Norfolk Southern reports Q2 2025 earnings with $3.1B revenue, 62.2% operating ratio, and confirms historic $85B merger talks with Union Pacific to create transcontinental railroad.

OMAHA, NEB. — Union Pacific Corp. has agreed to acquire Norfolk Southern Corp. for $85 billion, a merger that would unite two of North America’s Class I freight railroads and major US-based grain shippers to create the country’s first transcontinental railroad.