Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2026

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 March 31,
	2026		2025
Consumer Products	$	2,042	$	2,033
Agricultural and Energy Products	1,797		1,565
Industrial Products	1,227		1,199
Coal	742		734
Total freight revenues	5,808		5,531
Other revenues	162		162
Total operating revenues	$	5,970	$	5,693

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 March 31, 2026 and December 31, 2025, $1.1 billion and $1.0 billion, respectively, 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 March 31, 2026 and December 31, 2025, remaining performance obligations were $439 million and $310 million, respectively.