v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Total debt as of December 31, 2025 and 2024, is summarized below:
Millions20252024
Notes and debentures, 2.3% to 7.2% due through February 14, 2072
$32,694 $32,044 
Equipment obligations, 2.6% to 6.2% due through January 2, 2031 [a]
693 732 
Finance leases, 3.1% to 6.8% due through August 21, 2029
105 109 
Unamortized discount and deferred issuance costs(1,678)(1,693)
Total debt31,814 31,192 
Less: current portion(1,520)(1,425)
Total long-term debt$30,294 $29,767 
[a]Equipment obligations are secured by an interest in certain railroad equipment with a carrying value of approximately $0.8 billion at both December 31, 2025 and 2024.
Schedule of Maturities of Long-Term Debt The following table presents aggregate debt maturities as of December 31, 2025, excluding market value adjustments:
Millions
2026$1,521 
20271,291 
20281,239 
20291,276 
2030753 
Thereafter27,412 
Total principal33,492 
Unamortized discount and deferred issuance costs(1,678)
Total debt$31,814 
Schedule of Long-Term Debt Instruments
During the year ended December 31, 2025, we issued the following unsecured, fixed-rate debt securities under our shelf registration:
DateDescription of securities
February 13, 2025
$1.00 billion of 5.100% Notes due February 20, 2035
$1.00 billion of 5.600% Notes due December 1, 2054