Union Pacific Corporation cash flow statement

In fiscal 2025, Union Pacific Corporation's operations generated $9.29bn of cash; it spent $3.79bn on capital projects, leaving free cash flow of $5.50bn. It returned $3.24bn in dividends and $2.68bn through buybacks.

Cash flow statement

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Union Pacific Corporation: cash flow statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash from operations	3.2	4.1	5.9	6.2	6.8	7.4	7.3	7.5	7.2	8.7	8.6	8.5	9.0	9.4	8.4	9.3	9.3	10.5
Depreciation and amortisation	1.4	1.5	1.6	1.8	1.8	1.9	2.0	2.0	2.1	2.2	2.2	2.2	2.2	2.2	2.3	2.4	2.5	2.5
Stock-based pay	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Capital spending	2.4	2.5	3.2	3.7	3.5	4.3	4.7	3.5	3.2	3.4	3.5	2.9	2.9	3.6	3.6	3.5	3.8	3.8
Free cash flow	0.9	1.6	2.7	2.4	3.3	3.0	2.7	4.0	4.0	5.2	5.2	5.6	6.1	5.7	4.8	5.9	5.5	6.7
Free cash flow after stock pay	0.8	1.5	2.6	2.3	3.2	2.9	2.6	3.9	3.9	5.2	5.1	5.5	6.0	5.6	4.7	5.8	5.4	6.6
Dividends paid	0.5	0.6	0.8	1.1	1.3	1.6	2.3	1.9	2.0	2.3	2.6	2.6	2.8	3.2	3.2	3.2	3.2	3.3
Share buybacks	0.0	1.2	1.4	1.5	2.2	3.2	3.5	3.1	4.0	8.2	5.8	3.7	7.3	6.3	0.7	1.5	2.7	0.0

US$ millions unless shown otherwise. Fiscal quarters.

Union Pacific Corporation: cash flow statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Cash from operations	2,662	2,210	2,333	2,522	2,225	2,440	3,076	2,786
Depreciation and amortisation	606	610	613	618	624	633	638	643
Stock-based pay	31	34	37	39	32	29	31	38
Capital spending	922	906	936	950	999	937	873	1,024
Free cash flow	1,740	1,304	1,397	1,572	1,226	1,503	2,203	1,762
Free cash flow after stock pay	1,709	1,270	1,360	1,533	1,194	1,474	2,172	1,724

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Union Pacific Corporation's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Union Pacific Corporation.