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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- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Union Pacific Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Income
- Net income exhibits fluctuations across the quarters but generally shows an upward trajectory from early 2020 through to mid-2025. There is a noticeable dip in the late 2022 to early 2023 period, followed by recovery and stabilization around mid-2023 onwards.
- Depreciation
- Depreciation remains relatively stable with a gradual incremental increase over the years, indicating ongoing asset utilization and aging of fixed assets.
- Deferred and Other Income Taxes
- This category shows volatility, with values oscillating between positive and negative figures. The large positive spike towards the end of the timeline suggests significant tax adjustments or reversals occurring in those periods.
- Other Operating Activities, Net
- Other operating activities show inconsistency, alternating between positive and negative impacts without a clear trend, reflecting variability in non-core operating cash flows.
- Accounts Receivable, Net
- Accounts receivable fluctuate substantially, indicating variability in collections and sales cycles. There are periods with large negative figures suggesting a reduction in receivables and other periods with positive increases potentially indicating slower collections or increased sales on credit.
- Materials and Supplies
- This item reflects volatility, with notable negative values around 2022 transitioning into small positive values later. This suggests inventory management adjustments and possible changes in procurement or usage patterns.
- Other Current Assets
- Other current assets demonstrate fluctuations, with both positive and negative variances, indicating changes in miscellaneous current asset categories over the periods analyzed.
- Accounts Payable and Other Current Liabilities
- This line item also shows significant volatility, with large positive and negative swings. This could be a result of payment timing, supplier terms, or other operational factors influencing cash flow related liabilities.
- Income and Other Taxes
- Income and other taxes show considerable volatility, often swinging between significant positive and negative amounts. This variability may correspond with tax payments, refunds, or adjustments made in different periods.
- Changes in Current Assets and Liabilities
- The changes in current assets and liabilities reveal considerable fluctuations quarter to quarter, showing variable working capital management and reflecting operational cash flow impacts from asset-liability adjustments.
- Adjustments to Reconcile Net Income to Cash Provided by Operating Activities
- These adjustments vary widely but exhibit a broad increasing pattern over the timeline, supporting operational cash flow after accounting for non-cash items and other reconciling factors.
- Cash Provided by Operating Activities
- Operating cash flow remains robust and stable with periodic increases, emphasizing consistent cash generation from core operating activities despite some intermittent declines.
- Capital Investments
- Capital investments persistently reflect outflows with an increasing trend in magnitude, indicating sustained and increasing expenditure on property, plant, equipment, or similar investments.
- Other Investing Activities, Net
- Other investing activities are relatively minor compared to capital investments but display swings with some quarters showing positive inflows and others small outflows.
- Cash Used in Investing Activities
- Investing cash flows predominantly denote an outflow, consistent with ongoing capital investment spend, though the magnitude varies somewhat period to period.
- Share Repurchase Programs
- There is significant volatility in share repurchase activity, with multiple periods of substantial shares buyback program outflows. Some quarters show pauses or reductions, suggesting variable repurchase strategies aligned with capital allocation priorities.
- Dividends Paid
- Dividend payments are consistently negative with relatively stable amounts, reflecting steady and recurring returns to shareholders.
- Debt Issued and Debt Repaid
- Debt issuance and repayment activities show an active management of debt, with several cycles of issuance followed by repayments. Debt repayment generally mirrors or exceeds issuance in certain periods, indicating active liquidity and leverage management.
- Accelerated Share Repurchase Programs Pending Final Settlement
- This line item shows alternating activities with periods of buying and settling, contributing to variability in financing cash flows related to share repurchase strategies.
- Net Issued (Paid) Commercial Paper
- Commercial paper issuance and repayments are minimal and infrequent but show some activity towards the later periods, indicating short-term financing adjustments.
- Other Financing Activities, Net
- Other financing activities vary widely, swinging between positive and negative contributions, suggesting miscellaneous financing activities impacting the cash flow variably over the analyzed periods.
- Cash Used in Financing Activities
- Cash flows from financing activities predominantly represent outflows, driven primarily by dividends, share repurchases, and debt repayments. There is notable variability, with some quarters showing slightly reduced outflows possibly linked to lower share repurchase or debt activity.
- Net Change in Cash, Cash Equivalents, and Restricted Cash
- Overall net change in cash fluctuates throughout the quarters, with some periods showing positive net increases and others declines. This reflects the interaction of operating, investing, and financing cash flows, with no persistent trend toward significant accumulation or depletion, suggesting balanced cash management.