On October 8, 2026, the Board served a decision announcing the 2025 revenue adequacy determinations for the nation's Class I railroads. Four Class I railroads (BNSF Railway Comp...
On October 8, 2026, the Board served a decision announcing the 2025 revenue adequacy determinations for the nation's Class I railroads. Four Class I railroads (BNSF Railway Company, CSX Transportation, Inc., Norfolk Southern Combined Railroad Subsidiaries, and Union Pacific Railroad Company) were found to be revenue adequate.
DATES:
This decision is effective on October 8, 2026.
FOR FURTHER INFORMATION CONTACT:
Dylan Richmond, (202) 915-0962. If you require an accommodation under the Americans with Disabilities Act, please call (202) 245-0245.
SUPPLEMENTARY INFORMATION:
Under 49 U.S.C. 10704(a)(3), the Board is required to make an annual determination of railroad revenue adequacy. A railroad is considered revenue adequate under 49 U.S.C. 10704(a) if it achieves a rate of return on net investment (ROI) equal to at least the current cost of capital for the railroad industry. For 2025, this number was determined to be 9.79% in
Railroad Cost of Capital—2025,
EP 558 (Sub-No. 29) (STB served September 10, 2026). The Board then applied this revenue adequacy standard to each Class I railroad. Four Class I carriers (BNSF Railway Company, CSX Transportation, Inc., Norfolk Southern Combined Railroad Subsidiaries, and Union Pacific Railroad Company) were found to be revenue adequate for 2025.
The decision in this proceeding is posted at
www.stb.gov.
Decided: October 7, 2026.
By the Board, Board Members Fuchs, Hedlund, Kloster, and Schultz.
49 U.S.C. 10704(a)(3)
www.stb.gov