UNP · Earnings call · 2026Q3T · Full report

Cash Flow and Liquidity

UNION PACIFIC CORP · 2026-10-22 · Importance 66 · Surprise 40

Cash from operations grew 18% to $8.3 billion in the reported period, and free cash flow totaled $2.4 billion after network reinvestment and the third-quarter dividend. Union Pacific ended the quarter with $3.1 billion in cash and short-term investments and an adjusted debt-to-EBITDA ratio of 2.4x. Management said it will continue building cash reserves ahead of the anticipated Norfolk Southern merger closing in the second half of 2027.

Key facts

• UNION PACIFIC CORP ended Q3 2026 with $3.1 billion in cash and short-term investments and an adjusted debt-to-EBITDA ratio of 2.4x.
• UNION PACIFIC CORP's cash from operations grew 18% to $8.3 billion.