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Union Pacific Corp. Q3 FY2023 results: revenue $5.9 billion, down 9.5% on the year

Union Pacific Corp. (UNP) reported revenue of $5.9 billion for Q3 FY2023, the quarter ended 30 September 2023, down 9.5% on the same quarter a year earlier. Net income was $1.5 billion, down 19.4% on the year, and diluted earnings per share $2.51. The figures are the company's own, from the 10-Q it filed with the SEC on 19 October 2023.

Revenue$5.9 billiondown 9.5%
Net income$1.5 billiondown 19.4%
Diluted EPS$2.51
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue5,941n/an/an/a
Operating income2,177n/an/an/a
Operating margin36.6%n/an/a
Interest expense334n/an/an/a
Pre-tax income1,949n/an/an/a
Income tax421n/an/an/a
Effective tax rate21.6%n/an/a
Net income1,528n/an/an/a
Net margin25.7%n/an/a
Diluted EPS$2.51n/an/an/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow2,126n/an/an/a
Capital expenditure975n/an/an/a
Free cash flow1,151n/an/an/a
Free cash flow margin19.4%n/an/a
Share-based compensation32.0n/an/an/a
Buybacks0.0n/an/an/a
Dividends paid792n/an/an/a
Dividend per share$1.30n/an/an/a
Diluted shares, weighted610mn/an/an/a
Shares outstanding at period end610mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Total assets66,540n/an/an/a
Cash and equivalents750n/an/an/a
Receivables1,934n/an/an/a
Long-term debt including finance leases31,153n/an/an/a
Operating lease liabilities1,244n/an/an/a
Shareholders' equity14,004n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue5,9416,1596,0316,0076,0916,1216,0276,1546,2446,0856,2176,864
Operating income2,1772,4072,3722,4002,4162,5252,3712,5252,5492,4012,4582,763
Operating margin37%39%39%40%40%41%39%41%41%39%40%40%
Interest expense334331324319314312322335327325320313
Pre-tax income1,9492,1842,1402,1842,1892,2812,1272,3132,3182,4082,2292,555
Tax rate22%24%23%23%24%23%24%19%23%23%24%22%
Net income1,5281,6521,6411,6731,6711,7621,6261,8761,7881,8481,7011,993
Net margin26%27%27%28%27%29%27%30%29%30%27%29%
Diluted EPS$2.51$2.70$2.69$2.74$2.75$2.91$2.70$3.15$3.01$3.12$2.87$3.36
Operating cash flow2,1262,3952,1221,9112,6512,6622,2102,3332,5222,2252,4403,076
Capital expenditure9751,024797902831922906936950999937873
Free cash flow1,1511,3711,3251,0091,8201,7401,3041,3971,5721,2261,5032,203
Buybacks0.00.00.01007316741,4201,2590.00.00.026.0
Dividends paid792793795793815810804795819818821819
Shares outstanding610m610m610m610m607m604m599m593m593m593m594m594m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 19 October 2023, accession 0001437749-23-028607: the filing on EDGAR. All of Union Pacific Corp.'s filings: EDGAR company page.

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