Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
Union Pacific Corp., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 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 exhibits a period of initial contraction followed by a gradual recovery in margins and asset efficiency, contrasting with a sustained downward trajectory in equity returns throughout the analyzed period.
- Operating and Net Profit Margins
- A synchronized decline in both margins occurred from March 2022 through September 2023. The operating profit margin decreased from a peak of 42.90% to a low of 37.64%, while the net profit margin fell from 30.06% to 26.37%. Following this trough, a consistent recovery phase is observed, with the operating margin stabilizing around 40% and the net profit margin returning to approximately 28.90% by September 2026.
- Return on Equity (ROE)
- A pronounced and persistent downward trend is evident in the return on equity. After reaching a high of 60.21% in September 2022, the ROE declined steadily, dropping below 50% in June 2023 and continuing a downward trajectory to reach 34.60% by September 2026. This represents a significant reduction in the returns generated relative to shareholder equity over the timeframe.
- Return on Assets (ROA)
- The return on assets demonstrated the highest level of stability among the profitability metrics. A slight contraction is noted between March 2022 (10.64%) and a low of 9.50% observed between December 2023 and March 2024. Subsequently, a gradual recovery occurred, with the ROA climbing back to 10.49% by September 2026, indicating a resilient capacity to generate earnings from the asset base.
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Operating Profit Margin
Union Pacific Corp., operating profit margin calculation (quarterly data)
| Sep 30, 2026 | 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 | 2,943) | 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 | 7,197) | 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 | 40.08% | 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. | 6.21% | 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. | 7.51% | 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: 2026-09-30), 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 Q3 2026 Calculation
Operating profit margin = 100
× (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ (Operating revenuesQ3 2026
+ Operating revenuesQ2 2026
+ Operating revenuesQ1 2026
+ Operating revenuesQ4 2025)
= 100 × (2,943 + 2,763 + 2,458 + 2,401)
÷ (7,197 + 6,864 + 6,217 + 6,085)
= 40.08%
2 Click competitor name to see calculations.
The operating profit margin exhibited a cyclical pattern characterized by an initial period of compression, followed by a steady recovery and a subsequent phase of stabilization.
- Operating Margin Compression (Q1 2022 – Q3 2023)
- A consistent downward trend in profitability is observed from March 31, 2022, through September 30, 2023. The operating profit margin declined from a peak of 42.90% to a trough of 37.64%. This contraction occurred while operating revenues remained relatively range-bound, suggesting that operating expenses grew at a faster rate than revenue during this period.
- Margin Recovery and Expansion (Q4 2023 – Q3 2025)
- A reversal of the downward trend began in the final quarter of 2023. From December 31, 2023, the operating profit margin climbed steadily from 37.65% to a high of 40.62% by September 30, 2025. This upward trajectory indicates an improvement in operational efficiency or a more favorable pricing environment, allowing the company to recapture a significant portion of its previous profitability levels.
- Stabilization and Scaling (Q4 2025 – Q3 2026)
- From December 31, 2025, through September 30, 2026, the operating profit margin entered a phase of stabilization, maintaining a tight range around 40%. During the first three quarters of 2026, there was a marked increase in both operating revenues, which peaked at $7.197 billion, and operating income, which rose to $2.943 billion. The constancy of the margin at approximately 40.08% during this surge indicates that cost structures scaled linearly with the increase in revenue, preserving the profit ratio despite the higher volume of operations.
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Net Profit Margin
Union Pacific Corp., net profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income | 2,076) | 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 | 7,197) | 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 | 28.90% | 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. | 4.88% | 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. | 5.46% | 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: 2026-09-30), 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 Q3 2026 Calculation
Net profit margin = 100
× (Net incomeQ3 2026
+ Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025)
÷ (Operating revenuesQ3 2026
+ Operating revenuesQ2 2026
+ Operating revenuesQ1 2026
+ Operating revenuesQ4 2025)
= 100 × (2,076 + 1,993 + 1,701 + 1,848)
÷ (7,197 + 6,864 + 6,217 + 6,085)
= 28.90%
2 Click competitor name to see calculations.
The analysis of net profit margins reveals a cyclical trajectory characterized by a sustained period of contraction followed by a gradual recovery and subsequent stabilization.
- Margin Compression Phase
- From March 31, 2022, to September 30, 2023, the net profit margin underwent a consistent decline, falling from a peak of 30.06% to a low of 26.37%. During this period, operating revenues peaked in September 2022 before trending downward, contributing to the erosion of profitability ratios.
- Recovery and Expansion Phase
- A steady upward trend in the net profit margin is observed beginning in the fourth quarter of 2023. The margin improved from 26.45% in December 2023 to 29.12% by December 2025. This recovery occurred while operating revenues remained relatively flat, suggesting an improvement in operational efficiency or a reduction in overall expenditure.
- Revenue Growth and Margin Stabilization
- In the first three quarters of 2026, a significant surge in both operating revenues and net income is evident, with revenues reaching 7,197 million by September 30, 2026. Despite this substantial growth in volume, the net profit margin stabilized at approximately 28.90%. This suggests that the costs associated with the increased revenue scale were proportional, maintaining a consistent level of profitability.
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Return on Equity (ROE)
Union Pacific Corp., ROE calculation (quarterly data)
| Sep 30, 2026 | 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 | 2,076) | 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 | 22,018) | 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 | 34.60% | 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. | 15.04% | 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. | 20.15% | 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: 2026-09-30), 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 Q3 2026 Calculation
ROE = 100
× (Net incomeQ3 2026
+ Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025)
÷ Common shareholders’ equity
= 100 × (2,076 + 1,993 + 1,701 + 1,848)
÷ 22,018 = 34.60%
2 Click competitor name to see calculations.
The financial performance from March 31, 2022, through September 30, 2026, is characterized by a significant expansion of the equity base and a corresponding compression in the Return on Equity (ROE). While net income demonstrates overall resilience and a positive upward trajectory toward the end of the period, the pace of equity accumulation has consistently outstripped the growth of earnings, leading to a sustained decline in the efficiency of shareholder capital utilization.
- Net Income Performance
- Net income remained relatively stable during the initial phases, fluctuating between 1.5 billion and 1.9 billion US dollars. A notable period of growth is observed starting in 2024, culminating in a peak of 2.076 billion US dollars by September 30, 2026. This represents a gradual strengthening of absolute profitability over the five-year span.
- Common Shareholders’ Equity Growth
- A consistent and aggressive increase in common shareholders' equity is evident. The balance grew from 11.897 billion US dollars in March 2022 to 22.018 billion US dollars by September 2026. This nearly twofold increase in the equity base suggests significant retained earnings or capital infusions over the analyzed period.
- Return on Equity (ROE) Trajectory
- The ROE exhibits a clear and persistent downward trend. After reaching a peak of 60.21% in September 2022, the ratio declined steadily, dropping below 50% in mid-2023 and continuing a downward slide to 34.60% by September 30, 2026. This decline is a direct mathematical result of the equity denominator growing at a significantly faster rate than the net income numerator.
The divergence between increasing net income and declining ROE indicates a shift in the company's financial structure. The transition from an ROE exceeding 50% to one in the mid-30s suggests that while the company is generating more absolute profit, the marginal return on each additional dollar of equity is diminishing. This pattern typically reflects a transition toward a more conservative capital structure or a period of substantial internal reinvestment that has yet to yield proportional increases in net earnings.
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Return on Assets (ROA)
Union Pacific Corp., ROA calculation (quarterly data)
| Sep 30, 2026 | 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 | 2,076) | 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 | 72,609) | 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 | 10.49% | 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. | 4.73% | 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. | 4.20% | 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: 2026-09-30), 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 Q3 2026 Calculation
ROA = 100
× (Net incomeQ3 2026
+ Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025)
÷ Total assets
= 100 × (2,076 + 1,993 + 1,701 + 1,848)
÷ 72,609 = 10.49%
2 Click competitor name to see calculations.
Analysis of profitability indicates a period of contraction followed by a steady recovery in asset efficiency. While total assets expanded consistently across the observed quarters, net income experienced volatility that directly impacted the return on assets (ROA).
- Asset Expansion and Net Income Correlation
- Total assets grew from 64,051 million USD in March 2022 to 72,609 million USD by September 2026. This growth was linear and consistent. In contrast, net income exhibited higher variability, peaking at 1,895 million USD in September 2022 before declining to 1,528 million USD in September 2023. The disconnect between growing assets and fluctuating income contributed to a compression in profitability ratios throughout 2023.
- Return on Assets (ROA) Trajectory
- The ROA remained stable between 10.6% and 10.8% throughout 2022. A downward trend emerged in early 2023, with the ratio reaching a minimum of 9.50% between December 2023 and March 2024. Following this trough, a sustained recovery is observed, with the ROA climbing steadily to reach 10.49% by September 2026. This suggests a successful realignment of income growth relative to the expanded asset base.
- Profitability Recovery and Efficiency
- From March 2024 onward, net income entered a period of growth, ultimately reaching 2,076 million USD by September 2026. Because the growth in net income outpaced the growth in total assets during this specific window, the ROA trended upward. The data indicates an improvement in operational efficiency, as the company began generating higher returns from its increasing capital investments toward the end of the analyzed period.
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