v3.26.1
Revenues
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The Company’s revenues are primarily derived from the transportation of freight as performance obligations that arise from its contracts with customers are satisfied. The below table presents the Company’s revenues disaggregated by market as this best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Fuel surcharge revenue is included in the individual markets.

Second QuartersSix Months
(Dollars in Millions)
2026202520262025
Chemicals$774 $701 $1,496 $1,399 
Agricultural and Food Products444 418 853 826 
Automotive332 320 607 591 
Forest Products266 250 495 499 
Metals and Equipment256 224 476 433 
Minerals242 218 434 399 
Fertilizers132 126 273 262 
Total Merchandise2,446 2,257 4,634 4,409 
Intermodal620 491 1,138 984 
Coal520 477 978 938 
Trucking226 211 428 413 
Other123 138 239 253 
Total$3,935 $3,574 $7,417 $6,997 

The Company’s accounts receivable - net consists of freight and non-freight receivables, reduced by an allowance for credit losses. Freight receivables include amounts earned, billed and unbilled, and currently due from customers for transportation-related services. Non-freight receivables include amounts, billed and unbilled, currently due related to government reimbursement receivables and other non-revenue receivables.
(Dollars in Millions)
June 30,
2026		December 31,
2025
Freight Receivables $1,116 $932 
Freight Allowance for Credit Losses(20)(23)
Freight Receivables - Net1,096 909 
Non-Freight Receivables 378 404 
Non-Freight Allowance for Credit Losses(18)(15)
Non-Freight Receivables - Net 360 389 
Total Accounts Receivable - Net$1,456 $1,298 

The Company maintains an allowance for expected credit losses to provide for the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of risk characteristics, historical payment experience, and the age of outstanding receivables adjusted for forward-looking economic conditions as necessary. Credit losses recognized on the Company’s accounts receivable were not material in the second quarters or six months ended June 30, 2026, or 2025.