v3.26.3
Revenues
 9 Months Ended
Sep. 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.

Third QuartersNine Months
(Dollars in Millions)
2026202520262025
Chemicals$790 $697 $2,286 $2,096 
Agricultural and Food Products430 382 1,283 1,208 
Automotive325 306 932 897 
Forest Products277 247 772 746 
Metals and Equipment267 224 743 657 
Minerals246 226 680 625 
Fertilizers118 126 391 388 
Total Merchandise2,453 2,208 7,087 6,617 
Intermodal634 527 1,772 1,511 
Coal537 490 1,515 1,428 
Trucking227 207 655 620 
Other166 155 405 408 
Total$4,017 $3,587 $11,434 $10,584 

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)
September 30,
2026		December 31,
2025
Freight Receivables $1,149 $932 
Freight Allowance for Credit Losses(17)(23)
Freight Receivables - Net1,132 909 
Non-Freight Receivables 372 404 
Non-Freight Allowance for Credit Losses(19)(15)
Non-Freight Receivables - Net 353 389 
Total Accounts Receivable - Net$1,485 $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 third quarters or nine months ended September 30, 2026, or 2025.