UP and NS Revive $85 Billion Coast-to-Coast Merger Push With Sweeping STB Filing

The UP-NS merger application is back before the Surface Transportation Board for active review. Union Pacific Railroad and Norfolk Southern Railway filed an amended version of their request. This is reported by the railway transport news portal Railway Supply.

The two Class I railroads submitted the revised application today. They are seeking approval to combine through an $85 billion transaction. The STB now has 30 days to review the filing and act on it.

The board rejected the companies’ first application on Jan. 16, 2026. It found that the version submitted on Dec. 19, 2025, was incomplete. Comments on whether the amended application is complete are due by May 8, according to the Surface Transportation Board.

UP-NS merger application and STB review

UP and NS said in a press release that additional analysis completed during the revision process reinforces their claim. The railroads said the proposed transcontinental railroad would drive growth, create substantial cost savings for shippers and strengthen the U.S. supply chain.

According to the railroads, the analysis is the first in rail merger history to use 100% actual traffic data supplied by all Class I railroads at the time. In this case, that means all six Class Is. The railroads said the analysis used actual traffic data instead of sample data available from the STB. They also said it is the most thorough assessment of market and operational impacts from a merger.

“After completing the additional work requested by the STB, the facts remain clear: This merger enhances competition and delivers real public benefits that make America’s supply chain stronger,” said UP CEO Jim Vena.

The deeper analysis finds the merger will make rail significantly more competitive with long-haul trucking, according to the Class Is. Also, they estimate that it will divert about 2.1 million trucks from highways. They estimate shipper savings at about $3.5 billion annually. That would come from shifting freight from higher-cost trucks to lower-cost rail.

“This merger is fundamentally about growth. Shippers have been clear about what they value, and the data backs it up,” said NS President and CEO Mark George. “When single-line rail service is available, they choose it.”

TRRA control commitment in the amended application

The amended application also includes a commitment on the Terminal Railroad Association of St. Louis. The railroads said they would divest or otherwise relinquish control of TRRA. The short line operates 170 miles of track. UP owns 42.84% of TRRA, while NS owns 14.29%.

In their initial filing, the Class Is requested a temporary controlling interest in TRRA. That request was intended to allow time to sell enough shares. The sale would prevent UP from keeping a controlling interest in the short line after the merger.

“We are confident our updated application meets the STB’s guidance and presents an even stronger case for why America needs a seamless coast-to-coast railroad to reinvigorate the rail industry,” said Vena.

Stop the Rail Merger Coalition opposes the deal

Meanwhile, opposition to the deal has become more organized. A new coalition has formed to oppose the merger. It includes competing Class I railroads, shippers, labor unions and other rail industry stakeholders.

The Stop the Rail Merger Coalition includes the American Chemistry Council and American Farm Bureau Federation. It also includes the Teamsters Rail Conference, BNSF Railway and CPKC. In addition, the Alliance for Chemical Distribution, National Industrial Transportation League and Vinyl Institute are part of the coalition.

The coalition released a national poll conducted this month by McLaughlin & Associates. According to the poll, nearly 71% of Americans oppose the merger after learning about its impacts. Also, 68% believe the merged railroad would keep promised cost savings for itself. The poll said 54% would be more likely to support a candidate who opposes the transaction.

“This did not begin with a customer asking for a UP-NS merger to happen,” said BNSF President and CEO Katie Farmer in the coalition’s press release. “It’s driven by Wall Street on the promise of a big shareholder payout. It will eliminate competition, raise costs for consumers and destabilize the supply chain that powers the American economy.”

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