Union Pacific Corporation

At September 30, 2025 UNP reported cash of ~0.8 billion dollars, total debt of ~31.8 billion dollars (current and long‑term), and adjusted debt/adjusted EBITDA of ~2.6x.

Year‑to‑date operating cash flow was 7.1 billion dollars; capital investments were 2.8 billion dollars; dividends paid 2.4 billion dollars; repurchases 2.7 billion dollars (repurchases subsequently paused for the NSC merger). The balance sheet is typical for a Class I railroad: leverage is manageable, maturities staggered, and cash conversion high.

We view liquidity as adequate under a recession scenario given capex flexibility and pricing levers, though merger‑related constraints and a potential 2.5 billion dollars termination fee are watch‑items.