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4th Quarter 2021
Net Earnings: Increased 13% to $1.7 billion from $1.5 billion
Diluted Earnings Per Share: n/a – BNSF is not publicly traded
Revenue: Increased 11% to $6.3 billion from $5.7 billion
Operating Income: Increased 12% to $2.4 billion from $2.2 billion
Operating Expenses: Increased 10% to $3.9 billion from $3.5 billion
Operating Ratio: Improved to 60.0% from 60.3%


2021 Annual Earnings
Net Earnings: Increased 16% to $6.0 billion from $5.2 billion
Diluted Earnings Per Share: n/a – BNSF is not publicly traded
Revenue: Increased 12% to $23.3 billion from $20.9 billion
Operating Income: Increased 14% to $8.8 billion from $7.7 billion
Operating Expenses: Increased 10% to $14.5 billion from $13.1 billion
Operating Ratio: Improved to 60.9% from 61.6%
Read BNSF’s full earnings report.


4th Quarter 2021
Net Earnings: Increased 17% to C$1.20 billion from C$1.02 billion
Diluted Earnings Per Share: Increased 18% to $1.69 per share from $1.43 per share
Revenue: Increased 3% to C$3.75 billion from C$3.66 billion
Operating Income: Increased 11% to a record C$1.57 billion from C$1.41 billion
Operating Expenses: Decreased 1% to C$2.19 billion from C$2.25 billion
Operating Ratio: Improved 3.1 points to 58.3% from 61.4%

2021 Annual Earnings
Net Earnings: Increased 37% to C$4.90 billion from C$3.60 billion
Diluted Earnings Per Share: Increased 38% to $6.89 per share from $5.00 per share
Revenue: Increased 5% to C$14.48 billion from C$13.82 billion
Operating Income: Increased 18% to C$5.62 billion from C$4.78 billion
Operating Expenses: Decreased 2% to C$8.86 billion from C$9.04 billion
Operating Ratio: Improved 4.2 points to 61.2% from 65.4%
Read CN’s full earnings report.


4th Quarter 2021
Net Earnings: Decreased 34% to C$532 million from C$802 million
Diluted Earnings Per Share: Decreased 38% to $0.74 per share from $1.19 per share
Revenue: Increased 1% to C$2.04 billion from C$2.01 billion
Operating Income: Decreased 10% to C$832 million from C$928 million
Operating Expenses: Increased 11% to C$1.21 billion from C$1.08 billion
Operating Ratio: Worsened 530 basis points to 59.2% from 53.9%

2021 Annual Earnings
Net Earnings: Increased 17% to C$2.9 billion from C$2.44 billion
Diluted Earnings Per Share: Increased 16% to $4.18 per share from $3.59 per share
Revenue: Increased 4% to C$8.0 billion from C$7.71 billion
Operating Income: Decreased 3% to C$3.21 billion from C$3.31 billion
Operating Expenses: Increased 9% to C$4.80 billion from C$4.40 billion
Operating Ratio: Worsened 280 basis points to 59.9% from 57.1%
Read CP’s full earnings report.


4th Quarter 2021 
Net Earnings: Increased 23% to $934 million from $760 million
Earnings Per Share: Increased 27% to $0.42 per share from $0.33 per share
Revenue: Increased 21% to $3.43 billion from $2.83 billion
Operating Income: Increased 12% to $1.37 billion from $1.22 billion
Operating Expenses: Increased 28% to $2.1 billion from $1.6 billion
Operating Ratio: Worsened to 60.1% from 57.0%

2021 Annual Earnings
Net Earnings: Increased 37% to $3.8 billion from $2.8 billion
Earnings Per Share: Increased 40% to $1.68 per share from $1.20 per share
Revenue: Increased 18% to $12.52 billion from $10.58 billion
Operating Income: Increased 28% to $5.6 billion from $4.4 billion
Operating Expenses: Increased 11% to $6.9 billion from $6.2 billion
Operating Ratio: Improved to 55.3% from 58.8%
Read CSX’s full earnings report.


4th Quarter 2021
Net Earnings: Increased 258% to $595.1 million from $166.3 million
Earnings Per Share: On December 14, 2021, Canadian Pacific Railway acquired the outstanding common and preferred stock of KCS. Therefore, earnings per share data is not presented because the company does not have any outstanding or issued publicly traded stock.
Revenue: Increased 8% to $747.8 million from $693.4 million
Operating Income: Increased 209% to $810.6 million from $262.3 million
Operating Expenses: Decreased 115% to a negative $62.8 million from $431.1 million due to the merger
Operating Ratio: Improved 70.6 points to –8.4% from 62.2%

2021 Annual Earnings 
Net Earnings: Decreased 15% to $527 million from $619 million
Earnings Per Share: On December 14, 2021, Canadian Pacific Railway acquired the outstanding common and preferred stock of KCS. Therefore, earnings per share data is not presented because the company does not have any outstanding or issued publicly traded stock.
Revenue: Increased 12% to $2.95 billion from $2.63 billion
Operating Income: Decreased 12% to $884 million from $1.00 billion
Operating Expenses: Increased 27% to $2.06 billion from $1.63 billion
Operating Ratio: Worsened 8.1 points to 70.0% from 61.9%
Read KCS’s full earnings report.


4th Quarter 2021
Net Earnings: Increased 13% to $760 million from $671 million
Diluted Earnings Per Share: Increased 18% to $3.12 per share from $2.64 per share
Revenue: Increased 11% to $2.9 billion from $2.6 billion
Operating Income: Increased 15% to a 4th quarter record of $1.1 billion from $1.0 billion
Operating Expenses: Increased 8% to $1.7 billion from $1.59 billion
Operating Ratio: Improved 2% to a 4th quarter record 60.4% from 61.8%

2021 Annual Earnings 
Net Earnings: Increased 27% to $3 billion from $2 billion
Diluted Earnings Per Share: Increased 31% to $12.11 per share from $7.84 per share
Revenue: Increased 14% to $11.1 billion from $9.8 billion
Operating Income: Increased 28% to a record $4.4 billion from $3.0 billion
Operating Expenses: Decreased 1% to $6.7 billion from $6.8 billion
Operating Ratio: Improved 7% to an all-time record of 60.1% from 69.3%
Read NS’s full earnings report.

4th Quarter 2021 
Net Earnings: Increased 24% to $1.7 billion from $1.4 billion
Earnings Per Share: Increased 30% to $2.67 per share from $2.05 per share
Revenue: Increased 12% to $5.7 billion from $5.1 billion
Operating Income:  Increased 22% to $2.4 billion from $2.0 billion
Operating Expenses: Increased 5% to $3.3 billion from $3.1 billion
Operating Ratio: Improved 3.6 points to 57.4% from 61.0%

2021 Annual Earnings 
Net Earnings: Increased 22% to $6.5 billion from $5.3 billion
Earnings Per Share: Increased 26% to $9.98 per share from $7.90 per share
Revenue: Increased 12% to $21.8 billion from $19.5 billion
Operating Income: Increased 19% to $9.3 billion from $7.8 billion
Operating Expenses: Increased 7% to $12.5 billion from $11.7 billion
Operating Ratio: Improved 2.7 points to 57.2% from 59.9%

“The Union Pacific team concluded its most profitable year ever in 2021. We produced double-digit fourth-quarter revenue growth by leveraging our great rail franchise to generate positive business mix and core pricing gains,” UP CEO Lance Fritz said.
Read UP’s full earnings report.

Notes: 

  • Operating ratio is a railroad’s operating expenses expressed as a percentage of operating revenue, and is considered by economists to be the basic measure of carrier profitability. The lower the operating ratio, the more efficient the railroad.
  • All comparisons are made to 2020’s fourth-quarter and 2020 year-end results respectively for each railroad.
  • All figures for CN & CP are in Canadian currency, except for earnings per share.

From the National Mediation Board:

Washington, D.C. – The National Mediation Board (NMB) is pleased to announce the arrival of new Board Member, Deirdre Hamilton. Ms. Hamilton was confirmed by the United States Senate on December 7, 2021. She was sworn in and assumed her position with the NMB on January 25, 2022.

Prior to becoming a Member, Ms. Hamilton worked as a staff attorney at the International Brotherhood of Teamsters (IBT), working exclusively with the IBT’s Airline Division. At the IBT she represented most of the crafts or classes within the airline industry — including pilots, flight attendants, technicians, and aircraft cleaners — at both commercial and cargo air carriers. Before that, Ms. Hamilton was a staff attorney at the Association of Flight Attendants. In her career, she has handled a wide range of legal matters including National Mediation Board elections and mediation, collective bargaining support, contract enforcement, and litigation of Railway Labor Act issues. Ms. Hamilton began her career as a legal fellow in the General Counsel’s office at the International Association of Machinists and Aerospace Workers.

Ms. Hamilton has been an active member of the Railway Labor Act legal community. She has served as a panelist at meetings of the American Bar Association’s Labor and Employment Law Committee and the Railway and Airline Labor Law Committee. She has also served as a Senior Editor for the ABA Railway Labor Act Treatise.

Ms. Hamilton is a graduate of Oberlin College and the University of Michigan Law School.

The National Mediation Board (NMB) is an independent agency created by the Railway Labor Act, which governs labor management relations in the railroad and airline industries. To avoid serious disruptions to the Nation’s economy and protect the public interest, the Act imposes on carriers and their employees the duty of settling disputes through negotiation, mediation, and arbitration. The NMB, headed by three Presidential appointees, has as its chief statutory responsibilities: (1) mediation of collective bargaining disputes; (2) determination of employee representation for collective bargaining processes; and (3) administration of a grievance arbitration system.

SMART Transportation Division Bus Department Vice President Calvin Studivant and New Jersey State Legislative Director Ron Sabol spent a significant time brainstorming ways to protect members in Sabol’s state last year.

The ongoing coronavirus pandemic had added even more potential risk to our members working on New Jersey Transit (NJT) and other carriers. Beyond their daily duties of keeping things moving, the need for workers to enforce COVID safety measures increased the potential for conflict and violent incidents with dangerous outcomes for workers, riders and even the public.

Two assaults on NJT workers drew headlines through the autumn. A union tracking violence against NJT workers reported more than 130 instances of workers being attacked. Something needed to be done.

In response, Studivant and Sabol, in conjunction with SMART-TD legislative and legal leadership, developed and presented what became the Motorbus and Passenger Rail Service Employee Violence Prevention Act.

On Jan. 10, that legislation was signed into law by Gov. Phil Murphy.

“I’m very proud of what this law accomplishes in protecting transportation workers in our state,” Sabol said. “It took the help of many people on both our side, including National Legislative Director Greg Hynes and TD Designated Legal Counsel Safety Coordinator Larry Mann, the persistence of other labor organizations, and a receptive, bipartisan group of legislators to get this done.”

Assemblyman Daniel R. Benson (D-Dist. 14) and state Sen. Patrick J. Diegnan Jr. (D-Dist. 18) were the driving forces behind the versions of the Motorbus and Passenger Rail Service Employee Violence Prevention Act that ran concurrently in rapid fashion through both chambers of the New Jersey Legislature. On the Republican side, State Sen. Robert R. Singer (R-Dist. 30) also championed the bill that gained massive support from both parties in the Senate.

The Senate version, S-4071, passed unanimously Dec. 20 on a 39-0 vote. The Assembly version, A-6013, passed unanimously with a 76-0 vote the same day.

“We cannot thank Assemblyman Benson enough for his diligence and his amazing effort in putting in the time to make this legislation succeed,” Sabol said after the bill’s signing. “He spent hours engaging fellow legislators with in-depth discussions as he proposed and helped to advance the legislation. The same goes again with state Sens. Diegnan and Singer, who were instrumental in initiating and retaining the overwhelming bipartisan support the law gained, and, of course, Gov. Murphy.”

The Motorbus and Passenger Rail Service Employee Violence Prevention Act upgrades the penalty for all assaults on a motorbus or autobus operator, the operator’s supervisor and a rail passenger employee. It also empowers NJT, motorbus companies and all rail passenger service providers to ban riders from their transportation services for up to one year if the person commits an assault on a motorbus operator, the operator’s supervisor or a rail passenger employee.

If a deadly weapon was used during the assault, the rider may be banned for life.

“Transportation workers are far too often subjected to vicious attacks by irate passengers for simply doing their jobs,” said Benson, who serves as chairperson of the Assembly Transportation and Independent Authorities Committee. “Our bus and rail employees must be protected as they fulfill their critical duties on behalf of the hundreds of thousands of commuters in our state.”

“This bill, while long overdue, is right on time,” Vice President Studivant said. “The collaborative efforts to secure this piece of legislation is a testament to the men and women who face adverse conditions on a daily basis for simply doing their jobs of moving the people of N.J.”

“Congratulations to Vice President Studivant, SLD Sabol and the New Jersey State Legislative Board for their outstanding work, and thanks to Larry Mann for his guidance in this victory,” National Legislative Director Greg Hynes said. “This legislation could be a great blueprint for other states to follow suit.”

Of note, Gov. Murphy also signed S.771, a second piece of legislation expanding workers’ compensation coverage to include injuries that occurs in employer parking lots. Both SMART-TD and the New Jersey Council of Safety and Health (COSH) supported the bill.