UNION PACIFIC CORP (UNP) FY2025 Annual Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-01-01 to 2025-12-31

Swipe to see the full flow
UNION PACIFIC CORP cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income → Net cash from operating activities: $7,138,000,000.00Depreciation → Operating adjustments reconciliation: $2,465,000,000.00Deferred and other income taxes → Operating adjustments reconciliation: $241,000,000.00Accounts receivable, net → Operating adjustments reconciliation: $34,000,000.00Other current assets → Operating adjustments reconciliation: $25,000,000.00Operating adjustments reconciliation → Net cash from operating activities: $2,152,000,000.00Operating adjustments reconciliation → Income and other taxes: $206,000,000.00Operating adjustments reconciliation → Accounts payable and other current liabilities: $196,000,000.00Operating adjustments reconciliation → Other operating activities, net: $193,000,000.00Operating adjustments reconciliation → Materials and supplies: $18,000,000.00Other investing activities, net → investing reconciliation: $29,000,000.00investing reconciliation → Capital investments: $3,791,000,000.00Net cash used in financing activities → financing reconciliation: $5,276,000,000.00Debt issued (Note 14) → financing reconciliation: $1,995,000,000.00Other financing activities, net → financing reconciliation: $72,000,000.00financing reconciliation → Dividends paid: $3,236,000,000.00financing reconciliation → Share repurchase programs (Note 18): $2,679,000,000.00financing reconciliation → Debt repaid: $1,428,000,000.00Net cash used in investing activities → investing reconciliation: $3,762,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $1,028,000,000.00Net cash from operating activities → Cash sources and uses: $9,290,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $1,280,000,000.00Cash sources and uses → Net cash used in investing activities: $3,762,000,000.00Cash sources and uses → Net cash used in financing activities: $5,276,000,000.00Accounts payable and other current liabilities: -$196,000,000.00Payables & accrued liabilities−$196.00 MDeferred and other income taxes: $241,000,000.00Deferred taxes & credits+$241.00 MOther current assets: $25,000,000.00Other current assets+$25.00 MDepreciation: $2,465,000,000.00Depreciation expense+$2.47 BAccounts receivable, net: $34,000,000.00Accounts receivable+$34.00 MNet income: $7,138,000,000.00Net income+$7.14 BMaterials and supplies: -$18,000,000.00Materials and supplies−$18.00 MIncome and other taxes: -$206,000,000.00Accrued taxes−$206.00 MOther operating activities, net: -$193,000,000.00Other working capital, net−$193.00 MNet cash from operating activities: $9,290,000,000.00Operating cash+$9.29 BOperating adjustments reconciliation: $2,765,000,000.00Dividends paid: -$3,236,000,000.00Dividends paid−$3.24 BShare repurchase programs (Note 18): -$2,679,000,000.00Common stock repurchases−$2.68 BOther financing activities, net: $72,000,000.00Other financing, net+$72.00 MDebt issued (Note 14): $1,995,000,000.00Long-term debt issued+$2.00 BDebt repaid: -$1,428,000,000.00Debt & lease obligations repaid−$1.43 BNet cash used in financing activities: -$5,276,000,000.00. Cash required to fund net payments.Financing cash−$5.28 Bfinancing reconciliation: $7,343,000,000.00Other investing activities, net: $29,000,000.00Other investing, net+$29.00 MCapital investments: -$3,791,000,000.00PP&E purchases−$3.79 BNet cash used in investing activities: -$3,762,000,000.00. Cash required to fund net payments.Investing cash−$3.76 Binvesting reconciliation: $3,791,000,000.00Cash sources and uses: $10,318,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $1,028,000,000.00Beginning cash$1.03 BEnding cash: Cash, cash equivalents, and restricted cash: $1,280,000,000.00Ending cash$1.28 BCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$5.50 BOperating cash − cash spent on PP&ECash flow / Net income1.30×Operating cash flow ÷ net incomeNet cash change+$252.00 MEnding cash − beginning cash
Chart details

UNION PACIFIC CORP cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025

Cash flows for Jan 1, 2025 through Dec 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2024. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2024
1,028,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
9,290,000,000 US dollars. Net cash provided.
Net income
7,138,000,000 US dollars
Accounts payable and other current liabilities
negative 196,000,000 US dollars
Deferred and other income taxes
241,000,000 US dollars
Other current assets
25,000,000 US dollars
Depreciation
2,465,000,000 US dollars
Accounts receivable, net
34,000,000 US dollars
Materials and supplies
negative 18,000,000 US dollars
Income and other taxes
negative 206,000,000 US dollars
Other operating activities, net
negative 193,000,000 US dollars
Investing activities
negative 3,762,000,000 US dollars. Net cash used.
Other investing activities, net
29,000,000 US dollars
Capital investments
negative 3,791,000,000 US dollars
Financing activities
negative 5,276,000,000 US dollars. Net cash used.
Dividends paid
negative 3,236,000,000 US dollars
Share repurchase programs (Note 18)
negative 2,679,000,000 US dollars
Other financing activities, net
72,000,000 US dollars
Debt issued (Note 14)
1,995,000,000 US dollars
Debt repaid
negative 1,428,000,000 US dollars
Operating adjustment reconciliation
2,765,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
7,343,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
3,791,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
0 US dollars
Ending cash on Dec 31, 2025
1,280,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
10,318,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
252,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
1.30×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
9,290,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
3,791,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
5,499,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $2.15B after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 9,290,000,000 US dollars minus 3,791,000,000 US dollars equals 5,499,000,000 US dollars.
UNION PACIFIC CORP (UNP) FY2025 Annual Statement of Cash Flows Sankey chart
Free to share unchanged, with credit to Plicit.ai · CC BY-NC-ND 4.0Download PNG

Newsletter

Get the teardowns by email

Subscribe if you want the public-company teardowns in your inbox when they're released.

Product waitlist

Health Check and Teardown for your own company

A health check uncovers insights of your private books, not a public ticker. Join this list to get notified as soon as we go-live!