Union Pacific Corporation, through its subsidiary, Union Pacific Railroad Company, operates in the railroad business in the United States. The company offers transportation services for grain and grain products, fertilizers, food and refrigerated products, and coal and renewables to grain processors, animal feeders, ethanol producers, and other agricultural users; petroleum, and liquid petroleum gases; and construction products, industrial chemicals, plastics, forest products, specialized products, metals and ores, soda ash, and sand, as well as finished automobiles, automotive parts, and merchandise in intermodal containers. As of December 31, 2021, its rail network included 32,452 route miles connecting Pacific Coast and Gulf Coast ports with the Midwest and Eastern United States gateways. The company was founded in 1862 and is headquartered in Omaha, Nebraska.

Union Pacific Corporation

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Purchases of Short-Term Investments

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Accelerated Share Repurchase Programs Pending Final Settlement

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Net Issued Commercial Paper

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Other Financing Activities, Net

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Revenue

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Adjusted Funds From Operations

Operating Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Net Income	3,502	3,433	3,314	3,180	3,199	3,533
Net Income
Depreciation & Amortization	1,223	1,208	1,190	1,169	1,149	1,132
Depreciation
Other Adjustments	-166	40	-25	75	-90	69
Deferred and Other Income Taxes
Gain on Non-Operating Asset Dispositions
Other Operating Activities, Net
Changes in Trade Receivables	-21	224	-45	-247	70	161
Accounts Receivable, Net
Changes in Inventories	-5	38	-64	-1	-1	49
Materials and Supplies
Changes in Accounts Payable	-203	202	-13	125	-340	362
Accounts Payable and Other Current Liabilities
Changes in Income Taxes Payable	262	110	-197	172	-43	-155
Income and Other Taxes
Changes in Other Operating Activities	-49	58	-127	48	-86	44
Other Current Assets
Cash from Operating Activities	4,543	5,313	4,033	4,521	3,858	5,195
Cash Provided by Operating Activities

Investing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Capital Expenditure	-1,842	-1,753	-1,699	-1,999	-1,607	-1,975
Capital Investments
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	-120
Proceeds from Asset Sales
Purchases of Investments	—	—	—	—	—	—
Purchases of Short-Term Investments
Proceeds from Sale of Investments	—	—	—	—	—	—
Maturities of Short-Term Investments
Other Investing Activities	3	20	107	6	-67	164
Other Investing Activities, Net
Cash from Investing Activities	-1,839	-1,733	-1,592	-1,993	-1,674	-1,931
Cash Provided by Investing Activities

Financing Activities	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Issuance of Short-Term Debt	—	-297	297	-19	19	151
Net Issued Commercial Paper
Net Issuance / (Repayments) of Short-Term Debt	—	-297	297	-19	19	151
Issuance of Long-Term Debt	1,995	—	800	—	1,599	1,990
Debt Issued
Repayments of Long-Term Debt	-409	-419	-1,807	-526	-1,664	-627
Debt Repaid
Net Issuance / (Repayments) of Long-Term Debt	1,586	-419	-1,007	-526	-65	1,363
Repurchases of Common Shares	-2,679	-1,405	-100	—	-705	-2,809
Share Repurchase Programs
Accelerated Share Repurchase Programs Pending Final Settlement
Net Issuance / (Repurchases) of Common Shares	-2,679	-1,405	-100	—	-705	-2,809
Common Share Dividends Paid	-1,599	-1,625	-1,588	-1,585	-1,588	-1,603
Dividends Paid
Other Financing Activities	43	47	30	-167	11	-193
Debt Exchange
Other Financing Activities, Net
Cash from Financing Activities	-2,649	-3,699	-2,368	-2,297	-2,328	-3,091
Cash Provided by Financing Activities

Free Cash Flow	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Free Cash Flow	2,701	3,560	2,334	2,522	2,251	3,220
NOPAT	3,861.7	3,794.7	3,657.4	3,527	3,509.5	3,863.9
Levered Free Cash Flow	4,474	2,580	1,694	2,149	2,225	4,504
Unlevered Free Cash Flow	3,247.7	3,657.7	2,747.4	3,041	2,581.5	3,320.9
Net Change in Cash	55	-119	73	231	-144	173