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Stock Repurchase Program
9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stock Repurchase Program Stock Repurchase Program
 
We repurchased and retired 2.2 million shares of Common Stock under our stock repurchase program in the first nine months of 2025 at a cost of $533 million, inclusive of accrued excise taxes, while we did not repurchase any shares of Common Stock in the first nine months of 2024.
With limited exceptions, the Merger Agreement prohibits repurchases of our common stock without Union Pacific’s consent. As a result, we suspended share repurchases upon entering into the Merger Agreement.