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Union Pacific free cash flow UNP

Cash from operations less capital spending, by quarter and over the last twelve months, from 1996.

Last 12 months, to Jun 30, 2026
$6.5B
Latest quarter, Q2 FY26
$2.2B
+58% on a year earlier
Fiscal year 2025
$5.5B
−7% on the year before

Union Pacific's free cash flow was $6.5B over the twelve months to Jun 30, 2026, up 4% on a year earlier.

In its latest quarter, Q2 FY26, it was $2.2B, up 58% on the same quarter a year before.

Over the five fiscal years to FY2025 it shrank 0% a year on average.

Free cash flow over time

Open the interactive chart, with overlays and comparisons

Fiscal year by fiscal year

Fiscal yearFree cash flowChange
FY2025$5.5B−7%
FY2024$5.9B+23%
FY2023$4.8B−17%
FY2022$5.7B−6%
FY2021$6.1B+9%
FY2020$5.6B+9%
FY2019$5.2B−2%
FY2018$5.2B+31%
FY2017$4B−1%
FY2016$4B+49%
FY2015$2.7B−11%
FY2014$3B−9%
FY2013$3.3B+37%
FY2012$2.4B−10%
FY2011$2.7B+66%

Each fiscal year is the twelve months to its fourth quarter.

Quarter by quarter

QuarterEndedFree cash flowOn a year earlierLast 12 months
Q2 FY26$2.2B+58%$6.5B
Q1 FY26$1.5B+15%$5.7B
Q4 FY25$1.2B−30%$5.5B
Q3 FY25$1.6B−14%$6B
Q2 FY25$1.4B+38%$6.3B
Q1 FY25$1.3B−2%$5.9B
Q4 FY24$1.7B+27%$5.9B
Q3 FY24$1.8B+58%$5.5B
Q2 FY24$1B−15%$4.9B
Q1 FY24$1.3B+24%$5B
Q4 FY23$1.4B+1%$4.8B
Q3 FY23$1.2B−38%$4.8B

Against its peers

Companies in Railroads nearest Union Pacific's size, closest first, today.

CompanyFree cash flow yield
UNPUnion Pacificn/m
CSXCSX3.0%
NSCNorfolk Southern2.2%
WABWestinghouse Air Brake Technologies3.7%
Peer median3.0%

What the free cash flow tells you

Cash from operations minus capital spending. The cash the company could hand back or reinvest.

Seasonal and lumpy quarter to quarter. The TTM view is the one to trust.

More on Union Pacific

Valuation data, not investment advice. Prices as of . Reported figures come from the company's filings with the SEC.