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Form 8-K · Current Report · Filed 2025-12-19

Union Pacific and Norfolk Southern File Merger Application with STB

On December 19, 2025, Union Pacific Corporation and Norfolk Southern Corporation jointly filed an application with the Surface Transportation Board (STB) seeking approval for their proposed merger.

Filer
Norfolk Southern Corporation NSC · NYSE
Filed
Accession
0001193125-25-327039
CIK
0000702165
Signal
Low impactIndustrials

Details

The application, supported by a record-breaking 2,000 letters of support from stakeholders, aims to create America's first transcontinental railroad. The merger seeks to enhance competition and deliver broad public benefits by transforming interline service into single-line service, reducing rail car and container handlings, and increasing efficiency in freight movement. The combined entity will also aim to protect all union jobs and create new job opportunities. The transaction is subject to STB review and approval and is expected to be completed by early 2027.

Items reported

Item 7.01

Regulation FD Disclosure

Regulation FD Disclosure

Market reaction

Close before filing

$291.83

Next session

-0.1%

Since filing

+15.0%

Latest close

$335.48

What happened, not what will happen — closing prices around the filing date.

Precedent

Previous filings from NSC reporting the same item, with the next session's move:

About Norfolk Southern Corporation

Norfolk Southern Corporation is a Class I railroad company that plays a vital role in the U.S. transportation sector. Its primary function is to provide freight transportation services across a comprehensive network that spans the eastern United States. The company's expansive rail system facilitates the efficient movement of raw materials, intermediate products, and finished goods, thus supporting key industries such as agriculture, automotive, chemicals, coal, and intermodal traffic. Norfolk Southern's operations are integral to supply chains and the overall economy, as they help transport essential products swiftly over long distances. With a focus on safety, sustainability, and technological enhancements, the company strives to improve operational efficiency and reduce its environmental footprint. Norfolk Southern's services are critical to logistics and transportation, significantly impacting regional and national market dynamics by enabling competitive pricing and timely delivery. Its strategic rail connections and robust infrastructure underscore its importance in the rail transportation industry.

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