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Net Earnings: Increased 27 percent to C$1,310 million; diluted earnings per share increased 30 percent to C$1.77
Revenue: Increased 9 percent to C$3,631 million
Operating Income: Increased 7 percent to C$1,519 million
Operating Ratio: Increased 0.7 points to 58.2 percent (worsened as compared to the same period in 2017, but an improvement from the first quarter 2018)
Click here to read CN’s full earnings report.
 

Net Earnings: Decreased 9 percent to C$436 million from C$480 million; Diluted earnings per share declined 7 percent to C$3.04, down from C$3.27
Revenue: Increased 7 percent to C$1.75 billion from C$1.64 billion
Operating Income: Increased 3 percent to C$627 million
Operating Ratio: Increased 140 basis points to 64.2 as compared to last year’s 62.8 percent
Click here to read CP’s full earnings report.
 

Net Earnings: $877 million or $1.01 per share, up from $510 million or $0.55 per share
Revenue: Increased 6 percent to $3.10 billion
Operating Income: Increased 34 percent to $1.28 billion from $957 million
Operating Ratio: An all time company quarterly record of 58.6 percent as compared to last year’s 67.4 percent
Click here to read CSX’s full earnings report.
 

Net Earnings: Increased to $149 million or $1.45 per diluted share, as compared to last year’s $135 million or $1.27 per diluted share. Adjusted diluted earnings per share increased 16 percent to a record $1.54
Revenue: Increased 4 percent to a record $682 million
Operating Income: Increased 3 percent to a record $246 million
Operating Ratio: Increased 0.5 points to 64 percent as compared to 63.5 percent a year ago
Click here to read KCS’s full earnings report.
 

Net Earnings: Increased 43 percent to $710 million; Diluted earnings per share increased 46 percent to $2.50 per share
Revenue: Increased 10 percent to $2.9 billion
Operating Income: Increased 18 percent to a record $1.0 billion
Operating Ratio: A record 64.6 percent
Click here to read NS’s full earnings report.
 

Net Earnings: Increased to $1.5 billion from $1.2 billion, or a record $1.98 diluted earnings per share an increase of 37% from $1.45 per share
Revenue: Increased 5 percent to $2.1 billion
Operating Income: Increased 8 percent to $5.7 billion
Operating Ratio: Increased 1.1 points to 63.0 percent
Click here to read UP’s full earnings report.
 

Financial results of the largest U.S. shortline:


Net Earnings: Decreased to $44.2 million or $0.73 diluted earnings per share from $46 million or $0.74 per share
Revenue: Increased 7.6 percent to $339.6 million from $315.7 million
Operating Income: Increased 0.7 percent to $80.3 million from $79.7 million
Operating Ratio: Increased 1.6 points to 76.4 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 second quarter financial results for each railroad.

4th Quarter 2017

Net Earnings: $552 million or $5.33 per diluted share, compared with 2016’s $130 million or $1.21 per diluted share
Revenue: 4th quarter record of $660 million, a 10 percent increase
Operating Income: 4th quarter record of $238 million, a 13 percent increase
Operating Ratio: 64.0 percent, 0.8 point improvement over fourth quarter 2016

2017 Annual Earnings

Net Earnings: $964 million or $9.16 per diluted share, as compared to 2016’s $480 million or $4.43 per diluted share
Revenue: A record $2.6 billion, up 11 percent from 2016
Operating Income: A record $922 million, a 13 percent increase
Operating Ratio: A record 64.3 percent, a 0.6 improvement
Click here to read KCS’s full earnings report

4th Quarter 2017

Net Earnings: Increased by 156 percent to C$2,611 million and diluted earnings per share increased by 164 percent to C$3.48
Revenue: Increased 2 percent to C$3,285 million
Operating Income: Decreased by 7 percent to C$1,301 million
Operating Ratio: 60.4 percent, an increase of 3.8 points

2017 Annual Earnings

Net Earnings: Increased 51 percent to C$5,484 million and diluted earnings per share increased 55 percent to C$7.24
Revenue: Increased 8 percent to C$13,041 million
Operating Income: Increased 5 percent to C$5,558 million
Operating Ratio: 57.4 percent, an increase of 1.5 points
Click here to read CN’s full earnings report

4th Quarter 2017

Net Earnings: Increased 156 percent to a record C$984 million from C$384 million and diluted earnings per share increased by 159 percent to C$6.77 from C$2.61
Revenue: A record 4th quarter with an increase of 5 percent to C$1.71 billion, up from C$1.64 billion
Operating Income: Increased 5 percent to C$753 million
Operating Ratio: A record 56.1 percent, an improvement of 10 basis points

2017 Annual Earnings

Net Earnings: Increase of 50 percent to C$2.4 billion
Revenue: Increased 5 percent to C$6.55 billion from C$6.23 billion
Operating Income: Increased 8 percent to C$2.8 billion from C$2.6 billion
Operating Ratio: Improved 40 basis-points to a record 58.2 percent from 58.6 percent
Click here to read CP’s full earnings report

4th Quarter 2017

Net Earnings: $4.1 billion or $4.62 per share, up from $458 million or $0.49 per share
Revenue: Decreased 6 percent to $2,863 million from $3,037 million
Operating Income: Increased by 12 percent to $1.12 billion from $1.00 billion
Operating Ratio: Improved 6.1 basis points to 60.9 percent from 67.0 percent

2017 Annual Earnings

Net Earnings: Increased 219% to $2.3 billion from $1.02 billion
Revenue: Increased by 3 percent to $11.4 billion, up from $11.07 billion
Operating Income: $3.7 billion, up 8 percent from $3.4 billion
Operating Ratio: 67.9 percent, improvement from 69.4 percent
Click here to read CSX’s full earnings report

4th Quarter 2017

Net Earnings: Increased 17 percent to $3,968 million and diluted earnings per share (EPS) increased 19 percent to $13.79 (adjusted EPS is a record $1.69)
Revenue: Increased 7 percent to $2,669 million from $2,490 million
Operating Income: Increased 13 percent to $1,014 million from $761 million
Operating Ratio: 62.0 percent, improved over 67.7 percent

2017 Annual Earnings

Net Earnings: Increased 15 percent to $5,404 million and increased 18 percent to a record diluted earnings per share of $18.61 (or $6.61 adjusted EPS)
Revenue: Increased 7 percent to $10.6 billion from $9.89 billion
Operating Income: Increased 12 percent to $3,586 million from $3,074 million
Operating Ratio: Improved by 2 percent to a record 67.4 percent from 68.9 percent
Click here to read NS’s full earnings report

4th Quarter 2017

Net Earnings: Increased to $7.3 billion or $9.25 per diluted share as compared to $1.1 billion or $1.39 per diluted share
Revenue: Increased 5 percent to $5.5 billion from $5.2 billion
Operating Income: Increased 4 percent to $2,039 million from $1,965 million
Operating Ratio: Improved 0.6 points to 62.6 percent from 62.0 percent

2017 Annual Earnings

Net Earnings: $10.7 billion or $13.36 earnings per share, from $4.2 billion or $5.07 per diluted share
Revenue: Increased to $21.2 billion from $19.9 billion
Operating Income: $7.8 billion from $7.3 billion, an 8 percent increase
Operating Ratio: Improved 0.5 points to 63 percent from 63.5 percent
Click here to read UP’s full earnings report

Note: 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.

4th Quarter 2016

Net Earnings: $458 million or $0.49 per share, up from $466 million or $0.48 per share in 2015’s 4th quarter
Revenue: Increased by 9 percent to $3,037 billion
Operating Income: Increased to $1 billion over last year’s $791 million
Operating Ratio: 67 percent, an improvement over last year’s 71.6 percent

2016 Annual Earnings

Net Earnings: Decreased to $1.7 billion or $1.81 earnings per share, down from $1.96 billion or $2.00 per share in 2015
Revenue: Decreased to $11.1 billion from $11.8 billion in 2015
Operating Income: Decreased $3.4 billion from $3.6 billion in 2015
Operating Ratio: 69.4 percent
Click here to read CSX’s full earnings report

4th Quarter 2016

Net Earnings: Net income increased by 20 percent to C$3.84 million; diluted earnings per share increased 25 percent to C$2.61 from fourth quarter 2015’s reported C$2.08
Revenue: Decreased 3 percent to C$1.64 billion from C$1.69 billion
Operating Income: Increased 6 percent to C$717 million over fourth quarter 2015’s C$677 million
Operating Ratio: 56.2 percent, a record low

2016 Annual Earnings

Net Earnings: Net income increased by 18 percent to C$1.6 billion from C$1.4 billion; diluted earnings per share increased 27 percent to C$10.63 from C$8.40
Revenue: Decreased 7 percent to C$6.23 billion from 2015’s reported C$6.71 billion
Operating Income: Decreased 4 percent from 2015’s C$2.7 billion to C$2.6 billion
Operating Ratio: 58.6 percent, a record low
Click here to read CP’s full earnings report

4th Quarter 2016

Net Earnings: $1.1 billion or $1.39 per diluted share, an increase of 6 percent
Revenue: Down 1 percent to $5.2 billion
Operating Income: Up 2 percent to $2.0 billion
Operating Ratio: Improved by 1.2 points to 62.0 percent

2016 Annual Earnings

Net Earnings: Decreased by 11 percent to $4.2 billion or 8 percent to $5.07 per diluted share, down from 2015’s reported $4.8 billion or $5.49 per diluted share
Revenue: Decreased to $19.9 billion from $21.8 billion
Operating Income: Decreased by 10 percent to $7.3 billion
Operating Ratio: Increased 0.4 points to 63.5 percent
Click here to read UP’s full earnings report

4th Quarter 2016

Net Earnings: Decreased by 5 percent to $130 million or $1.21 earnings per share
Revenue: Static at $599 million
Operating Income: Decreased by 4 percent to $211 million
Operating Ratio: 64.8 percent, a 1.4 point increase from 2015’s 4th quarter report of 63.4 percent

2016 Annual Earnings

Net Earnings: $480 million or $4.43 per share, down from 2015’s reported $485 million or $4.40 per share
Revenue: Down 3 percent to $2.3 billion
Operating Income: Increased by 2 percent to $819 million
Operating Ratio: 64.9 percent, a 1.9 point improvement over 2015
Click here to read KCS’s full earnings report

4th Quarter 2016

Net Earnings: Increased 8 percent to C$1,018 million; diluted earnings per share increased 12 percent to C$1.32
Revenue: Increased by 2 percent to C$3,217 million
Operating Income: Increased by 3 percent to C$1,395 million
Operating Ratio: 56.6 percent, an improvement of 0.6 points

2016 Annual Earnings

Net Earnings: Increased 3 percent to C$3,640 million; diluted earnings per share rose 6 percent to C$4.67
Revenue: Decreased by 5 percent to C$12,037 million
Operating Income: Increased 1 percent to C$5,312 million
Operating Ratio: Improved 2.3 points to 55.9 percent
Click here to read CN’s full earnings report

4th Quarter 2016

Net Earnings: Increased 15 percent to $416 million; diluted earnings per share increased 18 percent to $1.42
Revenue: Decreased 1 percent to $2.5 billion
Operating Income: Increased 19 percent to $761 million
Operating Ratio: 69.4 percent, a 510 point improvement over 74.5 percent reported for the fourth quarter of 2015

2016 Annual Earnings

Net Earnings: Increased 7 percent to $1.7 billion; diluted earnings per share increased 10 percent to $5.62
Revenue: Decreased by 6 percent to $9.9 billion
Operating Income: Increased 7 percent to $3.1 billion
Operating Ratio: Improved 370 points to 68.9 percent as compared to 2015’s reported 72.6 percent
Click here to read NS’s full earnings report

Note: 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.