v3.26.3
Segment Reporting
9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
We manage our company as one reportable operating segment, railway operations, providing rail transportation to customers. Although we provide and analyze revenues by commodity group, the overall financial and operational performance of the railroad is analyzed as one operating segment due to the nature of our integrated rail network.

The chief operating decision maker assesses the performance of the railway operations segment and decides how to allocate resources based on “Net income” that is reported on the Consolidated Statements of Income. The measure of segment assets is reported on the Consolidated Balance Sheets as “Total assets.” Total expenditures for long-lived assets are disclosed as “Property additions” on the Consolidated Statements of Cash Flows.
Railway operations segment revenues, expenses, and profit are disclosed below as reviewed and used by the chief operating decision maker. There are no other significant segment items or reconciling items to segment profit.

Third QuarterFirst Nine Months
2026202520262025
($ in millions)
Railway operating revenues (Note 3)
$3,526 $3,103 $9,989 $9,206 
Railway operating expenses
Compensation and benefits753 738 2,237 2,169 
Purchased services433 414 1,286 1,224 
Equipment rents113 105 332 313 
Fuel420 237 1,081 700 
Depreciation363 348 1,073 1,040 
Materials111 104 318 302 
Claims87 75 209 200 
Other26 (32)98 45 
Merger-related expenses42 15 145 15 
Restructuring and other charges— 12 6 22 
Eastern Ohio incident28 (11)53 (243)
Total railway operating expenses2,376 2,005 6,838 5,787 
Income from railway operations1,150 1,098 3,151 3,419 
Other income – net30 23 97 78 
Interest expense on debt193 197 587 597 
Income before income taxes987 924 2,661 2,900 
Income taxes228 213 621 671 
Net income$759 $711 $2,040 $2,229