Union Pacific

Commentary

• October 02, 2025
• Class I

TD Cowen: 20th Anniversary Quarterly Rail Survey Says …

Pricing continues to decelerate in the third quarter, running well below the survey’s average. Business growth expectations worsen, akin to COVID lows. Economic confidence skews negative. Shippers would move LSD volume onto rails if transcon service offered. Rail earnings likely driven by M&A discussion despite incrementally weakening business conditions.

Commentary

• October 02, 2025
• Class I

TD Cowen Insight: Merger to Dominate Rail Earnings Despite Diverging Q3 Operations

We lower Q3 EPS estimates below current consensus for both Eastern carriers, while modestly raising estimates for UNP, driven by outperformance in IM and coal. Broader freight demand remains challenged though M&A likely to continue to be center stage for most investor focus.

Commentary

• October 02, 2025
• Regulatory

The ‘End Game’ UP-NS Merger

On July 30, 2025, at the Surface Transportation Board, Union Pacific and Norfolk Southern filed a notice of intent to file an Application for authority to merge. The earliest the Application may

Commentary

• October 02, 2025
• Class I

STB Drama Follows UP-POTUS Chat

WATCHING WASHINGTON, RAILWAY AGE, OCTOBER 2025 ISSUE: The proposed marriage of Union Pacific (UP) and Norfolk Southern (NS) to form the first U.S. seamless Atlantic to Pacific transcontinental railroad is a mesmerizing drama intensified by two forceful personalities. 

• September 30, 2025
• Class I

Class I Briefs: UP, BNSF

Union Pacific (UP) racks up strong performance numbers for its grain customers. Also, BNSF encourages stakeholders to share their views with the Surface Transportation Board (STB) regarding the proposed merger between Union Pacific (UP) and Norfolk Southern (NS).

• September 30, 2025
• Regulatory

STB: Feedback Welcome on Review Schedule for Proposed UP+NS Merger

The Surface Transportation Board (STB) is inviting public comment on its schedule for reviewing the proposed merger of Union Pacific (UP) and Norfolk Southern (NS), which would create the first U.S. transcontinental

• September 29, 2025
• Intermodal

Soybean Farmers Invest in New Port Houston Export Facility

With tariff troubles hitting the Chinese market and Mississippi River water levels a continued challenge, America’s soybean farmers are keeping all their options open. As part of that, soybean farmer leaders were

• September 26, 2025
• Regulatory

Port of Longview Lands $35.9MM Federal Loan for Rail Expansion

The U.S. Department of Transportation’s Build America Bureau is loaning up to $35.9 million for Phase 1 of the Port of Longview’s Industrial Rail Corridor Expansion project in Washington state that is

• September 25, 2025
• Short Lines & Regionals

Port of Benton Advances Short Line Track Projects

The Port of Benton has achieved Class I track status for its Southern Connection, a 16-mile short line rail network that spans from the Union Pacific main line near the Columbia Center

• September 24, 2025
• Class I

NS Introduces Triple Crown Services, Inc.

Norfolk Southern (NS) recently announced that it has created Triple Crown Services, Inc. (TCSI), a single-source solution for motor carrier and brokerage services that “puts customers first.”