Norfolk Southern and Union Pacific Discussing Possible Merger

Staff Report From Georgia CEO

Friday, July 25th, 2025

Norfolk Southern Corporation (NYSE: NSC) and Union Pacific Corporation (NYSE: UNP) confirmed today that the companies are engaged in advanced discussions regarding a potential business combination. There can be no assurances as to whether an agreement for a transaction will be reached or as to the terms of any such transaction. 

Union Pacific and Norfolk Southern stated that they do not intend to make additional comments or provide an update on this matter unless and until they determine that disclosure is required or otherwise appropriate.