Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Union Pacific Corp., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income	6,747)	6,379)	6,998)	6,523)	5,349)
Depreciation	2,398)	2,318)	2,246)	2,208)	2,210)
Deferred and other income taxes	28)	117)	262)	154)	340)
Other operating activities, net	(13)	(132)	(152)	(56)	375)
Accounts receivable, net	179)	(177)	(169)	(217)	90)
Materials and supplies	(26)	(2)	(120)	17)	113)
Other current assets	(69)	(38)	5)	31)	(34)
Accounts payable and other current liabilities	189)	(215)	565)	184)	(73)
Income and other taxes	(87)	129)	(273)	188)	170)
Changes in current assets and liabilities	186)	(303)	8)	203)	266)
Adjustments to reconcile net income to cash provided by operating activities	2,599)	2,000)	2,364)	2,509)	3,191)
Cash provided by operating activities	9,346)	8,379)	9,362)	9,032)	8,540)
Capital investments	(3,452)	(3,606)	(3,620)	(2,936)	(2,927)
Other investing activities, net	127)	(61)	149)	227)	251)
Cash used in investing activities	(3,325)	(3,667)	(3,471)	(2,709)	(2,676)
Dividends paid	(3,213)	(3,173)	(3,159)	(2,800)	(2,626)
Debt repaid	(2,226)	(2,190)	(2,291)	(1,299)	(2,053)
Share repurchase programs	(1,505)	(705)	(6,282)	(7,291)	(3,705)
Debt issued	800)	1,599)	6,080)	4,201)	4,004)
Other financing activities, net	77)	(156)	(235)	31)	(522)
Cash used in financing activities	(6,067)	(4,625)	(5,887)	(7,158)	(4,902)
Net change in cash, cash equivalents, and restricted cash	(46)	87)	4)	(835)	962)
Cash, cash equivalents, and restricted cash at beginning of year	1,074)	987)	983)	1,818)	856)
Cash, cash equivalents, and restricted cash at end of year	1,028)	1,074)	987)	983)	1,818)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

The financial data reveals a series of fluctuations across various cash flow components and income metrics over the five-year span. Net income demonstrates a general upward trend from 2020 through 2022, peaking at 6,998 million USD, followed by a decline in 2023 to 6,379 million USD and a partial rebound in 2024 to 6,747 million USD. Depreciation expenses have steadily increased each year, indicating ongoing investment in fixed assets or capital expenditure.

Deferred and other income taxes show a declining trend after 2020, dropping substantially by 2024, which may reflect changes in tax strategy or timing differences in tax payments. Other operating activities, net, remain negative from 2021 onward, suggesting potential operational challenges or changes in working capital components.

Accounts receivable, net, shifts from a positive figure in 2020 to negative values in the subsequent years, with an unusual recovery in 2024. Materials and supplies follow a similar negative trajectory after 2020, indicating fluctuations in inventory levels or supplier credit terms. Other current assets experience minor variations, predominantly negative in the last years, signaling minor adjustments or possible asset write-downs.

Accounts payable and other current liabilities display volatility with significant swings, peaking in 2022 and then sharply decreasing in 2023 before rising again in 2024. Income and other taxes oscillate between positive and negative, indicating varied tax payments or refunds throughout the period.

The aggregated changes in current assets and liabilities show a general diminishing trend, dropping notably in 2023, suggesting a tightening of working capital or less favorable operating conditions. Adjustments to reconcile net income to cash from operations decrease steadily after 2020 but improve in 2024, indicating changes in non-cash items affecting operating cash flows.

Cash provided by operating activities rises overall, with a dip in 2023 but recovering by 2024, demonstrating resilient operational cash generation despite income variations. Capital investments remain consistently high and negative, highlighting continuous reinvestment in business assets, though there is a slight reduction in 2024.

Other investing activities, net, fluctuate widely, with positive figures in early years turning negative in 2023 and rebounding in 2024, indicating variability in non-capital investment transactions. Cash used in investing activities follows the trend of capital investments and other investing activities, showing sustained outflows.

In financing activities, dividends paid increase gradually, reflecting a steady policy of shareholder returns. Debt repayments peak in 2022 and remain substantial afterward, while debt issuance is highest in 2022 but falls sharply in subsequent years, suggesting deleveraging or lower financing needs. Share repurchase programs show significant irregularity, with large repurchases in early years and substantially reduced activity in 2023 and 2024.

Other financing activities exhibit alternating positive and negative values, indicating varying non-standard financing transactions. Overall cash used in financing activities decreases notably after 2021 but increases again in 2024, reflecting shifts in financing strategies. The net change in cash remains relatively small across the years, with minor positive and negative changes, indicating stable liquidity management. The year-end cash and equivalents show a modest upward trend overall, supporting a neutral to slightly improving liquidity position.

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Union Pacific Corp. (NYSE:UNP)

Cash Flow Statement