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2nd Quarter 2021
Net Earnings: Increased 34% to $1.52 billion from $1.13 billion
Earnings Per Share: n/a – not publicly traded
Revenue: Increased 26% to $5.81 billion from $4.60 billion
Operating Income: Increased 28% to $2.22 billion from $1.73 billion
Operating Expenses: Increased 25% to $3.6 billion from $2.9 billion
Operating Ratio: Improved 0.7% to 60.4% from 61.1% 
Click here to read BNSF’s full earnings report.
 

2nd Quarter 2021
Net Earnings: Increased 90% to C$1.034 million from C$545 million
Diluted Earnings Per Share: Increased 90% to C1.46 from C$0.77
Revenue: Increased 12% to C$3.598 million from C$3.209 million
Operating Income: Increased 76% to C$1.382 million from C$785 million
Operating Expenses: Decreased 9% to C$2.216 million from C$2.424 million
Operating Ratio: Improved 13.9 points to 61.6% from 75.5% 
Click here to read CN’s full earnings report.
 

2nd Quarter 2021
Net Earnings: Increased 96% to C$1.25 billion from C$635 million
Diluted Earnings Per Share: Increased 100% to a record $1.86 per share from $0.93 per share
Revenue: Increased 15% to a record C$2.05 billion from C$1.79 billion
Operating Income: Increased 6% to C$820 million from C$770 million
Operating Expenses: Increased 21% to C$1.23 billion from C$1.02 billion
Operating Ratio: Improved 170 basis points to a record 55.3% from 57% 
Click here to read CP’s full earnings report.
 

2nd Quarter 2021
Net Earnings: Increased 135% to $1.17 billion from $499 million
Earnings Per Share: Increased 136% to $0.52 per share from $0.22 per share
Revenue: Increased 33% to $2.99 billion from $2.26 billion
Operating Income: Increased 104% to $1.70 billion from $828 million
Operating Expenses: Decreased 9% to $1.30 billion from $1.43 billion
Operating Ratio: Improved to 43.4% from 63.3% 
Click here to read CSX’s full earnings report.
 

2nd Quarter 2021
Net Earnings: Reported a loss of ($378.0 million) from $110.3 million* 
Diluted Earnings Per Share: Increased 79% to $2.06 per share from $1.16 per share
Revenue: Increased 37% to $749.5 million from $547.9 million
Operating Income: Reported a loss of ($431.7 million) from $180.4 million* 
Operating Expenses: Increased to $460.4 million from $357.0 million
Operating Ratio: Improved 3.8 basis points to 61.4% from 65.2% 
Click here to read KCS’s full earnings report.
*losses due to CP-KCS & CN-KCS merger deals 
 

2nd Quarter 2021
Net Earnings: Increased 109% to a second-quarter record of $819 million from $392 million
Diluted Earnings Per Share: Increased 114% to a second-quarter record of $3.28 per share from $1.53 per share
Revenue: Increased 34% to $2.8 billion from $2.1 billion
Operating Income: Increased 91% to an all-time quarterly record of $1.2 billion from $610 million
Operating Expenses: Increased 11% to $1.6 billion from $1.5 billion
Operating Ratio: Improved 18% to an all-time quarterly record of 58.3% from 70.7% 
Click here to read NS’s full earnings report.
 

2nd Quarter 2021
Net Earnings: Increased 59% to $1.8 billion from $1.1 billion
Earnings Per Share: Increased to $2.72 per share from $1.67 per share
Revenue: Increased 30% to $5.5 billion from $4.2 billion
Operating Income: Increased 50% to $2.5 billion from $1.7 billion
Operating Expenses: Increased 17% to $3.0 billion from $$2.6 billion
Operating Ratio: Improved 590 basis points to 55.1% from 61.0% 
Click here to 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 second-quarter results for each railroad.
  • All figures for CN & CP are in Canadian currency, except for earnings per share for CP


Net Earnings: Decreased to $1.131 billion from $1.338 billion.
Revenue: Decreased to $4.602 billion from $5.893 billion.
Operating Income: Decreased to $1.73 billion from $2.007 billion.
Operating Expenses:Decreased to $2.872 billion from $3.886 billion.
Operating Ratio: Improved by 3.7 points to 61.1%.
Link to read BNSF’s full earnings report.
 

Net Earnings: Decreased to C$908 million from C$1.25 billion.
Earnings Per Share: Diluted earnings per share decreased 59% to C$0.77 from C$1.88 and adjusted diluted EPS decreased 26% to C$1.28 from C$1.73.
Revenue: Decreased 19% to C$3.21 billion from C$3.96 billion.
Operating Income: Decreased 53% to C$785 million from C$1.27 billion.
Operating Expenses: Increased 6% to C$2.42 billion.
Operating Ratio: Declined by 18 points to 75.5%; adjusted operating ratio declined 2.9 points to 60.4% from 57.5%.
Link to read CN’s full earnings report.
 

Net Earnings: Decreased to C$635 million from C$724 million.
Earnings Per Share: Diluted earnings per share decreased 10% to $4.66; adjusted diluted earnings per share decreased 5% to $4.30.
Revenue: Decreased 9% to C$1.79 billion from C$1.98 billion.
Operating Income: Decreased to C$770 million from C$822 million.
Operating Expenses: Decreased to C$1.02 billion from C$1.16 billion.
Operating Ratio: Improved 140 basis points to 57%.
Link to read CP’s full earnings report.
 

Net Earnings: Decreased to $499 million from $870 million.
Earnings Per Share: Decreased to $0.65 from $1.08.
Revenue: Decreased 26% to $2.26 billion from $3.06 billion.
Operating Income: Decreased 37% to $828 million from $1.31 billion.
Operating Expenses: Decreased 19% to $1.43 billion from $1.76 billion.
Operating Ratio: Declined 5.9 points to 63.3%.
Link to read CSX’s full earnings report.
 

Net Earnings: Decreased to $109.7 million from $128.7 million.
Earnings Per Share: Decreased to $1.16 per diluted share from $1.28.
Revenue: Decreased to $547.9 million from $714 million.
Operating Income: Decreased to $180.4 million from $208 million.
Operating Expenses: Decreased to $367.5 million from $506 million.
Operating Ratio: Improved 3.8 points to 67.1% from 70.9%; adjusted operating ratio worsened 1.5 points to 65.2% from 63.7%.
Link to read KCS’s full earnings report.
 

Net Earnings: Decreased to $392 million from $722 million.
Earnings Per Share: Diluted earnings per share decreased to $1.53 from $2.70.
Revenue: Decreased 29% to $2.1 billion from $2.9 billion.
Operating Income: Decreased to $610 million from $1.1 billion.
Operating Expenses: Decreased 21% to $1.5 billion from $1.9 billion.
Operating Ratio: Worsened to 70.7% from 63.6%.
Link to read NS’s full earnings report.
 

Net Earnings: Decreased to $1.13 billion from $1.57 billion.
Earnings Per Share: Decreased to $1.67 per diluted share from $2.22 per diluted share.
Revenue: Decreased 24% to $4.2 billion from $5.6 billion.
Operating Income: Decreased 28% to $1.13 billion from $1.57 billion.
Operating Expenses: Decreased 22% to $2.59 billion from $3.34 billion.
Operating Ratio: Worsened 1.4 points to 61.0% from 59.6%.
Link to read UP’s full earnings report.
 

Notes: 

  • BNSF’s earnings report had not been released as of July 29, 2020. This post will be updated when the information becomes available.
  • 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 second-quarter results for each railroad.
  • All figures for CN & CP are in Canadian currency, except for earnings per share for CP


Net Earnings: Increased 34 percent to $1.4 billion
Revenue: Increased 16 percent to $6.1 billion
Operating Income: Increased 9 percent to $2.1 billion
Operating Expenses: Increased 20 percent to $4.0 billion
Operating Ratio: Increased 2.1 points to 64.5 percent
Click here to read BNSF’s full earnings report.
 

Net Earnings: Increased 18 percent to C$1,134 million
Earnings Per Share: Diluted earnings per share increased 21 percent to C$1.54
Revenue: Increased 14 percent to a record C$3,688 million
Operating Income: Increased 8 percent to C$1,492 million
Operating Expenses: Increased 19 percent to C$2,196
Operating Ratio: Increased 2.3 points to 59.5 percent
Click here to read CN’s full earnings report.
 

Net Earnings: Increased 22 percent to C$622 million
Earnings Per Share: Diluted earnings per share increased 24 percent to a record C$4.35
Revenue: Increased 19 percent to a record C$1.9 billion
Operating Income: Increased 27 percent to C$790 million
Operating Expenses: Increased 14 percent to C$1,108 million
Operating Ratio: Decreased 270 points to a record low of 58.3 percent
Click here to read CP’s full earnings report.
 

Net Earnings: Increased 106 percent to $894 million
Earnings Per Share: Increased to $1.05 per share from $0.51 per share
Revenue: Increased 14 percent to $3.13 billion
Operating Income: Increased 49 percent to $1.29 billion
Operating Expenses: Declined 2 percent to $1,84 billion
Operating Ratio: Improved 970 basis points to a record 58.7 percent
Click here to read CSX’s full earnings report.
 

Net Earnings: Increased to $174 million from $129 million
Earnings Per Share: Diluted earnings per share increased 38 percent to $1.70
Revenue: Increased 6 percent to a record $699 million
Operating Income: Increased 14 percent to $265 million
Operating Expenses: Increased to $433.6 million from $422.8 million
Operating Ratio: Improved 2.4 basis points to 62 percent
Click here to read KCS’s full earnings report.
 

Net Earnings: Increased 39 percent to $702 million
Earnings Per Share: Diluted earnings per share increased 44 percent to a third quarter record of $2.52
Revenue: Increased 10 percent to $2.9 billion
Operating Income: Increased 14 percent to a third quarter record of $1.0 billion
Operating Expenses: Increased 9 percent to $1.9 billion
Operating Ratio: Declined 1.1 basis points to a record 65.4 percent
Click here to read NS’s full earnings report.
 

Net Earnings: Increased from $1.2 billion to $1.6 billion
Earnings Per Share: Increased 43 percent from $1.50 to a record $2.15 per diluted share
Revenue: Increased 10 percent to $5.9 billion
Operating Income: Increased 9 percent to $2.3 billion
Operating Expenses: Increased 10 percent from $3.3 billion to $3.7 billion
Operating Ratio: Stayed flat at 61.7 percent
Click here to read UP’s full earnings report.
 
Financial results of the largest shortline:
 

Net Earnings: Increased to $69.6 million from $50.2 million
Earnings Per Share: Increased 45 percent to $1.16
Revenue: Increased 11.5 percent to $355.7 million from $318.9 million
Operating Income: Increased 24.7 percent to $102.5 million, up from $82.2 million
Operating Expenses: Increased to $253,225 from $236,724
Operating Ratio: Improved 3 points to 71.2 percent from 74.2 percent
Click here to read G&W’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 2017’s third quarter financial results for each railroad.
  • Figures for G&W are for North American operations only with the exception of Net Earnings & Earnings Per Share, which includes all G&W operations, as solely North American figures were unavailable in these categories.

CSX_logoCSX Corporation announced all-time record quarterly financial results for the second quarter of 2015. Operating income for the railroad came in at more than $1 billion for the first time in company history. The railroad also saw an all-time record in operating ratio of 68.8 percent.

Net earnings came in at $553 million or an all-time record of $0.56 per share, an increase from the reported $529 million or $0.53 per share of the second quarter of 2014. CSX expects to deliver mid-to-high single digit earnings per share growth for 2015.

“While we saw challenges in a number of markets, CSX employees delivered an even safer, more reliable and more differentiated service product this quarter,” Chairman and CEO Michael J. Ward said. “We expect the momentum in network performance we saw in the second quarter to accelerate, continuing to create value for our customers and shareholders.”

Revenue declined six percent due to the impact of lower fuel recovery. At the same time, continued low fuel prices and savings from efficiency initiatives reduced expenses for the railroad by nine percent.

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.

 

KCS_rail_logoKansas City Southern reported a decrease in earnings in a press release July 17. The railroad reportedly saw a 10 percent decrease in revenue to $586 million as compared to the second quarter of 2014.

Operating income saw a decrease of 13 percent to $187 million. Operating ratio saw a 1.1-point increase to 68.1 percent compared with last year’s second quarter operating ratio of 68.3 percent. Reported net income totaled $112 million or $1.01 per share, a 15 percent decrease compared to the reported $130 million or $1.18 per diluted share for the second quarter 2014.

Overall, the railroad reported that carload volumes were six percent lower for the quarter. Second quarter revenue declined in all commodity groups except chemicals and petroleum, which grew by one percent. However, operating expenses also saw a decrease of eight percent to $399 million.

“KCS continued to scale its operations in both the U.S. and Mexico and has made strides in improving its network fluidity,” stated CEO David L. Starling. “Our actions contributed to the company attaining a solid second quarter operating ratio despite volume challenges, particularly in its energy commodity group. We expect our system performance and operating metrics to continue to improve throughout the remainder of the year.

“As evidenced in the weekly industry carload data, there are still uncertainties in many of the primary markets served by rail. However, KCS’ average daily volumes increased each month throughout the second quarter and the initial results from the first few weeks of July suggest the positive trend may be continuing.”

 

CN_red_logoCanadian National Railway reported increases in revenue for the second quarter of 2015. Net income saw an increase to C$886 million or C$1.10 per diluted share, over last year’s reported C$847 million or C$1.03 per diluted share for the same quarter. These results included a deferred income tax expense of C$42 million (C$0.05 per diluted share) resulting from the enactment of a higher provincial corporate income tax rate.

Excluding the deferred income tax expense, adjusted diluted earnings per share increased 12 percent to C$1.15 as compared to last year’s second quarter reported diluted earnings per share of C$1.03.

Operating income saw an increase of eight percent to C$1,362 million, while revenues for the quarter were flat at C$3,125 million. Carloadings decreased by three percent and revenue ton-miles declined by seven percent.

Operating ratio for the railway improved by 3.2 points to 56.4 percent over last year’s reported 59.6 percent.

“I’m proud of our very solid second quarter results, driven by the team’s swift action to recalibrate resources and double-down on efficiency, while continuing to improve customer service,” President and CEO Claude Mongeau said. “We’re focused on our long-term agenda and investing C$2.7 billion in CN’s capital program this year to support it, with an emphasis on the integrity and safety of the network.”

 

cp-logo-240In a press release June 21, Canadian Pacific Railway announced the highest-ever net income for the second quarter and the lowest operating ratio for the period in the company’s history.

Net income rose to a record quarterly high of C$390 million or C$2.36 per diluted share, an improvement of 12 percent. Adjusted earnings per share gained 16 percent to C$2.45. Revenues for the railway remained unchanged at C$1.65 billion.

Operating income climbed 10 percent to C$646 million. Operating ratio fell to a second-quarter record of 60.9 percent, a 420-basis-point improvement. Adjusted earnings per share advanced 16 percent to C$2.45.

“CP remains disciplined during this period of economic uncertainty in identifying opportunities to control costs and improve efficiency to offset near-term headwinds,” CEO E. Hunter Harrison said. “Even in the face of this economic slowdown, CP’s commitment to providing the best service at the lowest cost will continue to serve us well moving forward.”

 

union_pacific_logoUnion Pacific reported a decrease in earnings for the second quarter in a press release June 23. Operating revenue was down 10 percent to $5.4 billion as compared to the second quarter of 2014. Net income for the railroad came in at $1.2 billion or $1.38 per diluted share, a three percent decline as compared to last year’s reported net income of $1.3 billion or $1.43 per diluted share.

Operating income is down 11 percent to $1.9 billion. UP’s operating ratio of 64.1 percent is 0.6 points worse compared to the second quarter of 2014. The company also repurchased 8.0 million shares in the second quarter at an aggregate cost of $834 million.

“Solid core pricing gains were not enough to overcome a significant decrease in demand,” President and CEO Lance Fritz said. “Total volumes in the second quarter were down six percent, led by a sharp decline in coal. Industrial products and agricultural products also posted significant volume decreases. However, we made meaningful progress right sizing our resources to current volumes, and I am encouraged to report that we made these improvements while posting strong safety performance.

“While the volume outlook remains uncertain, we remain laser focused on operating safely and efficiently no matter what the market environment. We will continue to reduce costs and improve productivity as we further align resources with demand. Longer term, we continue to be optimistic about the strengths of our diverse rail franchise.”

 

ns_LogoNorfolk Southern railroad reported decreased earnings results for the second quarter of 2015.

Net income for the quarter was $433 million, a 23 percent decrease compared to the $562 million record set in the same quarter of 2014. Operating revenues saw a decrease of 11 percent to $2.7 billion, a result of lower fuel surcharges and coal volumes. Gains in intermodal and merchandise traffic were offset by losses in coal volumes.

Income from railway operations declined 20 percent to $814 million. Railway operating expenses also saw a decrease of six percent to $1.9 billion. Diluted earnings per share came in at $1.41. NS’s railway operating ratio was 70.0 percent.

“While we face short-term pressure, particularly as we clear fuel surcharge revenue and coal headwinds, Norfolk Southern is well positioned to continue improving service, which will reduce costs and add value to our customers,” CEO James A. Squires said. “Growth within the intermodal franchise, consumer spending, housing-related momentum and improved manufacturing activity all support an optimistic longer-term outlook. We have a strong legacy of success, and we are taking the right steps to continue value creation for our customers, the communities we serve, our employees and our shareholders.”

CSX_logoIn a press release Oct. 14, CSX announced record third quarter profits. The railroad said that operating income increased 16 percent and operating ratio improved 220 points. Operating income came in at $976 million with an operating ratio of 69.7 percent. CSX also saw volume increases of seven percent.

Revenue increased to $3.2 billion, eight percent over the same period last year. Net earnings were announced at $509 million, up $0.51 per share from the net earnings of $455 million for the third quarter of 2013.

“As the economy continues to expand, the company’s record third-quarter results are built on the foundation of CSX’s network reach, sustainable growth opportunities, and the efforts of our 31,000 employees,” President, Chairman and CEO Michael J. Ward.

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.

 

KCS_rail_logoKansas City Southern reports record quarterly revenues and carloads in a press release for the third quarter of 2014. The railroad recorded record revenues of $678 million, an increase of nine percent over the same quarter last year.

Operating income saw a 15 percent increase to $229 million over last year’s third quarter and operating ratio came in at 66.1 percent, a 1.7-point improvement. Net income for the quarter totaled $138 million or $1.25 per diluted share, a 17 percent increase.

The railroad credits the increases to a four percent increase in carloads. Automotive carloads increased by 28 percent, while carloads of industrial and consumer products saw a 13 percent increase.

Operating expenses came in at six percent higher than 2013 expenses. Operating expenses were $448 million for the quarter.

“KCS achieved record quarterly financial results as a result of the continued strength and diversity of our franchise,” President and CEO David L. Starling said. “An operating ratio of 66.1 percent was attained primarily due to volume growth, especially in the automotive and grain commodity groups, as well as system efficiency and cost controls.

“We are optimistic about the remainder of the year and reaffirm our updated 2014 goals outlined to investors in September. Looking ahead, we expect KCS’ long-term growth to be fueled by system-wide opportunities, which position KCS very well over the next several years.”

 

cp-logo-240Canadian Pacific Railway reports record financial results for the third quarter. The company claims the third quarter results are the strongest in the company’s history.

Net income for the railway rose 26 percent to a record C$400 million or C$2.31 per diluted share compared to last year’s third quarter net income of C$324 million or C$1.84 per share. Revenue saw a nine percent increase to a record C$1.670 billion while operating expenses also rose four percent to C$1.049 billion. Operating income rose 19 percent to C$621 million, the highest that the railway has ever seen. Operating ratio fell to a record low of 62.8 percent, an improvement of 310 base points.

“The CP team delivered another quarter of impressive results,” CEO E. Hunter Harrison said. “Going forward, we will continue to execute on our plan of delivering safe, superior service to our customers, focusing on further efficiency and capacity initiatives and building on our solid foundation for growth.

“Despite recent volatility in commodity prices, we are confident in the strength of the franchise and are on track to finish the year with CP’s strongest quarter to date.”

 

CN_red_logoCanadian National Railway reported increases in net income, operating income and revenues for the third quarter. Net income saw a 21 percent increase to C$853 million, up from last year’s C$705 million. Diluted earnings per share came in at C$1.04, also up from last year’s recorded C$0.84 per diluted share.

Operating income for the railway increased 19 percent to C$1,286 million. Revenues and car loadings set all-time quarterly records with revenues increasing 16 percent to C$3,118 million and car loadings increasing 11 percent to 1,475. Revenue ton-miles also grew by 13 percent. CN saw an improvement in operating ratio by one point to 58.8 percent.

“CN delivered outstanding third-quarter financial results while improving customer service levels and maintaining industry-leading operating efficiencies. Solid execution by our team of railroaders enabled us to accommodate the significantly higher freight volume generated by a record Canadian grain crop, strong energy markets and new business, particularly in intermodal and automotive,” President and CEO Claude Mongeau said. “The results underscore CN’s commitment to investing ahead of the curve in resources and rail infrastructure and playing our role as a true backbone of the economy.”

 

ns_LogoNorfolk Southern reported a 16 percent increase in net income of $559 million for the third quarter. The third quarter of 2013 only saw a net income of $482 million. Diluted earnings per share were also up 17 percent to $1.79 over last year’s $1.53 per diluted share.

Operating revenues saw an increase to $3.0 billion, up seven percent. Income from railway operations also saw an improvement to $998 million, up 18 percent. Operating ratio for the railroad saw an improvement by four percent to 67.0 percent.

“Norfolk Southern reported another record-setting quarter during which we achieved our best third-quarter results in revenues, operating income, net income, earnings per share and operating ratio,” CEO Wick Moorman said. “Higher traffic volumes along with continued gains in productivity drove these excellent results. We remain focused on ensuring we can support continued demand for freight rail transportation by hiring additional employees, investing in new equipment, and completing capacity projects in order to provide our customers with the freight rail service they expect today and in the future.”

 

union_pacific_logoUnion Pacific railroad reports record financial results are at an all-time high for the third quarter in a press release Oct. 23. Net income came in at a $1.4 billion or $1.53 per diluted share, a 23 percent improvement. Last year’s results for the same quarter were at $1.15 billion or $1.24 per diluted share.

Operating revenues increased 11 percent to $6.2 billion versus the $5.6 billion the railroad saw in the same quarter last year. Operating income also saw an increase to $2.3 billion, up 19 percent over last year’s numbers. Operating ratio saw an improvement of 2.5 points to 62.3 percent.

The railroad attributes these new records to a seven percent increase in revenue carloads, a coal volumes increase and volume incre
ases in agricultural products, industrial products, intermodal, automotive and chemicals.

“Union Pacific achieved record quarterly financial results, leveraging the strengths of our diverse franchise to handle strong volume growth,” CEO Jack Koraleski said. “As we continue to focus on improving our service, we are encouraged by the accomplishments we achieved in the quarter, including a two and a half point improvement in our operating ratio to a record 62.3 percent.”