UNP · 10-Q · 2026Q3 · Full report

Cash Flow and Liquidity

UNION PACIFIC CORP · 2026-10-22 · Importance 52 · Surprise 22 · No source text

Cash provided by operating activities increased 18% to $8.302 billion in the first nine months of 2026, reflecting lower income taxes paid and higher net income. Cash used in investing activities was $3.456 billion, up 24%, while cash used in financing activities declined 13% to $3.908 billion as share repurchases remained paused during the pending Norfolk Southern acquisition. At September 30, 2026, the company held $2.2 billion of cash and cash equivalents and $875 million of short-term investments, with $2.0 billion available under its revolving credit facility and $600 million undrawn on its Receivables Facility. Nine-month free cash flow was $2.362 billion, up from $1.856 billion in 2025, and cash flow conversion improved to 95% from 81%.

Key facts

• UNION PACIFIC CORP paused share repurchases as part of its pending acquisition of Norfolk Southern; the pause contributed to a 13% decrease in cash used in financing activities in the first nine months of 2026 compared with 2025. source
• UNION PACIFIC CORP cash provided by operating activities increased 18% in the first nine months of 2026 compared with 2025, driven by lower income taxes paid and higher net income. source
• UNION PACIFIC CORP free cash flow was $2.362 billion for the nine months ended September 30, 2026, compared with $1.856 billion for the same period of 2025. source
• UNION PACIFIC CORP generated $8.3 billion of cash from operating activities during the nine months ended September 30, 2026, and paid quarterly dividends. source
• UNION PACIFIC CORP cash used in investing activities increased 24% in the first nine months of 2026 compared with 2025, driven by net purchases and maturities of short-term investments. source
• UNION PACIFIC CORP cash flow conversion rate was 95% for the nine months ended September 30, 2026, compared with 81% for the same period of 2025. source

Impact estimates