Creating America’s First Transcontinental Railroad: STB Accepts Union Pacific-Norfolk Southern Merger Application

OMAHA & ATLANTA, May 28, 2026 – Union Pacific Corporation (NYSE: UNP) and Norfolk Southern Corporation (NYSE: NSC) today applauded the Surface Transportation Board (STB)’s decision to accept their merger application, calling it an important step toward a reinvigorated, more competitive U.S. railroad industry. The companies acknowledged the STB’s request for additional information on their amended merger application, reiterating their commitment to work constructively with the STB.
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“We are confident this merger will deliver more reliable and lower-cost transportation options for American businesses,” said Union Pacific CEO Jim Vena. “We submitted a comprehensive, data-driven application backed by a detailed plan for seamless integration. We look forward to the opportunity to show the facts and demonstrate the benefits for our customers, employees and America.”

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“The time is right for a more competitive U.S. rail network that reduces costs for American shippers and consumers,” said Norfolk Southern President and CEO Mark George. “The added detail strengthened our analysis and enhanced integration planning in our amended application. We have more confidence than ever in the value this proposal will deliver for all stakeholders and look forward to a full and transparent review.”

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Enhanced Competition and Public Benefits

‍The application’s analysis is the first in rail merger history to use 100% actual traffic data provided by all six North American Class I railroads, making it the most thorough assessment of market and operational impacts ever. Some of its key findings:

• A transcontinental railroad will create a stronger alternative to long-haul trucking, removing an estimated 2.1 million truckloads off the road annually. Giving shippers an attractive new option will make the entire supply chain more competitive, putting downward pressure on truck and rail prices.
• Manifest and bulk customers will save on inventory and equipment costs with the combined railroad’s faster, more reliable service.
• Shifting freight from higher-cost trucks to lower-cost rail is projected to save shippers an estimated $3.5 billion annually, helping lower costs across the supply chain.
• The merger will enhance competition by providing customers with access to seamless coast-to-coast rail service for the first time. For the limited group who will not directly benefit from a more competitive single-line option, Committed Gateway Pricing will allow more customers to share in the merger’s benefits.
• The combined network is projected to drive growth that will require approximately 1,200 net new union jobs by the merger’s third year. This growth is in addition to an unprecedented jobs-for-life guarantee — every union employee with a job at the time of the merger will continue to have one.