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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$159.28B
P/E Ratio22.08
ROE40.69%

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid$12M$173M—$33M—$143M
Interest paid$186M$439M$171M$473M$228M$441M
Capital expenditures incurred but not yet paid$12M$173M—$33M—$143M
Capital Expenditures Incurred but Not Yet Paid$12M$173M—$33M—$143M
Foreign income taxes, net of refunds-$1M-$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$121M$61M$724M$56M—$59M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$922M$906M$936M$950M$999M$937M
Payment for (Proceeds from) Other Investing Activity-$23M$32M-$35M$0-$28M$51M
Net cash from investing activities-$899M-$938M-$901M-$952M-$971M-$988M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable$271M-$236M—-$121M—-$135M
Change in accounts receivable-$142M$71M-$50M$6M-$61M$126M
Other working capital changes—$22M$21M-$49M$199M$26M
Deferred income taxes—-$7M-$116M$295M$69M$54M
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$606M$610M$613M$618M$624M$633M
Income and other taxes-$138M$363M——-$325M$426M
Increase (Decrease) in Materials and Supplies—-$22M———$51M
Increase (Decrease) in Other Current Assets—$75M-$26M-$50M-$24M$36M
Change in materials and supplies—-$22M$27M$8M$5M$51M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt—$2B———$0
Dividends paid$810M$804M$795M$819M$818M$821M
Accelerated Share Repurchase Programs Pending Final Settlement—$300M———$0
Other, net—$20M$23M$11M$18M$12M
Repayments of Debt and Lease Obligation$6M$370M$39M$1B$4M$1.2B
Payment of Deferred Purchase Consideration—$20M$23M$11M$18M$12M
Noncontrolling interest transactions and other—$20M$23M$11M$18M$12M
Net cash from financing activities-$1.7B-$878M-$1.8B-$1.8B-$804M-$2B
Noncontrolling Interests Activity and Other—$20M$23M$11M$18M$12M
Repurchases of common stock$674M$1.4B$1.3B——$0
Accelerated Share Repurchase Programs Pending Final Settlement—$300M———$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—$394M—-$253M$450M-$529M
U.S. federal-$246.5M-$135.8M-$135.8M-$135.8M-$135.8M—