Cash Flow Statement
Quarterly Data

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 (quarterly data)

US$ in millions

3 months ended:	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	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net income	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)	1,711)	1,673)	1,798)	1,341)	1,380)	1,363)	1,132)	1,474)
Depreciation	610)	606)	602)	596)	594)	589)	580)	577)	572)	569)	563)	559)	555)	556)	553)	550)	549)	557)	555)	551)	547)
Deferred and other income taxes	(7)	(49)	34)	20)	23)	58)	23)	(16)	52)	82)	87)	33)	60)	(35)	61)	74)	54)	13)	156)	80)	91)
Other operating activities, net	(22)	39)	16)	12)	(80)	(11)	5)	(9)	(117)	(59)	(41)	(9)	(43)	11)	61)	3)	(131)	256)	128)	55)	(64)
Accounts receivable, net	(71)	142)	82)	44)	(89)	(139)	(108)	129)	(59)	161)	—)	(94)	(236)	(43)	(13)	(56)	(105)	60)	(177)	281)	(74)
Materials and supplies	22)	6)	32)	(37)	(27)	27)	(28)	(14)	13)	53)	(4)	(64)	(105)	43)	24)	(29)	(21)	11)	19)	24)	59)
Other current assets	(75)	23)	35)	(72)	(55)	35)	13)	(13)	(73)	14)	30)	4)	(43)	12)	22)	(2)	(1)	(27)	29)	(37)	1)
Accounts payable and other current liabilities	(236)	271)	(69)	207)	(220)	166)	(41)	97)	(437)	132)	230)	140)	63)	188)	(77)	140)	(67)	142)	(18)	(29)	(168)
Income and other taxes	363)	(138)	248)	(532)	335)	18)	154)	(302)	259)	(298)	143)	(473)	355)	86)	(20)	(217)	339)	155)	(454)	180)	289)
Changes in current assets and liabilities	3)	304)	328)	(390)	(56)	107)	(10)	(103)	(297)	62)	399)	(487)	34)	286)	(64)	(164)	145)	341)	(601)	419)	107)
Adjustments to reconcile net income to cash provided by operating activities	584)	900)	980)	238)	481)	743)	598)	449)	210)	654)	1,008)	96)	606)	818)	611)	463)	617)	1,167)	238)	1,105)	681)
Cash provided by operating activities	2,210)	2,662)	2,651)	1,911)	2,122)	2,395)	2,126)	2,018)	1,840)	2,292)	2,903)	1,931)	2,236)	2,529)	2,284)	2,261)	1,958)	2,547)	1,601)	2,237)	2,155)
Capital investments	(906)	(922)	(831)	(902)	(797)	(1,024)	(975)	(835)	(772)	(930)	(1,045)	(797)	(848)	(991)	(755)	(654)	(536)	(633)	(695)	(792)	(807)
Other investing activities, net	(32)	23)	(3)	112)	(5)	7)	(1)	(34)	(33)	18)	26)	93)	12)	74)	34)	88)	31)	38)	31)	182)	—)
Cash used in investing activities	(938)	(899)	(834)	(790)	(802)	(1,017)	(976)	(869)	(805)	(912)	(1,019)	(704)	(836)	(917)	(721)	(566)	(505)	(595)	(664)	(610)	(807)
Debt issued	1,996)	—)	—)	400)	400)	—)	—)	400)	1,199)	—)	1,990)	600)	3,490)	300)	1,005)	2,896)	—)	—)	—)	1,008)	2,996)
Share repurchase programs	(1,420)	(674)	(731)	(100)	—)	—)	—)	(130)	(575)	(785)	(2,024)	(730)	(2,743)	(1,445)	(1,761)	(2,738)	(1,347)	(749)	(400)	—)	(2,556)
Dividends paid	(804)	(810)	(815)	(793)	(795)	(793)	(792)	(793)	(795)	(797)	(806)	(813)	(743)	(755)	(695)	(700)	(650)	(652)	(655)	(659)	(660)
Debt repaid	(370)	(6)	(413)	(449)	(1,358)	(11)	(515)	(1,017)	(647)	(106)	(521)	(798)	(866)	(179)	(429)	(644)	(47)	(1,221)	(62)	(465)	(305)
Accelerated share repurchase programs pending final settlement	(300)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	440)	(440)	—)	400)	(400)	—)	—)	400)	—)	(400)
Net issued (paid) commercial paper	—)	—)	(297)	1)	296)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other financing activities, net	20)	(202)	249)	24)	6)	(281)	95)	139)	(109)	11)	(53)	(42)	(151)	212)	(4)	(148)	(29)	(130)	(326)	6)	(72)
Cash used in financing activities	(878)	(1,692)	(2,007)	(917)	(1,451)	(1,085)	(1,212)	(1,401)	(927)	(1,677)	(1,414)	(1,343)	(1,453)	(1,867)	(1,484)	(1,734)	(2,073)	(2,752)	(1,043)	(110)	(997)
Net change in cash, cash equivalents, and restricted cash	394)	71)	(190)	204)	(131)	293)	(62)	(252)	108)	(297)	470)	(116)	(53)	(255)	79)	(39)	(620)	(800)	(106)	1,517)	351)

Net Income: Net income shows fluctuations without a clear upward or downward trend across the periods analyzed. The values peak around mid-2021 and late 2022 but decline slightly afterward, ending near the levels observed in early 2020. This indicates variable profitability over time.
Depreciation: Depreciation expense remains relatively stable over the periods, with a modest incremental increase from 547 million to 610 million US dollars, reflecting steady asset base management and consistent capital expenditure policies.
Deferred and Other Income Taxes: Deferred and other income taxes exhibit volatility, with both positive and negative values across periods. The negative values in some quarters suggest instances of tax benefits or reductions, while positive peaks point to periods with tax liabilities. There is no consistent directional pattern.
Other Operating Activities, Net: The item shows considerable variability, moving from negative to positive and back, indicating fluctuating conditions in non-core operating cash flows or adjustments. There is no sustained trend, implying episodic impacts on operating cash flow.
Accounts Receivable, Net: Accounts receivable changes lack consistency, with both increases and decreases. Significant negative changes occur in certain quarters, notably early 2022, suggesting collection improvements, while positive changes in later quarters indicate rising receivables, affecting working capital requirements.
Materials and Supplies: Materials and supplies fluctuate between positive and negative values, reflecting adjustments in inventory levels. The lack of a consistent trend points to ongoing inventory management balancing acts in response to operational demands.
Other Current Assets: Other current assets display irregular changes, including sharp declines and recoveries. This suggests episodic movements in short-term assets unrelated to core inventories or receivables, possibly due to timing differences or one-off transactions.
Accounts Payable and Other Current Liabilities: This item shows considerable volatility, alternating between significant increases and decreases. Sharp negative values in some quarters imply payments or reductions in liabilities, while positive spikes indicate raise in obligations, affecting cash outflows.
Income and Other Taxes: Income and other taxes demonstrate significant volatility, with large swings between positive and negative numbers. This irregular pattern indicates fluctuating tax payments or refunds through the periods analyzed.
Changes in Current Assets and Liabilities: The changes show substantial variability, with periods of large positive changes offset by significant negative swings. This indicates fluctuating working capital movements impacting cash flows from operations.
Adjustments to Reconcile Net Income to Cash Provided by Operating Activities: Adjustments retain a broadly positive and stable profile, supporting cash from operations consistently. The variations in magnitude suggest changing non-cash expenses and working capital effects over time.
Cash Provided by Operating Activities: Operating cash flow remains strong and generally consistent throughout the periods, showing resilience despite fluctuations in net income and working capital. Peaks and troughs occur, but the overall cash generation capacity remains robust.
Capital Investments: Capital investments remain consistently negative, indicating ongoing significant cash outflows for investment purposes. There is an increasing trend in expenditures particularly from late 2020 onward, highlighting expanding or maintaining asset base efforts.
Other Investing Activities, Net: These activities show sporadic cash inflows and outflows without a definite trend. Values are relatively minor compared to capital investments, suggesting supplementary or incidental investing movements.
Cash Used in Investing Activities: Investing cash outflows align primarily with capital investments, with consistent negative values. The magnitude slightly increases over time, reflecting sustained investment in fixed assets and other long-term purposes.
Debt Issued: Debt issuance is irregular, with substantial inflows in some quarters especially early and mid-periods analyzed, but missing or zero in others. This pattern suggests opportunistic debt financing rather than stable issuance.
Share Repurchase Programs: Share repurchase activity is significant and frequently negative, representing consistent cash outflows for stock buybacks. The intensity decreases in some recent quarters but resumes later, indicating management's ongoing preference for returning capital to shareholders.
Dividends Paid: Dividend payments remain steady and consistently negative, exhibiting a stable commitment to shareholder returns with minor fluctuations in payout amounts.
Debt Repaid: Debt repayment fluctuates considerably, with some quarters showing large outflows and others minimal activity. This episodic pattern reflects active debt management with refinancing and paydown activities occurring irregularly.
Accelerated Share Repurchase Programs Pending Final Settlement: This item shows alternating positive and negative values, indicating timing-related impacts of share repurchase settlements rather than a steady cash flow trend.
Net Issued (Paid) Commercial Paper: Commercial paper activity is sparse, with isolated positive and negative changes in later periods. This suggests limited use of short-term borrowings during the timeframe.
Other Financing Activities, Net: These activities show wide fluctuations both positive and negative, reflecting various miscellaneous financing cash flows without a clear pattern.
Cash Used in Financing Activities: Financing cash flows are predominantly negative with occasional lower outflows, driven by debt repayments, share repurchases, and dividend payments. The overall trend is steady cash use for financing purposes throughout the periods.
Net Change in Cash, Cash Equivalents, and Restricted Cash: Cash balances fluctuate with no sustained trend, exhibiting periods of notable increases followed by sizable decreases. This variability indicates active cash management balancing operating, investing, and financing requirements across quarters.

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Union Pacific Corp. (NYSE:UNP)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data