UNP · 8-K · 20261022PR000319
Liquidity and Debt Position
UNION PACIFIC CORP · 2026-10-22 · Importance 54 · Surprise 40 · From source text
Total debt declined to $30.324 billion at September 30, 2026, from $31.814 billion at December 31, 2025. Debt due within one year was $1.289 billion and debt due after one year was $29.035 billion at quarter-end. Adjusted debt to adjusted EBITDA improved to 2.4x from 2.7x at year-end, while debt to net income improved to 4.0x from 4.5x. Year-to-date debt repayments totaled $1.519 billion, with no debt issued during the period.
Key facts
- Cash, cash equivalents, and restricted cash at end of period September 30, 2026 were $2,218 million versus $830 million at September 30, 2025. source
- Cash and cash equivalents at September 30, 2026 were $2,211 million versus $1,266 million at December 31, 2025. source
- Short-term investments at September 30, 2026 were $875 million versus $250 million at December 31, 2025. source
- Debt due within one year at September 30, 2026 was $1,289 million versus $1,520 million at December 31, 2025; debt due after one year was $29,035 million versus $30,294 million at December 31, 2025. source
- Total common shareholders' equity at September 30, 2026 was $22,018 million versus $18,467 million at December 31, 2025. source
- Share repurchase programs used $26 million year-to-date through September 30, 2026 versus $2,679 million in 2025. source
- Total debt at September 30, 2026 was $30,324 million versus $31,814 million at December 31, 2025. source
- Union Pacific repaid $1,519 million of debt year-to-date through September 30, 2026 and repaid $1,424 million in the comparable 2025 period. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +3.7% | Share repurchase programs used $26 million year-to-date through September 30, 2026 versus $2,679 million in 2025. |
| liability | positive | realized | +2.1% | Total debt at September 30, 2026 was $30,324 million versus $31,814 million at December 31, 2025. |
| cash | positive | realized | +1.9% | Cash, cash equivalents, and restricted cash at end of period September 30, 2026 were $2,218 million versus $830 million at September 30,… |
| cash | positive | realized | +1.3% | Cash and cash equivalents at September 30, 2026 were $2,211 million versus $1,266 million at December 31, 2025. |
| assets | positive | realized | +0.9% | Short-term investments at September 30, 2026 were $875 million versus $250 million at December 31, 2025. |
| liability | positive | realized | +0.1% | Union Pacific repaid $1,519 million of debt year-to-date through September 30, 2026 and repaid $1,424 million in the comparable 2025 period. |
| cash | negative | realized | -0.1% | Union Pacific repaid $1,519 million of debt year-to-date through September 30, 2026 and repaid $1,424 million in the comparable 2025 period. |