Union Pacific Corporation (UNP) quarterly cash flow statement — complete operating, investing & financing history
Union Pacific Corporation (UNP) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 3.08B | 2.44B | 2.23B | 2.52B | 2.33B | 2.21B | 2.66B | 2.65B | 1.91B | 2.12B | 2.4B | 2.13B | 2.02B | 1.84B | 2.29B | 2.9B | 1.93B | 2.24B | 2.53B | 2.28B |
| Operating CF Margin % | 44.81% | 39.25% | 36.57% | 40.39% | 37.91% | 36.67% | 43.49% | 43.52% | 31.81% | 35.18% | 38.89% | 35.79% | 33.84% | 30.38% | 37.09% | 44.21% | 30.8% | 38.16% | 44.11% | 41.03% |
| Operating CF Growth % | 31.85% | 10.41% | -16.42% | -4.87% | 22.08% | 4.15% | 11.15% | 24.69% | -5.3% | 15.33% | 4.49% | -26.77% | 4.51% | -17.71% | -9.37% | 27.1% | -14.6% | 14.2% | -0.71% | 42.66% |
| Net Income | 1.99B | 1.7B | 1.85B | 1.79B | 1.88B | 1.63B | 1.76B | 1.67B | 1.67B | 1.64B | 1.65B | 1.53B | 1.57B | 1.63B | 1.64B | 1.9B | 1.83B | 1.63B | 1.71B | 1.67B |
| Depreciation & Amortization | 638M | 633M | 624M | 618M | 613M | 610M | 606M | 602M | 596M | 594M | 589M | 580M | 577M | 572M | 569M | 563M | 559M | 555M | 556M | 553M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28M | 22M | 21M | 26M | 30M | 22M | 24M |
| Deferred Taxes | 39M | 54M | 69M | 295M | -116M | -7M | -49M | 34M | 20M | 23M | 58M | 23M | -16M | 52M | 82M | 87M | 33M | 60M | -35M | 61M |
| Other Non-Cash Items | 32M | -26M | -199M | 49M | -21M | -22M | 39M | 16M | 12M | -80M | -11M | 5M | -9M | 114M | -81M | -62M | -35M | -73M | -11M | 37M |
| Working Capital Changes | 374M | 78M | -117M | -228M | -19M | 3M | 304M | 328M | -390M | -56M | 107M | -10M | -103M | -556M | 62M | 399M | -487M | 34M | 286M | -64M |
| Change in Receivables | -144M | -126M | 61M | -6M | 50M | -71M | 142M | 82M | 44M | -89M | -139M | -108M | 129M | -59M | 161M | 0 | -94M | -236M | -43M | -13M |
| Change in Inventory | -81M | -51M | -5M | -8M | -27M | 22M | 6M | 32M | -37M | -27M | 27M | -28M | -14M | 13M | 53M | -4M | -64M | -105M | 43M | 24M |
| Change in Payables | 187M | -135M | 128M | -121M | 33M | -236M | 271M | -69M | 207M | -220M | 166M | -41M | 97M | -437M | 132M | 230M | 140M | 63M | 188M | -77M |
| Cash from Investing | -1.08B | -988M | -971M | -952M | -901M | -938M | -899M | -834M | -790M | -802M | -1.02B | -976M | -869M | -805M | -912M | -1.02B | -704M | -836M | -917M | -721M |
| Capital Expenditures | -873M | -937M | -999M | -950M | -936M | -906M | -922M | -831M | -902M | -797M | -1.02B | -975M | -835M | -772M | -930M | -1.04B | -797M | -848M | -991M | -755M |
| CapEx % of Revenue | 12.72% | 15.07% | 16.42% | 15.21% | 15.21% | 15.03% | 15.06% | 13.64% | 15.02% | 13.22% | 16.63% | 16.41% | 14% | 12.75% | 15.05% | 15.92% | 12.71% | 14.47% | 17.29% | 13.56% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -45M | 33M | 12M | 22M | 52M | 88M | 32M | 991M | 755M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -203M | -51M | 28M | -2M | 35M | -32M | 23M | -3M | 112M | -5M | 7M | -1M | -67M | -79M | -4M | -26M | 5M | -20M | -917M | -721M |
| Cash from Financing | -1.13B | -1.98B | -804M | -1.82B | -1.77B | -878M | -1.69B | -2.01B | -917M | -1.45B | -1.08B | -1.21B | -1.4B | -927M | -1.68B | -1.41B | -1.34B | -1.45B | -1.87B | -1.48B |
| Debt Issued (Net) | -334M | -1.17B | -4M | -1.01B | -40M | 1.63B | -6M | -710M | -48M | -662M | -11M | -534M | -496M | 450M | -108M | 1.42B | -249M | 2.52B | 321M | 574M |
| Equity Issued (Net) | -26M | 0 | 0 | 831M | -959M | -1.72B | -674M | -731M | -100M | 0 | 0 | 0 | -130M | -575M | -785M | -2.02B | -290M | -3.18B | -1.45B | -1.36B |
| Dividends Paid | -819M | -821M | -818M | -819M | -795M | -804M | -810M | -815M | -793M | -795M | -793M | -792M | -793M | -795M | -797M | -806M | -813M | -743M | -755M | -695M |
| Share Repurchases | -26M | 0 | 0 | 831M | -959M | -1.72B | -674M | -731M | -100M | 0 | 0 | 0 | -130M | -575M | -785M | -2.02B | -290M | -3.18B | -1.45B | -1.36B |
| Other Financing | 51M | 12M | 18M | -820M | 23M | 20M | -202M | 249M | 24M | 6M | -281M | 114M | 18M | -7M | 13M | -1M | 9M | -51M | 12M | -2M |
| Net Change in Cash | 872M | -529M | 450M | -253M | -339M | 394M | 71M | -190M | 204M | -131M | 293M | -62M | -252M | 108M | -297M | 470M | -116M | -53M | -255M | 79M |
| Free Cash Flow | 2.2B | 1.5B | 1.23B | 1.57B | 1.4B | 1.3B | 1.74B | 1.82B | 1.01B | 1.32B | 1.37B | 1.15B | 1.18B | 1.07B | 1.36B | 1.86B | 1.13B | 1.39B | 1.54B | 1.53B |
| FCF Margin % | 32.09% | 24.18% | 20.15% | 25.18% | 22.7% | 21.64% | 28.43% | 29.88% | 16.8% | 21.97% | 22.26% | 19.37% | 19.84% | 17.64% | 22.04% | 28.3% | 18.09% | 23.69% | 26.83% | 27.47% |
| FCF Growth % | 57.7% | 15.26% | -29.54% | -13.63% | 38.45% | -1.58% | 26.91% | 58.12% | -14.71% | 24.06% | 0.66% | -38.05% | 4.32% | -23.05% | -11.44% | 21.52% | -29.43% | -2.39% | -19.64% | 68.76% |
| FCF per Share | 3.71 | 2.53 | 2.07 | 2.65 | 2.35 | 2.17 | 2.86 | 2.99 | 1.65 | 2.17 | 2.25 | 1.89 | 1.94 | 1.75 | 2.22 | 2.99 | 1.81 | 2.19 | 2.40 | 2.35 |
| FCF Conversion (FCF/Net Income) | 1.54x | 1.43x | 1.20x | 1.41x | 1.24x | 1.36x | 1.51x | 1.59x | 1.14x | 1.29x | 1.45x | 1.39x | 1.29x | 1.13x | 1.40x | 1.53x | 1.05x | 1.37x | 1.48x | 1.37x |
| Interest Paid | 197M | 441M | 228M | 473M | 171M | 439M | 186M | 439M | 172M | 463M | 155M | 485M | 174M | 454M | 176M | 415M | 183M | 382M | 183M | 369M |
| Taxes Paid | 177M | 59M | -298M | 56M | 724M | 61M | 121M | 73M | 1.1B | 46M | 331M | 329M | 791M | 35M | 587M | 440M | 1.03B | 7M | 417M | 529M |