Who owns Conrail

Conrail - Profile

Conrail today is the switching and terminal railroad that survived the 1999 division of the old Consolidated Rail Corporation between CSX and Norfolk Southern, and it runs the three areas the two buyers agreed to keep neutral rather than hand to either side: northern New Jersey from North Bergen down to Trenton, the southern New Jersey and Philadelphia district worked out of Pavonia Yard in Camden, and the Detroit area. Across roughly 1,200 miles of track it moves customers' freight between their sidings and the long distance trains of the two owners, so shippers on its lines can reach the national network through either railroad, while CSX and Norfolk Southern handle all commercial and pricing matters and supply the locomotives. The company keeps its own employees and infrastructure and is based in Mount Laurel, New Jersey.

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• Norfolk Southern Corporation, as of 30 Jun 2026. Conrail is a limited liability company, not a share-denominated entity, so shares is null and the interest is expressed as a percentage. Q2 2026 10-Q, Note 9: 'Through a limited liability company, we and CSX Corporation (CSX) jointly own Conrail Inc. (Conrail), whose primary subsidiary is Consolidated Rail Corporation (CRC). We have a 58% economic and 50% voting interest in the jointly-owned entity, and CSX has the remainder of the economic and voting interests. Our investment in Conrail was $1.9 billion and $1.8 billion at June 30, 2026 and December 31, 2025, respectively.' This figure sizes Conrail specifically and is not part of a combined multi-investee balance. sourcesource 2
• CSX Corporation, as of 31 Dec 2025. FY2025 10-K, Note 15, Investment in Affiliates and Related-Party Transactions: 'CSX has a 42% economic interest and 50% voting interest in the jointly-owned entity, and NS has the remainder of the economic and voting interests.' CSX applies the equity method (ASC Investments-Equity Method and Joint Venture Topic) to this investment. Carrying value disclosed as $1,301 million at December 31, 2025 ($1,245 million at December 31, 2024). Conrail owns rail infrastructure and operates for the joint benefit of CSX and NS in the shared asset area; it is privately held with no public share count, so shares is null and the interest is recorded as a carrying value and economic percentage instead. source