Union Pacific and Norfolk Southern to file merger application

Union Pacific (NYSE: UNP) and Norfolk Southern (NYSE: NSC) will submit an application to the Surface Transportation Board on December 19, 2025, requesting approval to combine the two railroads, according to a press release statement.

The companies describe the proposed combination as creating what would be America's first transcontinental railroad. The application will be filed with the federal regulatory body that oversees railroad mergers and acquisitions.

Both companies' management teams will host a conference call and webcast at 8:45 a.m. ET to discuss the STB application. The call is restricted to analyst questions only.

Union Pacific operates in 23 western states, while Norfolk Southern operates a freight transportation network across 22 states, primarily in the eastern United States. Norfolk Southern serves the Atlantic coast, Gulf Coast, and Great Lakes port regions.

The companies stated their application will detail how the merger would "enhance competition and deliver broad public benefits for America that strengthen our economy and protect union jobs." The full application will be available on the STB's website and on a transaction-specific website.

The merger requires approval from the Surface Transportation Board, the federal agency that regulates railroad consolidations. The companies noted potential risks including the possibility that required approvals may not be received or that conditions could be imposed that affect the expected benefits of the transaction.

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