The Surface Transportation Board unanimously rejected opponents' requests to dismiss the revised merger application between Union Pacific Corporation and Norfolk Southern Corporation on September 22, keeping the transaction on track for expected completion in the second half of 2027. If approved, the deal will create America's first transcontinental railroad, converting 10,000 interline lanes into single-line service and offering Committed Gateway Pricing to expand customer access. A union agreement with SMART-MD guarantees lifetime job security for existing union members, securing majority labor support. Union Pacific posted record Q2 2026 net income of $2.0 billion, up 6% year-over-year, and adjusted diluted EPS of $3.41, while Norfolk Southern reported record Q2 2026 railway operating revenues of $3.5 billion, up 11% year-over-year on a 4% volume increase. Norfolk Southern's reported Q2 2026 operating ratio deteriorated by 540 basis points year-over-year to 67.6%, or 65.5% adjusted, while fuel cost volatility hit Union Pacific's Q2 operating ratio by 120 basis points.
Norfolk Southern CorporationSTB unanimously rejected bids to dismiss the revised UP-Norfolk Southern merger application, keeping the deal on track for expected completion in H2 2027.
Union Pacific CorporationSTB unanimously rejected dismissal bids on the revised Union Pacific-Norfolk Southern merger application, keeping the transaction on track.
