Union Pacific Corporation (UNP) financial statements: income statement, balance sheet and cash flow

Union Pacific Corporation's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Union Pacific Corporation reported revenue of $24.5B (+1.1% year on year) and net income of $7.1B (+5.8% year on year).

Income statement

Union Pacific Corporation income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Total operating revenues	$24.5B	$24.3B	$24.1B	$24.9B
Compensation and benefits	$4.9B	$4.9B	$4.8B	$4.6B
Purchased services and materials	$2.6B	$2.5B	$2.6B	$2.4B
Depreciation	$2.5B	$2.4B	$2.3B	$2.2B
Fuel	$2.4B	$2.5B	$2.9B	$3.4B
Equipment and other rents	$912.0M	$920.0M	$947.0M	$898.0M
Other	$1.4B	$1.3B	$1.4B	$1.3B
Total operating expenses	$14.7B	$14.5B	$15.0B	$15.0B
Operating income	$9.8B	$9.7B	$9.1B	$9.9B
Other income, net (Note 6)	$629.0M	$350.0M	$491.0M	$426.0M
Interest expense	($1.3B)	$1.3B	($1.3B)	($1.3B)
Income before income taxes	$9.2B	$8.8B	$8.2B	$9.1B
Income tax expense (Note 7)	($2.0B)	($2.0B)	($1.9B)	($2.1B)
Net income	$7.1B	$6.7B	$6.4B	$7.0B
Earnings per share - basic (in dollars per share)	$12.00	$11.10	$10.47	$11.24
Earnings per share - diluted (in dollars per share)	$11.98	$11.09	$10.45	$11.21
Weighted average number of shares - basic (in shares)	595.0M	607.6M	609.2M	622.7M
Weighted average number of shares - diluted (in shares)	595.9M	608.6M	610.2M	624.0M

Union Pacific Corporation income statement, quarters

Line item	Sep 30, 2026 · Q3	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3
Total operating revenues	$7.2B	$6.9B	$6.2B	$6.2B
Compensation and benefits	$1.3B	$1.2B	$1.2B	$1.2B
Fuel	$1.0B	$938.0M	$643.0M	$616.0M
Purchased services and materials	$746.0M	$709.0M	$673.0M	$683.0M
Depreciation	$643.0M	$638.0M	$633.0M	$618.0M
Equipment and other rents	$206.0M	$214.0M	$219.0M	$212.0M
Other	$355.0M	$362.0M	$364.0M	$352.0M
Total operating expenses	$4.3B	$4.1B	$3.8B	$3.7B
Operating income	$2.9B	$2.8B	$2.5B	$2.5B
Other income, net (Note 6)	$95.0M	$105.0M	$91.0M	$96.0M
Interest expense	($312.0M)	($313.0M)	($320.0M)	($327.0M)
Income before income taxes	$2.7B	$2.6B	$2.2B	$2.3B
Income tax expense (Note 7)	($650.0M)	($562.0M)	($528.0M)	($530.0M)
Net income	$2.1B	$2.0B	$1.7B	$1.8B
Earnings per share - basic (in dollars per share)	$3.50	$3.36	$2.87	$3.02
Earnings per share - diluted (in dollars per share)	$3.49	$3.36	$2.87	$3.01
Weighted average number of shares - basic (in shares)	593.7M	593.4M	593.0M	592.4M
Weighted average number of shares - diluted (in shares)	594.5M	594.0M	593.6M	593.2M

Balance sheet

Union Pacific Corporation balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$1.3B	$1.0B	$1.1B	$973.0M
Short-term investments (Note 13)	$250.0M	$20.0M	$16.0M	$46.0M
Accounts receivable, net (Note 10)	$1.9B	$1.9B	$2.1B	$1.9B
Materials and supplies	$787.0M	$769.0M	$743.0M	$741.0M
Other current assets	$392.0M	$322.0M	$261.0M	$301.0M
Total current assets	$4.6B	$4.0B	$4.1B	$4.0B
Investments	$2.9B	$2.7B	$2.6B	$2.4B
Properties, net (Note 11)	$59.6B	$58.3B	$57.4B	$56.0B
Operating lease assets (Note 16)	$1.0B	$1.3B	$1.6B	$1.7B
Other assets	$1.6B	$1.4B	$1.3B	$1.4B
Total assets	$69.7B	$67.7B	$67.1B	$65.4B
Accounts payable and other current liabilities (Note 12)	$3.5B	$3.8B	$3.7B	$3.8B
Debt due within one year (Note 14)	$1.5B	$1.4B	$1.4B	$1.7B
Total current liabilities	$5.0B	$5.3B	$5.1B	$5.5B
Debt due after one year (Note 14)	$30.3B	$29.8B	$31.2B	$31.6B
Operating lease liabilities (Note 16)	$738.0M	$925.0M	$1.2B	$1.3B
Deferred income taxes (Note 7)	$13.4B	$13.2B	$13.1B	$13.0B
Other long-term liabilities	$1.8B	$1.7B	$1.7B	$1.8B
Total liabilities	$51.2B	$50.8B	$52.3B	$53.3B
Common shares, $2.50 par value, 1,400,000,000 authorized; 1,113,161,191 and 1,113,018,733 issued; 593,245,884 and 604,241,260 outstanding, respectively	2.8B	2.8B	2.8B	2.8B
Paid-in-surplus	$5.6B	$5.3B	$5.2B	$5.1B
Retained earnings	$69.5B	$65.6B	$62.1B	$58.9B
Treasury stock	($58.8B)	($56.1B)	($54.7B)	($54.0B)
Accumulated other comprehensive income/(loss) (Note 9)	($591.0M)	($723.0M)	($614.0M)	($582.0M)
Total common shareholders' equity	$18.5B	$16.9B	$14.8B	$12.2B
Total liabilities and common shareholders' equity	$69.7B	$67.7B	$67.1B	$65.4B

Union Pacific Corporation balance sheet, quarters

Line item	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025
Cash and cash equivalents	$2.2B	$1.6B	$735.0M	$808.0M
Short-term investments (Note 13)	$875.0M	$500.0M	$300.0M	—
Accounts receivable, net (Note 10)	$2.1B	$2.1B	$2.0B	$1.9B
Materials and supplies	$985.0M	$919.0M	$838.0M	$782.0M
Other current assets	$306.0M	$370.0M	$356.0M	$393.0M
Total current assets	$6.5B	$5.5B	$4.2B	$3.9B
Investments	$3.0B	$3.0B	$3.0B	$2.8B
Properties, net (Note 11)	$60.6B	$60.2B	$60.0B	$59.4B
Operating lease assets	$801.0M	$875.0M	$907.0M	$1.1B
Other assets	$1.6B	$1.6B	$1.6B	$1.4B
Total assets	$72.6B	$71.2B	$69.6B	$68.6B
Accounts payable and other current liabilities (Note 12)	$4.3B	$4.3B	$3.7B	$3.7B
Debt due within one year (Note 14)	$1.3B	$1.3B	$867.0M	$1.5B
Total current liabilities	$5.6B	$5.6B	$4.6B	$5.2B
Debt due after one year (Note 14)	$29.0B	$29.0B	$29.8B	$30.3B
Operating lease liabilities	$563.0M	$609.0M	$619.0M	$764.0M
Deferred income taxes	$13.6B	$13.5B	$13.5B	$13.3B
Other long-term liabilities	$1.7B	$1.8B	$1.7B	$1.7B
Total liabilities	$50.6B	$50.5B	$50.2B	$51.3B
Common shares, $2.50 par value, 1,400,000,000 authorized; 1,113,353,519 and 1,113,161,191 issued; 594,223,957 and 593,245,884 outstanding, respectively	2.8B	2.8B	2.8B	2.8B
Paid-in-surplus	$5.7B	$5.7B	$5.6B	$5.5B
Retained earnings	$72.8B	$71.6B	$70.4B	$68.5B
Treasury stock	($58.8B)	($58.8B)	($58.8B)	($58.9B)
Accumulated other comprehensive loss (Note 9)	($539.0M)	($556.0M)	($553.0M)	($672.0M)
Total common shareholders' equity	$22.0B	$20.7B	$19.4B	$17.3B
Total liabilities and common shareholders' equity	$72.6B	$71.2B	$69.6B	$68.6B

Cash flow statement

Union Pacific Corporation cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$7.1B	$6.7B	$6.4B	$7.0B
Depreciation	$2.5B	$2.4B	$2.3B	$2.2B
Deferred and other income taxes	$241.0M	$28.0M	$117.0M	$262.0M
Other operating activities, net	($193.0M)	($13.0M)	($132.0M)	$24.0M
Accounts receivable, net	$34.0M	$179.0M	($177.0M)	($169.0M)
Materials and supplies	($18.0M)	($26.0M)	($2.0M)	($120.0M)
Other current assets	$25.0M	($69.0M)	($38.0M)	$5.0M
Accounts payable and other current liabilities	($196.0M)	$189.0M	($215.0M)	$565.0M
Income and other taxes	($206.0M)	($87.0M)	$129.0M	($273.0M)
Cash provided by operating activities	$9.3B	$9.3B	$8.4B	$9.4B
Capital investments	($3.8B)	($3.5B)	($3.6B)	($3.6B)
Other investing activities, net	$29.0M	$127.0M	($61.0M)	($45.0M)
Cash used in investing activities	($3.8B)	($3.3B)	($3.7B)	($3.5B)
Dividends paid	($3.2B)	($3.2B)	($3.2B)	($3.2B)
Share repurchase programs (Note 18)	($2.7B)	($1.5B)	($705.0M)	($6.3B)
Debt issued (Note 14)	$2.0B	$800.0M	$1.6B	$6.1B
Debt repaid	($1.4B)	($2.2B)	($2.2B)	($2.3B)
Other financing activities, net	$72.0M	$77.0M	($156.0M)	($30.0M)
Cash used in financing activities	($5.3B)	($6.1B)	($4.6B)	($5.9B)
Net change in cash, cash equivalents, and restricted cash	$252.0M	($46.0M)	$87.0M	$4.0M
Cash, cash equivalents, and restricted cash at beginning of year	$1.0B	$1.1B	$987.0M	$983.0M
Cash, cash equivalents, and restricted cash at end of year	$1.3B	$1.0B	$1.1B	$987.0M
Capital investments accrued but not yet paid	$131.0M	$165.0M	$137.0M	$152.0M
Federal income taxes, net of refunds	($543.0M)	—	—	—
Total state income taxes, net of refunds	($321.0M)	—	—	—
Foreign income taxes, net of refunds	($13.0M)	—	—	—
Interest, net of amounts capitalized	($1.3B)	($1.3B)	($1.3B)	($1.2B)

Union Pacific Corporation cash flow statement, quarters

Line item	Sep 30, 2026 · YTD	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD
Net income	$5.8B	$3.7B	$1.7B	$5.3B
Depreciation	$1.9B	$1.3B	$633.0M	$1.8B
Deferred and other income taxes	$207.0M	$93.0M	$54.0M	$172.0M
Other operating activities, net	$32.0M	$6.0M	($26.0M)	$6.0M
Accounts receivable, net	($280.0M)	($270.0M)	($126.0M)	($27.0M)
Materials and supplies	($198.0M)	($132.0M)	($51.0M)	($13.0M)
Other current assets	$19.0M	($26.0M)	($36.0M)	$1.0M
Accounts payable and other current liabilities	$22.0M	$52.0M	($135.0M)	($324.0M)
Income and other taxes	$816.0M	$828.0M	$426.0M	$119.0M
Cash provided by operating activities	$8.3B	$5.5B	$2.4B	$7.1B
Capital investments	($2.8B)	($1.8B)	($937.0M)	($2.8B)
Purchases of short-term investments	($975.0M)	—	—	—
Maturities of short-term investments	$350.0M	—	—	—
Other investing activities, net	$3.0M	($254.0M)	($51.0M)	$1.0M
Cash used in investing activities	($3.5B)	($2.1B)	($988.0M)	($2.8B)
Dividends paid	($2.5B)	($1.6B)	($821.0M)	($2.4B)
Debt repaid	($1.5B)	($1.5B)	($1.2B)	($1.4B)
Share repurchase programs (Note 16)	($26.0M)	($26.0M)	$0	($2.7B)
Debt issued (Note 14)	$0	$0	$0	$2.0B
Other financing activities, net	$121.0M	$63.0M	$12.0M	$54.0M
Cash used in financing activities	($3.9B)	($3.1B)	($2.0B)	($4.5B)
Net change in cash, cash equivalents, and restricted cash	$938.0M	$343.0M	($529.0M)	($198.0M)
Cash, cash equivalents, and restricted cash at beginning of year	$1.3B	$1.3B	$1.3B	$1.0B
Cash, cash equivalents, and restricted cash at end of period	$2.2B	$1.6B	$751.0M	$830.0M
Capital investments accrued but not yet paid	$198.0M	$140.0M	$143.0M	$190.0M
Income taxes, net of refunds	($340.0M)	($236.0M)	($59.0M)	($841.0M)
Interest, net of amounts capitalized	($1.1B)	($638.0M)	($441.0M)	($1.1B)
Cash and cash equivalents	$2.2B	$1.6B	$735.0M	$808.0M
Restricted cash equivalents in other current assets	$1.0M	$2.0M	$9.0M	$17.0M
Restricted cash equivalents in other assets	$6.0M	$7.0M	$7.0M	$5.0M
Total cash, cash equivalents, and restricted cash equivalents per above	$2.2B	$1.6B	$751.0M	$830.0M

Union Pacific Corporation score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.