UNP · 10-Q · 2026Q2 · Full report

Capital Allocation

UNION PACIFIC CORP · 2026-07-23 · Importance 89 · Surprise 82 · Matches filing data

Union Pacific paid $1.640 billion of dividends during the first six months of 2026, compared with $1.599 billion in the prior-year period. Share repurchases were paused during the six months as part of the pending Norfolk Southern acquisition. Free cash flow increased to $1.812 billion from $1.105 billion, reflecting $5.516 billion of operating cash flow, $2.064 billion of investing cash use, and dividends paid. Cash flow conversion improved to 100% from 77% based on $3.706 billion of operating cash flow less capital investments.

Key facts

• Cash used in financing activities for the six months ended June 30, 2026: $(3,109) million, a 17% increase versus the six months ended June 30, 2025, driven by a decrease in debt issued and increase in debt repaid, partially offset by the pause of share repurchases due to pending Norfolk Southern acquisition. source

Impact estimates