FORT WORTH, Texas--(BUSINESS WIRE)--Dec 19, 2025--

BNSF President & CEO Katie Farmer issued the following statement on the UP merger application filing:

“While we are still reviewing the STB filing and will have more to say soon, what we have seen so far does not change BNSF’s opposition to the proposed merger. The transaction poses a significant threat to the U.S. economy and the American consumer through its long-term competitive harms. It would leave shippers with fewer options—driving higher rates and ultimately higher prices for consumers. This didn’t begin with customers asking for this merger, and the claimed public benefits appear to accrue primarily to shareholders. Past mergers demonstrate the risk of serious service failures with destructive impacts to customers, the U.S. rail network and the American economy.

This is precisely why the STB strengthened its merger rules: applicants must now prove their deal will not only preserve but enhance competition; that it serves the public interest, and its purported benefits can’t be delivered through partnerships. BNSF is confident that UP has not met these requirements. UP has a long history of making promises in past mergers that they back away from once they’ve secured approval. BNSF remains focused on achieving these same benefits through partnership and collaboration which results in streamlined service, and greater operational flexibility—delivering real, immediate benefits to customers.”

– BNSF President & CEO Katie Farmer

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About BNSF Railway

BNSF Railway is one of North America’s leading freight transportation companies. BNSF operates approximately 32,500 route miles of track in 28 states and three Canadian provinces. BNSF is one of the top transporters of consumer goods, grain and agricultural products, low-sulfur coal, and industrial goods such as petroleum, chemicals, housing materials, food, and beverages. BNSF’s shipments help feed, clothe, supply, and power American homes and businesses every day. BNSF and its employees have developed one of the most technologically advanced, and efficient railroads in the industry. We work continuously to improve the value of the safety, service, energy, and environmental benefits we provide to our customers and the communities we serve. You can learn more about BNSF at www.BNSF.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20251219526978/en/

CONTACT: Kendall Kirkham Sloan

Director of External Communications

Media@BNSF.com

KEYWORD: TEXAS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: OTHER TRANSPORT TRUCKING RAIL LOGISTICS/SUPPLY CHAIN MANAGEMENT TRANSPORT

SOURCE: BNSF Railway

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PUB: 12/19/2025 09:45 AM/DISC: 12/19/2025 09:45 AM

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