4th Quarter 2020
Net EarningsIncreased 5% to $1.5 billion from $1.4 billion
Earnings Per Share: n/a – BNSF is not publicly traded
Revenue: Decreased 3% to $5.7 billion from $5.8 billion
Operating Income: Increased 3% to $2.2 billion from $2.1 billion
Operating Expenses: Decreased 6% to $3.5 billion from $3.7 billion
Operating Ratio:  Improved to 60.3% from 62.8%
2020 Annual Earnings
Net Earnings: Decreased 6% to $5.2 billion from $5.5 billion
Earnings Per Share: n/a – BNSF is not publicly traded
Revenue: Decreased 11% to $20.9 billion from $23.5 billion
Operating Income: Decreased 4% to $7.7 billion from $8.1 billion
Operating Expenses: Decreased 15% to $13.1 billion from $15.4 billion
Operating Ratio:  Improved to 61.6% from 64.5%
Click here for full financial results from BNSF.
 

 
 
 
4th Quarter 2020 
Net EarningsIncreased 17% to C$1,021 million from C$873 million
Earnings Per Share: Increased 17% to C$1.44 per share from C$1.22 per share
Revenue: Increased 2% to C$3,656 million from C$3,584 million
Operating Income: Increased 16% to C$1,411 from C$1,218 million
Operating Expenses: Decreased 5% to C$2,245 million from C$2,366 million
Operating Ratio: Improved 4.6 points to 61.4% from 66.0% 
2020 Annual Earnings
Net Earnings: Decreased 16% to C$3,562 million from C$4,216 million
Earnings Per Share: Decreased 14% to C$5.01 per share from C$5.85 per share
Revenue: Decreased 7% to C$13,819 million from C$14,917 million
Operating Income: Decreased 15% to C$4,777 million from C$5,593 million
Operating Expenses: Decreased to C$9,042 million from C$9,324 million
Operating Ratio: Worsened by 2.9 points to 65.4% from 62.5%  
Click here for full financial results from CN.  
 

 
 
 
 
4th Quarter 2020 
Net EarningsIncreased 21% to C$802 million from C$664 million
Earnings Per Share: Improved 23% to C$5.97 per share from C$4.84 per share
Revenue: Decreased 3% to C$2.01 billion from C$2.07 billion
Operating Income: Increased by 4% to C$928 million from C$890 million
Operating Expenses: Decreased 8% to C$1,084 billion from C$1.18 billion
Operating Ratio: Improved by 310 basis points to a record-low 53.9% from 57.0% 
2020 Annual Earnings 
Net Earnings: Increased to C$2,444 billion from C$2,440 billion
Earnings Per Share: Increased 3% to a record C$18.05  per share from C$17.58 per share
Revenue: Decreased 1% to C$7.71 billion from C$7.79 billion
Operating Income: Increased 6% to C$3,311 billion from C$3,124 billion
Operating Expenses: Decreased 6% to C$4,399 billion from C$4,67 billion
Operating Ratio: Improved 280 basis points to a record-low 57.1% from 59.9% 
Click here for full financial results from CP.
 

 
 
 

4th Quarter 2020

Net EarningsDecreased 1% to $760 million from $771 million
Earnings Per Share: Stayed flat at $0.99 per share
Revenue: Decreased 2% to $2,825 million from $2,885
Operating Income: Increased 5% to $1,215 million from $1,154 million
Operating Expenses: Decreased 7% to $1,610 million from $1,731 million
Operating Ratio: Improved 300 basis points to a record 57.0% from 60.0% 
2020 Annual Earnings 
Net Earnings: Decreased 17% to $2,765 million from $3,331 million
Earnings Per Share: Decreased 14% to $3.60 per share from $4.17 per share
Revenue: Decreased 11% to $10,583 million from $11,937 million
Operating Income: Decreased 12% to $4,362 million from $4,965 million
Operating Expenses: Decreased 12% to $4,326 million from $4,965 million
Operating Ratio: Worsened to 58.8% from 58.4% 
Click here for full financial results from CSX.
 

 
 
 
 
 
 

4
th Quarter 2020

Net EarningsIncreased to $165.7 million from $127.2 million
Earnings Per Share: Increased 38% to $1.81 per share from $1.31 per share
Revenue: Decreased 5% to $693.4 million from $729.5
Operating Income: Increased to $262.3 million from $236.0 million
Operating Expenses: Decreased to $431.1 million from $493.5 million
Operating Ratio: Improved 5.4 points to 62.2% from 67.6% 
2020 Annual Earnings
Net Earnings: Increased to $617.0 million from $538.9 million
Earnings Per Share: Increased to $6.57 per share from $5.42 per share
Revenue: Decreased 8% to $2,632.6 million from $2,866.0 million
Operating Income: Increased to $1,003.0 million from $886.3 million
Operating Expenses: Decreased to $1,629.6 million from $1,979.7 million
Operating Ratio: Improved to 61.9% from 69.1% 
Click here for full financial results from KCS.
 

 
 
 
4th Quarter 2020
Net EarningsIncreased 1% to $671 million from $666 million
Earnings Per Share: Increased 4% to $2.64 per share from $2.55 per share
Revenue: Decreased 4% to $2.6 billion from $2.7 billion
Operating Income: Increased 2% to $1.0 billion from $962 million
Operating Expenses: Decreased 8% to $1.59 billion from $1.73 billion
Operating Ratio: Improved 4% to an all-time quarterly record of 61.8% from 64.2% 
2020 Annual Earnings
Net Earnings: Decreased 13% to $2.0 billion from $2.7 billion
Earnings Per Share: Decreased 10% to $7.84 per share from $10.25 per share
Revenue: Decreased 13% to $9.8 billion from $11.3 billion
Operating Income: Decreased 13% to $3.0 billion from $4.0 billion
Operating Expenses: Decreased 7% to $6.8 billion from $7.3 billion
Operating Ratio: Worsened to 69.3% from 64.7% 
Click here for full financial results from NS.
 

 
 
 
 
 
 

4
th Quarter 2020

Net EarningsDecreased 2% to $1.38 billion from $1.40 billion
Earnings Per Share: Increased 1% to $2.05 per share from $2.03 per share
Revenue: Decreased 1% to $5.billion from $5.billion
Operating Income: Decreased4% to $2.0 billion from $2.1 billion
Operating Expenses: Increased 1% to $3.1 3 billion from $3.11 billion
Operating Ratio: Worsened 1.3 points to 61.0% from 59.7% 
2020 Annual Earnings
Net Earnings: Decreased 10% to $5.3 billion from $5.9 billion
Earnings Per Share: Decreased 6% to $7.90 per share from $8.41 per share
Revenue: Decreased 10% to $19.5 billion from $21.7 billion 
Operating Income: Decreased 8% to $7.8 billion from $8.6 billion
Operating Expenses: Decreased 11% to $11.7 billion from $13.2 billion
Operating Ratio: Improved 0.7 points to 59.9% from 60.6% 
Click here for full financial results from UP.
 


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 2019’s fourth quarter and annual financial results respectively for each railroad. 
  • CN and CP financial results are in Canadian currency