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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- Statement of Comprehensive Income
- Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Analysis of Debt
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Union Pacific Corp., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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 has exhibited fluctuations throughout the periods. It decreased from 1474 million in March 2020 to a low of 1132 million in June 2020, then generally increased in 2021 and 2022, peaking at 1895 million in September 2022. The figure slightly declined in the last quarters of 2022 and 2023 but rebounded again in 2024, reaching 1876 million by June 2025, indicating a recovery trend following some volatility.
- Depreciation
- Depreciation expenses remained relatively stable, showing a consistent gradual increase from 547 million in March 2020 to 613 million in June 2025. This steady rise aligns with ongoing asset utilization and investments.
- Deferred and Other Income Taxes
- This item showed considerable volatility with values fluctuating between positive and negative. The swings suggest changing tax treatments or timing differences, with notable negative amounts such as -116 million in June 2025, implying tax credit realizations or deferred tax asset adjustments.
- Other Operating Activities, Net
- The net figure for other operating activities varied considerably with some substantial negative values (e.g., -131 million in March 2021) and positive spikes (such as 256 million in December 2020). This volatility indicates operational adjustments and non-recurring items affecting the cash flow.
- Accounts Receivable, Net
- Accounts receivable showed large fluctuations including several instances of missing data. There were significant negative values indicating collections or write-offs (e.g., -236 million in March 2022) and positive inflows in other quarters, reflecting changing credit sales and collection patterns.
- Materials and Supplies
- This category oscillated between positive and negative values, with notable declines during early 2021 and 2024. The variations suggest adjustments in inventory levels or procurement cycles responding to operational needs.
- Other Current Assets
- Values for other current assets showed irregular patterns with frequent negatives, signifying fluctuations in short-term asset management. Larger negative figures such as -75 million in June 2025 point to asset reclassifications or disposals.
- Accounts Payable and Other Current Liabilities
- This line experienced significant swings, from a low of -437 million in March 2023 to a high of 271 million in March 2025. The volatility indicates variations in payment cycles, supplier negotiations, or accrual changes consistent with operating conditions.
- Income and Other Taxes
- Income taxes paid reflected high variability, including sharp negative values such as -532 million in June 2024 and positive spikes like 363 million in June 2025, evidencing fluctuating tax obligations due to profitability changes and tax planning activities.
- Changes in Current Assets and Liabilities
- This metric showed considerable volatility with large positive and negative values indicative of working capital management swings. The inconsistent pattern reflects operational adjustments in response to business conditions.
- Adjustments to Reconcile Net Income to Cash Provided by Operating Activities
- These adjustments fluctuated widely, reflecting non-cash items and timing differences essential in converting reported net income into operating cash flow. Although variable, the adjustments supported strong levels of operating cash flow throughout the periods.
- Cash Provided by Operating Activities
- Operating cash flow remained robust, albeit with fluctuations. After an initial drop in 2020, this measure generally increased with some downturns in certain quarters but returned strongly to approximately 2300 million by mid-2025, evidencing resilient core cash generation capacity.
- Capital Investments
- Capital spending consistently showed significant outflows, generally ranging between -500 and -1000 million across quarters. The consistent level of investment highlights ongoing efforts to maintain or expand operational capacity.
- Other Investing Activities, Net
- These activities were irregular but generally small in magnitude compared to capital investments, featuring spikes indicating occasional buying or selling of assets.
- Cash Used in Investing Activities
- Investing cash outflows were persistently negative, closely mirroring capital investments. The consistent investment disbursements suggest sustained focus on asset growth and maintenance.
- Share Repurchase Programs
- Share repurchases were substantial and intermittent, with large outflows notably in 2020 and mid-2022. The amounts fluctuated, indicating a variable approach to capital return through buybacks, with some quarters showing no activity.
- Debt Issued
- Debt issuance was uneven, with significant proceeds in some quarters (e.g., nearly 3500 million in December 2021) and inactivity in others, reflecting opportunistic debt management likely driven by capital needs and market conditions.
- Dividends Paid
- Dividend payments were steady and consistent, hovering around -650 to -815 million quarterly, demonstrating a stable policy of returning cash to shareholders.
- Debt Repaid
- Debt repayments showed variability with some large outflows in specific quarters (e.g., -1358 million in March 2024), indicating active debt reduction efforts interspersed with periods of lower repayment.
- Accelerated Share Repurchase Programs Pending Final Settlement
- Values alternated between negative and positive amounts, reflecting settlements and initiation of accelerated programs. These movements underscore management's use of advanced repurchase mechanisms as part of share repurchase strategies.
- Net Issued (Paid) Commercial Paper
- Limited data was available, but figures near zero suggest minimal commercial paper financing activity in recent periods.
- Other Financing Activities, Net
- Other financing activities exhibited irregular swings including both inflows and outflows, indicating miscellaneous financing transactions that vary based on specific quarterly needs and operational considerations.
- Cash Used in Financing Activities
- Cash flow from financing activities was predominantly negative, reflecting obligations from dividends, share repurchases, debt repayments, and other financing outflows. The scale of outflows decreased somewhat in recent quarters but remained a significant use of cash.
- Net Change in Cash, Cash Equivalents, and Restricted Cash
- The net cash change showed considerable volatility, with swings from large positive changes (e.g., 1517 million in June 2020) to notable decreases (e.g., -800 million in December 2020). In many periods the net change was small or negative, suggesting cash levels were managed tightly in relation to financing and investing activities.