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Employment Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
Components of the net (benefit) cost for the Pension Plans were as follows (in millions):
Pension Benefits
Years ended December 31,
 202520242023
Service cost$10 $11 $10 
Interest cost86 83 84 
Expected return on plan assets(192)(186)(185)
Amortization of net (gain) loss(30)(20)(34)
Settlement loss (gain) 2 — — 
      Net (benefit) cost recognized$(124)$(112)$(125)
Schedule of Changes in Projected Benefit Obligations The following tables show the change in projected benefit obligation for the Pension Plans (in millions):
 Pension Benefits
Change in Benefit ObligationDecember 31,
2025		December 31,
2024
Projected benefit obligation at beginning of period$1,616 $1,739 
Service cost10 11 
Interest cost86 83 
Actuarial loss (gain)34 (78)
Benefits paid(139)(138)
Settlements(6)(1)
   Projected benefit obligation at end of period1,601 1,616 
   Component representing future salary increases(10)(13)
      Accumulated benefit obligation at end of period$1,591 $1,603 
Schedule of Changes in Plan Assets
The following tables show the change in plan assets of the Pension Plans (in millions):
 Pension Benefits
Change in Plan AssetsDecember 31,
2025		December 31,
2024
Fair value of plan assets at beginning of period$3,068 $2,611 
Actual return (loss) on plan assets142 585 
Employer contributions a
15 11 
Benefits paid(139)(138)
Settlements(6)(1)
      Fair value of plan assets at end of period$3,080 $3,068 
a  Employer contributions were classified as Other, Net under Operating Activities in the Company’s Consolidated Statements of Cash Flows.
Schedule of Net Funded Status
The following table shows the funded status of the Pension Plans, defined as plan assets less the projected benefit obligation (in millions):
 Pension Benefits
 December 31,
2025		December 31,
2024
Funded status (plan assets less projected benefit obligations)$1,479 $1,452 
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets The following table shows the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for each period (in millions):
December 31,
2025		December 31,
2024
Projected benefit obligation$58 $67 
Accumulated benefit obligation$57 $66 
Fair value of plan assets$— $— 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) The following table shows the pre-tax change in AOCI attributable to the components of the net cost and the change in benefit obligation (in millions):
 Pension Benefits
Years ended December 31,
Change in AOCI202520242023
Beginning balance$742 $285 $226 
Amortization of net (gain) loss(30)(20)(34)
Actuarial gain (loss) (83)477 93 
Settlements2 — — 
      Ending balance$631 $742 $285 
Defined Benefit Plan, Assumptions
The assumptions used in accounting for the Pension Plans were as follows:
 Pension Benefits
Years ended December 31,
Assumptions Used to Determine Net Cost202520242023
Discount rate5.6 %5.0 %5.2 %
Expected long-term rate of return on plan assets6.7 %6.7 %6.7 %
Rate of compensation increase3.0 %3.0 %3.1 %
 Pension Benefits
Assumptions Used to Determine Benefit ObligationsDecember 31,
2025		December 31,
2024
Discount rate5.4 %5.6 %
Rate of compensation increase3.0 %3.0 %
Sensitivity analysis of impact on future net benefit cost resulting from hypothetical change in assumptions
The following table is an estimate of the impact on future net benefit cost that could result from hypothetical changes to the most sensitive assumptions, the discount rate and expected rate of return on plan assets:
Sensitivity Analysis
 
Change in 2026 Net Benefit Cost
Hypothetical Discount Rate ChangePension
50 basis point decrease$5  millionincrease
50 basis point increase$5  milliondecrease
Hypothetical Expected Rate of Return
on Plan Assets Change		Pension
50 basis point decrease$14  millionincrease
50 basis point increase$14 milliondecrease
Schedule of Allocation of Plan Assets
The following table summarizes the investments of the funded pension plans as of December 31, 2025, based on the inputs used to value them (in millions):
Total as of
Asset CategoryDecember 31,
2025
Level 1
Inputs a
Level 2
Inputs a
Level 3
Inputs a
Cash and equivalents$30 $— $30 $— 
Equity securities b
1,709 1,709 — — 
Government obligations1,339 1,339 — — 
Other fixed maturity securities2 — 2 — 
Total$3,080 $3,048 $32 $— 
a See Note 2 to the Consolidated Financial Statements under the heading “Fair Value Measurements” for a definition of each of these levels of inputs.
b As of December 31, 2025, two equity securities each exceeded 10 percent or more of total plan assets. 
Comparative Prior Year Information
The following table summarizes the investments of the funded pension plans as of December 31, 2024, based on the inputs used to value them (in millions):
Total as of
Asset CategoryDecember 31,
2024
Level 1
Inputs a
Level 2
Inputs a
Level 3
Inputs a
Cash and equivalents$8 $— $8 $— 
Equity securities b
3,018 3,018 — — 
Government obligations39 39 — — 
Other fixed maturity securities3 — 3 — 
Total$3,068 $3,057 $11 $— 
a See Note 2 to the Consolidated Financial Statements under the heading “Fair Value Measurements” for a definition of each of these levels of inputs.
b As of December 31, 2024, four equity securities each exceeded 10 percent or more of total plan assets.
Schedule of Expected Benefit Payments
The following table shows expected benefit payments from the Pension Plans for the next five fiscal years and the aggregate five years thereafter (in millions):
Fiscal year
Expected Pension Plan
Benefit Payments a
2026$136 
2027$129 
2028$126 
2029$124 
2030$122 
2031-2035$580 
a Primarily consists of the BNSF Retirement Plan payments, which are made from the plan trust and do not represent an immediate cash outflow to the Company.