v3.25.4
Property, plant and equipment including equipment held for lease
12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Line Items]  
Property, plant and equipment including equipment held for lease
(10)
Property, plant and equipment

A summary of property, plant and equipment of our insurance and other businesses follows (in millions).

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Land, buildings and improvements

 

$

22,034

 

 

$

20,735

 

Machinery and equipment

 

 

34,733

 

 

 

32,475

 

Furniture, fixtures and other

 

 

6,212

 

 

 

5,501

 

 

 

62,979

 

 

 

58,711

 

Accumulated depreciation

 

 

(31,094

)

 

 

(28,640

)

 

$

31,885

 

 

$

30,071

 

 

A summary of property, plant and equipment of our railroad, utilities and energy businesses follows (in millions). The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries.

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Railroad:

 

 

 

 

 

 

Land, track structure and other roadway

 

$

76,764

 

 

$

74,093

 

Locomotives, freight cars and other equipment

 

 

15,772

 

 

 

15,766

 

Construction in progress

 

 

2,163

 

 

 

1,813

 

 

 

94,699

 

 

 

91,672

 

Accumulated depreciation

 

 

(22,327

)

 

 

(20,411

)

 

 

72,372

 

 

 

71,261

 

Utilities and energy:

 

 

 

 

 

 

Utility generation, transmission and distribution systems

 

$

109,815

 

 

$

103,015

 

Interstate natural gas pipeline assets

 

 

21,334

 

 

 

20,237

 

Independent power plants and other

 

 

15,630

 

 

 

14,840

 

Construction in progress

 

 

10,591

 

 

 

8,793

 

 

 

157,370

 

 

 

146,885

 

Accumulated depreciation

 

 

(45,002

)

 

 

(43,116

)

 

 

112,368

 

 

 

103,769

 

 

$

184,740

 

 

$

175,030

 

 

Property, plant and equipment depreciation expense for each of the three years ending December 31, 2025 is summarized below (in millions).

 

 

 

2025

 

 

2024

 

 

2023

 

Insurance and other

 

$

3,245

 

 

$

3,117

 

 

$

2,898

 

Railroad, utilities and energy

 

 

6,901

 

 

 

6,514

 

 

 

6,494

 

 

$

10,146

 

 

$

9,631

 

 

$

9,392

 

 

Equipment held for lease [Member]  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment including equipment held for lease
(11)
Equipment held for lease

Equipment held for lease includes railcars, aircraft, and other equipment, including over-the-road trailers, intermodal tank containers, cranes, storage units and furniture. Equipment held for lease is summarized below (in millions).

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Railcars

 

$

10,355

 

 

$

10,137

 

Aircraft

 

 

15,877

 

 

 

14,201

 

Other

 

 

5,660

 

 

 

5,686

 

 

 

31,892

 

 

 

30,024

 

Accumulated depreciation

 

 

(13,357

)

 

 

(12,196

)

 

 

$

18,535

 

 

$

17,828

 

 

Equipment held for lease depreciation expense was $1,585 million in 2025, $1,429 million in 2024 and $1,266 million in 2023. Fixed and variable operating lease revenues for each of the three years ending December 31, 2025 are summarized below (in millions).

 

 

 

2025

 

 

2024

 

 

2023

 

Fixed

 

$

6,911

 

 

$

6,456

 

 

$

5,902

 

Variable

 

 

3,123

 

 

 

2,771

 

 

 

2,514

 

 

 

$

10,034

 

 

$

9,227

 

 

$

8,416

 

 

A summary of future operating lease receipts as of December 31, 2025 follows (in millions).

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

2030

 

 

Thereafter

 

 

Total

 

$

4,703

 

 

$

3,713

 

 

$

2,802

 

 

$

1,816

 

 

$

904

 

 

$

230

 

 

$

14,168