Properties

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

The following tables list the major categories of property and equipment, as well as the weighted-average estimated useful life for each category (in years):


Millions, except estimated useful life As of September 30, 2025	Cost		Accumulated depreciation		Net book value		Estimated useful life
Land	$	5,455	N/A		$	5,455	N/A
Road:
Rail and other track material	19,646		7,858		11,788		45
Ties	12,699		4,251		8,448		34
Ballast	6,618		2,274		4,344		34
Other roadway [a]	24,385		6,005		18,380		47
Total road	63,348		20,388		42,960		N/A
Equipment:
Locomotives	9,899		3,819		6,080		18
Freight cars	3,063		1,088		1,975		23
Work equipment and other	1,287		524		763		17
Total equipment	14,249		5,431		8,818		N/A
Technology and other	1,386		637		749		12
Construction in progress	1,410		N/A		1,410		N/A
Total	$	85,848	$	26,456	$	59,392	N/A


Millions, except estimated useful life As of December 31, 2024	Cost		Accumulated depreciation		Net book value		Estimated useful life
Land	$	5,441	N/A		$	5,441	N/A
Road:
Rail and other track material	19,283		7,642		11,641		46
Ties	12,358		4,109		8,249		34
Ballast	6,495		2,182		4,313		34
Other roadway [a]	23,913		5,681		18,232		47
Total road	62,049		19,614		42,435		N/A
Equipment:
Locomotives	9,517		3,724		5,793		18
Freight cars	3,011		1,037		1,974		22
Work equipment and other [b]	1,222		482		740		17
Total equipment	13,750		5,243		8,507		N/A
Technology and other	1,431		640		791		12
Construction in progress	1,169		N/A		1,169		N/A
Total	$	83,840	$	25,497	$	58,343	N/A

[a]Other roadway includes grading, bridges and tunnels, signals, buildings, and other road assets.

[b]For retirements of depreciable railroad properties that do not occur in the normal course of business, a gain or loss may be recognized if the retirement meets each of the following three conditions: (a) is unusual, (b) is material in amount, and (c) varies significantly from the retirement profile identified through our depreciation studies. In the second quarter of 2024, we sold a large portion of an intermodal equipment asset class resulting in a $46 million gain recognized in other expense in our Condensed Consolidated Statements of Income.