UNP · 10-Q · 2026Q2 · Full report

Balance Sheet and Liquidity

UNION PACIFIC CORP · 2026-07-23 · Importance 61 · Surprise 32 · Contradicted

At June 30, 2026, Union Pacific held $1.6 billion of cash and cash equivalents and $500 million of short-term investments. Available liquidity included $2.0 billion under the revolving credit facility and $600 million undrawn under the Receivables Facility. Reported debt declined to $30.327 billion from $31.814 billion at December 31, 2025, while adjusted debt to adjusted EBITDA improved to 2.5x from 2.7x. Six-month operating cash flow increased 21% to $5.516 billion, driven by lower income taxes paid and higher net income, and the company stated it remained compliant with debt covenants.

Key facts

• Cash provided by operating activities for the six months ended June 30, 2026: $5,516 million, a 21% increase versus the six months ended June 30, 2025. source
• Cash used in investing activities for the six months ended June 30, 2026: $(2,064) million, a 12% increase in cash used versus 2025 driven by net purchases and maturities of short-term investments. source
• Adjusted debt at June 30, 2026: $31,169 million and adjusted EBITDA: $12,719 million, resulting in adjusted debt/adjusted EBITDA of 2.5. source
• Reported debt as of Jun 30, 2026: $30,327 million and net income for trailing twelve months ended Jun 30, 2026: $7,330 million, yielding a debt/net income ratio of 4.1. source

Impact estimates