33% | 40.06% | 40.05% | 39.51% | 38.76% | 38.02% | 37.65% | 37.64% | 38.53% | 39.22% | 39.87% | 40.71% | 41.59% | 42.90% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | 6.27% | 6.01% | 5.93% | 5.67% | 5.64% | 5.88% | 6.34% | 6.29% | 6.03% | 5.88% | 5.45% | 5.76% | 5.97% | 6.37% | 6.68% | 6.67% | 6.47% | 6.54% | ||||||
| Uber Technologies Inc. | 12.13% | 11.66% | 10.70% | 9.19% | 9.53% | 8.49% | 6.36% | 6.39% | 5.03% | 4.00% | 2.98% | 0.88% | -1.64% | -4.76% | -5.75% | -7.71% | -9.07% | -13.04% | ||||||
| United Airlines Holdings Inc. | 7.75% | 8.44% | 7.98% | 8.27% | 8.62% | 9.71% | 8.93% | 8.20% | 8.56% | 7.94% | 7.84% | 8.74% | 8.47% | 7.52% | 5.20% | 1.35% | 0.37% | -3.51% | ||||||
| United Parcel Service Inc. | 7.31% | 8.46% | 8.87% | 9.18% | 9.30% | 9.37% | 9.30% | 8.84% | 8.24% | 9.15% | 10.05% | 10.59% | 12.09% | 12.52% | 13.05% | 13.64% | 13.56% | 13.46% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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 Q2 2026 Calculation
Operating profit margin = 100
× (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ (Operating revenuesQ2 2026
+ Operating revenuesQ1 2026
+ Operating revenuesQ4 2025
+ Operating revenuesQ3 2025)
= 100 × (2,763 + 2,458 + 2,401 + 2,549)
÷ (6,864 + 6,217 + 6,085 + 6,244)
= 40.03%
2 Click competitor name to see calculations.
The operating profit margin exhibits a distinct U-shaped trajectory over the analyzed period, characterized by an initial period of contraction, a subsequent recovery, and a final phase of stabilization.
- Operating Profit Margin Trends
- A consistent decline in the operating profit margin is observed starting from March 31, 2022, when it was at 42.90%, reaching a minimum of 37.64% by September 30, 2023. This downward trend persisted for seven consecutive quarters, indicating a period where operating expenses increased at a faster rate than operating revenues.
- Beginning in the fourth quarter of 2023, a gradual recovery phase is evident. The margin climbed steadily from 37.65% in December 2023 to a peak of 40.62% by September 30, 2025. This upward movement suggests an improvement in operational efficiency or a successful realignment of pricing strategies relative to cost structures.
- From December 31, 2025, through June 30, 2026, the margin entered a period of stability, fluctuating within a narrow range between 40.03% and 40.21%. This indicates that the company achieved a consistent equilibrium between its revenue generation and operating costs.
- Revenue and Income Dynamics
- Operating revenues fluctuated between a low of 5,941 million US$ in September 2023 and a peak of 6,864 million US$ in June 2026. While operating income generally trended upward in the later periods, the earlier margin compression demonstrates that revenue growth was not sufficient to offset the rise in operating costs between 2022 and 2023.
- The most significant increase in operating income occurred in the final reported quarter, reaching 2,763 million US$ in June 2026, coinciding with the highest recorded revenue level, although the profit margin remained stable at approximately 40%.
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Net Profit Margin
Union Pacific Corp., net profit margin calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | 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) | ||||||||||||||||||||||||
| Net income | 1,993) | 1,701) | 1,848) | 1,788) | 1,876) | 1,626) | 1,762) | 1,671) | 1,673) | 1,641) | 1,652) | 1,528) | 1,569) | 1,630) | 1,638) | 1,895) | 1,835) | 1,630) | ||||||
| Operating revenues | 6,864) | 6,217) | 6,085) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Net profit margin1 | 28.85% | 29.20% | 29.12% | 28.73% | 28.43% | 27.77% | 27.82% | 27.33% | 26.90% | 26.52% | 26.45% | 26.37% | 27.18% | 27.91% | 28.13% | 28.95% | 29.23% | 30.06% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | 4.81% | 4.65% | 4.65% | 4.46% | 4.45% | 4.62% | 4.94% | 5.02% | 4.87% | 4.71% | 4.41% | 3.23% | 3.54% | 3.79% | 4.09% | 5.60% | 5.49% | 5.88% | ||||||
| Uber Technologies Inc. | 17.34% | 15.91% | 19.33% | 33.54% | 26.68% | 27.07% | 22.41% | 10.49% | 5.02% | 3.60% | 5.06% | 2.93% | -1.07% | -9.95% | -28.68% | -30.45% | -39.39% | -29.52% | ||||||
| United Airlines Holdings Inc. | 5.56% | 6.06% | 5.68% | 5.64% | 5.71% | 6.34% | 5.52% | 4.94% | 5.28% | 4.90% | 4.87% | 5.45% | 5.24% | 3.93% | 1.64% | -1.85% | -3.43% | -6.85% | ||||||
| United Parcel Service Inc. | 5.08% | 5.94% | 6.28% | 6.15% | 6.34% | 6.44% | 6.35% | 6.25% | 5.87% | 6.60% | 7.37% | 9.19% | 10.41% | 10.90% | 11.51% | 11.07% | 10.92% | 10.90% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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 Q2 2026 Calculation
Net profit margin = 100
× (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ (Operating revenuesQ2 2026
+ Operating revenuesQ1 2026
+ Operating revenuesQ4 2025
+ Operating revenuesQ3 2025)
= 100 × (1,993 + 1,701 + 1,848 + 1,788)
÷ (6,864 + 6,217 + 6,085 + 6,244)
= 28.85%
2 Click competitor name to see calculations.
The financial data reveals a distinct cyclical pattern in the net profit margin, characterized by an initial period of contraction followed by a sustained recovery and a recent stabilization phase.
- Net Profit Margin Contraction (2022–2023)
- A consistent downward trend in profitability is observed from March 2022 to September 2023. During this interval, the net profit margin declined from a peak of 30.06% to a period low of 26.37%. This erosion occurred despite operating revenues generally remaining stable or increasing during the first three quarters of 2022, suggesting that operating expenses grew at a faster rate than revenue.
- Recovery and Expansion Phase (2024–2025)
- Starting in December 2023, the net profit margin entered a recovery phase, exhibiting steady growth for nearly two years. The margin climbed from 26.45% in December 2023 to 29.12% by December 2025. This upward trajectory indicates an improvement in cost management and operational efficiency, as net income grew more aggressively than operating revenues during this period.
- Revenue and Profitability Dynamics (2026)
- In the first half of 2026, a divergence is noted between absolute profit and profit margins. While net income reached a period high of 1,993 million US dollars in June 2026, coinciding with a peak in operating revenues of 6,864 million US dollars, the net profit margin experienced a slight decrease to 28.85%. This indicates that while the volume of business expanded significantly, the incremental cost of generating that additional revenue marginally reduced the overall profit percentage.
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Return on Equity (ROE)
Union Pacific Corp., ROE calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | 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) | ||||||||||||||||||||||||
| Net income | 1,993) | 1,701) | 1,848) | 1,788) | 1,876) | 1,626) | 1,762) | 1,671) | 1,673) | 1,641) | 1,652) | 1,528) | 1,569) | 1,630) | 1,638) | 1,895) | 1,835) | 1,630) | ||||||
| Common shareholders’ equity | 20,673) | 19,418) | 18,467) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROE1 | 35.46% | 37.15% | 38.65% | 40.75% | 42.66% | 41.97% | 39.95% | 40.02% | 39.38% | 40.79% | 43.14% | 45.45% | 51.02% | 56.19% | 57.54% | 60.21% | 53.89% | 57.26% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | 15.41% | 14.84% | 14.58% | 14.67% | 14.69% | 14.89% | 15.70% | 16.66% | 16.02% | 15.73% | 15.23% | 12.10% | 13.82% | 14.28% | 15.34% | 20.94% | 19.71% | 20.96% | ||||||
| Uber Technologies Inc. | 35.07% | 34.50% | 37.18% | 59.15% | 55.87% | 55.91% | 45.72% | 29.78% | 16.28% | 12.57% | 16.77% | 11.26% | -4.31% | -44.86% | -124.54% | -141.59% | -151.07% | -70.86% | ||||||
| United Airlines Holdings Inc. | 20.94% | 23.09% | 21.94% | 23.02% | 24.75% | 29.01% | 24.84% | 24.17% | 27.89% | 29.26% | 28.08% | 32.32% | 34.60% | 28.79% | 10.69% | -15.35% | -30.80% | -54.75% | ||||||
| United Parcel Service Inc. | 30.33% | 33.30% | 34.34% | 34.77% | 36.38% | 37.39% | 34.59% | 33.61% | 30.85% | 35.05% | 38.76% | 44.64% | 50.02% | 53.80% | 58.36% | 65.94% | 67.12% | 69.80% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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 Q2 2026 Calculation
ROE = 100
× (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ Common shareholders’ equity
= 100 × (1,993 + 1,701 + 1,848 + 1,788)
÷ 20,673 = 35.46%
2 Click competitor name to see calculations.
An analysis of the quarterly financial performance reveals a divergent relationship between net income and shareholders' equity, resulting in a steady contraction of the Return on Equity (ROE) over the observed period.
- Net Income Trends
- Net income remained relatively stable, fluctuating within a range of $1,528 million to $1,993 million. While a gradual upward trend is observed toward the end of the period, specifically reaching a peak in June 2026, the growth in earnings was incremental and lacked the volatility or acceleration seen in the equity base.
- Common Shareholders' Equity Expansion
- A consistent and significant increase in common shareholders' equity is evident. The equity base grew from $11,897 million in March 2022 to $20,673 million by June 2026. This steady accumulation of equity indicates a substantial increase in the company's book value over the analyzed timeframe.
- Return on Equity (ROE) Compression
- The Return on Equity exhibited a clear secular decline, falling from a high of 60.21% in September 2022 to 35.46% in June 2026. The most significant compression occurred between March 2023 and March 2024, where the ratio dropped from 56.19% to 40.79%. This downward trajectory is primarily driven by the fact that the growth in the equity denominator significantly outpaced the growth in the net income numerator, leading to a reduction in the efficiency of equity utilization in generating profit.
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Return on Assets (ROA)
Union Pacific Corp., ROA calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net income | 1,993) | 1,701) | 1,848) | 1,788) | 1,876) | 1,626) | 1,762) | 1,671) | 1,673) | 1,641) | 1,652) | 1,528) | 1,569) | 1,630) | 1,638) | 1,895) | 1,835) | 1,630) | ||||||
| Total assets | 71,211) | 69,644) | 69,698) | 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) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROA1 | 10.29% | 10.36% | 10.24% | 10.27% | 10.11% | 9.83% | 9.96% | 9.82% | 9.58% | 9.50% | 9.50% | 9.57% | 10.19% | 10.61% | 10.69% | 10.82% | 10.63% | 10.64% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||
| FedEx Corp. | 4.86% | 4.66% | 4.67% | 4.61% | 4.55% | 4.67% | 4.98% | 5.10% | 4.87% | 4.77% | 4.56% | 3.49% | 3.89% | 4.18% | 4.45% | 6.11% | 5.84% | 6.21% | ||||||
| Uber Technologies Inc. | 14.56% | 14.26% | 16.27% | 26.27% | 22.55% | 23.26% | 19.23% | 9.34% | 4.84% | 3.51% | 4.88% | 2.93% | -1.09% | -10.38% | -28.47% | -28.43% | -32.45% | -19.26% | ||||||
| United Airlines Holdings Inc. | 4.14% | 4.53% | 4.39% | 4.32% | 4.29% | 4.81% | 4.25% | 3.81% | 4.01% | 3.74% | 3.68% | 3.91% | 3.64% | 2.73% | 1.09% | -1.09% | -1.73% | -2.87% | ||||||
| United Parcel Service Inc. | 6.41% | 7.31% | 7.62% | 7.71% | 8.08% | 8.55% | 8.25% | 8.30% | 7.57% | 8.76% | 9.47% | 12.17% | 14.23% | 14.93% | 16.24% | 16.09% | 15.60% | 15.35% | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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 Q2 2026 Calculation
ROA = 100
× (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ Total assets
= 100 × (1,993 + 1,701 + 1,848 + 1,788)
÷ 71,211 = 10.29%
2 Click competitor name to see calculations.
The financial performance over the period from March 2022 to June 2026 reflects a cycle of moderate decline followed by a recovery in asset utilization efficiency. While the total asset base expanded consistently, the return on assets (ROA) exhibited a U-shaped trajectory, decreasing from initial levels above 10% to a low of 9.50% before rebounding toward the end of the period.
- Net Income Analysis
- Net income demonstrated moderate volatility, generally fluctuating between $1.5 billion and $2.0 billion. A period of relative compression occurred between June 2023 and March 2024, with earnings reaching a low of $1,528 million in September 2023. A subsequent recovery trend is evident from mid-2024 onward, with net income peaking at $1,993 million in June 2026.
- Total Asset Growth
- The asset base showed a consistent and steady upward trend throughout the entire analyzed timeframe. Total assets increased from $64,051 million in March 2022 to $71,211 million by June 2026. This continuous growth suggests a sustained investment in capital infrastructure or an expansion of the balance sheet.
- Return on Assets (ROA) Interpretation
- ROA remained stable and peaked at 10.82% in September 2022. A gradual decline followed throughout 2023, hitting a floor of 9.50% in December 2023 and March 2024; this decline was driven by the fact that asset growth outpaced net income growth during this interval. From June 2024 through June 2026, the ratio recovered, climbing back to 10.29%. This reversal indicates that the company successfully improved its ability to generate profit from its enlarged asset base in the later stages of the period.
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