Name: Union Pacific Corp. (NYSE:UNP) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

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

3 months ended:	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	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
Net income	2,076)	1,993)	1,701)	1,848)	1,788)	1,876)	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)
Depreciation	643)	638)	633)	624)	618)	613)	610)	606)	602)	596)	594)	589)	580)	577)	572)	569)	563)	559)	555)	556)	553)	550)	549)
Deferred and other income taxes	114)	39)	54)	69)	295)	(116)	(7)	(49)	34)	20)	23)	58)	23)	(16)	52)	82)	87)	33)	60)	(35)	61)	74)	54)
Other operating activities, net	26)	32)	(26)	(199)	49)	(21)	(22)	39)	16)	12)	(80)	(11)	5)	(9)	(117)	(59)	(41)	(9)	(43)	11)	61)	3)	(131)
Accounts receivable, net	(10)	(144)	(126)	61)	(6)	50)	(71)	142)	82)	44)	(89)	(139)	(108)	129)	(59)	161)	—)	(94)	(236)	(43)	(13)	(56)	(105)
Materials and supplies	(66)	(81)	(51)	(5)	(8)	(27)	22)	6)	32)	(37)	(27)	27)	(28)	(14)	13)	53)	(4)	(64)	(105)	43)	24)	(29)	(21)
Other current assets	45)	10)	(36)	24)	50)	26)	(75)	23)	35)	(72)	(55)	35)	13)	(13)	(73)	14)	30)	4)	(43)	12)	22)	(2)	(1)
Accounts payable and other current liabilities	(30)	187)	(135)	128)	(121)	33)	(236)	271)	(69)	207)	(220)	166)	(41)	97)	(437)	132)	230)	140)	63)	188)	(77)	140)	(67)
Income and other taxes	(12)	402)	426)	(325)	(143)	(101)	363)	(138)	248)	(532)	335)	18)	154)	(302)	259)	(298)	143)	(473)	355)	86)	(20)	(217)	339)
Changes in current assets and liabilities	(73)	374)	78)	(117)	(228)	(19)	3)	304)	328)	(390)	(56)	107)	(10)	(103)	(297)	62)	399)	(487)	34)	286)	(64)	(164)	145)
Adjustments to reconcile net income to cash provided by operating activities	710)	1,083)	739)	377)	734)	457)	584)	900)	980)	238)	481)	743)	598)	449)	210)	654)	1,008)	96)	606)	818)	611)	463)	617)
Cash provided by operating activities	2,786)	3,076)	2,440)	2,225)	2,522)	2,333)	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)
Capital investments	(1,024)	(873)	(937)	(999)	(950)	(936)	(906)	(922)	(831)	(902)	(797)	(1,024)	(975)	(835)	(772)	(930)	(1,045)	(797)	(848)	(991)	(755)	(654)	(536)
Purchases of short-term investments	(975)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Maturities of short-term investments	350)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities, net	257)	(203)	(51)	28)	(2)	35)	(32)	23)	(3)	112)	(5)	7)	(1)	(34)	(33)	18)	26)	93)	12)	74)	34)	88)	31)
Cash used in investing activities	(1,392)	(1,076)	(988)	(971)	(952)	(901)	(938)	(899)	(834)	(790)	(802)	(1,017)	(976)	(869)	(805)	(912)	(1,019)	(704)	(836)	(917)	(721)	(566)	(505)
Dividends paid	(844)	(819)	(821)	(818)	(819)	(795)	(804)	(810)	(815)	(793)	(795)	(793)	(792)	(793)	(795)	(797)	(806)	(813)	(743)	(755)	(695)	(700)	(650)
Debt repaid	(13)	(334)	(1,172)	(4)	(1,015)	(39)	(370)	(6)	(413)	(449)	(1,358)	(11)	(515)	(1,017)	(647)	(106)	(521)	(798)	(866)	(179)	(429)	(644)	(47)
Share repurchase programs	—)	(26)	—)	—)	—)	(1,259)	(1,420)	(674)	(731)	(100)	—)	—)	—)	(130)	(575)	(785)	(2,024)	(730)	(2,743)	(1,445)	(1,761)	(2,738)	(1,347)
Debt issued	—)	—)	—)	—)	—)	(1)	1,996)	—)	—)	400)	400)	—)	—)	400)	1,199)	—)	1,990)	600)	3,490)	300)	1,005)	2,896)	—)
Accelerated share repurchase programs pending final settlement	—)	—)	—)	—)	—)	300)	(300)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	440)	(440)	—)	400)	(400)	—)
Net issued (paid) commercial paper	—)	—)	—)	—)	—)	—)	—)	—)	(297)	1)	296)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other financing activities, net	58)	51)	12)	18)	11)	23)	20)	(202)	249)	24)	6)	(281)	95)	139)	(109)	11)	(53)	(42)	(151)	212)	(4)	(148)	(29)
Cash used in financing activities	(799)	(1,128)	(1,981)	(804)	(1,823)	(1,771)	(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)
Net change in cash, cash equivalents, and restricted cash	595)	872)	(529)	450)	(253)	(339)	394)	71)	(190)	204)	(131)	293)	(62)	(252)	108)	(297)	470)	(116)	(53)	(255)	79)	(39)	(620)

Operating cash flow demonstrates consistent strength and stability over the analyzed period, generally fluctuating between 1.8 billion and 3.1 billion US dollars per quarter. A positive correlation exists between net income and cash provided by operating activities, with the latter consistently exceeding net income. This gap is primarily driven by steady depreciation expenses, which grew incrementally from 549 million US dollars in March 2021 to 643 million US dollars by September 2026, reflecting a consistent asset base and ongoing wear-and-tear of infrastructure.

Operating Performance and Quality of Earnings: Net income exhibits a gradual upward trajectory, rising from an initial 1.34 billion US dollars to 2.08 billion US dollars in the final reported quarter. The adjustments to reconcile net income to operating cash are positive in every period, indicating that the company's core operations generate significant cash beyond accounting profits. Volatility is most evident in the changes in current assets and liabilities, specifically within accounts payable and other current liabilities, which show sharp quarterly swings.
Capital Investment Trends: Cash used in investing activities is dominated by capital investments, which remain substantial and relatively stable, typically ranging between 700 million and 1 billion US dollars per quarter. There is a discernible trend of increasing investment intensity, with expenditures peaking at 1.02 billion US dollars in December 2023 and September 2026. This suggests a sustained commitment to infrastructure modernization and capacity expansion.
Shareholder Returns and Capital Allocation: Dividend payments are a primary and highly predictable use of cash, maintaining a tight range between 650 million and 844 million US dollars per quarter. In contrast, share repurchase programs show significant volatility and a downward trend in frequency and magnitude. Large-scale buybacks prevalent in 2021 and early 2022, often exceeding 1 billion US dollars per quarter, decreased substantially in later periods, with several quarters reporting no repurchase activity.
Debt and Liquidity Management: Financing activities reflect a strategic cycle of debt issuance and repayment. Large infusions of cash via debt issuance, such as the 3.49 billion US dollars in March 2022 and 1.99 billion US dollars in June 2024, were used to fund repayments and shareholder distributions. Debt repayment occurs in irregular, large bursts, such as the 1.36 billion US dollars in March 2024 and 1.17 billion US dollars in March 2026, indicating a targeted approach to liability management rather than a steady amortization schedule.

Overall, the financial profile is characterized by robust operating cash generation that comfortably covers both capital expenditures and dividend obligations. The transition from aggressive share repurchases toward a more conservative financing posture in the later years suggests a shift in capital allocation priorities or a response to changing market conditions.

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Union Pacific Corp. (NYSE:UNP)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data