Income StatementBalance SheetCash FlowSegments
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Union Pacific Cash Flow Statement

Operating, investing, and financing cash movements

Union Pacific generated $9.5B in operating cash flow over the trailing twelve months. After $3.8B in capital expenditures, free cash flow was $5.7B. Free cash flow decreased 0.0% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$9.5BNet Cash From Investing (TTM)-$3.8BNet Cash From Financing (TTM)-$6.4BCapital Expenditures (TTM)$3.8BDepreciation And Amortization Cf (TTM)$2.5BNet Change In Cash (TTM)$176.0M
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$157.86B
P/E Ratio21.88
ROE40.69%

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid$12.0M$173.0M—$33.0M—$143.0M
Interest paid$186.0M$439.0M$171.0M$473.0M$228.0M$441.0M
Capital expenditures incurred but not yet paid$12.0M$173.0M—$33.0M—$143.0M
Capital Expenditures Incurred but Not Yet Paid$12.0M$173.0M—$33.0M—$143.0M
Foreign income taxes, net of refunds-$1.0M-$3.3M-$3.3M-$3.3M-$3.3M—
Total state income taxes, net of refunds-$87.5M-$80.3M-$80.3M-$80.3M-$80.3M—
Income Taxes Paid, Net$121.0M$61.0M$724.0M$56.0M—$59.0M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$922.0M$906.0M$936.0M$950.0M$999.0M$937.0M
Payment for (Proceeds from) Other Investing Activity-$23.0M$32.0M-$35.0M$0.0-$28.0M$51.0M
Net cash from investing activities-$899.0M-$938.0M-$901.0M-$952.0M-$971.0M-$988.0M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable$271.0M-$236.0M—-$121.0M—-$135.0M
Change in accounts receivable-$142.0M$71.0M-$50.0M$6.0M-$61.0M$126.0M
Other working capital changes—$22.0M$21.0M-$49.0M$199.0M$26.0M
Deferred income taxes—-$7.0M-$116.0M$295.0M$69.0M$54.0M
Net cash from operating activities$2.7B$2.2B$2.3B$2.5B$2.2B$2.4B
Net income$1.8B$1.6B$1.9B$1.8B$1.8B$1.7B
Depreciation$606.0M$610.0M$613.0M$618.0M$624.0M$633.0M
Income and other taxes-$138.0M$363.0M——-$325.0M$426.0M
Increase (Decrease) in Materials and Supplies—-$22.0M———$51.0M
Increase (Decrease) in Other Current Assets—$75.0M-$26.0M-$50.0M-$24.0M$36.0M
Change in materials and supplies—-$22.0M$27.0M$8.0M$5.0M$51.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt—$2.0B———$0.0
Dividends paid$810.0M$804.0M$795.0M$819.0M$818.0M$821.0M
Accelerated Share Repurchase Programs Pending Final Settlement—$300.0M———$0.0
Other, net—$20.0M$23.0M$11.0M$18.0M$12.0M
Repayments of Debt and Lease Obligation$6.0M$370.0M$39.0M$1.0B$4.0M$1.2B
Payment of Deferred Purchase Consideration—$20.0M$23.0M$11.0M$18.0M$12.0M
Noncontrolling interest transactions and other—$20.0M$23.0M$11.0M$18.0M$12.0M
Net cash from financing activities-$1.7B-$878.0M-$1.8B-$1.8B-$804.0M-$2.0B
Noncontrolling Interests Activity and Other—$20.0M$23.0M$11.0M$18.0M$12.0M
Repurchases of common stock$674.0M$1.4B$1.3B——$0.0
Accelerated Share Repurchase Programs Pending Final Settlement—$300.0M———$0.0

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$1.7B$1.3B$1.4B$1.6B$1.2B$1.5B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash—$394.0M—-$253.0M$450.0M-$529.0M
U.S. federal-$246.5M-$135.8M-$135.8M-$135.8M-$135.8M—