# Railroad Revenue Adequacy—2024 Determination
**AGENCY:**
Surface Transportation Board.
**ACTION:**
Notice of decision.
**SUMMARY:**
On August 20, 2025, the Board served a decision announcing the 2024 revenue adequacy determinations for the nation's Class I railroads. Two Class I railroads (CSX Transportation, Inc., and Union Pacific Railroad Company) were found to be revenue adequate.
**DATES:**
This decision is effective on August 20, 2025.
**FOR FURTHER INFORMATION CONTACT:**
Pedro Ramirez, (202) 915-0862. 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 2024, this number was determined to be 10.68% in *Railroad Cost of Capital—2024,* EP 558 (Sub-No. 28) (STB served July 21, 2025). The Board then applied this revenue adequacy standard to each Class I railroad. Two Class I carriers (CSX Transportation, Inc., and Union Pacific Railroad Company) were found to be revenue adequate for 2024.
The decision in this proceeding is posted at *www.stb.gov.*
*Decided:* August 14, 2025.
By the Board, Board Members Fuchs, Hedlund, Primus, and Schultz.
Regena Smith-Bernard,
Clearance Clerk.