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: 2026-06-30), 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).
The financial data indicates a consistent ability to generate robust cash flows from operating activities, which are utilized to fund significant capital expenditures, maintain steady dividend payments, and execute opportunistic share repurchase programs. Operating cash flow remains strong throughout the period, generally fluctuating between $1.8 billion and $3.1 billion per quarter, with a notable peak of $3.076 billion in the final reported period.
- Operating Performance and Cash Generation
- Net income exhibits stability with a gradual upward trend, moving from $1.341 billion in early 2021 to $1.993 billion by June 2026. This growth is supported by a consistent increase in depreciation expenses, which rose steadily from approximately $549 million to $638 million over the same interval. Cash provided by operating activities consistently exceeds net income, driven by non-cash adjustments and fluctuating working capital requirements, particularly within accounts payable and other current liabilities.
- Investment Strategy and Capital Expenditure
- A sustained commitment to infrastructure investment is evident in the capital investments trend. Quarterly expenditures grew from $536 million in March 2021 to a range typically exceeding $900 million in later periods, peaking at $1.024 billion in December 2023. The high correlation between cash used in investing activities and capital investments suggests that the primary use of investing cash is the acquisition and modernization of fixed assets.
- Shareholder Returns and Capital Distribution
- Dividends are characterized by high stability, with quarterly payouts increasing marginally from $650 million in March 2021 to approximately $819 million by June 2026. In contrast, share repurchase programs are highly volatile and discretionary. Significant outflows occurred in 2021 and 2022, often exceeding $1 billion per quarter, followed by a period of reduced activity in 2023 and a resurgence of substantial buybacks in late 2024 and early 2025.
- Debt Management and Liquidity
- Financing activities reflect a cyclical approach to debt management, characterized by periods of large-scale debt issuance followed by aggressive repayment. Notable debt repayments occurred in March 2022 ($866 million) and March 2026 ($1.172 billion). These repayments are periodically offset by significant debt issuances, such as the $3.490 billion raised in March 2022, to maintain liquidity and fund capital requirements. The net change in cash remains volatile due to the timing of these large financing events and share repurchase settlements.