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.
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Union Pacific Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
Cash flow from operating activities demonstrates sustained strength and stability over the analyzed period, consistently exceeding net income. Net income generally fluctuates between 1.3 billion and 1.9 billion US dollars per quarter, while cash provided by operating activities typically ranges from 1.8 billion to 2.9 billion US dollars. This discrepancy is primarily driven by consistent non-cash depreciation charges, which have grown steadily from 549 million US dollars in March 2021 to 633 million US dollars by March 2026.
- Operating Cash Flow Dynamics
- The conversion of net income to operating cash is supported by recurring adjustments, with depreciation acting as a primary constant. Working capital fluctuations, specifically in accounts payable and other current liabilities, introduce significant quarterly volatility. For instance, large outflows in March 2023 and March 2024 were offset by substantial inflows in other periods, indicating cyclical patterns in liability management.
- Capital Investment Trends
- A consistent and aggressive investment strategy is evident through capital investments. Quarterly expenditures started at 536 million US dollars in March 2021 and escalated to a peak of 1.024 billion US dollars in December 2023. The investment level has since stabilized around 900 million to 1 billion US dollars per quarter, reflecting a heavy commitment to infrastructure and asset maintenance.
- Shareholder Return Patterns
- Dividend payments exhibit a high degree of predictability and a gradual upward trajectory, increasing from 650 million US dollars per quarter in early 2021 to 821 million US dollars by March 2026. Share repurchase programs are more opportunistic and volatile, characterized by periods of intense activity, such as the 2.7 billion US dollar outflows in June 2021 and March 2022, followed by intervals of minimal or no repurchase activity.
- Debt and Liquidity Management
- Financing activities are marked by a strategic cycle of debt issuance and repayment. Large tranches of debt were issued in June 2021 (2.896 billion US dollars) and March 2022 (3.490 billion US dollars) to support liquidity and shareholder returns. These are balanced by periodic repayments, including a significant 1.358 billion US dollar repayment in March 2024 and 1.172 billion US dollars in March 2026.
The overall cash position is characterized by a robust ability to generate operating cash that comfortably covers both capital expenditures and dividend obligations. While the net change in cash varies quarterly due to the timing of debt repayments and share buybacks, the underlying operational cash engine remains resilient, providing the necessary flexibility to fund long-term growth and maintain shareholder distributions.