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 Operating Activities	-313	15	-15	110	98
Change in Accounts Receivable	-	179	-177	-169	-217
Change in Inventory	-	-26	-2	-120	17
Change in Accounts Payable	-	189	-215	565	184
Change in Income Taxes	-	-87	129	-273	188
Change in Other Net Operating Assets	-	-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
Total 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
Total Debt Repaid	-1,428	-2,226	-2,190	-2,291	-1,299
Net Debt Issued (Repaid)	567	-1,426	-591	3,789	2,902
Repurchase of Common Stock	-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%
Free Cash Flow Margin	22.44%	24.30%	19.79%	23.08%	27.96%
Free Cash Flow Per Share	9.23	9.69	7.82	9.20	9.30
Cash Interest Paid	-	1,260	1,268	1,156	1,087
Cash Income Tax Paid	-	1,340	1,486	2,060	1,658
Levered Free Cash Flow	3,447	4,623	3,363	4,056	4,764
Unlevered Free Cash Flow	4,265	5,416	4,201	4,851	5,487
Change in Working Capital	-	186	-303	8	203

Source: S&P Global Market Intelligence. Standard template. Financial Sources.