Union Pacific Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	7,138	6,747	6,379	6,998	6,523
Depreciation & Amortization	2,465	2,398	2,318	2,246	2,208
Other Adjustments	48	15	-15	110	98
Change in Receivables	34	179	-177	-169	-217
Changes in Inventories	-18	-26	-2	-120	17
Changes in Accounts Payable	-196	189	-215	565	184
Changes in Income Taxes Payable	-206	-87	129	-273	188
Changes in Other Operating Activities	25	-69	-38	5	31
Operating Cash Flow	9,290	9,346	8,379	9,362	9,032
Operating Cash Flow Growth	-0.60%	11.54%	-10.50%	3.65%	5.76%
Capital Expenditures	-3,791	-3,452	-3,606	-3,620	-2,936
Other Investing Activities	29	127	-61	149	227
Investing Cash Flow	-3,762	-3,325	-3,667	-3,471	-2,709
Long-Term Debt Issued	1,995	800	1,599	6,080	4,201
Long-Term Debt Repaid	-1,428	-2,226	-2,190	-2,291	-1,299
Net Long-Term Debt Issued (Repaid)	567	-1,426	-591	3,789	2,902
Repurchase of Common Stock	-2,679	-1,505	-705	-6,282	-7,291
Net Common Stock Issued (Repurchased)	-2,679	-1,505	-705	-6,282	-7,291
Common Dividends Paid	-3,236	-3,213	-3,173	-3,159	-2,800
Other Financing Activities	72	77	-156	-235	31
Financing Cash Flow	-5,276	-6,067	-4,625	-5,887	-7,158
Net Cash Flow	252	-46	87	4	-835
Free Cash Flow	5,499	5,894	4,773	5,742	6,096
Free Cash Flow Growth	-6.70%	23.49%	-16.88%	-5.81%	8.61%
FCF Margin	22.44%	24.31%	19.79%	23.08%	27.96%
Free Cash Flow Per Share	9.23	9.68	7.82	9.20	9.30
Levered Free Cash Flow	5,984	4,274	4,374	9,590	9,117
Unlevered Free Cash Flow	5,947	6,405	5,623	6,453	6,877

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.