Railroad Cost of Capital-2025

FR: Surface Transportation Board

Published March 20th, 2026

Detected March 21st, 2026

Summary

The Surface Transportation Board (STB) has published a notice regarding the Railroad Cost of Capital for 2025. The notice outlines the deadlines for interested parties to submit participation notices, statements, and rebuttal statements.

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What changed

The Surface Transportation Board (STB) has issued a notice concerning the Railroad Cost of Capital for the year 2025. This notice, published on March 20, 2026, establishes the procedural timeline for parties to contribute to the determination of the railroad industry's cost of capital. Key dates include May 1, 2026, for notices of intent to participate, May 22, 2026, for railroad statements, June 12, 2026, for other interested persons' statements, and July 2, 2026, for railroad rebuttal statements.

Compliance officers in the transportation sector, particularly those involved with railroads or entities that interact with railroad rate filings, should note these deadlines. While this is a notice and not a rule imposing direct compliance obligations, participation in the STB's proceedings is crucial for influencing the determination of the railroad cost of capital, which can impact future rate adjustments and financial analyses. Reviewing the specific requirements for statements and ensuring timely submissions are necessary actions for affected parties.

What to do next

Submit notices of intent to participate by May 1, 2026
Submit statements by May 22, 2026 (railroads) or June 12, 2026 (other parties)
Submit rebuttal statements by July 2, 2026 (railroads)

Source document (simplified)

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Notice

Railroad Cost of Capital-2025

A Notice by the Surface Transportation Board on 03/20/2026

Document Details Published Content - Document Details Agency Surface Transportation Board Agency/Docket Number Docket No. EP 558 (Sub-No. 29) Document Citation 91 FR 13693 Document Number 2026-05455 Document Type Notice Pages 13693-13694
(2 pages) Publication Date 03/20/2026 Published Content - Document Details
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Document Details Published Content - Document Details Agency Surface Transportation Board Agency/Docket Number Docket No. EP 558 (Sub-No. 29) Document Citation 91 FR 13693 Document Number 2026-05455 Document Type Notice Pages 13693-13694
(2 pages) Publication Date 03/20/2026 Published Content - Document Details
Document Dates Published Content - Document Dates Dates Text Notices of intent to participate are due by May 1, 2026. Statements of the railroads are due by May 22, 2026. Statements of other interested persons are due by June 12, 2026. Rebuttal statements by the railroads are due by July 2, 2026. Published Content - Document Dates
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- ACTION:
- SUMMARY:
- DATES:
- ADDRESSES:
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Surface Transportation Board

[Docket No. EP 558 (Sub-No. 29)]

AGENCY:

Surface Transportation Board.

ACTION:

Notice.

SUMMARY:

The Board is instituting a proceeding to determine the railroad industry's cost of capital for 2025. The decision solicits comments on the following issues: the railroads' 2025 current cost of debt capital, the railroads' 2025 current cost of preferred equity capital (if any), the railroads' 2025 cost of common equity capital, and the 2025 capital structure mix of the railroad industry on a market value basis.

DATES:

Notices of intent to participate are due by May 1, 2026. Statements of the railroads are due by May 22, 2026. Statements of other interested persons are due by June 12, 2026. Rebuttal statements by the railroads are due by July 2, 2026.

ADDRESSES:

Comments may be filed with the Board via e-filing on the Board's website.

FOR FURTHER INFORMATION CONTACT:

Pedro Ramirez at (202) 915-0862. If you require an accommodation under the ( printed page 13694) Americans with Disabilities Act, please call (202) 245-0245.