Union Pacific Corporation (UNP) Cash Flow Statement
Where UNP’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $9.29B −0.6% vs 2024
- Capital expenditures
- $3.79B 15.5% of revenue
- Free cash flow
- $5.50B 22.4% margin
- Returned to shareholders
- $5.92B 108% of free cash flow
- Change in cash
- $255.0M cash at year-end $1.28B
Drawn to scale: where the cash came from and how it was used. Hover for values.
UNP operating cash flow, capex and free cash flow
UNP cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $7.53B2016 | $9.29B2025 | +2.4%/yr | |
| Capital expenditures | $3.50B2016 | $3.79B2025 | +0.9%/yr | |
| Free cash flow | $4.02B2016 | $5.50B2025 | +3.5%/yr | |
| Free cash flow margin | 20.2%2016 | 22.4%2025 | +2.3 pts | |
| Operating cash flow / net income | 1.782016 | 1.302025 | −0.48 | |
| Stock-based compensation | $82.0M2016 | $107.0M2023 | +3.9%/yr | |
| Dividends paid | $1.88B2016 | $3.24B2025 | +6.2%/yr | |
| Share buybacks (net) | $3.10B2016 | $2.68B2025 | −1.6%/yr | |
| Capex / revenue | 17.6%2016 | 15.5%2025 | −2.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UNP cash flow by activity
UNP net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
UNP cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $7.14B | $6.75B | $6.38B | $7.00B | $6.52B | $5.35B | $5.92B | $5.97B | $10.71B | $4.23B |
| Depreciation & amortization | $2.46B | $2.40B | $2.32B | $2.25B | $2.21B | $2.21B | $2.22B | $2.19B | $2.10B | $2.04B |
| Stock-based compensation | — | — | $107.0M | $99.0M | −$203.0M | −$266.0M | $170.0M | $96.0M | $103.0M | $82.0M |
| Change in working capital | −$361.0M | $186.0M | −$303.0M | $8.0M | $203.0M | $266.0M | −$170.0M | −$126.0M | −$127.0M | $745.0M |
| Other non-cash items | $48.0M | $15.0M | −$122.0M | $11.0M | $301.0M | $981.0M | $474.0M | $559.0M | −$5.56B | $427.0M |
| Cash from operating activities | $9.29B | $9.35B | $8.38B | $9.36B | $9.03B | $8.54B | $8.61B | $8.69B | $7.23B | $7.53B |
| Investing activities | ||||||||||
| Capital expenditures | −$3.79B | −$3.45B | −$3.61B | −$3.62B | −$2.94B | −$2.93B | −$3.45B | −$3.44B | −$3.26B | −$3.50B |
| Investments (net) | — | −$3.33B | −$3.67B | −$3.47B | $24.0M | $5.0M | $15.0M | −$3.41B | −$30.0M | −$60.0M |
| Acquisitions & other investing | $29.0M | $3.45B | $3.61B | $3.62B | $203.0M | $246.0M | $3.0M | $3.44B | $201.0M | $172.0M |
| Cash from investing activities | −$3.76B | −$3.33B | −$3.67B | −$3.47B | −$2.71B | −$2.68B | −$3.44B | −$3.41B | −$3.09B | −$3.39B |
| Financing activities | ||||||||||
| Dividends paid | −$3.24B | −$3.21B | −$3.17B | −$3.16B | −$2.80B | −$2.63B | −$2.60B | −$2.30B | −$1.98B | −$1.88B |
| Share repurchases & issuance (net) | −$2.68B | −$1.50B | −$705.0M | −$6.28B | −$7.29B | −$3.71B | −$5.80B | −$8.22B | −$4.01B | −$3.10B |
| Net borrowing (repayment) | $567.0M | −$1.43B | −$591.0M | $3.58B | $2.96B | $1.50B | $2.78B | $5.35B | $1.90B | $779.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $72.0M | $77.0M | −$156.0M | −$30.0M | −$24.0M | −$67.0M | −$20.0M | −$48.0M | −$46.0M | −$41.0M |
| Cash from financing activities | −$5.28B | −$6.07B | −$4.62B | −$5.89B | −$7.16B | −$4.90B | −$5.65B | −$5.22B | −$4.15B | −$4.25B |
| Summary | ||||||||||
| Net change in cash | $255.0M | −$46.0M | $87.0M | $4.0M | −$835.0M | $962.0M | −$472.0M | $53.0M | −$2.0M | −$114.0M |
| Cash at end of period | $1.28B | $1.03B | $1.07B | $987.0M | $983.0M | $1.82B | $856.0M | $1.33B | $1.27B | $1.28B |
| Free cash flow | $5.50B | $5.89B | $4.77B | $5.74B | $6.10B | $5.61B | $5.16B | $5.25B | $3.97B | $4.02B |
| Free cash flow margin | 22.4% | 24.3% | 19.8% | 23.1% | 28.0% | 28.7% | 23.8% | 23.0% | 18.7% | 20.2% |
| Capex / revenue | 15.5% | 14.2% | 15.0% | 14.6% | 13.5% | 15.0% | 15.9% | 15.1% | 15.3% | 17.6% |
| Operating cash flow / net income | 1.30 | 1.39 | 1.31 | 1.34 | 1.38 | 1.60 | 1.45 | 1.46 | 0.67 | 1.78 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.99B | $1.70B | $1.85B | $1.79B | $1.88B | $1.63B | $1.76B | $1.67B | $1.67B | $1.64B | $1.65B | $1.53B |
| Depreciation & amortization | $638.0M | $633.0M | $624.0M | $618.0M | $613.0M | $610.0M | $606.0M | $602.0M | $596.0M | $594.0M | $589.0M | $580.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | $28.0M | $26.0M | $23.0M | $32.0M |
| Change in working capital | $374.0M | $78.0M | −$117.0M | −$228.0M | −$19.0M | $3.0M | $304.0M | $328.0M | −$390.0M | −$56.0M | $107.0M | −$10.0M |
| Other non-cash items | $71.0M | $28.0M | −$130.0M | $344.0M | −$137.0M | −$29.0M | −$10.0M | $50.0M | $4.0M | −$83.0M | $24.0M | −$4.0M |
| Cash from operating activities | $3.08B | $2.44B | $2.23B | $2.52B | $2.33B | $2.21B | $2.66B | $2.65B | $1.91B | $2.12B | $2.40B | $2.13B |
| Investing activities | ||||||||||||
| Capital expenditures | −$873.0M | −$937.0M | −$999.0M | −$950.0M | −$936.0M | −$906.0M | −$922.0M | −$831.0M | −$902.0M | −$797.0M | −$1.02B | −$975.0M |
| Investments (net) | — | — | — | −$952.0M | −$901.0M | −$938.0M | −$899.0M | −$834.0M | −$790.0M | −$802.0M | −$1.02B | −$976.0M |
| Acquisitions & other investing | −$203.0M | −$51.0M | $28.0M | $950.0M | $936.0M | $906.0M | $922.0M | $831.0M | $902.0M | $797.0M | $1.02B | −$699.0M |
| Cash from investing activities | −$1.08B | −$988.0M | −$971.0M | −$952.0M | −$901.0M | −$938.0M | −$899.0M | −$834.0M | −$790.0M | −$802.0M | −$1.02B | −$2.65B |
| Financing activities | ||||||||||||
| Dividends paid | −$819.0M | −$821.0M | −$818.0M | −$819.0M | −$795.0M | −$804.0M | −$810.0M | −$815.0M | −$793.0M | −$795.0M | −$793.0M | −$792.0M |
| Share repurchases & issuance (net) | −$26.0M | $0 | −$2.68B | $831.0M | −$959.0M | −$1.72B | −$674.0M | −$731.0M | −$100.0M | $0 | $0 | −$705.0M |
| Net borrowing (repayment) | −$334.0M | −$1.17B | −$4.0M | −$1.01B | −$40.0M | $1.63B | −$6.0M | −$710.0M | — | — | — | −$534.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $51.0M | $12.0M | $2.70B | −$820.0M | $23.0M | $20.0M | −$202.0M | $249.0M | −$24.0M | −$656.0M | −$292.0M | $819.0M |
| Cash from financing activities | −$1.13B | −$1.98B | −$804.0M | −$1.82B | −$1.77B | −$878.0M | −$1.69B | −$2.01B | −$917.0M | −$1.45B | −$1.08B | −$1.21B |
| Summary | ||||||||||||
| Net change in cash | $872.0M | −$529.0M | $450.0M | −$253.0M | −$339.0M | $394.0M | $71.0M | −$190.0M | $204.0M | −$131.0M | $293.0M | −$62.0M |
| Cash at end of period | $1.62B | $751.0M | $1.28B | $704.0M | $1.08B | $1.42B | $1.03B | $957.0M | $1.15B | $943.0M | $1.07B | $781.0M |
| Free cash flow | $2.20B | $1.50B | $1.23B | $1.57B | $1.40B | $1.30B | $1.74B | $1.82B | $1.01B | $1.32B | $1.37B | $1.15B |
| Free cash flow margin | 32.1% | 24.2% | 20.1% | 25.2% | 22.7% | 21.6% | 28.4% | 29.9% | 16.8% | 22.0% | 22.3% | 19.4% |
| Capex / revenue | 12.7% | 15.1% | 16.4% | 15.2% | 15.2% | 15.0% | 15.1% | 13.6% | 15.0% | 13.2% | 16.6% | 16.4% |
| Operating cash flow / net income | 1.54 | 1.43 | 1.20 | 1.41 | 1.24 | 1.36 | 1.51 | 1.59 | 1.14 | 1.29 | 1.45 | 1.39 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
UNP cash generation
In fiscal 2025 (ended December 31, 2025), Union Pacific generated $9.3 billion of cash from operations (down 0.6%) and spent $3.8 billion on capital expenditures, leaving free cash flow of $5.5 billion, 22.4% of revenue. It returned $5.9 billion to shareholders through dividends ($3.2 billion) and net share buybacks ($2.7 billion). Cash and equivalents rose by $255.0 million over the year.
Related: UNP income statement, UNP balance sheet, UNP dividend history. See the UNP stock overview for the latest quote and news.
UNP cash flow FAQ
What is Union Pacific's free cash flow?
Union Pacific's free cash flow was $5.5 billion in fiscal 2025: $9.3 billion of operating cash flow minus $3.8 billion of capital expenditures It was $5.9 billion a year earlier..
How much cash does Union Pacific generate from operations?
Union Pacific generated $9.3 billion of cash from operating activities in fiscal 2025, 1.30 times its net income of $7.1 billion.
How much does Union Pacific spend on capital expenditures?
Union Pacific spent $3.8 billion on capital expenditures in fiscal 2025, 15.5% of revenue, compared with $3.5 billion the year before.
How much stock does Union Pacific buy back?
Union Pacific spent $2.7 billion on net share repurchases in fiscal 2025.
How much does Union Pacific pay in dividends?
Union Pacific paid $3.2 billion in dividends in fiscal 2025, 58.8% of free cash flow.