BNSF CEO Katie Farmer statement on UP/NS merger submission of supplemental information

FORT WORTH, Texas, July 28, 2026 - We are continuing to review the additional information submitted at the request of the STB in regard to the proposed UP/NS merger. Despite UP and NS's fourth attempt to submit a complete application, the bottom line remains the same. UP and NS have not changed the core of their proposal that fails to demonstrate how combining two major railroads into a single carrier would preserve-much less enhance-competition as required by the STB's merger rules.

UP and NS highlight several so-called new aspects of their application, but they are more of the same-processes with multiple caveats that are difficult to understand, available to very few customers and only available for very short periods of time. They do nothing meaningful to mitigate the massive anticompetitive impact of 50% market share held by one company.

For example, they tout a dramatic expansion of their CGP proposal, but it would only be available to about 1% of rail shipments, would disappear after a few years and-as UP and NS's application makes crystal clear-would actually raise rates for most of the shippers who ever use it. UP cannot credibly claim that this even preserves competition and meaningfully protects rail customers.

The additional data submitted by UP does not change the fact that this would be an anti-competitive transaction between two financially healthy companies that will reduce competitive options and raise rates on rail customers, result in higher prices for consumers and thus do great harm to the American economy and broader supply chain.

--BNSF President and CEO Katie Farmer