# Railroad Revenue Adequacy—2023 Determination
**AGENCY:**
Surface Transportation Board.
**ACTION:**
Notice of decision.
**SUMMARY:**
On September 6, 2024, the Board served a decision announcing the 2023 revenue adequacy determinations for the nation's Class I railroads. Three Class I railroads (BNSF Railway Company, CSX Transportation, Inc., and Union Pacific Railroad Company) were found to be revenue adequate.
**DATES:**
This decision is effective on September 6, 2024.
**FOR FURTHER INFORMATION CONTACT:**
Pedro Ramirez, (202) 245-0333. If you require an accommodation under the Americans with Disabilities Act, please call (202) 245-0245.
**SUPPLEMENTARY INFORMATION:**
Under 49 U.S.C. 10704(a)(3), the Board is required to make an annual determination of railroad revenue adequacy. A railroad is considered revenue adequate under 49 U.S.C. 10704(a) if it achieves a rate of return on net investment (ROI) equal to at least the current cost of capital for the railroad industry. For 2023, this number was determined to be 9.87% in *Railroad Cost of Capital—2023,* EP 558 (Sub-No. 27) (STB served Aug. 7, 2024). The Board then applied this revenue adequacy standard to each Class I railroad. Three Class I carriers (BNSF Railway Company, CSX Transportation, Inc., and Union Pacific Railroad Company) were found to be revenue adequate for 2023.
The decision in this proceeding is posted at *www.stb.gov.*
By the Board, Board Members Fuchs, Hedlund, Primus, and Schultz.
Decided: August 30, 2024.
Eden Besera,
Clearance Clerk.