Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer

Revenue from Contracts with Customers

The Company disaggregates revenue from contracts with customers based on the characteristics of the services provided and the types of products transported (in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Consumer Products	$	2,121	$	2,121	$	6,126	$	6,213
Agricultural and Energy Products a	1,628		1,532		4,810		4,647
Industrial Products a	1,293		1,295		3,782		3,836
Coal	795		795		2,245		2,168
Total freight revenues	5,837		5,743		16,963		16,864
Non-rail logistics subsidiary	21		23		55		61
Accessorial and other	152		138		427		378
Total other revenues	173		161		482		439
Total operating revenues	$	6,010	$	5,904	$	17,445	$	17,303

a Prior year numbers have been recast to conform to the current year presentation based on internal reorganization of business groups.

Contract assets and liabilities are immaterial. Receivables from contracts with customers is a component of accounts receivable, net on the Consolidated Balance Sheets. As of both September 30, 2025 and December 31, 2024, $1.1 billion represented net receivables from contracts with customers.

Remaining performance obligations primarily consist of in-transit freight revenues, which will be recognized in the next reporting period. As of September 30, 2025 and December 31, 2024, remaining performance obligations were $300 million and $308 million, respectively.