UNP · 10-Q · 2026Q3 · Full report

Liquidity and Debt Position

UNION PACIFIC CORP · 2026-10-22 · Importance 49 · Surprise 32 · From source text

Debt was $30.324 billion at September 30, 2026, down from $31.814 billion at December 31, 2025, and debt to net income improved to 4.0 from 4.5. Adjusted debt to adjusted EBITDA declined to 2.4 from 2.7 over the same dates, with adjusted EBITDA of $13.136 billion and adjusted debt of $31.112 billion at September 30. Average debt was $30.3 billion in the third quarter and $30.8 billion for the first nine months, compared with $32.2 billion in the respective 2025 periods. Interest expense fell 5% in the quarter and 4% year to date, as lower weighted-average debt levels more than offset higher effective interest rates.

Key facts

• UNION PACIFIC CORP debt was $30.324 billion at September 30, 2026, compared with $31.814 billion at December 31, 2025; debt to net income was 4.0 and 4.5, respectively. source
• UNION PACIFIC CORP's weighted-average debt was $30.3 billion in third-quarter 2026 versus $32.2 billion in third-quarter 2025, and $30.8 billion for the 2026 nine-month period versus $32.2 billion for the 2025 nine-month period. source
• UNION PACIFIC CORP had $2.2 billion of cash and cash equivalents, $875 million of short-term investments, $2.0 billion of available revolving-credit-facility capacity, and $600 million undrawn on its Receivables Facility as of September 30, 2026. source
• UNION PACIFIC CORP adjusted debt to adjusted EBITDA was 2.4 at September 30, 2026, compared with 2.7 at December 31, 2025. source
• UNION PACIFIC CORP stated that its liquidity analyses indicated sufficient borrowing capacity to sustain an extended period of lower volume. source
• UNION PACIFIC CORP expected to remain in compliance with its debt covenants and had been in compliance as of the filing discussion. source

Impact estimates