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Union Pacific cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.8B in Q3 2026 · $6.7B over twelve months

Operating cash flow$2.8B
Capital spending−$1.0B
Free cash flow+$1.8B
Cash / net income1.3×

Analysis

In Q3 2026, Union Pacific generated $2.8B of operating cash flow and spent $1.0B on capital projects, leaving free cash flow of $1.8B. That is $190M more than in Q3 2025 ($1.6B).

Over the twelve months to Sep 30, 2026, operating cash flow was $10.5B; the largest uses were capital spending ($3.8B), dividends ($3.3B), net borrowing (+) / repaid (−) ($1.5B); besides operations, cash came from shares issued ($122M), other financing ($17.0M); the cash balance rose by $1.4B.

Operating cash flow was $2.8B against net income of $2.1B — 1.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$643M, deferred taxes +$114M, prepaid and other assets +$45.0M.

Free cash flow

Union Pacific: free cash flow by quarterUnion Pacific: free cash flow by quarter$1.7BQ4 2024$1.3BQ1 2025$1.4BQ2 2025$1.6BQ3 2025$1.2BQ4 2025$1.5BQ1 2026$2.2BQ2 2026$1.8BQ3 2026
Operating cash flow less capital spending.
Union Pacific: operating cash flow against capital spendingUnion Pacific: operating cash flow against capital spendingOperating cash flowCapital spending$2.7B$922MQ4 2024$2.2B$906MQ1 2025$2.3B$936MQ2 2025$2.5B$950MQ3 2025$2.2B$999MQ4 2025$2.4B$937MQ1 2026$3.1B$873MQ2 2026$2.8B$1.0BQ3 2026
Latest (Q3 2026): Operating cash flow $2.8B, Capital spending $1.0B.

Capital allocation, year by year

Union Pacific: where the cash came from (up) and went (down), by fiscal yearUnion Pacific: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $9.0BFY2021: Net borrowing $3.4BFY2021: Shares issued $58.0MFY2021: Asset sales $178MFY2021: Capital spending −$2.9BFY2021: Buybacks −$7.3BFY2021: Dividends −$2.8B$12.7BFY2021FY2022: Operating cash flow $9.4BFY2022: Net borrowing $3.3BFY2022: Shares issued $27.0MFY2022: Asset sales $194MFY2022: Capital spending −$3.6BFY2022: Buybacks −$6.3BFY2022: Dividends −$3.2B$12.9BFY2022FY2023: Operating cash flow $8.4BFY2023: Net borrowing −$856MFY2023: Shares issued $27.0MFY2023: Capital spending −$3.6BFY2023: Buybacks −$705MFY2023: Dividends −$3.2B$8.4BFY2023FY2024: Operating cash flow $9.3BFY2024: Net borrowing −$1.5BFY2024: Shares issued $46.0MFY2024: Capital spending −$3.5BFY2024: Buybacks −$1.5BFY2024: Dividends −$3.2B$9.4BFY2024FY2025: Operating cash flow $9.3BFY2025: Net borrowing $531MFY2025: Shares issued $51.0MFY2025: Capital spending −$3.8BFY2025: Buybacks −$2.7BFY2025: Dividends −$3.2B$9.9BFY2025
Over these 5 years operating cash flow totalled $45.4B; the largest uses were buybacks ($18.5B) and capital spending ($17.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.2B
Debt$31.8B
Net debt$29.6B
Due within a year$1.5B

Union Pacific funds itself: free cash flow was $6.7B over the last twelve months, and $2.2B of cash and investments stands against $31.8B of debt ($1.5B due within a year, 1.5× covered by cash).

Union Pacific: debt maturities by year (FY2025)Union Pacific: debt maturities by year (FY2025)$1.5BYear 1$1.3BYear 2$1.2BYear 3$1.3BYear 4$753MYear 5$27.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.2B of cash and investments now.

Where the cash came from and went

Union Pacific: sources (+) and uses (−) of cash, Q3 2026Union Pacific: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$2.8BCapital spending−$1.0BDividends−$844MCash drawn (+) / kept (−)−$595MOther investing−$368MShares issued$47.0MNet borrowing (+) / repaid (−)−$13.0MOther financing$11.0M
Union Pacific: sources (+) and uses (−) of cash, TTM to Q3 2026Union Pacific: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$10.5BCapital spending−$3.8BDividends−$3.3BNet borrowing (+) / repaid (−)−$1.5BCash drawn (+) / kept (−)−$1.4BOther investing−$594MShares issued$122MBuybacks−$26.0MOther financing$17.0M

From profit to cash

Union Pacific: net income to operating cash flow, Q3 2026Union Pacific: net income to operating cash flow, Q3 2026Net income$2.1BDepreciation & amortization$643MStock-based pay$38.0MDeferred taxes$114MReceivables−$10.0MPayables−$30.0MPrepaid and other assets$45.0MIncome taxes payable−$12.0MOther operating capital$26.0MOperating cash flow$2.8B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$2.8B−$1.0B—−$844M−$13.0M$47.0M−$595M$1.8B
Q2 2026$3.1B−$873M−$26.0M−$819M−$334M$41.0M−$872M$2.2B
Q1 2026$2.4B−$937M—−$821M−$1.2B$30.0M$529M$1.5B
Q4 2025$2.2B−$999M—−$818M−$4.0M$4.0M−$450M$1.2B
Q3 2025$2.5B−$950M—−$819M−$1.0B$1.0M$253M$1.6B
Q2 2025$2.3B−$936M−$1.3B−$795M−$40.0M$5.0M$339M$1.4B
Q1 2025$2.2B−$906M−$1.4B−$804M$1.6B$41.0M−$394M$1.3B
Q4 2024$2.7B−$922M−$674M−$810M−$231M$6.0M−$71.0M$1.7B

Union Pacific: income statement and cash flow

Union Pacific, Q3 2026: revenue $7.2B (+15% year over year), operating margin 40.9%. The chart follows the revenue to costs, profit and cash.

Union Pacific: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.